Pointers on how to handle private party sales (buying & selling)

[TwiceOver]

Maybe this belongs more in Off-Topic? I've never had to deal with private party sales and now find myself in both sides of it. If you have followed my recent SUV purchasing thread, I am buying a used Saturn Vue from my mechanic's daughter. Also now I have to sell my older car. I'm not really looking for marketing pointers, more like legal pointers.

Buying/Selling
-What forms do I look for
-Trusted payment type (Cashier's Check?)
-Insurance
-Title

Forms: From what I've read I need a bill of sale and the title. I have the title for my vehicle to sell, can I get a bill of sale form from somewhere or is that something I make up? When buying, I assume I'll have the same two forms and take the bill of sale and title to my local place to pay taxes and put title in my name?

Payment: Buying, will be $12,500 Cashier's check probably. Selling, I'm starting at $900 for my car so I'll probably just ask for cash in hand.

Insurance: All of the dealers say I can drive any car for up to 3 days on my current insurance. Maybe, but I'll probably just go get insurance before driving it away. As for my sale, I assume it would be best to drop insurance immediately when money changes hands to reduce my liability. Do I ask the other party to prove insurance before they drive it away?

Any other advice?

 

[Bignate603]

For your car, just take cash.

Personally, I typically exchange the title and money at my bank. Most banks have a notary public there for customers and you can get the cashier's check at the same time. In my state you can get the title notarized when you do a car sale and I also get the bill of sale notarized with original copies for each of us.

Also, check to see if your state has something you can file to state that the car has been sold and is no longer in your possession. This protects you if the person does not register the car in their name then gets in an accident or does something illegal with it.

 

[TwiceOver]

For your car, just take cash.

Personally, I typically exchange the title and money at my bank. Most banks have a notary public there for customers and you can get the cashier's check at the same time. In my state you can get the title notarized when you do a car sale and I also get the bill of sale notarized with original copies for each of us.

Also, check to see if your state has something you can file to state that the car has been sold and is no longer in your possession. This protects you if the person does not register the car in their name then gets in an accident or does something illegal with it.

Do I create the bill of sale or is that something I can get from the DMV?

Yeah, I don't think my state has the release of liability type thing you are talking about. One of my co-workers ran into issues with one of her sales because the other person never changed the title over. This is what I'm trying to avoid.

 

[OILFIELDTRASH]

Yeah please don't buy a Saturn vue. I had one and they are pos. You will have nothing but problems with them. To top it off my wife was rear ended while driving he Saturn vue and it rolled over. Pos almost killed her. Yes I said rear ended and the fucking Vue rolled over. If you care at all about whomever will be driving the vue at least do a little research on the vue and rollovers.

 

[airdata]

I would absolutely not take a large amount of cash like that. For sure, do not take large amounts of cash to buy a car, especially not off craigslist.

This guy who works with my dad went to buy a car from craigslist and the "seller" was some thug w\ a gun... guy tried to drive off but was still shot and is now disabled.

Having said that, 2 of 3 car's I've ever sold have been on craigslist.

I just sold my car a few weeks ago on craigslist for ~$10,500. The buyer arranged everything at their bank and they coordinated w\ my credit union where I had the car loan. I think this is the best way to do it because they handle the bill of sale and everything there. I just had to sign some paperwork and collect a check and they sent the payoff check to my CU.

 

[TwiceOver]

Yeah please don't buy a Saturn vue. I had one and they are pos. You will have nothing but problems with them. To top it off my wife was rear ended while driving he Saturn vue and it rolled over. Pos almost killed her. Yes I said rear ended and the fucking Vue rolled over. If you care at all about whomever will be driving the vue at least do a little research on the vue and rollovers.

Hrm, bunch of people in my other thread recommended it, nobody said anything against it. From the reviews I have read, the only ones that regularly had problems were the hybrids and the 4cyl models. I couldn't find a single review of the v6 AWD that had a mechanical issue.

I'm knee deep into this purchase already. Would love to read more.

 

[TwiceOver]

I would absolutely not take a large amount of cash like that. For sure, do not take large amounts of cash to buy a car, especially not off craigslist.

This guy who works with my dad went to buy a car from craigslist and the "seller" was some thug w\ a gun... guy tried to drive off but was still shot and is now disabled.

Having said that, 2 of 3 car's I've ever sold have been on craigslist.

