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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 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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Replying to: title2008 (Jan 15, 2008 8:42 am) |
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Replying to: title2008 (Jan 15, 2008 8:42 am) |
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I have never bought from private party. i have tested the car, have come up with the price, now how would I pay and get the car? how would I know he/she is selling his/her car? not a case of fraud? tips? what are the common red flags in a car sale. for his part i do not have any problem to pay by vashier check/cash?
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Replying to: jahid (Jan 24, 2008 7:55 pm)
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Replying to: kiawah (Jan 25, 2008 5:46 am) how the title will be transfered. for a new car, I would have 30 days to apply. is there a reciept? or bank tellers notary stamp is the reciept? so i can prove i bought this car. my next question would be, if I have a kelly's blue book value (let us assume I can give the exact description of the car as an input for the car), is it the maximum I should pay? any rule of thumb?
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Replying to: jahid (Jan 25, 2008 10:21 am) Buyer looks at vehicle, drives it, has it inspected by mechanic if he wants, checks carfax for prior damage if he wants, has aunt/uncle/father look at it if he wants, goes get 2nd opinion if he wants...but at some point decides he wants it. Begins negotiation w/seller as to the price they are willing to agree on. This price is the market price, and it will be whatever the buyer and seller agree to....irregardless of what any books or websites might say. Seller brings the 'clear' title (no lien) and the keys to the buyers bank. Buyer brings a check, or just his account information. If you want to write a bill of sale just write up that buyer A, buys VIN#123234526345 wiggiewhat from seller B, on date 1/23/2008 for 12,000. You go to the notary bank teller, who witnesses seller signing the title, and notarizes it. Teller withdraws the money from buyers account, and issues a bank check to the seller. Buyer and seller sign the bill of sale, notarize it if you want. Seller goes home with check, deposits in his own bank. Buyer takes the title, keys, copy of bill of sale to state DMV. Fills out application for registration, title, and plates, provides proof of insurance. Buyer pays dmv the sales tax, registeration fees, plate fees, etc. You get perm or temp plates, based upon however your state handles it. You go home w/plates, bolt them on your back, and go driving. Some period of time later, you get new title in the mail. If your state originally issues paper temp plates, you get the real ones in the mail. This process at DMV will all vary state to state, but you get the picture.
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