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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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..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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Replying to: Mr_Shiftright (Nov 19, 2007 9:53 pm) I am not too happy with a check to be honest. A wire from their bank to either GMAC or my acct, which would then go to GMAC. Then I get the remainder with title transfer.
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Replying to: smithsonga (Nov 20, 2007 12:12 pm) I never did a sale where I was upside down on a car but that would just require you adding money to the wire transfer. You know, every situation is different. If you are suspicious of the buyer in any way, you have to play your cards tighter than I did. By the way, I got a printed title in a couple of days. In any event, they don't make it easy, neither the bank or the finance company. Having a local credit union to deal with would have been a lot easier for me, but E-Loan gave me a great rate and a fast decision. |
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Replying to: Mr_Shiftright (Nov 19, 2007 9:53 pm) No such luck here in Ohio where the plates don't go with the car and the old owner remains liable until a title issued in the new owner's name. As far as your question about who would give a check to a seller, I've done it successfully but, hey, you've got to have some idea that you're dealing with a responsbile individual. |
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