I've never sold a car to a private party so I'm not exactly sure how it works. I still owe on my car so how do I go about getting the title?

Do I get the money from the private party, pay it off, get the title and then give the car over?

thnx in advance

 

STOP here. Right so far. You pay it off with the other guy at your bank where you have the loan (easiest way to do it). The bank takes what you owe, then gives you the rest of the cash. You can either have the leinholder send you the title then you can forward it on or you can do a title transfer if the guy buying your car has a used auto loan.

 

If the buyer is paying cash make up a contract stating the sale amount. if you can, have it notarized just to be safe. He can then pay the balance of your loan and have the title mailed directly to him stating him as the new owner and you can collect the balance on delivery of the car or before he pays off the loan whatever you agree to. If the buyer is taking out a loan his bank would pay off the loan amount. The title would then go to the bank in which the loan was aquired and then they should cut you a check for the difference.

 

I would call the bank and see if they have a procedure for this. Make sure the bank has the right paperwork ready and have the private party pay your bank directly; the bank should provide him the title.

 

Mailboxes etc had a service a few years back that brokered the transaction - they notarized everything and being a mailboxes store (now UPS store) were everywhere.

P

 

I just recently did this in April . SOld my pathfinder to get the 05 G35. I had the buyer write the check out to the Lienhodler (in this case, Nissan Motor Acceptance Corporation). SHe came over with the check, we inspected the Pathy and agreed upon its condition. We drove the Pathy into my garage and noted the mileage. Told her the car would sit in the garge until the transaction was complete (hence the mileage check).
I then fedexed the check to NMAC, authorized them to send the title to her address. The difference in the balance was mailed back to me. Once she received the title, I drove the Pathy to her house (or have them pick it up depending in distance). I then signed the title which she was in posession of. And voila the car is now hers.

You should offer to have the title sent to the buyers address as a security measure for the buyer that you don't just grab the title and run away with title and car.


A contract was writtn up that covered all sections I mentioned. The transaction was very smooth.
The key is - as a buyer - you are giving some person who is selling a car with a lien all the money to pay off a car. You have to give reassurance to a buyer that you won't be running off with car and title that they paid for. THus you offer to send the title to them or give them the keys while the 7 day process occurs.

HTH