For those who have recently sold their Mustang privately
04-08-2010, 11:44 AM
#11
5th Gear Member
Join Date: Jul 2009
Location: Delaware
Posts: 2,215
You and the buyer go to the bank, the buyer pays the bank with one check and you with the other. the bank then signs the title over to the new owner.
I just looked at average retail and trade of my car and the trade is about $1000 off of what I owe but average retail and private party are higher than what I owe. I am considering a new 2011.
I just looked at average retail and trade of my car and the trade is about $1000 off of what I owe but average retail and private party are higher than what I owe. I am considering a new 2011.
04-08-2010, 11:45 AM
#12
3rd Gear Member
Join Date: Aug 2007
Location: ohio
Posts: 847
The plates stay with you...they are in your name. Once you get a new car you can transfer them to the new car or just "retire" them and buy new ones for the new car whichever is cheaper in your state.
Once the title is signed over to the new owner (not before then) just call your insurance co and tell them to drop coverage on it.
Once the title is signed over to the new owner (not before then) just call your insurance co and tell them to drop coverage on it.
04-08-2010, 11:45 AM
#13
The Paranoid One
Join Date: Apr 2006
Location: Texas
Posts: 5,320
I have never done it personally but the way I have heard it is that both people go
to the bank.
The buyer writes the bank a check for the amount owed.
Then he writes you a check for the remainder of the sell.
Then the title is signed to the new owner.
Wham, Bam.... how's the rest go? hehe.
to the bank.
The buyer writes the bank a check for the amount owed.
Then he writes you a check for the remainder of the sell.
Then the title is signed to the new owner.
Wham, Bam.... how's the rest go? hehe.
04-08-2010, 11:58 AM
#14
6th Gear Member
Join Date: Nov 2007
Location: Montaner
Posts: 6,193
The plates stay on the car and get replaced when the buyer goes to register the car. At least that's how I did it when I bought my car private party out of state. Regarding insurance yes just tell them to drop the car off the policy. The buyer makes their own arrangements with their company at time of sale. Regarding keeping your insurance "active" during the short period you are without a car talk to your agent. That's a minor issue that they can answer for you.
Regarding both parties having to go to the bank - didn't need to happen when I bought mine. I had a check for the payoff of his lien and a separate check for him. Signed off on the title and left with it. Then I gave the title to my bank at which point it was mailed back to me a month later with the new lien noted on it.
Who holds the title in your state?
Regarding both parties having to go to the bank - didn't need to happen when I bought mine. I had a check for the payoff of his lien and a separate check for him. Signed off on the title and left with it. Then I gave the title to my bank at which point it was mailed back to me a month later with the new lien noted on it.
Who holds the title in your state?
04-08-2010, 01:35 PM
#15
Join Date: Jul 2008
Location: Brighton, MI
Posts: 20
Just sold my 2008 GT. I'm in Michigan, buyer came from PA. No reason, at least in MI, for the buyer to accompany you to the bank.
What I did was have the buyer's bank do a wire transfer for the total sell price to my bank account. IMO, absolute best way to handle it and no worries about bogus checks, scams, etc since you have your bank dealing directly with the buyer's bank. Now, not every buyer is going to want to pay in full before they pick up the car, but I had enough discussions with the buyer prior and she came in to my house and we visited for a while prior to the sale, so she felt comfortable that I was legit and wasn't going to pull a fast one on her.
Just using round numbers, say I sold the car for $21k and I owed $16k. The buyer never new what I owed on the vehicle, and it was none of their business, and it certainly is not necessary to disclose that info to a buyer (I would recommend against it!). After the bank received the wire transfer of $21k, they signed off on the lien on the title and gave me $5k in cash and I walked out the door. In my case, the car loan was the only reason I had an account at that bank, so when they gave me the $5k in cash, the account was officially closed and I have never stepped foot in that bank since. Make sure you take your title with you to the bank so they can sign the release when the loan is paid off.
The buyer came to my house the next day and I signed off the title and handed it to her along with the keys. The plates stay with you. As the new buyer was pulling out of the driveway, I called my insurance and had them cancel the policy. In MI, it is not even necessary to get involved with the DMV, Sec of State as its known here, as long as you have your title and don't need a replacement. Smooth-as-silk sale, and I would handle future ones just the same.
