esanger

Hey everyone, I was looking for some insight from those of you who have sold a vehicle by yourself. I have never done it before so this is all new to me. How did you do it? Did you have a loan on the vehicle and how did the title process work for you? How about payment, how did you handle payment with all the cashier check scams out there? Any and all experiences would be helpful. Thanks!

smitty2919

I'm assuming you are going private party and you have a loan out on the car you are selling?

If so you could sell it to someone, sign over the title and then pay off most if not the rest of the loan on the car. Or roll the remaining loan onto the next car. Technically the car is not yours if you have a loan on it. The bank ownes it since they have the title. I believe the title will not be released until the bank gets their money.

We need more info on selling price and what you will pick up after IF you are getting another car.

esanger

Yep. I have a loan on the car. I am guessing that the buyer will have to pay for the vehicle and wait for the payment to clear for the title to be provided to me so I can sign it over.

smitty2919

That's correct. I bought the stang I have now from a guy who had a loan on it and before I could get the title, he needed to take the money I gave him to his bank to pay it off.

I took out a loan to buy it and got a bank check, made it out to him personally, he then cashed it and took the cash to his bank to pay his loan...it was the fastest way to do it rather than if he gave the bank check I gave him to his bank (would take a while for his bank to clear the check).

jdmcbride

Another good way to sell your car is to take it to Carmax. They will buy your car without you buying one for them. I have sold 2 vehicles to Carmax and got several thousand dollars over what a dealer would do on a trade-in. I don't think I could have done much better if I tried to sell them private party. BTW, they take care of everything too - paperwork, paying off your loan, etc - and they give you a check on the spot for any equity you have on the car. HTH

esanger

This is the part that scares me. If this person gives me a cashiers check, how do I know its real or won't bounce? I won't for like 7 business days. Then I am screwed. No money, no vehicle. I almost want to just insist on cash..

Soldier GT

Cashiers check can't bounce. It's like buying a Money Order. He will go to the bank and essentially buy the check.. Remember Money Orders have a max (in some places) of a $1,000. Just saying, if you owe 10 grand on your car, he would'nt give you ten money orders he would just go to the bank give them the 10 grand, they issue him a cashiers check and then he gives it to you. If you have any reservations about a cashiers check, ask him to meet you at the bank and let him put the money in your hand. You in turn, take it to the cashier and pay the car off.

esanger

He is in LA, I am in AL and my bank is in MD. My bank has told me that if I am given a check that I (or they) can call the issuing bank to verify. Anyone ever done that?

I apprecaite all of your input folks!

Soldier GT

If your bank is willing to do a little leg work and then I suggest going that route....In other words, you should be ok...

smitty2919

^ yep what Soldier said