KO Posted September 5, 2008 Report Share Posted September 5, 2008 When someone buys a vehicle from you outright and you still owe the bank on it. Most of the time people wire the $ to your bank and it is handled that way, I'm familiar with going down that road and how it works. What if you've got a person offering cash? Can they just drive off in it the day they pay you cash yet you haven't even payed off the note on it at the bank yet? What if they blow something up on the way home? There is nothing official about it to cover my rear. The reason I ask is we're selling our Jeep and I've got a few people offering the payoff on it in cash. So I'm wondering if joe bob shows up, drives it, and likes it if he can pay cash $ then drive off. My problem with it is he pays in cash and the title is still at my bank, what do I need to do on my part? Link to comment Share on other sites More sharing options...
Lusion972 Posted September 5, 2008 Report Share Posted September 5, 2008 You need to pay off the loan and get the clear title and then send the clear title to joe bob Link to comment Share on other sites More sharing options...
Richie_Rich Posted September 5, 2008 Report Share Posted September 5, 2008 Your buyer is going to want some protection. Call your lender and ask them how they want to handle it. If they have a local branch. it may be able to be handled there. In MO I keep the title, but the back shows who holds the lien if there is one. Once I pay off the loan, I get a release of lien letter that I keep with the title for when I get rid of the car. If you were here, you would sign and give the title to the buyer. You would give them a bill of sale along with verbage about you paying off the loan and having the lien holder send them the release of lien. Link to comment Share on other sites More sharing options...
KO Posted September 5, 2008 Author Report Share Posted September 5, 2008 Alright thanks guys, appreciate the info. In the past the banks have just basically done alot of faxing and the $$ was wired and it went smooth that way, just wasn't sure how to handle this situation. I can't see someone paying that kind of cash and then having to wait 10 days (bank told us it would take that long) for the title to arrive before they can drive it. I'll give the bank a ring. Your buyer is going to want some protection. Call your lender and ask them how they want to handle it. If they have a local branch. it may be able to be handled there. In MO I keep the title, but the back shows who holds the lien if there is one. Once I pay off the loan, I get a release of lien letter that I keep with the title for when I get rid of the car. If you were here, you would sign and give the title to the buyer. You would give them a bill of sale along with verbage about you paying off the loan and having the lien holder send them the release of lien. Link to comment Share on other sites More sharing options...
jszucs Posted September 5, 2008 Report Share Posted September 5, 2008 Your crazy if you let them drive it while it's in your name. Anything they do with it comes down on you, because it's still yours. Link to comment Share on other sites More sharing options...
KO Posted September 5, 2008 Author Report Share Posted September 5, 2008 Yeah not going to happen. I know in the past when people wired the $ to the bank and I still owed on it they sent the title to that persons bank or something, I don't know but I remember asking the same question before and the bank had it worked out where they could drive off and I would not be liable, but as I said that was when the $ was wired for the payoff. Your crazy if you let them drive it while it's in your name. Anything they do with it comes down on you, because it's still yours. Link to comment Share on other sites More sharing options...
MikeMeyerhoff Posted September 5, 2008 Report Share Posted September 5, 2008 Your crazy if you let them drive it while it's in your name. Anything they do with it comes down on you, because it's still yours. Thats what a bill of sale is for. To document the conditions of transfer (date, value, parties, insurance policy #). As long as the seller can present a copy of the bill of sale I can't be liable. I don't think I've ever heard of someone requiring a car to be titled in the buyers name before the buyer could take possesion. Link to comment Share on other sites More sharing options...
jszucs Posted September 5, 2008 Report Share Posted September 5, 2008 Your suposed to sign over and notorize the title right there. Untill it's noterized in there name it's yours as far as I know. My Coz sold a car to some guy and it was a sunday. The buyers friend who he said was a notery was suposed to come along. He didn't. The buyer was like it's ok just signe it my friend won't car and will just noterize it for me. Well I guess the guy never did hit and skiped on someone and they came after my Coz since he was the car owner. Link to comment Share on other sites More sharing options...
JAinsworth Posted September 5, 2008 Report Share Posted September 5, 2008 I have bought a vehicle this way. I went with the seller to his bank, paid it off and they handled the transfer of ownership. Jimmy Link to comment Share on other sites More sharing options...
ZPI28 Posted September 5, 2008 Report Share Posted September 5, 2008 Check with the DMV, we dont have to notorize titles here in Arkansas. I know they do in OK. Link to comment Share on other sites More sharing options...
Shelby Posted September 6, 2008 Report Share Posted September 6, 2008 (edited) your problem come if your trying to transfer tittle from one state to another state with out the new buys name on the tittle,, you'l need to get a tittle in the curent state then transfer it to the new owner , then later he does the tranfer to his own state once home ,,this is not a problem if all tittle transfers are done in a timely manner as soon as a diff owner takes posesion of the car my friend bought a truck while in fl last dec,, he took tittle to ohio left truck in fl, and thought he'd just transfer it, but ohio must do a vin id inspection and the truck was in florida not ohio and they will not honor a fl vin inspection,, so the fix is to come back get a fl tittle in his name go home and then transfer the truck to an ohio registration the hardest one i ever did was the first 89 i got la car abandon'd in fl for 6 yrs , if it was resister'd in fl,,it would have cost $39 for a patrolman to inspect run vin and issue a tittle,, but out of state took me 2 yrs and $400 to get a tittle,, it use'd to be a privite citz could do this now it has to be a liscen'd auto seller , so i had to run the tittle thru our shop then transfer it to me Edited September 6, 2008 by Shelby Link to comment Share on other sites More sharing options...
shift1313 Posted September 6, 2008 Report Share Posted September 6, 2008 what i have done in the past was complete the sale at the bank in question. Depending on how your branches work the title may be located somewhere else. For me the title was held about 30mins up the road. I gave a call the bank a day before so they would have the title in hand at the branch, new owner comes in pays off the loan amount so the bank will sign off on the title and the new owner can either deposit the money into your account or hand you the difference in cash. If someone is offering you cash for the jeep that either means they want to talk you down when they get there or they are spending money they shouldnt:) Only cash deals i do are for vehicles less than 1k. anything else i want a paper trail or the money. Link to comment Share on other sites More sharing options...
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