Selling a car w/o title in hand
01-06-2011, 10:14 AM
#1
Selling a car w/o title in hand quick question....I am selling a car that is not payed off and the car is sold and buyer is cool with the situation. He is driving 3 hours to look at and buy the car so i think hes pretty serious...Has anyone on here done this and if so what is the safest way for both of us???Should i make him give me the money and me issue a certified check to the payoff department or what. I am just really wondering on the safest way to get the payment off w/0 getting fucked...My biggest fear is issueing a bill of sale and the check he sends off bounces and he has the car...Let me know your thoughts
thanks
thanks
01-06-2011, 11:42 AM
#4
You write up a bill of sale and have it notorized at a bank. Include all the info about the sale...price, how much is owed to the bank transfer of title ect ect. He cuts a check to you, you pay off the bank and give him the title when it comes in. Also give him the car before the title comes in.
Make sure he pays you with a money order or cashiers check.
Make sure he pays you with a money order or cashiers check.
Last edited by ss1129; 01-06-2011 at 11:52 AM.
01-06-2011, 06:05 PM
#9
TECH Junkie
Either way, get it 'verified' at your local bank. Many counterfeit official checks have left sellers holding nothing but a worthless piece of paper. It doesn't have to be the bank that holds the title. Any bank can verify a certified or cashier's check for you. Pay them if they charge a fee. It is insurance. These transactions take place every day across the country. It is no big deal and you are smart to protect yourself. If any buyer doesn't understand this reasonable precaution, they are either ignorant, easily offended, or a crook.
01-06-2011, 09:50 PM
#11
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I have had a situation like this where the guy tried to scam me... But I have made 2 out of state buys and one out of state sale... It is a pain, but you and the buyer need to come to an agreement and what the others have been saying is the best situation. Just to reiterate... If he sends you a cashiers check or certified check make sure it is verified. If anything seems fishy then make sure you get it figured out before going through with it. The guy that bought from me and the guys I have bought from have all been completely fine with giving me all their information before doing the deal. I mean ALL of their information I could get and then I checked on the information. If they are being honest they should be ok with telling you things like where they work, what bank they use, who they previously bought the car from... any info helps. Call their work and just make sure they actually work there just so you know they are being honest and you have their real name and everything. Just be smart about it.
01-06-2011, 09:52 PM
#12
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I had to do this with the most recent motorcycle that I purchased, and it was a PITA for me (the buyer). I won't be doing it again.
The seller had a lien on the bike, and basically owed the amount that I was buying the bike for. The biggest problem was that the bank he owed to was in Texas, where he and the bike originated from.
The first thing to do is sign the bill of sale to make it a legal transaction. The next step is to have the buyer wire the money to the appropriate bank from his bank; if I were you, in the interest of professionalism, I would pay the wiring fee, which is around $25.00. I feel as though that's the courteous thing to do, since you're the one causing the "hassle," if that makes sense.
The risk really falls in the buyers lap, because he's the one wiring the money to an unfamiliar bank, and wiring is NOT fun. It takes a couple of hours to even confirm that the money got there, and I was on the edge of my seat waiting for a confirmation while at work. Once the money has been received at the bank, they will pay off the debt, and forward it to the titling department. Once again, processing here takes about a day or two. I had the seller deliver the bike to my home at this point in time, even though I could not register it yet at the DMV (no title), but it certainly put my mind at ease. I would allow the buyer to take the car home as soon as you can confirm that your account is paid in full.
Then you simply wait for the title - I had them expedite mine with overnight shipping, and you can request specifically that they mail the title to the new owner. The entire process is very uncomfortable because you're basically *giving* the money to a stranger to pay off a debt. Of course you're on the reverse side from what I was, so I'm sure he would appreciate it if you were gratify his requests and keep him "in the loop."
The seller had a lien on the bike, and basically owed the amount that I was buying the bike for. The biggest problem was that the bank he owed to was in Texas, where he and the bike originated from.
