process of selling the car
Thread Starter
Lead Lap
Joined: Jan 2003
Posts: 534
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From: New York
process of selling the car
hey guys,
Im about to go through the transaction of selling my car to a private party for $35k. I'll be giving it to him with less than $17k miles.
I still have a lien on the title with Lexus Financials and was wondering how is the best way to proceed with this transaction.
He wants to take over my loan. But I told him to try getting loan from a local bank since it takes a long time for Lexus to send over the application and the back and forth to finish the process.
In the meantime, he wants to take the car first, but I can take off the plates.
Do I give him the physical possession of the car first while the transaction is being carried out? He says he wants to give me a few thousand dollar in cash, to make me 'trust' him.
Any advice on how to best do this?
Thanks for you advices.
Im about to go through the transaction of selling my car to a private party for $35k. I'll be giving it to him with less than $17k miles.
I still have a lien on the title with Lexus Financials and was wondering how is the best way to proceed with this transaction.
He wants to take over my loan. But I told him to try getting loan from a local bank since it takes a long time for Lexus to send over the application and the back and forth to finish the process.
In the meantime, he wants to take the car first, but I can take off the plates.
Do I give him the physical possession of the car first while the transaction is being carried out? He says he wants to give me a few thousand dollar in cash, to make me 'trust' him.
Any advice on how to best do this?
Thanks for you advices.
Pole Position
Joined: Mar 2007
Posts: 2,241
Likes: 63
From: MO
Don't let the car go until you have all the funds. If he wrecks the car, or skips town on you, you're screwed. You can't cancel your insurance until the car is sold, you have a lein on it. I sold my 2002 LS last November and have sold several cars in the past.
Also, make sure the funds are good, no personal checks and even cashiers checks can be fake. Have the bank check on the funds before you release the car. You can't be too careful these days...
Good luck!
Craig
2007 LS 460
Also, make sure the funds are good, no personal checks and even cashiers checks can be fake. Have the bank check on the funds before you release the car. You can't be too careful these days...
Good luck!
Craig
2007 LS 460
Driver School Candidate
Joined: Jun 2006
Posts: 15
Likes: 0
From: ga
process of selling the car
the best way to handle this is to let him get his own financing before any type of transfer takes place in terms of you releasing or letting him take your car. I personnally, would NOT let him take my car until the transaction is finalized. However, this can be tricky because you have a lien on the car and he won't because to receive title until that lien is released by Lexus but if he also gets his loan from Lexus than the transfer will go more smoothly because you will both be dealing with the same lender. Once the lien is released it then becomes your responsibility to transfer title to him.
if you need more info pm me
if you need more info pm me
If he financed through a bank, the bank will take care of all the paper work(payoff, TTL). If he want to pay cash, ask him to pay your payoff with your consent of sending the title to him, then when he gets it bring it to you for signature and pay you the rest of money in exchange for the car. That's how I would do it...Hope it helps...
Make sure you are PAID IN FULL first before releasing the car. You are still liable for your side of the loan if anything happens. He might run off with your car with only a down payment and owning the car because the title signed off to him. The buyer could resell the car in that week if he registers in his name and sell it to someone else for cash with title transfer. You would be out a ton of cash and the title would have changed hands twice in a week. Be careful on scam artist. It might be a good idea if the buyer wants take over payments, to follow you to the lexus dealer where your loan was made and have the loan paper work done there at the dealer with no problems. Just a thought.
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