I just sold my car a few weeks ago on craigslist for ~$10,500. The buyer arranged everything at their bank and they coordinated w\ my credit union where I had the car loan. I think this is the best way to do it because they handle the bill of sale and everything there. I just had to sign some paperwork and collect a check and they sent the payoff check to my CU.

Yeah, I trust everyone involved with my purchase, so no worries. The issue is that no banks are going to be involved. All vehicles involved are paid for with clear titles and no loans will be taken on my end to purchase the Vue. So I don't think my bank will handle the bill of sale or anything like that.

 

[desy]

Don't worry about anecdotal one of opnions look at the trend.
Who says his wife is a good driver or what the circumstance was of the accident.
Its safer if it has the optional side airbags though, but so are they all

 

[OILFIELDTRASH]

Yeah the trend is they rollover very easily asswipe. It's not anecdotal. If he would do a little research it's easy to find out. I really don't care one way or another.

 

[desy]

http://autos.msn.com/research/vip/safety.aspx?year=2007&make=Saturn&model=Vue

Since you don't care

 

[Zargon]

Hrm, bunch of people in my other thread recommended it, nobody said anything against it. From the reviews I have read, the only ones that regularly had problems were the hybrids and the 4cyl models. I couldn't find a single review of the v6 AWD that had a mechanical issue.

I'm knee deep into this purchase already. Would love to read more.

yeah the v6 Vue is the best reguarded and reliable small SUV's you can get.

Sounds like OFT got a lemon. the v6 is a bullet proof honda lump

 

[TwiceOver]

Nohting thus far has detured me from buying. So can we get back on the topic. If you want to discuss safety issues, my other thread would be more appropriate.

 

[Zargon]

what state? IL has a form on the bottom of newer titles to be mailed to the Sec of State office notifying them of the sale.

generic bill of sale form

here you need to take the title to the DMV or a tiutle place(never used one, DMV is convenient enough) and to plate you are supposed to have proof of insurance, but they almost never ask

 

[TwiceOver]

what state? IL has a form on the bottom of newer titles to be mailed to the Sec of State office notifying them of the sale.

generic bill of sale form

here you need to take the title to the DMV or a tiutle place(never used one, DMV is convenient enough) and to plate you are supposed to have proof of insurance, but they almost never ask

SD. I found their instructions for selling and all the necessary forms. I think I have a grip on it, maybe.

-Dan

 

[simonizor]

Hrm, bunch of people in my other thread recommended it, nobody said anything against it. From the reviews I have read, the only ones that regularly had problems were the hybrids and the 4cyl models. I couldn't find a single review of the v6 AWD that had a mechanical issue.

I'm knee deep into this purchase already. Would love to read more.

There will be plenty of people here on AT that come to bash you no matter what you're going to purchase so you can pretty much just ignore those people. As long as the car is mechanically sound, it should be great. I know a lot of people who were very very loyal Saturn buyers until GM gave them the axe.

The best way to do the purchase would be to have the person meet you at your bank. You can verify that you have the funds in your account while the person witnesses and then either write them a check if they're comfortable with that (don't see why they wouldn't be if they watch you verify you have the funds) or get a money order if they won't take a check.

 

[Zargon]

SD. I found their instructions for selling and all the necessary forms. I think I have a grip on it, maybe.

-Dan

its not too hard, good luck!

 

[Bignate603]

Do I create the bill of sale or is that something I can get from the DMV?

Yeah, I don't think my state has the release of liability type thing you are talking about. One of my co-workers ran into issues with one of her sales because the other person never changed the title over. This is what I'm trying to avoid.

Yeah, I trust everyone involved with my purchase, so no worries. The issue is that no banks are going to be involved. All vehicles involved are paid for with clear titles and no loans will be taken on my end to purchase the Vue. So I don't think my bank will handle the bill of sale or anything like that.

You can write up your bill of sale yourself. Just make sure it has the following:

Buyer's full name
Seller's full name
Vehicle make, model, year and VIN
State that it is being transferred from buyer to seller in "as is" condition
Date of transfer
Amount being paid

Even if there is no bank involved in the sale many banks offer notary service to their customers, usually for free. A notary is just someone who legally witnesses the signing of documents and things like that as an impartial third party. That way if the person comes back later saying that you cheated them, or that they didn't really sign the documents agreeing to the price and transferring ownership you have a legal record that proves that they're lying. I've done it multiple times at my bank for cars that were not owned by the bank and they've never had a problem with it.

The whole notary thing is just extra insurance in case the deal goes bad, and meeting at the bank avoids the whole issue of meeting somebody off the internet to exchange money or something valuable.