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Smart Shopper Questions About Private Sale Transactions
231 messages, Last post on Sep 28, 2009 at 8:28 AM
You are in the Smart Shopper Forum. Your Hosts are kirstie_h & tidester
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Replying to: Mr_Shiftright (Feb 14, 2008 3:15 pm) This is not the insurance companies first rodeo, they know how the car is equipped. They people good money to make professional evaluations of these cars, along with pictures. I think you are asking for trouble myself. |
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Replying to: middleageguy (Feb 01, 2008 6:36 am) |
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Hello, I need to sell my car. My question is this...my car is financed, so I don't have the title. I need the money from the sale of the car to pay off the loan to get the title. Can someone please tell me what the process should be in a private sale? I mean...will a buyer give me the money without me giving him/her the title right away? Can I even do that legally? This is my first car so I'm very new to all of this..thanks for anyone who can help. Thanks |
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Replying to: thejax2006 (Feb 28, 2008 9:33 am) tidester, host SUVs and Smart Shopper |
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Replying to: thejax2006 (Feb 28, 2008 9:33 am) This becomes more difficult when you are trying to sell a car that has a lien. You basically have two options. You can: a.) Borrow money from a personal source (dear ole dad), pay off the loan, get the clean title, sell the vehicle using the regular transaction process, pay back d.o.d. out of the proceeds. or, b.) You have to orchestrate a three way 'closing', between you (part owner), your bank ( where you have the loan, the other part owner), and the buyer. You'll undoubtedly end up faxing and notarizing paperwork back and forth, and this becomes a real pain. The bank will also have to give you a "payoff amount", as of a specific date....which is the amount of the check that they will get to close out the loan. At 'closing' there will be two checks cut (or deposits into your respective accounts), one will go to the bank who originated the loan, and the remainder will go to you. If you call the bank, their loan department can help you with this, and give you some guidance as to how they handle it in your geography/state. It is much easier to do this when the buyer is a dealership, carmax, or some other company which does this all the time and have administrators that orchestrate all of this for you. They also are willing to absorb a little of the risk as a purchaser, and have a good sense when all the paperwork appears proper. Just put yourself in a buyers shoes....no way would you be willing to turn over a check to someone, without immediately getting all of the supporting paperwork that shows you have purchased the vehicle and will ultimately be able to get a title issued in your name from the DMV. Dear ole dad, really makes life simpler if at all possible....and hopefully you are close to the end of the loan where the payoff amount isn't that much to begin with.
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Replying to: kiawah (Feb 28, 2008 1:04 pm) |
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Replying to: oray777 (Jan 03, 2007 7:52 pm) So if someone gets killed, it's not your fault. That's one of the reason buying from a dealer has it's advantages. If something is wrong buying from a private buyer, there is NO recourse period. With a dealer, it's a completely different story. |
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Replying to: akirby (Jan 04, 2007 6:22 am) LOL, just reading some old posts with topics of interest! |
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Help. Tell me if the process I am going through is on the up and up. My father died a month ago. The title is now in my Mom's name for a 2000 Nissan Sentra. I want to purchase this car. The loan for the asking price has been approved. Here is the problem. The credit union who approved the loan originally wanted my Mom and brother (business manager so to speak) to come directly to the office to sign the title, etc. My Mom has trouble driving and this is a hardship. I was going to have my Mom sign the title w/notary and send it so it could be presented to the cu. They are saying the notary will not sign the title without any evidence of price/purchase. The sellers (Mom/brother) say the title cannot be signed until they have the loan check in hand for the notary to see. Is this common practice for a loan agency to not hand the check before they have the signed title. Is there something else other than the check that would satisfy the notary as proof of loan/price, etc. What seemed to be a simple process has turned into a nightmare and I am ready to either go with another lender or seller. |
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