Purchasing a Model 3 from a friend

[tresrockz]

Hello everyone,

So my friend is selling his 2019 Model 3 Long Range RWD really cheap to me ($33k). He is currently financing it and that $33k is whats left and he just needs to get rid of it since he doesnt use it as he lives in a different state. So I am also still financing a car with $17k left and I did get my car appraised and I can get at least $21k for it.

So my questions are, would giving him $10k in cash + the leftover from my car and just finance the rest work? What would this look like from my friend paying off his car on his end? Also, what is the process of purchasing a car from a private party to get it under my name? In regards to Tesla, what is the exact process of change of ownership to register the car to myself and the app?

Im sorry if this is the wrong place to ask these questions as this is my first time buying from a private party and I couldnt find any solid information as how to change ownership of a tesla. I really appreciate all of the insights!

 

[AxlxA]

First. Get the money full amount $33k some how. Cash + loan from bank = 33k. Pay him in cashier's check or money order or whatever.

He will take this $33k, pay off his loan. You will need the loan lien title some how. That part I'm not sure about. But the cash exchange needs to be separate like, you come up with $33k and you let him deal with his crap on his side.

Someone please help this guy out. It is not a small amount of money and he and I obviously needs an education. I'm more used to paying stuff with cash/check no loans so I'm out of my comfort zone here.

I comment so someone else can chime in.

 

[EV Enthusiast]

I believe your financial institution will handle everything. They will need a bill of sale and your friend will need to provide them with the loan info including a 10 or 15 day payoff. This will get the title part taken care of as well as him getting the payoff. If for any reason he would still be short of paying his side off, your institute would require the payoff be no greater than your purchase price (cash+loan).
I’m clueless as far as getting things setup with Tesla.

 

[moa999]

He will take this $33k, pay off his loan. You will need the loan lien title some how.

Dangerous way of doing it, even if they are a friend.
Get friend to get payout figure for loan as at X date. Pay that direct so you know you get clean title, balance to friend.

 

[hungryjonjon]

You and your friend need to do some research. I would first go to your appropriate state’s department of motor vehicles or equivalent. Read up on what they say needs to occur as a buyer and as a seller. That likely will provide you the information you need or at least a better idea of what questions to ask.
For example, here is Maryland’s MVA and the site provides a lot of information on how the transaction will occur from the seller and buyer’s perspective. It is likely slightly different in each state and there are specific forms that need to be filled out.
Buying a Vehicle in Maryland?