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Selling a car privately

SandEagle

SandEagle

Lifer
I have someone interested in my car. I believe I have to fill out a bill of sale. Should I take the cashier's check and wait a few days to clear before signing over the title? Would buyer think I am trying to screw him over if I tell him he needs to wait for the check to clear?

Moved from Off Topic.
Moderator allisolm
 
yes a buyer would think you are trying to screw him. IF a someone said "pay me. but you don't get the title for a few days" i would say thank you and move on.

if you are worried take cash or go to the bank with them.
 
Just have him meet you at HIS bank so he can withdraw the money or get a bank verified cashiers check and give it to you right there. That way the bank can verify the funds are good. Don't forget to bring a friend so you have a way to get home.
 
Originally posted by: SandEagle
bank has the title. can't buyer get a temporary permit from dmv until i get title back and then mail to them?
Click to expand...

ok so you don't even have the title? so what you are going to take the money and go "pay" it?

yeah..as a buyer its getting worse. you don't want to give a bill of sale until money clears and he wont have a title? what is to keep you from saying its your car and takeing it? he would have NO proof.


temporary permit? what the hell are you talking about? a temp title? nope they wont.
 
Originally posted by: Kelemvor
Just have him meet you at HIS bank so he can withdraw the money or get a bank verified cashiers check and give it to you right there. That way the bank can verify the funds are good. Don't forget to bring a friend so you have a way to get home.
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That and you can have the title notorized at the bank as well.
 
Originally posted by: Marlin1975
Originally posted by: Kelemvor
Just have him meet you at HIS bank so he can withdraw the money or get a bank verified cashiers check and give it to you right there. That way the bank can verify the funds are good. Don't forget to bring a friend so you have a way to get home.
Click to expand...

That and you can have the title notorized at the bank as well.
Click to expand...

no he can't he don't have the title.
 
I've always been under the impression that if you do not own the title outright then you have to do a bill of sale, and then wait until the lien(s) on the title are paid to get it transferred. If you have a clear title then you can fill that out for the sale on the same day and hand them the title. They would then bring it to the DMV to get it transferred.

If you get a regular check, then waiting until it cleared would seem normal to me. I thought cashier's checks could only be issued if had the funds were available, so there is no need to wait? Note - I just bought a car via cashier's check a couple weeks ago, and all went smoothly this way.
 
Originally posted by: waggy
Originally posted by: Marlin1975
Originally posted by: Kelemvor
Just have him meet you at HIS bank so he can withdraw the money or get a bank verified cashiers check and give it to you right there. That way the bank can verify the funds are good. Don't forget to bring a friend so you have a way to get home.
Click to expand...

That and you can have the title notorized at the bank as well.
Click to expand...

no he can't he don't have the title.
Click to expand...

Have the bill of sale notarized at the bank. Once the title has been received you will have to have it notarized as well.

Call the DMV if you have any questions.
 
Originally posted by: Marlin1975
Originally posted by: Kelemvor
Just have him meet you at HIS bank so he can withdraw the money or get a bank verified cashiers check and give it to you right there. That way the bank can verify the funds are good. Don't forget to bring a friend so you have a way to get home.
Click to expand...

That and you can have the title notorized at the bank as well.
Click to expand...

thanks. i think i will do that.
 
Originally posted by: waggy
Originally posted by: Mermaidman
The buyer should contact the lender directly and pay off the loan balance.
Click to expand...

exactly. this is the best and safest idea for both.
Click to expand...

It sounds like you have a balance owed on the car otherwise the bank would have mailed you the title already. Call ahead for a payoff amount and meet the buyer there.

This has been talked about before here, but in addition to the above advice, then go to the Secretary of State's office and have the title transferred to the new owner while you're there with him. It's the only way to be certain that the ownership of the car actually changes hands.

You don't want a knock on your door with the Police asking why you fled the scene of an accident. I'm going to paraphrase a reply by myself in an earlier thread when I tell you that I've been there and done that. It's not fun. Do not take his promise on this, go there with him.

You don't want to end up in a situation where you have to prove it was not you driving your old car that was involved in an accident that resulted in a fatality. Take the day, and go to your bank, and the SOS's office.
 
actually i should've said that it is financed through Honda Finance, not a bank sorry. Honda finance is holding the title since Ohio is considered a 'holding' state. Once they receive payoff they will mail the title to us. I have talked to one interested party and mentioned this. they are ok with giving the payment and signing a bill of sale and some agreement at the DMV.

It's an honest sale. If anyone's interested, the specs are:

2008 Honda Odyssey EX-L ---- asking 28K, Ohio
only 1,275 miles!
Nighthawk Black Pearl
Fully Loaded
Leather
Navigation System
DVD Entertainment System
 
Originally posted by: SandEagle
actually i should've said that it is financed through Honda Finance, not a bank sorry. Honda finance is holding the title since Ohio is considered a 'holding' state. Once they receive payoff they will mail the title to us. I have talked to one interested party and mentioned this. they are ok with giving the payment and signing a bill of sale and some agreement at the DMV.

It's an honest sale. If anyone's interested, the specs are:

2008 Honda Odyssey EX-L ---- asking 28K, Ohio
only 1,275 miles!
Nighthawk Black Pearl
Fully Loaded
Leather
Navigation System
DVD Entertainment System
Click to expand...
Damn, why selling it so new?

