A buyer's gonna come buy my GS this friday, basically he's just paying off my loan with his loan, how does the whole transfer of title thing work when that occurs? never sold a car before, not sure what to do in this case where a loan is paying a loan. has anyone done a transaction like this? help!

 

in Cali, you fill out the back of the title, sign it to release liability to the new owner, but I also think you need to also do some lienholder stuff as well.

You don't post on the genmay forums, do you?

 

you need to get the buyers money and deposit it in your account for the loan. Once they receive payment your loan company will send you your "pink" slip which is the title of the car. then you have the buyer come and fill out the back of title, all you need to do is sign the back and the new buyer fills out his info in the appropriate boxes the you tear off the bottom piece and you send that into the dmv and the new owner of the car takes the top piece of the title to the dmv and gets it registered.

I would suggest you to print out a bill of sale online and fill it out and have the buyer sign it also, in a bill of sale you could stipulate how the car is sold, ex; AS-IS, warranty, and any other terms of the sale you guys have agreed upon, so if incase down the road the guy tries to come back with a "ohh this was broken" or "you said you would do this" you can get out your copy of the bill of sale and take it to court if needed.

also remember that until he registers the car under his name it is your property and responsibility, so if u let him take the car while/before the paper work goes through, and god forbid anything happens (accident, hit and run) or any other criminal act you will be responsible for the car since it is still under your name and you will be liable for damages or what not

Hope this helps


Tommy

 

wouldn't his bank be the new lien holder so the title goes to them?

yeah i post on genmay but i figured i'd go where there were a few more car people around. i guess the whole paying my loan with his loan is throwing me off.

 

ture, sorry i didnt read that part, then his bank would pay off your loan and then recieve the title them selves

 

just ask his bank to deal with your bank. simple as that. his bank will write a check to your bank and your bank will directly send the title to the other bank. very simple in fact

 

thanks! will do!