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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: 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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Replying to: novice1144 (May 16, 2008 6:53 pm) 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.
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Replying to: cccompson (May 17, 2008 3:08 am) Good luck, -Mathias
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Replying to: steine13 (May 17, 2008 3:41 am) 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.
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Replying to: cccompson (May 17, 2008 9:41 am) That surprises me; I think it's true for "most" states. But I only really know thisabout MI and MO. -Mathias |
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Replying to: novice1144 (May 16, 2008 6:53 pm)
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Replying to: novice1144 (May 17, 2008 6:01 pm) As one might imagine, there is much resulting fraud in private sale transactions. It's gotten so bad that the the state tax department will sometimes send a letter out later to the seller seeking to verify the sale amount (because many titles are assigned "blank" as to price). Don't know how much cooperation they get - they don't even include a stamp on the return envelope!
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