When shopping for a car with a pre-approved auto loan, we encourage all borrowers to look at a variety of options to find the best car for them. While most of our borrowers purchase a car from a dealership, through CEO’s Friends and Family program, we can allow limited options for those that wish to use an auto loan to purchase a vehicle from a private party.
Please note CEO requires that ownership transfer of the title and filing of CEO’s lien happen before we pay private party sellers. So, unless you are friends or family with the seller, it is unlikely they will agree to our terms.
Private Party Auto Sales - Extra Requirements
Three additional steps are needed if a borrower wants to buy a car from a private seller.
- The buyer or seller should send CEO a copy of the car title, and a drafted bill of sale, which must include the VIN, Make, Model, Year, and odometer reading, as well as the agreed upon sale price.
- If the purchase requirements are fulfilled (refer to the "Good Deal Auto Purchase Standards" CEO will get in touch with the seller to ask for their preferred payment method, as well as give instructions for title transfer and lien filing (may vary by state). In general, CEO will request:
- The seller to sign the title to release interest and add the buyer as the new registered owner with IRC-CEO listed as new lienholder (refer to CEO Lienholder Details for exact name, address, and ELT#). Both parties should sign the related parts on the title and any required DMV form. CEO's exact lienholder information and guidance on how to complete forms will be shared by email with the seller to ensure accuracy before DMV submission.
- The seller/buyer submit all documents to DMV and sends CEO a photo of receipt from the DMV confirming the transfer of ownership and IRC-CEO's name to be listed as the first lienholder.
Once proof of ownership transfer is provided, CEO will release funds to the car seller by ACH transfer or certified check. Additionally, the loan contract must have been signed by the borrower in order to fund and activate the loan. If you or any prospective car seller have questions about our policies, they may contact us using details below.
Contact Information
CEO Auto Finance Team email - finance@irc-ceo.org
Dedicated Phone Number for Car Seller - (619) 612-5665
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