cehome

iTrader: (7)

If you're selling a vehicle (financed) to a private party. Do you hand over the car once the title has been signed over to the new owner? Or do you hand it over once the payment has cleared? I'm thinking once the title is signed over, but I'm not certain. Buyer may be impatient to wait for the title transfer and want possession of the car upon funds clearing the bank. Ideas?

davidv

iTrader: (2)

I will answer the question from the buyers point of view.

If I am interested in buying a vehicle with a lien on the title, I will sit with the lien holder to work out the sale. I will write a check to the lien holder, and get the new title from the lien holder.

PoWeRtRiP

take payment at your bank. have them check to make sure its a legit check and that funds are available.


do not accept a personal check for that kind of money unless you verify the cash is there. a better option for payment is a certified check or a money order.

TeCKNeiC

When I sold my last car that the bank had the title to, they did not give me the title until the check cleared. Luckily the buy was understanding and patient because it took 12 days for his check to clear. Once the check is cleared the car now belongs to the buyer and he recieves the title at that time. That's how I did it.

350Z007

iTrader: (1)

Depends on the buyer. If the buyer had to take out a loan for he money, the title will go from your lien holder (bank) to his bank. They will then hold the title until he pays it off, etc. I would never sign over my title until payment was confirmed. If your bank owns the car then they are not going to release the title until payment is made anyway.