So, some of you may have seen my WRX for sale over in the "Items for Sale" section.
I advertised it on Facebook, Craigslist and CarGurus.
Well, after a few emails, I finally got a buyer off the Car Gurus site. He's taking out a loan from Navy Federal Credit Union, and I will meet him tomorrow morning at the main branch of my credit union. He already has the cashier's check from Navy Fed, made out to him and me, and I will use this check to pay the outstanding balance on the loan from my credit union, and deposit the surplus into my savings account. I was told by the branch manager that the funds should be available to me, immediately. My credit union will call NavyFed and verify the funds, at which point I can hand over the keys. I'm assuming they'll mail the title to NavyFed. They have generic bills of sale that we'll sign and have notarized. I am wondering what the buyer will need in order to apply for registration, since he won't have the title. Would the bill of sale be sufficient?
It's been about 12 years or so since I sold a car, and, since tomorrow morning will be the first time I will lay eyes on the buyer, I just want to make sure everything is fair and square.
Obviously, in 2019, I just want to be sure there is no fraud. I think it used to be, in times passed, that a cashier's check was as good as cash. But I've heard of instances of fraud, even with cashier's checks. The branch manager of my credit union did assure me that he's never had a check from NavyFed come back.
One concern I have about this is the test drive. If he wrecks the car, I'm on the hook for, at minimum, the insurance deductible, plus, the accident will leave a black mark on my policy, and my rates will go up. In the past, I've sold motorcycles, and made the person let me hold the cash while they rode the bike, with the understanding that if they even dropped it, they bought it. I'm not that concerned, but anything can happen, and this is a sports car with a manual transmission, and I can tell from talking to him that he's a younger guy.
Anything you guys can think of that I should be concerned about in this?
One other thing - I debated on whether to post this in General or Vehicles. In the end, I chose Vehicles because I know a lot of people visit this section who are in the process of buying and selling cars. Maybe something that someone posts can be useful to someone. Mods can feel free to move it if it's deemed that this is not the right section for this.
I advertised it on Facebook, Craigslist and CarGurus.
Well, after a few emails, I finally got a buyer off the Car Gurus site. He's taking out a loan from Navy Federal Credit Union, and I will meet him tomorrow morning at the main branch of my credit union. He already has the cashier's check from Navy Fed, made out to him and me, and I will use this check to pay the outstanding balance on the loan from my credit union, and deposit the surplus into my savings account. I was told by the branch manager that the funds should be available to me, immediately. My credit union will call NavyFed and verify the funds, at which point I can hand over the keys. I'm assuming they'll mail the title to NavyFed. They have generic bills of sale that we'll sign and have notarized. I am wondering what the buyer will need in order to apply for registration, since he won't have the title. Would the bill of sale be sufficient?
It's been about 12 years or so since I sold a car, and, since tomorrow morning will be the first time I will lay eyes on the buyer, I just want to make sure everything is fair and square.
Obviously, in 2019, I just want to be sure there is no fraud. I think it used to be, in times passed, that a cashier's check was as good as cash. But I've heard of instances of fraud, even with cashier's checks. The branch manager of my credit union did assure me that he's never had a check from NavyFed come back.
One concern I have about this is the test drive. If he wrecks the car, I'm on the hook for, at minimum, the insurance deductible, plus, the accident will leave a black mark on my policy, and my rates will go up. In the past, I've sold motorcycles, and made the person let me hold the cash while they rode the bike, with the understanding that if they even dropped it, they bought it. I'm not that concerned, but anything can happen, and this is a sports car with a manual transmission, and I can tell from talking to him that he's a younger guy.
Anything you guys can think of that I should be concerned about in this?
One other thing - I debated on whether to post this in General or Vehicles. In the end, I chose Vehicles because I know a lot of people visit this section who are in the process of buying and selling cars. Maybe something that someone posts can be useful to someone. Mods can feel free to move it if it's deemed that this is not the right section for this.