Warning

 

Close

Confirm Action

Are you sure you wish to do this?

Confirm Cancel
Member Login

Posted: 10/10/2007 4:57:11 PM EST
Any help from you gurus that have done this would be GREATLY appreciated.

OK, here are the basics:

>My car still has a lien on it. There is a balance still owed on it.
>The private party is paying me part in cash and part is coming from his credit union.
>The payoff will be fully satisfied with both his check and the credit union paymnt.


QUESTIONS:
>Wont the title come to me?
>When EXACTLY does the vehicle become his? In other words, when do I hand him the keys? Is it when the payoff is verified...or when I sign the title? I need to know when I am financially and legally not the owner of the vehicle?

Please help, the other guy really doesnt know either.


Thank you all in advance.
Link Posted: 10/10/2007 5:01:51 PM EST
The car is his when you give him a Bill of Sale.
Link Posted: 10/10/2007 5:03:00 PM EST
Is a local bank holding the lein and title? If so, finish he transaction there, have him pay you off, pay off the vehicle, obtain title signed off by you and bank/CU/whatever, sign title over to him. Done. Call the bank or whatever beforehand so they can have a heads up. Either way, the leinholder will have to sign off on the title before the car can be considered "Sold".
Link Posted: 10/10/2007 5:03:14 PM EST

Originally Posted By mayday:
Any help from you gurus that have done this would be GREATLY appreciated.

OK, here are the basics:

>My car still has a lien on it. There is a balance still owed on it.
>The private party is paying me part in cash and part is coming from his credit union.
>The payoff will be fully satisfied with both his check and the credit union paymnt.


QUESTIONS:
>Wont the title come to me?
>When EXACTLY does the vehicle become his? In other words, when do I hand him the keys? Is it when the payoff is verified...or when I sign the title? I need to know when I am financially and legally not the owner of the vehicle?

Please help, the other guy really doesnt know either.


Thank you all in advance.


As long as they buyer is friendly and has a few hours to kill, it shouldn't be too difficult.

How much is your lien, and how much is his cash down payment?

If you could, use his cash to pay off the lien and get your title back, at which point the two of you should head over to his bank so that can look it over and cut a check. I don't know if they can do title transfers there so then I believe you two would then be going to a title service or the DMV.

Alternative plan would be to go straight to the bank at which point they'll call the lien holder and get a payoff amount & go from there.

Again, I might be wrong, but this is what I would do.
Link Posted: 10/10/2007 5:04:50 PM EST

Originally Posted By DzlBenz:
The car is his when you give him a Bill of Sale.


Not if there is a leinholder on the title. A bill of sale is only valid if all parties are "satisfied". Til then, it means nothing more then a purchase agreement.
Top Top