Selling Cars

[rdlangston13]

Anyone sell a car that you're still making payments on? How do you transfer the title to the new buyer if you do not have it yet??


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[mjr119]

The buyer will either be paying cash or getting a loan for the amount. If they are getting a loan, he or she will need to tell their bank that the car isn't paid off. Usually their bank will contact your bank that the car is financed thru and cut them a check for the amount. The note will be satisfied and the excess cash will be disbursed to you.

If paying cash, just go to the bank with the buyer and pay off the note. Then they should release the lien on spot.

[rdlangston13]

Only problem is my lien holder is Nissan, not a bank so I can't just go pay it off. I am considering sending a check to pay it off but I have to mail it and then wait an additional 7 days for the title to be sent to me. I'd like to get rid of it faster and I'm afraid if i do this I'll be stuck with it longer than a week waiting for all this.


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[kaneboats]

The whole system is set up so you have to go through a dealer and let them "take care of it" for you. Get your title and sell your car.

[mjr119]

Give the buyer the information to Nissan Finance Dept. His bank should be able to work with Nissan to pay it off and get the lien release documents.

[Beejwest]

Have your buyer get a cashier's check for your loan pay off amount. Mail it to your financier. They will send you a letter of lien release. Mail release to buyer. All of it can be done in 10 or so days. If the buyer is uncomfortable leaving without the release then he'll have to try to work with Nissan, or you can find promisary notes that you can have notarized showing you'll mail the release. That way he has legal routes to obtain it if you failed to provide him with it.

[Beejwest]

Or he can gove you cash and you can pay off the lien. Either way works fine. I've done it both ways.

[rdlangston13]

Or he can gove you cash and you can pay off the lien. Either way works fine. I've done it both ways.

Then you just meet back up with him to swap the title when it comes it?


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[parrothd]

Ugh.. Most people will bail...

You need to get the title transferred somewhere locally where you and the buyer can meet. The loan needs to be paid off before the title can be signed over. I usually bring a cashier check made out to pay off the loan, if there's extra the seller gets that. Personally I wouldn't wait around for the seller to send the title, things can happen and you'll be out the $$$..

[parrothd]

You should pay it off, get the title and then sell it.. Much easier if you have e cash..

[maxpower220]

You or your buyer should do a wire transfer. It may cost $25, but the money is there. No need for you to wait or for your buyer. Not sure if TX does this, but in FL, we have electronic titles. I haven't seen the last few titles for cars I sold. Look into your DMV, if they have that feature and title can be transferred without going to you first with proper paperwork from Nissan and the buyers bank or just the buyers info. YMMV.

[rdlangston13]

Ugh.. Most people will bail...

You need to get the title transferred somewhere locally where you and the buyer can meet. The loan needs to be paid off before the title can be signed over. I usually bring a cashier check made out to pay off the loan, if there's extra the seller gets that. Personally I wouldn't wait around for the seller to send the title, things can happen and you'll be out the $$$..

If they pay me for the car and leave without the title why would they bail? Couldn't I just call the cops and report it stolen?


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[parrothd]

Well they need to have a lot of faith in you to be a standup person, or don't die unexpectedly or call the cops and report it stolen.. :cool:

By bail, I mean not go thru with the sale and back out last minute..

[parrothd]

Wire transfers are the worst, you've gotta wait around and it's not instant...I've done this more than a few times.. Lol..

Personally I like quick done and run deals, once you get some drama you'll understand..

[rdlangston13]

I want to get this done as quick as possible believe me. Problem is I need the car sold pronto and it takes about two weeks to get my dang title once I pay it off.


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[sandm]

was going to buy a car that had a lien against it a few months ago. had a check from the bank. basically, I would write him/the bank the check for the car and take said car. his bank would then send the title directly to me when it was released. that is how I have done it in the past.

did it thru capital one auto finance as well a few years ago. that one required showing up at a bank/any bank and notarized ppwk to be filled out and sent in. seller left with a check made out to finance company and they had to send title straight to capital one.

it's not a big deal if it takes a few weeks to finalize. just send title to buyer once you get it from nissan. doesn't require another trip to meet up with them.


now if there's some financial reason why you need it off your "books" quicker then sell to a dealer and they can move it along much faster and cleaner.

[rdlangston13]

We just want to buy a new vehicle and need some money for this one for our down payment and I was hoping to get it all settled before I went back to work. Other wise this won't get done until mid August and the vehicle we want to buy may not be available. And Heidi may start having trouble getting in and out of the Z as Nolan grows.


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[wolfeman131]

CarMax
21636 Katy Freeway
Katy, Texas 77449

Probably won't get top $ from them, but you will avoid all this hassle and wasted time which may very well offset the few extra bucks you put in your pocket.

[bhowell]

Just sold the Z06 this way David.

Check from his back to my lender.
Check from his bank to me.
Cash from him for remainder.

My bank mailed him the title and we met up to sign. The buyers confidence comes from doing a notarized bill of sale which contractually binds the agreement.

[bhowell]

Selling my boat which I had the title to seemed just as complicated.

Buying my new boat was harder with it being out of state and two loans with neither bank local to the area.

[jimmylsv]

To protect yourself, never turn over a vehicle even if the buyer has paid you and Nissan in full until the vehicle title and registration has been administered and transferred to purchaser. If the vehicle is in an accident you are still the legal owner, and open yourself up to liability.

[rdlangston13]

Well I just paid the car off today so I could get the title to make this easier. So far I have not had any serious prospects contact me about it. Title should be here by next weekend I hope, problem is I go to work next Monday night! Blah. I guess it will sit in the garage for 3 weeks.

Drew, I got a Carmax quote but i am really hoping that with a little time and effort I can get 2-3k more than they offered me.


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[parrothd]

I sold my last few cars on ebay the last one I shipped to Florida. Use the make offer option instead of the regular auction. The fees can be high but you'll sell faster. Plus the buyer gets some protection and financing is available..

[sandm]

To protect yourself, never turn over a vehicle even if the buyer has paid you and Nissan in full until the vehicle title and registration has been administered and transferred to purchaser. If the vehicle is in an accident you are still the legal owner, and open yourself up to liability.

a signed bill of sale will limit your liability in this case. notarized is that much cleaner. you will still be the "titled" owner but bill of sale will transfer ownership to the next party.

too many internet and off-dealer transactions going on anymore that this is commonplace and when selling newer cars, folks having the title is not the rule but the exception in most cases.

[kaneboats]

It varies by state. In some the title is conclusive. In others it is merely evidence that would be trumped by a valid bill of sale.

[rdlangston13]

Well I sent the payoff in yesterday so hopefully by the end of next week I will have the title. Have not really had that many serious inquiries about the car. I may post is to Austin and San Antonio Craig's list as well


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[sandm]

just finished car shopping and entertained the 350/370 but guessing yours would have been out of my price range or I'd have hit ya up... well, at that price, probably would have been back in another evo. do miss awd and gobs of hp....

good looking car... it'll sell.

[rdlangston13]

Well it's priced below all the other comps I have seen in the Houston area


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