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Cars and Transportation
Reply to "Please explain this to me like I’m 5: Buying a car from a private seller"
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[quote=Anonymous]You are on the right track. Your friend's parents need to purchase the car from the dealer, obtain the title (this will not be immediate), and then sell it to you for whatever amount you've agreed on. At that point they sign over the title to you. It would probably be helpful to draw up a sales contract so that when you pay tax in MD you have proof of what you paid, especially if it's less than average market value. To register the car in MD you will have to pay to title the car, register it for plates, and pay sales tax on your purchase. The way you are using the term "payoff" is confusing, though. To me that sounds like a term used to end the lease early (not to buy the car). So be sure to clarify that. [/quote]
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