NDL Forum

Like in a private sale to someone?

Weighing my options and I am getting great offers.

Seems like a major hassle but then it should just be meet them at their bank, make a bill of sale, watch their bank make a cashiers check and be done with it.

Carmax and Tesla will have super low offers in comparison.

Sold quite a few cars over the years.
If you have title in hand, meaning, your car is paid off, it is simple.
They get money, give it to you, you sign the title over to them. Use a bank as they all offer free notary service if you are a customer.
The notary stamps the title, done. They now take that title and car and go get plates, insurance, etc.
If they are financing it, their bank will issue you a check, you deposit the check, then sign the title over to them.

If your car is not paid off, you have to take the money, pay off your loan, so you can get the title and then sign it over to them if they are giving cash.
If they are financing, the banks will handle it all. Whoever they use for financing will wire the money to your bank and pay off the car. Then your bank sends the title to their bank as their bank is now technically the owner since there is a loan against the car. Their bank will then issue them a memorandum title which they will take to the DMV and get plates, etc.

In this scenario I would only accept payment in full from them up front.

Then pay off my loan and mail them the title when I receive it.

Seems easy enough?

If you have a loan, yes, you would take the money and pay off your loan and then give them the title.
As far as mailing it, technically, no, as you are supposed to sign the title over in front of a notary.
If they know someone that is a notary though, you sign your portion, mail it to them, then they can sign and have a notary stamp it.

If you have a loan though and they are financing through a bank, it is just as easy as if your car is paid off already because their bank would send the money to your title holder and they would take care of everything pretty much.

So if I did this when I received the title, I could sign it in front of a notary and mail to them and they can do the same?

Is it best to do it at my bank or their bank?

I've sold all my cars via Craigslist, although they were always paid off. They hand me a certified check or cash, I sign over title, transaction done in 5 minutes

Weasel wrote:I've sold all my cars via Craigslist, although they were always paid off. They hand me a certified check or cash, I sign over title, transaction done in 5 minutes

Sounds pretty simple!

If your car was paid off and you had the title in hand, it is very simple.

Yeah I'd have no idea how it works if you still owe on a loan. I've always paid cash for cars

Weasel wrote:Yeah I'd have no idea how it works if you still owe on a loan. I've always paid cash for cars

Ballin is a habit.

Nah, its easy to pay cash when you drive beaters