u/Gemmer101

I’m looking into getting a car. The car costs $34,000, but the owner still owes money on it. The issue is that he still owes $40,000 on the loan, and I’m confused about how the process would work.

Since I’m financing half of the purchase price ($17,000), my bank would need the title for the car. However, because the owner still has a loan on it, the title isn’t in his possession.

He says he can pay off the car, but I don’t want to base the deal solely on trusting that he’ll pay off the remaining balance. Is there a way to handle this transaction more safely and reduce the risk involved?