Selling a car information
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Originally Posted By: Rand
cash on pickup 100%
unless its family member etc
if they will have the full amount in month they should be able to borrow it from a family member or something.
you arent a loan office.
The above statement is 100% on the mark!
I sold a car to a man once who made a down payment and came to my house every two or three weeks and made a payment.
The agreement was: The car stays in my yard, (I did not drive it), until the auto is paid in full. (There was a time limit on this).
The buyer was ok with this, so was I. This arrangement was in writing.
cash on pickup 100%
unless its family member etc
if they will have the full amount in month they should be able to borrow it from a family member or something.
you arent a loan office.
The above statement is 100% on the mark!
I sold a car to a man once who made a down payment and came to my house every two or three weeks and made a payment.
The agreement was: The car stays in my yard, (I did not drive it), until the auto is paid in full. (There was a time limit on this).
The buyer was ok with this, so was I. This arrangement was in writing.
Originally Posted By: lugNutz
When selling a car to someone (I would imagine this is similar in every state), what is it that you need to pay for?
As the seller, nothing. As the buyer, everything.
Originally Posted By: lugNutz
...but does that mean I need to pay 2 title fees, or just the fee when I sign the title over after the other half is paid?
Only one fee per title transfer. In my state, it's only $18 to transfer it.
Originally Posted By: lugNutz
I want him to be able to plate the car immediately under his own name and get his own insurance...
In my state, you can't tag it in your name either until you have applied for its title in your name or unless you've already had it titled in your name.
When selling a car to someone (I would imagine this is similar in every state), what is it that you need to pay for?
As the seller, nothing. As the buyer, everything.
Originally Posted By: lugNutz
...but does that mean I need to pay 2 title fees, or just the fee when I sign the title over after the other half is paid?
Only one fee per title transfer. In my state, it's only $18 to transfer it.
Originally Posted By: lugNutz
I want him to be able to plate the car immediately under his own name and get his own insurance...
In my state, you can't tag it in your name either until you have applied for its title in your name or unless you've already had it titled in your name.
Originally Posted By: Quattro Pete
As others said, the best route, and only route, is to get 100% payment upfront. Clean trade - full payment for clean title and keys. Don't even think of doing it any other way as it won't end well.
As a seller, you want full cash payment in your pocket before hand over the key and title.
As a buyer, he needs to have the key and title after he paid the full amount.
OT:
Few months ago I tried to buy 2008 Volvo V50, the seller tried to close the deal with this idea:
His financed the car with a dealer in LA, the bank in New York has the title. I paid him in full amount to have the car and the keys, but the title would be mailed several days or weeks later, after he paid his bank and got the title from them.
I told him that no F***ing way I would pay full amount for the car without title, he needed to get the title somehow in his hand before I paid full purchase price. He couldn't get the title so the deal was off.
The only way I don't have the title the minute I hand over the full amount is if I buy it from a legitimate car dealer, they will do the title transfer with DMV and I will receive the title from DMV several days/weeks later.
As others said, the best route, and only route, is to get 100% payment upfront. Clean trade - full payment for clean title and keys. Don't even think of doing it any other way as it won't end well.
As a seller, you want full cash payment in your pocket before hand over the key and title.
As a buyer, he needs to have the key and title after he paid the full amount.
OT:
Few months ago I tried to buy 2008 Volvo V50, the seller tried to close the deal with this idea:
His financed the car with a dealer in LA, the bank in New York has the title. I paid him in full amount to have the car and the keys, but the title would be mailed several days or weeks later, after he paid his bank and got the title from them.
I told him that no F***ing way I would pay full amount for the car without title, he needed to get the title somehow in his hand before I paid full purchase price. He couldn't get the title so the deal was off.
The only way I don't have the title the minute I hand over the full amount is if I buy it from a legitimate car dealer, they will do the title transfer with DMV and I will receive the title from DMV several days/weeks later.
Originally Posted By: HTSS_TR
OT:
Few months ago I tried to buy 2008 Volvo V50, the seller tried to close the deal with this idea:
His financed the car with a dealer in LA, the bank in New York has the title. I paid him in full amount to have the car and the keys, but the title would be mailed several days or weeks later, after he paid his bank and got the title from them.
I told him that no F***ing way I would pay full amount for the car without title, he needed to get the title somehow in his hand before I paid full purchase price. He couldn't get the title so the deal was off.
The only way I don't have the title the minute I hand over the full amount is if I buy it from a legitimate car dealer, they will do the title transfer with DMV and I will receive the title from DMV several days/weeks later.
