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Questions About Private Sale Transactions

236 messages,  Last post on Nov 20, 2009 at 5:18 PM

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#164 of 236 Re: Selling Financed Car Help [thejax2006] by tidester HOST Feb 28, 2008 (10:24 am)
Replying to: thejax2006 (Feb 28, 2008 9:33 am) This may help: kiawah, "Questions About Private Sale Transactions" #136, 25 Jan 2008 2:22 pm   tidester, host SUVs and Smart Shopper
#165 of 236 Re: Selling Financed Car Help [thejax2006] by kiawah Feb 28, 2008 (1:04 pm)
Replying to: thejax2006 (Feb 28, 2008 9:33 am) You can't sell the car, since you don't own the car outright....the bank or financing institution owns a piece of the car.   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. Replies to this message: thejax2006 (Mar 05, 2008 9:08 am) aak1 (Apr 17, 2009 2:05 pm)
#166 of 236 Re: Selling Financed Car Help [kiawah] by thejax2006 Mar 05, 2008 (9:08 am)
Replying to: kiawah (Feb 28, 2008 1:04 pm) Thanks for the info! Very helpful!
#167 of 236 Re: Question about selling my car [oray777] by clarencehollow Mar 25, 2008 (1:05 pm)
Replying to: oray777 (Jan 03, 2007 7:52 pm) It's simple: Car sold as is! No warranty or guarantees!   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.
#168 of 236 Re: Question about selling my car [akirby] by parviz Mar 26, 2008 (12:01 am)
Replying to: akirby (Jan 04, 2007 6:22 am) "... disclaimer - I'm not a lawyer but I do watch Judge Judy twice a day..."   LOL, just reading some old posts with topics of interest!
#170 of 236 Buying Used Car from private out of town buyer by novice1144 May 16, 2008 (6:53 pm)
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. Replies to this message: cccompson (May 17, 2008 3:08 am) steine13 (May 17, 2008 3:41 am) cccompson (May 17, 2008 9:41 am) and 1 more... novice1144 (May 17, 2008 6:01 pm) cccompson (May 18, 2008 7:24 am) steine13 (May 18, 2008 1:35 pm) dtownfb (May 20, 2008 9:08 am)
#171 of 236 Re: Buying Used Car from private out of town buyer [novice1144] by cccompson May 17, 2008 (3:08 am)
Replying to: novice1144 (May 16, 2008 6:53 pm) Common practice? Well, let's just say it's not uncommon - it's how the lender guarantees its security interest in the vehicle and prevents you from running off with their money.   Unless your state has an unusual requirement, I don't understand the argument that the notary requires evidence of the purchase price - that's not the notary's job.   This is really very simple - either the sellers take the title to the lender or the lender comes out to the sellers to conclude matters. Replies to this message: steine13 (May 17, 2008 3:41 am) cccompson (May 17, 2008 9:41 am) steine13 (May 17, 2008 12:37 pm)
#172 of 236 Re: Buying Used Car from private out of town buyer [cccompson] by steine13 May 17, 2008 (3:41 am)
Replying to: cccompson (May 17, 2008 3:08 am) The notary is required in many states because they want to make sure the price is correct. Use tax is based on the purchase price in most places. There is no use tax if you're buying from your mom. With my credit union at least, they don't care if you're buying the car of already own it. Why not have your mom sign & send the title to you, you register the car, get a title in your own name, then head to the CU with THAT? I'd be very leery of owing money on a 9-year-old anything. It'll probably go a good while longer, but if it conks out in 3 weeks, which is entirely possible, you'll be making payments on something useless. AND you'll be required to keep paying for insurance and registration, whether it moves or not.   Good luck, -Mathias Replies to this message: cccompson (May 17, 2008 9:41 am) steine13 (May 17, 2008 12:37 pm)
#173 of 236 Re: Buying Used Car from private out of town buyer [steine13] by cccompson May 17, 2008 (9:41 am)
Replying to: steine13 (May 17, 2008 3:41 am) It's not the notary's job to independently verify the purchase price of a vehicle - the notary merely takes the acknowledgement or affirmation of the seller.   Perhaps in Michigan there is no use tax on a family sale. The same is not true in all other states.   Your idea of mom signing the car over and then the OP using the new title to secure financing is a good one. The tenor of the post, however, somewhat suggested the lack of trust necessary to do it that way. Replies to this message: steine13 (May 17, 2008 12:37 pm)

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