trying to buy a new truck

[neilbachman]

so im pretty new to this forum, and i'm hopefully about to get a 06 chevy 1500 crew cab this week. my question is that he still owes money on it through GMAC, so i was wondering how do i get the title, should i take over the loan, if i can do that, is that the safest way to get the title in my name or try to have him pay off the loan so he can get the title than i just get the title from him for a cashier's check, but i'm worried he may not being able to pay off what he owes, so i'm looking for the safest way to get the title into my name besides him paying it off and getting the title directly from him,
thanks

[rutroe]

Basically GMAC will own the title until they are paid. How that happens, they could care less. You want to protect your interest so I would say either have him pay it off and then buy it from him free and clear, or assume payments to GMAC, or borrow money from your bank, pay off GMAC and make payments to your bank. Someone else may be able to chime in with some other arrangement, but these are your basic options.

[jetersaurous]

i'm sorry, we don't provide legal advice on this forum. please contact your attorney for that.

[neilbachman]

Basically GMAC will own the title until they are paid. How that happens, they could care less. You want to protect your interest so I would say either have him pay it off and then buy it from him free and clear, or assume payments to GMAC, or borrow money from your bank, pay off GMAC and make payments to your bank. Someone else may be able to chime in with some other arrangement, but these are your basic options.

so i could in theory just have the loan transferred to my name and the title will be in my name

[neilbachman]

i'm sorry, we don't provide legal advice on this forum. please contact your attorney for that.

lawyers are expensive and somewhat annoying. just seeing if someone else has already bought a truck this way and can give me advice on what they have done

[PunishedC10]

I used to sell cars. Take the truck to a gm dealership near you. ask to speak to a finance manager. The best way is to get alone for yourself and have them transfer all the paper work for you. They will better explain it. This is assuming your financing the vehicle, if your paying cash they can help you with that too. They call it an 'in and out' they should know. if not go to another dealership. Another piece of advice.....Get GAP insurance if you are financing. Lets say total the truck. you owe the bank $20,000- the insurance gives you $10,000. GAP pays the other ten so that your not out of pocket.

I highly suggest it.

[Chevy-Art]

Or you can go to a bank, or credit union and do the same thing. You are basically re-financing and putting it in your name.

[rutroe]

+1 to the above two posts. I'm not sure it's as easy as just tranfering to your name but it's the basic principle.

[GasGuzzler]

It's not a transfer as the note with the new name will be a new note even if it's from the same bank. They get origination fees, etc. so you won't just swap names on the same note.

People do in and outs all the time in a case where a friend or family member of the seller wants to buy it instead of it getting traded in but they need financing as well.