Hello everyone, I was wondering if anyone on here has ever sold a car online or to someone out of state... I wasn't sure the proper way to go about the final selling process. What kinds of payment are used to ensure that you don't get screwed with rejection of funds and what not. The main reason why I am asking is that I have a serious buyer that is interested in buying the car and arranging for a shipping company to pick it up and deliver. All of course at his cost. I just wondered if anyone has been in this situation before. Thanks for the help in advance. pankopp
Get your money prior to handing over the car. Make sure it is a wire transfer or certified check from the bank. NO personal checks. The best case situation is if you can get him or her to fly out or go there and complete the transaction with a banker in a bank either your bank or theirs. Rules governing the sale of motor vehicles vary somewhat from state to state. Make sure you check with the department of motor vehicles (DMV) in your state, and keep in mind that much of the information is now available on DMV Web sites. Once you have the money from the sale (it's customary to request either cash or a cashier's check), record the odometer reading and sign the car's title over to the buyer. In some states, the license plates go along with the car. A new title will be issued and mailed to the new owner. Additionally, in most states, a release of liability form can be downloaded from the DMV web site. Fill this out, along with the car's mileage, and mail it in as soon as the car is sold. This establishes the time at which the car left your possession. But what if you still owe money on the car, and the bank is holding the title? One way to deal with this is to conclude the sale at the bank where the title is held. Call ahead and have the title ready. Then, once money has changed hands and the bank has been paid the balance of the loan, sign the title over to the buyer. In some cases, however, an out-of-state bank might hold the title. In this instance, it is recommended that you go with the buyer to the DMV and get a temporary operating permit based on a bill of sale. Then, after you pay off the balance of the loan with the proceeds from the car sale, have the title mailed to the new owner. Sign it over to the new owner and the transaction is complete. Finally, remember to contact your insurance agent to cancel your policy on the vehicle you have sold (or transfer the coverage to your new car). Before your car drives away for the final time, take a last look through the glove compartment, the trunk and under the seats. You might find some long forgotten treasures you misplaced years ago.