a bit off topic, but would appreciate any help...

selling my current car to get into a new '05 G-coupe... have a very interested buyer but he lives over 7 hours away... although we agree to finding each other "trustworthy", we want to structure a transaction such that no one gets fleeced...

he's got the liquid funds to write a certified check for my asking price, but won't have any collateral once the check clears until he physically picks up the car... i could pay off the balance of my loan with savings and get the title mailed out, but will expose myself if he backs out at the last minute...

can a third party get involved? anyone had to go through this with a private sale?

thx

 

when dealing with private car sales, i ONLY accept cash no matter the amount unless it's a check from the bank. i've had many friends who have been "fleeced" by buyers who have given them counterfeit/fake cashier's checks, money orders, or personal checks that were stop-payments.

 

I was involved in a transaction like this and resolved the matter by having the money wire-transferred to my bank upon delivery of the car. It was very easy...all that was required was a routing number and verification of the receipt of funds was instant. I also imagine you can get your lienholder involved to expedite the process further. Hope this helps.

 

7 hours... I'd say just meet him half way. He needs a friend or family member to drive him to meet you, he brings CASH. You have a friend follow you there, you bring the TITLE.

You meet.

He gives you cash and drives home following his friend in his new car. You hop in your buddies car with the CASH and buy lunch and gas for your buddie for his time/trouble.

Win win situation!

 

got a camera/video phone? that will help just in case.

 

interesting idea... the only problem is that i can't get the title until the loan on the car is paid in full... so he would have the car in his possession, my bank would verify the funds, i would pay off the loan and need to wait 5-7 days for the title to be mailed... in the meantime he has his new/used car, i have bank verification for the asking price, but neither of us have a title... can a title be transferred by mail (i sign it, mail it, he signs it...)?

 

if you plan on selling your car either way, you can just pay-off your loan and get the title (if you have the funds). then, when you sell your car, you'll have the title right there. i had the same problem recently when i sold my 03 coupe. to make it easier, i just paid off the loan in advance and i received the title within a couple weeks.

 

My dad was in a similar situation, he had just paid the loan off, the title was in the mail, he sold the car, had a bill of sale notarized, the new owner took delivery, we got the title a week later, signed it and handed it over to the buyer. I think the buyer was able to get some sort of temporary registration/insurance for that one week, not sure how it worked out.

 

After the car is paid off, the title will be delivered straight to you. Inevitably, the buyer is going to have to wait on the title once you pay off the car. I surely would not want to pay off the car until I had been paid for the vehicle. What if you pay off the car and the guy backs out of the deal? Wiating for the title is a normal part of a sales deal like this.

Further, I would NOT just hand the title over to the buyer. You want to go with the buyer to make sure the title is transferred out of your name. I ran into a situation where I sold a car, did not transfer the title, and the purchaser began getting tickets in the car, which were sent to me...because I was the registered owner. Talk about a mess!

 

I just went through this with my car when I sold it and bought the G35 private party.

There is no easy way to do this and it can get very complicated b/c you don't have the title.

Here is what you need to do....

1) He provides you with proof of insurance faxed to you from his agent.
2) He brings his certified check.
3) You bring a bill of sale (in MD you can print one off of the MVA site, but, all cars newer than 7 years need the bill of sale notorized in MD).
3) OK, here's where it gets tricky......You don't have a title to give him so you take his check and put it in a FedEx envelope with a request to either send the title to him or you (you guys will have to decide). Then, you seal the FedEx envelope in front of him and YOU mail it--i.e. there is no reason why you wouldn't mail it because you need the funds.
4) Now, best case scenario you ask your bank to overnight someone the title, they fill it out and overnight it to the other guy to sign and the title work is done.
5) Here's the problem. At the time he comes for the car, you either have to give him your tags and let him use them until he gets the title to get the car home, or, he has to run around on illegal tags from another car until he can register it, or he has the car trailered. Some states have temporary transport tags, but MD did not. You cannot cancel your insurance until you turn your tags in. This is where the amount of time it takes your company to get the title out is crucial since some can take weeks.

During this time, if you let him use your tags it is just like you let him borrow your car--i.e. if he is an at-fault accident his company pays, if he is hit by someone else their company pays--but if some really funky stuff happens (can't think of a specific example) your company might still have to pay.

Long distance transactions can be a real PITA and there is a lot of stuff to consider.

JZ

 

Hate to be a pain, but there was something in the news in the NY area... one of those investigative things that things like this are common scams with for sale by owner ads. They buyer gains title and the money is never deposited or delivered and you have little to no recourse. In many cases, they even try to pass on a personal check in a higher amount for your troubles and it bounces or was "dirty" money... be careful.