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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: 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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Quick question I just bought a car from a friend for the sole purpose of reselling it. They wanted to sell it private party as dealerships weren't offering much as a trade-in, but can't sell it themselves for various reasons. So I bought it and we will share the proceeds when it sells. They'll end up with more for their car and I will make a little money for my efforts. I paid them, they paid off the lien on the car and had the bank send me the title. I have the title but it is still in my friend's name. In order to sell this car do I need go to the DMV and get it titled in my name (and deal with the fees and hassles and possible taxes involved?) or can my friend just sign it over to me right on the title, and I sign it over to the final buyer? State is florida Thanks for your help.
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