Question about selling a car
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From: Valley Center KS
Question about selling a car OK, I've decided to sell my car, but I'm unsure of the process.
The car still has a loan on it, so I don't have the title in hand (financed through GMAC). What do I do when someone comes along to buy it?
Just right them out a bill of sale and send the money into GMAC or what?
I'm used to Kansas, where you fill out the title. There you get the title regardless of wether you have a loan on it or not.
BTW...the price is $16k if anyone here is interested.
The car still has a loan on it, so I don't have the title in hand (financed through GMAC). What do I do when someone comes along to buy it?
Just right them out a bill of sale and send the money into GMAC or what?
I'm used to Kansas, where you fill out the title. There you get the title regardless of wether you have a loan on it or not.
BTW...the price is $16k if anyone here is interested.
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From: Bellingham/Edmonds, WA
I bought my car from a guy who still owed money on the car.. That was a BITCH to go through with and if I never plan to try to buy a car unless the person has the title in hand. What we had to do was he had to pay off the car so the bank would release interest. So we had to go to his bank, get lots of paperwork, then to the licensing agent, lots more paperwork. Blah blah.. I don't really remember all of it, but it took me well over one month to actually buy the car from the time I had made the deal..
Originally Posted by Ackattack1
OK, I've decided to sell my car, but I'm unsure of the process.
The car still has a loan on it, so I don't have the title in hand (financed through GMAC). What do I do when someone comes along to buy it?
Just right them out a bill of sale and send the money into GMAC or what?
I'm used to Kansas, where you fill out the title. There you get the title regardless of wether you have a loan on it or not.
BTW...the price is $16k if anyone here is interested.
The car still has a loan on it, so I don't have the title in hand (financed through GMAC). What do I do when someone comes along to buy it?
Just right them out a bill of sale and send the money into GMAC or what?
I'm used to Kansas, where you fill out the title. There you get the title regardless of wether you have a loan on it or not.
BTW...the price is $16k if anyone here is interested.
If you only sign over the registration without the title, you will still be liable for any damages the new buyer does - including paying off the loan if they total it.
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From: Lincolnton, NC
I would consult with GMAC to find out their policy. When I sold one years ago it was rather painless. Yes, I had to receive a check from the buyer and then sign it over to the credit union. The title was signed over to them and they went and registered the car. For a seller it is a piece of cake. For a buyer there is that time lag of getting the paper work finalized.
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From: Redmond Washington
Originally Posted by ram-it
I would consult with GMAC to find out their policy. When I sold one years ago it was rather painless. Yes, I had to receive a check from the buyer and then sign it over to the credit union. The title was signed over to them and they went and registered the car. For a seller it is a piece of cake. For a buyer there is that time lag of getting the paper work finalized.
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And it usually take 2-4 weeks to get your title from 'the bank'. Then you & the buyer go into a licensing place & sign it over & he waits another 2-4 weeks to get the new one from the state. What fun!
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From: Lynnwood, WA (North of Seattle)
Just for reference, I sold my 2000 T/A last year and here is how it went.....
100% internet deal, dude was in Delaware and I was in Cali. After some miscues I just had him do a wire transfer to the credit union that held the title to the car and as soon as it cleared (just a couple hours) they sent me the title which I signed over to him & mailed to him. I filled out the "Release of Liability" forms for the Cali DMV to get it outta my name and shipped the car to him. Aside from some personality issues and miscues in the beginning, it was fairly smooth and I HIGHLY recommend a wire transfer if the buyer isn't in your area code or very close to it. Basically, if you cannot meet with him/her face to face, I would not do ANYTHING but a wire transfer as once they are done, they are DONE. No changing their minds, no cancelling checks, money orders, cashiers checks, etc. Good as gold and you don't have to hassle with it.
I was lucky as my Credit Union was very helpful and got me all the stuff I needed and my title out to me ASAP once the wire transfer cleared.
Also, don't be fooled, just because you get a Cashier's Check or Money Order, those are NOT perfect.......you CAN cancel them if you know what you are doing...even AFTER they have been cashed.
Just a friendly warning.
100% internet deal, dude was in Delaware and I was in Cali. After some miscues I just had him do a wire transfer to the credit union that held the title to the car and as soon as it cleared (just a couple hours) they sent me the title which I signed over to him & mailed to him. I filled out the "Release of Liability" forms for the Cali DMV to get it outta my name and shipped the car to him. Aside from some personality issues and miscues in the beginning, it was fairly smooth and I HIGHLY recommend a wire transfer if the buyer isn't in your area code or very close to it. Basically, if you cannot meet with him/her face to face, I would not do ANYTHING but a wire transfer as once they are done, they are DONE. No changing their minds, no cancelling checks, money orders, cashiers checks, etc. Good as gold and you don't have to hassle with it.
I was lucky as my Credit Union was very helpful and got me all the stuff I needed and my title out to me ASAP once the wire transfer cleared.
Also, don't be fooled, just because you get a Cashier's Check or Money Order, those are NOT perfect.......you CAN cancel them if you know what you are doing...even AFTER they have been cashed.
Just a friendly warning.