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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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#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)
#174 of 236 Re: Buying Used Car from private out of town buyer [cccompson] by steine13 May 17, 2008 (12:37 pm)
Replying to: cccompson (May 17, 2008 9:41 am) Perhaps in Michigan there is no use tax on a family sale. The same is not true in all other states.   That surprises me; I think it's true for "most" states. But I only really know thisabout MI and MO.   -Mathias
#175 of 236 Re: Buying Used Car from private out of town buyer [novice1144] by novice1144 May 17, 2008 (6:01 pm)
Replying to: novice1144 (May 16, 2008 6:53 pm) Thanks for your input. This is a family situation and my brother especially is making this more difficult. I'm leaning on buying another vehicle from another source and not involve family. This makes things much less complicated. I'm in Ohio Replies to this message: cccompson (May 18, 2008 7:24 am) steine13 (May 18, 2008 1:35 pm) dtownfb (May 20, 2008 9:08 am)

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