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Assuming Balance for a car secured with PDC's

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1 Assuming Balance for a car secured with PDC's on Tue Nov 29, 2016 12:00 pm


Arresto Menor
I will be assuming a loan for a car.
Our deal: I will pay him a certain amount and assume the monthly amortization and I will have the possession of the car.
I will secure the seller with 36 PDC's under his name which is the remaining number of months to be paid for the car.
We will not inform the bank for this transaction since I don't have enough requirement to be approved for a loan.
What should I do to be secured of this transaction and what contracts should we sign?
Thank you so much.

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