Finance Questions

Posts Tagged ‘cash’

Question: can I buy a car thru pinky swear financing?

I am planning to buy a Ferrari and since I don't have that much money I'd like to get into a pinky swear contract that I will pay this car in full in 30 years, pinky swear guaranteed

Answer: Financed cars is more expensive to insurance cause it requires full coverage. You can compare how much you would pay for full coverage of this car using this tool - carquotes.sinfree.net

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Question: How to sell my financed car to a private party ?

I'm kinda new living in the US, i got a 2007 car purchased financed through my credit union.
Now i need to sell the car but i need to know what's the procedure for selling the car and transferring ownership to the new owner ? and would a cashier's check be the best way to get guaranteed payment from the buyer ? of course i understand that i need to payoff my loan to my credit union first

Answer: yes on the cashiers check...no on the payoff. you do not have to payoff the vehicle PRIOR to selling the car. you just have to pay it off prior to transferring the title so that you can get the title and sign off on it. the new owner will take your signed title to the DMV and they will take care of the title transfer. DO NOT SIGN THE TITLE UNTIL YOU RECEIVE YOUR CHECK

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