Sold my car, have a title question
- Thread starter budsang1
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How did he wire the pay-off? Cash out of his own pocket, or did he get a loan for it?
If it was from a Bank/Loan, they won't let him just 'walk away' from the car, as they legally own it once they pay-off clears.
If he paid it out of pocket, he could 'walk away' from it without signing the title, but he would be 100% out the money he wired to pay the car off if he signed a bill of sale (You'd probably want a witness on the bill of sale to be safe).
Ex: He ruins it, and wants his money back. You say No, he could try taking you to court over it (which he would loose due to bill of sale so long as you have a sold as-is, where-is clause in it), but it would be a big mess obviously.
If the loan is still outstanding, it should go without saying, don't let him touch the car until its clear.
If it was from a Bank/Loan, they won't let him just 'walk away' from the car, as they legally own it once they pay-off clears.
If he paid it out of pocket, he could 'walk away' from it without signing the title, but he would be 100% out the money he wired to pay the car off if he signed a bill of sale (You'd probably want a witness on the bill of sale to be safe).
Ex: He ruins it, and wants his money back. You say No, he could try taking you to court over it (which he would loose due to bill of sale so long as you have a sold as-is, where-is clause in it), but it would be a big mess obviously.
If the loan is still outstanding, it should go without saying, don't let him touch the car until its clear.
he has everything to lose. if hes willing to take a chance on getting the title hes a fool!!!!!
look at it this way. he can't do shit with that car until he has the title. he can't insure it, he can't drive it, at least he can't do either legally.
whats to say you don't turn around and clip him for another 2k and hold his title hostage unless he gives you more money?
take it from someone who has gotten fucked, hes a fool for doing that. if hes willing to take the chance. so be it. have him sign off on a legit bill of sale and tell him you will be in touch when it comes in.
look at it this way. he can't do shit with that car until he has the title. he can't insure it, he can't drive it, at least he can't do either legally.
whats to say you don't turn around and clip him for another 2k and hold his title hostage unless he gives you more money?
take it from someone who has gotten fucked, hes a fool for doing that. if hes willing to take the chance. so be it. have him sign off on a legit bill of sale and tell him you will be in touch when it comes in.
Regardless of bill of sale, car is paid off and he has his money in hand.
The scenario your were in sucked, but his buyer is putting himself in the same position :-/. No skin off the sellers back.
Power of Attorney is the only way that I'm aware of in a private sale scenario to register the car without title in hand.
Well, my situation was that the bank lost a title and didn't want to admit it, I had the car (not that it meant anything with no title...
). And I also had the benefit of being local with the seller, and him doing everything he could to get the bank/title situation sorted out.
your better off in the long run. you sound like an honest guy. he doesn't know it but hes lucky. most people would try and fuck him out of money to give him his title. lol.
with the internet and Ebay it has changed allot of things and the only thing you have to go on it the seller being HONEST. I bought a car sight unseen 2x now from out of state and had it shipped here. Both times no issues, I wired over the full amount then the seller fedexed the title overnight or 2 day delivery. I arranged shipping and they were co-operative in taking the car to the drop off spot.
One car had the truck come to his house to pick it up. You have nothing to loose once you get the money that is all you should be worried about, he has allot to risk trusting you to hand the title over. Like said above its a paper weight without the title.
One car had the truck come to his house to pick it up. You have nothing to loose once you get the money that is all you should be worried about, he has allot to risk trusting you to hand the title over. Like said above its a paper weight without the title.
call your bank - if im reading this right he paid your car off to the bank ($4600)... and the bank will send you the title and then he will give you the rest of the money and take the car home with him?
call the bank and verify they are sending the title... if so then as long as he gives you the rest of the money when he picks it up he can have the car.... just mail him the title later
if you still owe money to the bank - they will not do anything with the title until its paid off...
call the bank and verify they are sending the title... if so then as long as he gives you the rest of the money when he picks it up he can have the car.... just mail him the title later
if you still owe money to the bank - they will not do anything with the title until its paid off...
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