I’m buying a vehicle from somebody but there’s a loan on it. I’d like to verify that it’s already paid off before I buy it. If I have my insurance company call, will they confirm this for me?
Unfortunately an insurance company is not able to get information on another person’s loan status due to privacy laws. Typically when a loan is fully paid off for a vehicle, then the title is transferred to the owner, who should then turn it over to you with the vehicle. If there is any questions as to the ownership of the vehicle, then the insurance company will typically require you to submit a copy of the title showing that ownership has been transferred to you.