Auto loan question

[NP27]

Can I pay off/purchase a car that my father is financing? I want to buy my fathers car that he is currently financing through M and T. How do I go about this?

[Anonymous]

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@NP27 wrote:
Can I pay off/purchase a car that my father is financing? I want to buy my fathers car that he is currently financing through M and T. How do I go about this?

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If you're talking about paying it off completely then that's very easy to do.  He would have to get the payoff information and then you would send them the check.  After that they would send him the title or lien release and he would have to give or sell you the vehicle (depends on your state law).

if you're talking about taking over payments that is another beast altogether.

[sccredit]

Contact M&T and see if they have a process for taking over the loan

[NP27]

I was talking about sending them the check.  Could I do this with a Cap 1 blank check?  I was thinking of applying for the loan through them.

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@Anonymous wrote:

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@NP27 wrote:
Can I pay off/purchase a car that my father is financing? I want to buy my fathers car that he is currently financing through M and T. How do I go about this?

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If you're talking about paying it off completely then that's very easy to do.  He would have to get the payoff information and then you would send them the check.  After that they would send him the title or lien release and he would have to give or sell you the vehicle (depends on your state law).

if you're talking about taking over payments that is another beast altogether.

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[NP27]

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@sccredit wrote:

Contact M&T and see if they have a process for taking over the loan

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Do some banks do that?

[sccredit]

Yes.  You'd probably have to put in a credit app for it but most will do it.