Hey all,
I'm eyeing an NSX now, and I'm going to go check it out soon. The guy has a bank loan on the NSX, and he is making payments on it. I have never dealt with this before. What are the procedures (that would keep me out of trouble) for the following:
1-Paying him a cash lump sum, and then I don't make payments, he presumably pays off the bank loan.
2-Paying him a small lump sum and I take over payments.
What should I look out for? Does the bank get paid back, and then I get title? How does this work?
John
I'm eyeing an NSX now, and I'm going to go check it out soon. The guy has a bank loan on the NSX, and he is making payments on it. I have never dealt with this before. What are the procedures (that would keep me out of trouble) for the following:
1-Paying him a cash lump sum, and then I don't make payments, he presumably pays off the bank loan.
2-Paying him a small lump sum and I take over payments.
What should I look out for? Does the bank get paid back, and then I get title? How does this work?
John