What I did was have the buyer's bank do a wire transfer for the total sell price to my bank account. IMO, absolute best way to handle it and no worries about bogus checks, scams, etc since you have your bank dealing directly with the buyer's bank. Now, not every buyer is going to want to pay in full before they pick up the car, but I had enough discussions with the buyer prior and she came in to my house and we visited for a while prior to the sale, so she felt comfortable that I was legit and wasn't going to pull a fast one on her.
Just using round numbers, say I sold the car for $21k and I owed $16k. The buyer never new what I owed on the vehicle, and it was none of their business, and it certainly is not necessary to disclose that info to a buyer (I would recommend against it!). After the bank received the wire transfer of $21k, they signed off on the lien on the title and gave me $5k in cash and I walked out the door. In my case, the car loan was the only reason I had an account at that bank, so when they gave me the $5k in cash, the account was officially closed and I have never stepped foot in that bank since. Make sure you take your title with you to the bank so they can sign the release when the loan is paid off.
The buyer came to my house the next day and I signed off the title and handed it to her along with the keys. The plates stay with you. As the new buyer was pulling out of the driveway, I called my insurance and had them cancel the policy. In MI, it is not even necessary to get involved with the DMV, Sec of State as its known here, as long as you have your title and don't need a replacement. Smooth-as-silk sale, and I would handle future ones just the same.
04-08-2010, 01:47 PM
#16
2nd Gear Member
Join Date: Oct 2008
Location: Massachusetts
Posts: 430
All states are different. In MA there is no way you deliver the car with your own plates on it. But in other states, the plates stay with the car. A phone call to your local insurance agent will serve you better than a mustang forum with members from all over the globe. Call them.
04-08-2010, 01:54 PM
#17
5th Gear Member
Join Date: Apr 2007
Location: WV
Posts: 4,460
04-08-2010, 02:13 PM
#18
3rd Gear Member
Join Date: Jul 2008
Location: Tampa, FL
Posts: 963
all of this is great info if there is an actual bank, what do you do if FORD Credit holds your title?
IMO you are going to have to payoff the car and wait the 4-5 days for the title to arrive in the mail before you can sign it over. So that is going to have to take some trust on the buyers end.
IMO you are going to have to payoff the car and wait the 4-5 days for the title to arrive in the mail before you can sign it over. So that is going to have to take some trust on the buyers end.
04-08-2010, 02:31 PM
#19
1st Gear Member
Join Date: Feb 2005
Location: Kirkland, WA
Posts: 84
all of this is great info if there is an actual bank, what do you do if FORD Credit holds your title?
IMO you are going to have to payoff the car and wait the 4-5 days for the title to arrive in the mail before you can sign it over. So that is going to have to take some trust on the buyers end.
IMO you are going to have to payoff the car and wait the 4-5 days for the title to arrive in the mail before you can sign it over. So that is going to have to take some trust on the buyers end.
Step one: The guy purchasing my stang wrote me a check for the full amount of the purchase, in turn we wrote up our own bill of sale and we both signed it. I handed him the keys and took off the plates because they were custom and i wanted to keep them, he drives off to get a temp permit and takes his new car home.
Step two: I had my loan with FORD Motor Credit so I sent them enough money to pay it off and about TWO MONTHS LATER (very common) the title arrived in the mail, I now signed the title over to the guy that bought my stang and mail it off to him. At this point I canceled my insurance.
04-08-2010, 03:48 PM
#20
2nd Gear Member
Join Date: Feb 2009
Location: IL - chitown
Posts: 367
I just did this a few months ago, sold my 2005 mustang to a private party.
Step one: The guy purchasing my stang wrote me a check for the full amount of the purchase, in turn we wrote up our own bill of sale and we both signed it. I handed him the keys and took off the plates because they were custom and i wanted to keep them, he drives off to get a temp permit and takes his new car home.
Step two: I had my loan with FORD Motor Credit so I sent them enough money to pay it off and about TWO MONTHS LATER (very common) the title arrived in the mail, I now signed the title over to the guy that bought my stang and mail it off to him. At this point I canceled my insurance.
Step one: The guy purchasing my stang wrote me a check for the full amount of the purchase, in turn we wrote up our own bill of sale and we both signed it. I handed him the keys and took off the plates because they were custom and i wanted to keep them, he drives off to get a temp permit and takes his new car home.
Step two: I had my loan with FORD Motor Credit so I sent them enough money to pay it off and about TWO MONTHS LATER (very common) the title arrived in the mail, I now signed the title over to the guy that bought my stang and mail it off to him. At this point I canceled my insurance.