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Smart Shopper Questions About Private Sale Transactions
236 messages, Last post on Nov 20, 2009 at 5:18 PM
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Replying to: Mr_Shiftright (Nov 18, 2007 9:15 am)
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Replying to: eyedocbailey (Nov 18, 2007 9:17 am)
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Replying to: Mr_Shiftright (Nov 18, 2007 9:53 am) Thanks for the advice
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Replying to: eyedocbailey (Nov 18, 2007 9:57 am)
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Replying to: Mr_Shiftright (Nov 18, 2007 12:02 pm) |
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I am about to sell our vehicle that has a GMAC lien on it. GMAC is NOT helpful in this regard. They do not release title or even a copy of title with a lien on it until the vehicle is paid off. What is the best procedure between two private individuals? The buyer cannot drive off in the vehicle until they have it registered and insured to them, which requires a title. They will not want to give me any money until they get a title of the vehicle, but I need the money to pay off the vehicle. How is this done and why is it so difficult? GMAC is a huge bank and I cannot find local offices to make this transaction, which would be the easiest answer. Georgia DMV says they cannot do anything without a title. Anyone?!?!?!?!? Thx
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Replying to: smithsonga (Nov 19, 2007 6:24 am) Your buyer takes this to DMV to START the registration process and pay the fees---they won't get a registration or a title but they will get a print out from DMV that they have started the reg process. This should tide them over and allow them to drive the car (presuming they have their own insurance---they don't need to register the car to get insurance). You can move things along smartly by WIRING the loan payoff to GMAC, and paying them to EXPEDITE the title to you overnight. So really the whole thing can be done in a couple of days. It's a PITA, but it's the only way. GMAC doesn't actually have a real paper title on your car, only an electronic one. They have to generate a paper title and send it off, and they sure as hell won't do that without a pay-off. Your buyer has to understand this, and do their part at DMV to get their side of the ball rolling. With the signed Bill of Sale and reg transfer form you give them, they can prove ownership to a cop, DMV, etc.
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Replying to: Mr_Shiftright (Nov 19, 2007 7:19 am) When I talked to DMV, they were amazingly no help. I asked about taking a bill of sale document to them, and they said they needed a title to do anything. I think I talked to someone not that knowledgable. I found a Georgia Title/Tag application and a Bill of Sale document. The bill of sale doc says that it is not accepted to transfer ownership without a title, but it must be enough to get the ball rolling. This document and the DMV work should satisfy them that they own the car as we get the document moving. However, I would not expect to allow them to drive the car away until we sign title, correct? |
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..in our area.. FWIW.. 1) Buyer provides check for payoff amount of loan.. Buyer takes car. 2) When title comes back.. seller provides title in exchange for buyer providing the balance of the agreed amount to seller. A little trust is involved. This way, both parties have something the other still needs.. You really can't expect a buyer to give you thousands of dollars for the payoff without any security. Another way to do it, is to meet the buyer at his local bank (assuming he is borrowing money). That way, you put a 3rd party in charge, who is intent on clear title being delivered, and monies being disbursed properly. Hope that helps a little, kyfdx visiting host
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Replying to: kyfdx (Nov 19, 2007 12:40 pm) If they drive away the vehicle, they of course must have the insurance, but what about registration/plates? They cannot get either without a title. Just get my plates back when we transfer title? I assume they want to meet me to give me the remainder of the $ because *I* have the title..and they cannot register the truck without it. if we go to their bank, I assume they can faciliate the transfer of funds to GMAC etc..etc..?
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