The first thing to do is sign the bill of sale to make it a legal transaction. The next step is to have the buyer wire the money to the appropriate bank from his bank; if I were you, in the interest of professionalism, I would pay the wiring fee, which is around $25.00. I feel as though that's the courteous thing to do, since you're the one causing the "hassle," if that makes sense.
The risk really falls in the buyers lap, because he's the one wiring the money to an unfamiliar bank, and wiring is NOT fun. It takes a couple of hours to even confirm that the money got there, and I was on the edge of my seat waiting for a confirmation while at work. Once the money has been received at the bank, they will pay off the debt, and forward it to the titling department. Once again, processing here takes about a day or two. I had the seller deliver the bike to my home at this point in time, even though I could not register it yet at the DMV (no title), but it certainly put my mind at ease. I would allow the buyer to take the car home as soon as you can confirm that your account is paid in full.
Then you simply wait for the title - I had them expedite mine with overnight shipping, and you can request specifically that they mail the title to the new owner. The entire process is very uncomfortable because you're basically *giving* the money to a stranger to pay off a debt. Of course you're on the reverse side from what I was, so I'm sure he would appreciate it if you were gratify his requests and keep him "in the loop."
01-06-2011, 10:44 PM
#13
I had to do this with the most recent motorcycle that I purchased, and it was a PITA for me (the buyer). I won't be doing it again.
The seller had a lien on the bike, and basically owed the amount that I was buying the bike for. The biggest problem was that the bank he owed to was in Texas, where he and the bike originated from.
The first thing to do is sign the bill of sale to make it a legal transaction. The next step is to have the buyer wire the money to the appropriate bank from his bank; if I were you, in the interest of professionalism, I would pay the wiring fee, which is around $25.00. I feel as though that's the courteous thing to do, since you're the one causing the "hassle," if that makes sense.
The risk really falls in the buyers lap, because he's the one wiring the money to an unfamiliar bank, and wiring is NOT fun. It takes a couple of hours to even confirm that the money got there, and I was on the edge of my seat waiting for a confirmation while at work. Once the money has been received at the bank, they will pay off the debt, and forward it to the titling department. Once again, processing here takes about a day or two. I had the seller deliver the bike to my home at this point in time, even though I could not register it yet at the DMV (no title), but it certainly put my mind at ease. I would allow the buyer to take the car home as soon as you can confirm that your account is paid in full.
Then you simply wait for the title - I had them expedite mine with overnight shipping, and you can request specifically that they mail the title to the new owner. The entire process is very uncomfortable because you're basically *giving* the money to a stranger to pay off a debt. Of course you're on the reverse side from what I was, so I'm sure he would appreciate it if you were gratify his requests and keep him "in the loop."
The seller had a lien on the bike, and basically owed the amount that I was buying the bike for. The biggest problem was that the bank he owed to was in Texas, where he and the bike originated from.
The first thing to do is sign the bill of sale to make it a legal transaction. The next step is to have the buyer wire the money to the appropriate bank from his bank; if I were you, in the interest of professionalism, I would pay the wiring fee, which is around $25.00. I feel as though that's the courteous thing to do, since you're the one causing the "hassle," if that makes sense.
The risk really falls in the buyers lap, because he's the one wiring the money to an unfamiliar bank, and wiring is NOT fun. It takes a couple of hours to even confirm that the money got there, and I was on the edge of my seat waiting for a confirmation while at work. Once the money has been received at the bank, they will pay off the debt, and forward it to the titling department. Once again, processing here takes about a day or two. I had the seller deliver the bike to my home at this point in time, even though I could not register it yet at the DMV (no title), but it certainly put my mind at ease. I would allow the buyer to take the car home as soon as you can confirm that your account is paid in full.
Then you simply wait for the title - I had them expedite mine with overnight shipping, and you can request specifically that they mail the title to the new owner. The entire process is very uncomfortable because you're basically *giving* the money to a stranger to pay off a debt. Of course you're on the reverse side from what I was, so I'm sure he would appreciate it if you were gratify his requests and keep him "in the loop."
I just hate to see how dismal my bank account is going to look
Honestly im trying to be smart, i really dont care if i sell it at all...Lot of helpful info on here guys 