I'm selling my 04 coupe which I'm still making payments on to Infiniti Financial Services and I have a prospective buyer who's going to pay cash. So does anyone know what the process is for paying off what I owe IFS and transferring the title to him? I called IFS and they gave me the payoff amount and said once it's paid they would send me the lien release (for the title in my name, not the buyers). And I called one of the local dealers (Southwest Infiniti in Houston) and asked if I could come in and do it all there and he said they don't handle any of that, that it's done through IFS (who I don't think has an office here). The buyer probably wouldn't want to pay for the car with the assurance that I'll send him the title once I get it. So is there a way to do the payoff and title transfer all at once?

Thanks,
~John

 

I'm in the exact same situation. I'm interested to know too.

 

If he pays cash...Here are the steps:

1. Have the car inspected by a dealership
2. Agree on price
3. Bill of sale and terms
4. DMV release form or transfer of ownership.
5. He will pay the sales tax
6. You will need to have him give you a cashier check to payoff the car for the payoff amount.
7. He can either give you a full purchase amount or 2 checks. 1 for the payoff and the other for your profits.
8. Once the information is done at the DMV you can give him your car.
9. You will need to send out the payment and they will mail you the title.
10. You will need to send that title to him for him to fully register the car.

If he finance it thru his bank...

The bank will do the title transfer and the request. All he has to do is DMV and the rest...

 

Just called the IFS, and to me they are quite useless. Talk to you like a machine, and all they told me is the title will only be released after the payment paid in full. Otherwise, they have no idea what they are dealing with.

 

It's really easy,

write up a bill of sale (you can search for one on google and just use a generic fill in the blank one is what i've done and i've sold both my EVO and G35 privately).

He gives you the money and drives off, you pay off the ammount you owe, a week or two later you get the title and sign it over to him.

Simple as that, quit freaking out like a baby.

IFS doesn't want to help you because it's not in their interest for you to sell the car and them to stop getting interest on the loan. Plus all they give a **** about is getting their money, after that it's up to you to deal with the title transfer...suck it up nancy boy...jesus.

 

What Hai109 had said is correct. It would be much easier if the buyer finances the purchase, so IFS will have to transfer the title to the buyer with his finance co. as the lienholder. After that, the buyer can payoff the car since most auto loans have no pre-payment penalty, and then his finance co will release the title to him.

go to www.dmv.ca.gov to get a Bill of Sale and release of liability.

heres a linky:

http://www.dmv.ca.gov/forms/formsmost.htm

 

I just did this a few months ago. IFS will do it but they charge $1500 for the transaction/time/paperwork.

If the buyer is paying cash or cashiers check you can get all the paperwork from DMV website. Send the money off to IFS and they will send you the title few weeks later. Fill out bill of sale, give to the buyer, fill out statement stating the terms.

If the buyer has a loan check from a bank. Go through the bank (which is what I did). they will request a final statement from IFS, an odometer reading statement, current valid registration, current balance owed, and if it is an 04, a current smog certificate.

Good luck.

 

SMOG is not required for tranfser of title with vehicles 4 years old or newer. Paying the $8 dollar smog ebatement fee is much cheaper than getting a smog. also, if the buyer has his own finance co that can handle the title tranfser, finance charges would be much cheaper than $1500.

Hell, if the OP and buyer are in socal.... shoot me a PM with you number and I can get him pre-approved. I handle deals like this all day at work. All i need is what alexcaro has said with exception of the smog.

 

^thats mean dude lol Chillax. Poor guy just needs advice.
That's what we're all here for, right brutha? Help each other out.
Glad to see that some people are doing that.

 

 

Nghiars, PLEASEee check your PM! Thanks

 

Your PM is full. Here's the deal

I have a similar situation as the guy trying to sell his IFE lien.

I own a 99 Lexus ES300 for sale on Autotrader and craigslist. When it sells I want to pickup an IP Coupe

I have the car already negotiated just need to sell my car first. I won't trade because I'll be upside down. I wanted to talk with you about financing a loan for 23K first before I pay off my car so I have the funds set aside to pickup the G coupe.

I already have 2K to put down on the car. Just need to move mine first.
Please call me if you can help me with the financing part. I have a few questions first and want to discuss what my options are if that's ok with you
My # email is mikemill2k3@yahoo.com and my name is Mike

I don't want to put my phone # here so I'll wait until you respond to me via PM or email and we can go from there
Thanks

 

Back from the dead because I'm currently in the buyer's position.

This process sounds fine and all but after step 8, what's gonna stop the seller from just running with the money the buyer just paid him? Albeit the seller still has to pay the monthly bill, there's no incentive left for him to actually send the money to IFS right? It's all based on trust after the buyer parts with a car that he doesn't even have a title for.

I know this maybe the only way but could this be a deal breaker for those who want to buy a car from a seller that's financed through IFS?

 

EXACTLY. The methods posted here all rely on the the seller to actually send in the buyer's funds after the transaction..... and the buyer to hand over the money with no title. You should never buy a used car cash without getting the clear title right then.

It's not. The only correct way I know to do this is for the seller to obtain a bridge loan to pay off the car, get the title, then use the money from the sale to repay the loan.

 

This is exactly what I was thinking. To ensure a proper business transaction, the seller must pay off IFS first, get the title from IFS. The only problem for the seller is now he has an outstanding loan amount for the remaining balance from IFS.

I guess the only downside for the seller would be paying a few days of interest on the loan, or depending on how quickly he pays off the "bridge loan". Or if he's just got 20k laying around, he could just pay off the car =P