Makes me wonder how often this works on a buyer. I had the same thing a few weeks ago, after the deal was pretty much done (getting ready to exchange cash) and it was time to get the title, the seller says oh, well I can't find the title.
OT:
Few months ago I tried to buy 2008 Volvo V50, the seller tried to close the deal with this idea:
His financed the car with a dealer in LA, the bank in New York has the title. I paid him in full amount to have the car and the keys, but the title would be mailed several days or weeks later, after he paid his bank and got the title from them.
I told him that no F***ing way I would pay full amount for the car without title, he needed to get the title somehow in his hand before I paid full purchase price. He couldn't get the title so the deal was off.
The only way I don't have the title the minute I hand over the full amount is if I buy it from a legitimate car dealer, they will do the title transfer with DMV and I will receive the title from DMV several days/weeks later.
Makes me wonder how often this works on a buyer. I had the same thing a few weeks ago, after the deal was pretty much done (getting ready to exchange cash) and it was time to get the title, the seller says oh, well I can't find the title.
Originally Posted By: 99Saturn
Originally Posted By: HTSS_TR
OT:
Few months ago I tried to buy 2008 Volvo V50, the seller tried to close the deal with this idea:
His financed the car with a dealer in LA, the bank in New York has the title. I paid him in full amount to have the car and the keys, but the title would be mailed several days or weeks later, after he paid his bank and got the title from them.
I told him that no F***ing way I would pay full amount for the car without title, he needed to get the title somehow in his hand before I paid full purchase price. He couldn't get the title so the deal was off.
The only way I don't have the title the minute I hand over the full amount is if I buy it from a legitimate car dealer, they will do the title transfer with DMV and I will receive the title from DMV several days/weeks later.
Makes me wonder how often this works on a buyer. I had the same thing a few weeks ago, after the deal was pretty much done (getting ready to exchange cash) and it was time to get the title, the seller says oh, well I can't find the title.
Ditto here - was looking at a little truck a few years back. The price was right and it didn't look too bad. I asked him if he had the title. He said "Not with me, but I can get it." "Okay," says I, "get it and give me a call." He never did call me.
Originally Posted By: HTSS_TR
OT:
Few months ago I tried to buy 2008 Volvo V50, the seller tried to close the deal with this idea:
His financed the car with a dealer in LA, the bank in New York has the title. I paid him in full amount to have the car and the keys, but the title would be mailed several days or weeks later, after he paid his bank and got the title from them.
I told him that no F***ing way I would pay full amount for the car without title, he needed to get the title somehow in his hand before I paid full purchase price. He couldn't get the title so the deal was off.
The only way I don't have the title the minute I hand over the full amount is if I buy it from a legitimate car dealer, they will do the title transfer with DMV and I will receive the title from DMV several days/weeks later.
Makes me wonder how often this works on a buyer. I had the same thing a few weeks ago, after the deal was pretty much done (getting ready to exchange cash) and it was time to get the title, the seller says oh, well I can't find the title.
Ditto here - was looking at a little truck a few years back. The price was right and it didn't look too bad. I asked him if he had the title. He said "Not with me, but I can get it." "Okay," says I, "get it and give me a call." He never did call me.
Making yourself the lienholder is a good idea. Get a post-dated check for the rest of the payoff. Writing a bad check is a crime in most states, and you can have the cops go after the guy. Not paying a loan is a civil thing, and you yourself have to sue, etc, it's messy. In my state there's no extra fee for liens, just two names on the title and it gets mailed to the lienholder who then forwards to the owner when appropriate.
How well do you know the guy? Do you know where he lives? Keep a key in case you have to repo it.
Note that those who game the system or come from families that game the system will be one-up on you.
How well do you know the guy? Do you know where he lives? Keep a key in case you have to repo it.
Note that those who game the system or come from families that game the system will be one-up on you.
^Who dat? I don't recall Gahndi or Gunga Din buying cars. Kira
Originally Posted By: Kira
I don't recall Gahndi
I don't either. Who's that?
I don't recall Gahndi
I don't either. Who's that?
I wanted to thank everyone for voicing your opinions and experiences. I was in the drivers seat, but decided to put the pedal to the metal so to speak. To save everyone from enduring a long, boring story, I will just say I pushed my way through and the money will be in hand tomorrow. Sometimes I think I am too nice of a person, and it's situations where I can ask a large number of people their opinion that cause me to change my strategy for the good. That's why this is the greatest site on the net!
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