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Smart Shopper Questions About Private Sale Transactions
231 messages, Last post on Sep 28, 2009 at 8:28 AM
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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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Replying to: smithsonga (Nov 19, 2007 1:24 pm) They just need the VIN number of the car to get covered by their insurance. If they are getting financing through a local bank, then meeting them there... signing papers (most banks have notarys on staff), having the funds wired to GMAC.... those are all easy things to accomplish with an experienced loan officer. Plus, at that point, both you and the buyer are obviously intent on completing the deal... It makes things a lot easier.. regards, kyfdx
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Replying to: kyfdx (Nov 19, 2007 1:35 pm) However, in the absence of third party, the buyer's best security is to make the check jointly payable to the seller and the lien holder (here GMAC). Not that there can't still be headaches. I bought a car a couple of years ago and it took the lender almost 3 weeks to deliver the title to the seller. And the buyer was kicking the lender as hard as he could (I saw the fax correspondence). I would not let any buyer drive off in a car that's still in my name. |
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Can't one get a loan for the balance? I could dig it out of my HELOC, or even my credit union's credit card; it'd be something like 12% interest but no fee. 12% is 1% for one month, and a quarter of that for a week. For that, I could have the title in hand, making it a much easier car to sell. Since nobody else has suggested it, I figured I would... -Mathias
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Replying to: cccompson (Nov 19, 2007 2:58 pm) If the buyer gives you the money, you have to give them the car. Who would give you a cashier's check for X thousands of dollars and then walk away? Yes---The bank could perform an escrow of sorts (most banks hate doing this) but that only means they would hold the buyer's money and only put it in your account when the bank gets the title. This sounds more complicated than it's worth. I just did a deal like this. Got a check from the buyer, gave them the car, bill of sale, mileage statement, transfer of ownership form, and send Release of Liability to DMV with their name and driver's license # on it). . Then I wired the money to my finance company (E-Loan), and I got the title in 3 days----Fedexed it to new buyer. They in turn, started the registration process (they paid the sales tax and reg fees) and got a print out (receipt). Now they can take my title and complete the registration.
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Replying to: steine13 (Nov 19, 2007 3:20 pm) I always figure if someone can't figure out what to do... then, they don't have this option.. The other drawback, of course.. is if you aren't sure you can sell your car.. or, may not be willing to take the market price... then, you've lost your car loan.. regards, kyfdx |
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