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Buying a used car from a private seller may be more complicated than purchasing a certified pre-owned used vehicle from a dealership. Although both methods require a bit of research, buying from a ...
The Basics of Buying a Used Car From a Private Party. ... Here are some actions to take when buying from a private seller: 1. Review the Pros and Cons of Buying From a Private Party.
Trade in your used car: Trade in your used car to lower your new car's final price and tax obligations. Buy through a private seller: Buying through a private seller can help you avoid some fees.
This option, but not the obligation, to acquire the car after a period equivalent to a contract hire is therefore packaged as either an option (in law) to purchase the car (a call option) at a 'set' price, or a right to sell the car (a 'put' option) at a set price after ownership is fully achieved from the final ‘balloon’ payment.
This is also the price that a dealer will typically pay for a car at a dealer wholesale auction. Private-party price is the price expected to pay if buying from an individual. A private-party seller is hoping to get more money than they would with a trade-in to a dealer. A private-party buyer is hoping to pay less than the dealer retail price.
The bank would then pay the dealer the difference or a portion thereof. This is a regular practice because the dealership is selling the contract to a bank just like it sold a car to the customer. Most banks or states strictly limit the amount a contract rate may be marked up (by giving a range of rates at which they will buy the contract).
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