Private Party Purchase
Buying from a neighbor, not a lot
Some of the best deals are in a driveway with a hand-lettered sign. We finance those purchases and handle the title and lien work so both sides walk away clean.
What makes this different
A dealer has a title clerk. In a private sale, that job falls to somebody. At Summit, it falls to us.
We handle the title
Our title team prepares the transfer paperwork, records our lien with your state, and follows the file until the clean title comes back in your name.
Safe funds at closing
We issue a credit union draft made out to the seller, or wire a payoff directly to their lender. No cashier's check surprises and no cash changing hands in a parking lot.
Rates from 4.84% APR
Private party rates run 0.25% above our standard used auto rate, with the same terms and the same automatic payment discount.
Title and lien
Who holds the paper, and when
Most private sales stall on one question: what happens if the seller still owes money on the car? Here is the order of events we use, whether the title is clear or a lender is holding it.
How a private sale closes
Bring the seller with you, or do the whole thing by email if you are in different states.
Apply with the vehicle details
Send us the VIN, mileage, and asking price. We value the vehicle against retail book and tell you what we will lend.
We contact the seller
If there is an existing lender we request a ten-day payoff quote in writing. If the title is clear we ask for a photo of the front and back.
Sign the bill of sale
We provide a bill of sale and odometer statement that satisfy your state's requirements. Both parties sign, in person or electronically.
Funds and plates
We disburse the money, submit the title application, and send you the paperwork you need for tags and insurance.
Rates current as of July 2026 and subject to change. Membership eligibility required. This is a demonstration website; rates, products, and figures shown are illustrative only.
Common questions
What if the seller owes more than the car is worth?
The seller has to bring the difference to closing before the lien can be released. We will tell both of you the exact shortfall in writing so there are no surprises on signing day.
Can I buy from a family member?
Yes. Sales between relatives are eligible, though we base the loan on documented retail value rather than the agreed price, since family deals are often below market.
Who pays the title and registration fees?
You do, as the buyer, and they can be rolled into the loan. Fees vary by state and typically run $75 to $350 including sales tax processing.
How long does the whole process take?
Two to four business days when the title is clear. Add roughly two weeks when we are waiting on another lender to release a title.
Do I need insurance before you release funds?
Yes. We need proof of comprehensive and collision coverage naming Summit as lienholder before the draft is issued. Your agent can send it to us directly.
What if the seller lives in another state?
That is common and it works fine. Title rules differ by state, so build in an extra week and let us confirm the requirements before you drive out to see the car.
Found the car already?
Send us the VIN and asking price and we will tell you what we can lend, usually the same business day.