 
^^ actually a good friend of mine left it to me to sell on his behalf. he had bought it as a gift for his wife about 4 months back. unfortunately she passed away 3 weeks ago (heart attack at 34!) 🙁 in any case, the emotional burden of keeping it is the main reason. he can easily afford it but has no need for it anymore
 
UPDATE:

guys, i need some advice here on this. we did end up selling the minivan for $27,900. we lowered it from 28,500 so that the guy can have some leeway when it came to paying taxes when title transferred. here's the series of events:

- the buyer had his bank send the payoff to Honda finance along with an authorization letter for Honda to send the title to the bank. The bank will be the lienholder for the buyer. they notarized everything and all

- Honda has verified that payment has been received and we owe nothing now. Honda mailed out the title about a month ago.

- buyer calls and says bank has not received title yet. he says he talked to Honda finance and they think title was lost somewhere in transit.

- he wants us to get a new title created but he wants us to show the purchase price as a lower price so he can avoid taxes.

what do you think we should do? since honda already sent us a letter saying we owe nothing anymore, should we even care? i think if we create a new title it will have the correct purchase price. im surprised honda didnt send this as certified mail. any chance of recovering that title ? i think bank may have a copy of the referendum title though. does that help?
 
TAX fraud is nothing you want to be associated with.

The title movement is between honda and his bank, at this point it is no longer your problem in my eyes. Let his bank and honda figure out the new title problem as you should have already signed over your rights to the vehicle.
 
Tell him his issue is solely with the bank and to stop contacting you about it. Tell him that's your final word on it.

Your obligation is zip at this point. Don't even give it a second thought. If he insists, tell him you just got a new job working for the IRS. Actually the Michigan Treasury might be better in this case.

Are you in Michigan or Ohio? Your profile says MI. He's not going to save much anyway. The state, many years ago started charging sales tax on used car purchases at fair market value. Sure, there's a leeway factor, but unless it's a sale between close relatives, he's going to pay tax on market value.

Just say no.

If it was me, I'd contact the SOS office and let them know that the vehicle has changed hands then act accordingly. I still don't like that the van is still titled in your friends name. I've got a post above that alludes to why I feel that way.
 
thanks boomerang and waffleironhead. good advice. the guy asked if we can list him as a relative so he can avoid taxes. we're not going to get involved in any of that fraud crap.

i was the intermediary for a buddy of mine in Ohio. I pretty much just listed the car on autotrader and helped sell it for him. I will call Honda on Monday and let them know they need to deal with the bank.

is the title still under my friend's name even though the authorization was for honda to transfer it? i'll call SOS also to see if we can clean this up.
 
As far as the state is concerned, the vehicle is still in your friends name. I'm going to repeat myself, but if the van was involved in an accident, the Police will be asking him about it, because he's the last registered owner of record. I haven't bought a used car in decades, but in Michigan the lender is going to sign off on the title. That title then needs to go to the SOS's office and they will then issue a new title in the name of the new owner. IMO, as far as the state is concerned, the vehicle still belongs to your friend. I'm a little confused as to whether the vehicle was sold in Ohio or Michigan, so YMMV.

I sold a car to a guy that never changed ownership with the SOS. He was involved in an accident in the car. It got straightened out easily, because my story and the buyer's story were in sync. He was man enough to admit that he had not transferred ownership and that he was involved in the accident. Good thing because although it was a one car accident, he knocked down a utility pole which made him responsible for the cost of the replacement.

Imagine what would have happened if he had been involved in a fatal accident and they had come after me? With him standing there telling them he was the passenger and I ran off?

What're the chances? Slim. But it not the kind of crap I'm interested in dealing with.
 
quick search of ohio dmv eguals
http://bmv.ohio.gov/title/titl_info.htm

"If the original title is lost, stolen or destroyed, you may obtain a duplicate Certificate of Title. The duplicate title can only be applied for by the owner(s) or lienholder of the vehicle. If after the duplicate has been issued, and the original is found, the original must be returned to the title office for cancellation."

So honda is responsible for getting the replacement title, since in essence they are repsonsible for its loss.

 
Originally posted by: boomerang
Originally posted by: waggy
Originally posted by: Mermaidman
The buyer should contact the lender directly and pay off the loan balance.
Click to expand...

exactly. this is the best and safest idea for both.
Click to expand...

It sounds like you have a balance owed on the car otherwise the bank would have mailed you the title already. Call ahead for a payoff amount and meet the buyer there.

This has been talked about before here, but in addition to the above advice, then go to the Secretary of State's office and have the title transferred to the new owner while you're there with him. It's the only way to be certain that the ownership of the car actually changes hands.

You don't want a knock on your door with the Police asking why you fled the scene of an accident. I'm going to paraphrase a reply by myself in an earlier thread when I tell you that I've been there and done that. It's not fun. Do not take his promise on this, go there with him.

You don't want to end up in a situation where you have to prove it was not you driving your old car that was involved in an accident that resulted in a fatality. Take the day, and go to your bank, and the SOS's office.
Click to expand...

This depends on the state but in many states you can file at the DMV to say that you have sold the car and are no longer in possession of it. That way if the person fails to completely transfer ownership you won't be stuck for anything illegal the vehicle was used for.
 
Originally posted by: waffleironhead
quick search of ohio dmv eguals
http://bmv.ohio.gov/title/titl_info.htm

"If the original title is lost, stolen or destroyed, you may obtain a duplicate Certificate of Title. The duplicate title can only be applied for by the owner(s) or lienholder of the vehicle. If after the duplicate has been issued, and the original is found, the original must be returned to the title office for cancellation."

So honda is responsible for getting the replacement title, since in essence they are repsonsible for its loss.
Click to expand...

thanks!!! just the info i needed :thumbsup:
 
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