[Ava]

Hello,

I'm hoping to get some advice on selling my car. Basically I'm selling my Gen-5 while I wait for my '16 to get here and I wanted to try to sell it privately instead of trading it into the dealer.

I found a buyer who lives out of state about 2 hours away and we agreed on a price. I am still financing the car and I'm just wondering how I proceed with this. He's asking me to call my bank and have them fax my payoff amount to his friend, who he says is his auto loan finance guy.

So let's say they pay off my loan. I keep my car until the bank releases the title to me right? Then I can meet him with title in hand, sign it, and collect the rest of the money he would owe me in cash or check, right? I've never done this before, and it's probably not as confusing as I'm making it. I just want to make sure I do it right.

Thanks

[drakensoul]

You usually meet at your bank or wherever the lien is held against the title. They are used to doing these types of transactions and have the necessary paperwork. They will pay off the lien from his funds, give him the title, and everything happens right there.

Your lien/bank will take the keys, pay off the lien, get the title, hand it over to him (you never touch it), and assist in filling out the appropriate paper work. Just call them and ask how the process works.

I would never buy a car where I give someone money and trust them to pay off a lien with it and 'get back to me' with a car and a title X time later. Would probably never see it again.

The alternative is for you to do what he's asking, he'll pay the lienholder directly, and they'll provide the title to him.

[Ava]

Originally Posted by drakensoul

You usually meet at the buyers bank. They are used to doing these types of transactions and have the necessary paperwork. They will pay off the lien from his funds, obtain the title, and everything happens right there.

I would never buy a car where I give someone money and trust them to pay off a lien with it and 'get back to me' with a car and a title X time later. Would probably never see it again.

His bank will take the keys, pay off the lien, get the title, hand it over to him, and assist in filling out the appropriate paper work.

The problem is, even if he pays off the lien, my bank (Chase) will not release the title to him. They will only release it to me, because I am their customer. And I heard that process can take 1-3 weeks. I'm not sure I feel comfortable turning over my keys and my vehicle with my name still on the title.

[drakensoul]

Originally Posted by Ava

The problem is, even if he pays off the lien, my bank (Chase) will not release the title to him. They will only release it to me, because I am their customer. And I heard that process can take 1-3 weeks. I'm not sure I feel comfortable turning over my keys and my vehicle with my name still on the title.

No, you do it at your bank. Where the lien is held. He brings the payoff amount, you both sign the papers there, and the title goes directly to him. Just call your bank and ask how the process works if both of you are present there and he has the money in hand and you're willing to sign the title over on the spot.

[Ava]

Originally Posted by drakensoul

No, you do it at your bank. Where the lien is held. He brings the payoff amount, you both sign the papers there, and the title goes directly to him. Just call your bank and ask how the process works if both of you are present there and he has the money in hand and you're willing to sign the title over on the spot.

Okay, I will give my bank a call tomorrow. Thanks for the advice!

[Tath34ever]

Originally Posted by Ava

Okay, I will give my bank a call tomorrow. Thanks for the advice!

Hey there so I sold my 2013 civic to purchase the camaro. Same situation as you. Found a private buyer, agreed on a price and I still owed money to my lender. Here is the procedure (or how I did it):

1) Called my bank and asked them to give me a PAYOFF amount. (They emailed it to me)
2) Met up with the buyer and notarized a BILL OF SALE at my bank with all the purchase details (you can print one of from your dmv website I believe)
3) The buyer's finance company then sends MY lender a check with the amount of what I owed them and sent the buyer a CHECK of the difference (what I was gonna pocket in)
4) Now this procedure takes roughly 3 weeks. The buyer sends my bank a check, they clear it. Then my bank lets the DMV know my loan is payed off so they release the tittle which can take up to 3 weeks (banks don't keep tittle of cars anymore these days, the DMV just keeps an electronic tittle)
5) After a couple of weeks once I receive MY tittle on the mail, I called the buyer, we met up, had had the check (the difference of what I owed the bank and what my car was sold for). She gave me the check and I gave her the tittle and keys. DEAL IS DONE

Keep in mind that until the seller gives you the CHECK, AND until you give the seller the keys AND THE TITTLE the car is still yours. Never give anybody your car until you trade your tittle for the $$$$.

Any questions just ask

Sorry if some things didn't make sense, kinda hard writing this on my phone

[Ava]

Originally Posted by Tath34ever

Hey there so I sold my 2013 civic to purchase the camaro. Same situation as you. Found a private buyer, agreed on a price and I still owed money to my lender. Here is the procedure (or how I did it):

1) Called my bank and asked them to give me a PAYOFF amount. (They emailed it to me)
2) Met up with the buyer and notarized a BILL OF SALE at my bank with all the purchase details (you can print one of from your dmv website I believe)
3) The buyer's finance company then sends MY lender a check with the amount of what I owed them and sent the buyer a CHECK of the difference (what I was gonna pocket in)
4) Now this procedure takes roughly 3 weeks. The buyer sends my bank a check, they clear it. Then my bank lets the DMV know my loan is payed off so they release the tittle which can take up to 3 weeks (banks don't keep tittle of cars anymore these days, the DMV just keeps an electronic tittle)
5) After a couple of weeks once I receive MY tittle on the mail, I called the buyer, we met up, had had the check (the difference of what I owed the bank and what my car was sold for). She gave me the check and I gave her the tittle and keys. DEAL IS DONE

Keep in mind that until the seller gives you the CHECK, AND until you give the seller the keys AND THE TITTLE the car is still yours. Never give anybody your car until you trade your tittle for the $$$$.

Any questions just ask

Sorry if some things didn't make sense, kinda hard writing this on my phone

Thanks...very helpful. I just found out he's using a leasing/sales company to pay the lien. The company's websites are:

Website: http://www.expressautosalesny.com and

Facebook: https://www.facebook.com/Express-Lea.../photos_stream

Is that China Town? It's hard to meet him because he's 3 hours away so I was hoping there was a way to do this process with a one time meeting.