Selling a car.
Thread Starter
Instructor
Joined: Feb 2004
Posts: 159
Likes: 0
Selling a car.
Selling a car, and the title is still owned by GMAC until the car is paid off. Say the funds are wired into my account on Sunday (today) and the Bank accepts and says all is good on Monday.
Now, is it ok to the let individual take the car on Monday before GMAC is paid in full and just have the title sent to the individual when cleared.....or should the car stay in my possesion until GMAC is paid in full and the title is free, sent to me, and signed by myself?
Not sure what the best way to do this is. Could someone with some insight help me out?
Thanks.
Now, is it ok to the let individual take the car on Monday before GMAC is paid in full and just have the title sent to the individual when cleared.....or should the car stay in my possesion until GMAC is paid in full and the title is free, sent to me, and signed by myself?
Not sure what the best way to do this is. Could someone with some insight help me out?
Thanks.
Melting Slicks
Joined: Jul 2004
Posts: 2,340
Likes: 35
From: Folsom Lake CA
Create a bill of sale, signed by both you and the buyer and keep a copy, or make two, and you both get an original copy.
Release posession of the car to the buyer, as for all intents and purposes, the transaction is done, as evidenced by the bill of sale. Send the title to the buyer when you get it.
As an extra precaution, you can still keep your insurance on the vehicle as secondary insurance to protect you if it will make you feel better.
But, if you really think about it, you will already have gotten your money, so the car doesn't really matter to you after you release it to the buyer, right?
Just so you know, even if you don't send the title, the car would be legally his, so he can still transfer ownership just from the bill of sale if he has to.
Release posession of the car to the buyer, as for all intents and purposes, the transaction is done, as evidenced by the bill of sale. Send the title to the buyer when you get it.
As an extra precaution, you can still keep your insurance on the vehicle as secondary insurance to protect you if it will make you feel better.
But, if you really think about it, you will already have gotten your money, so the car doesn't really matter to you after you release it to the buyer, right?
Just so you know, even if you don't send the title, the car would be legally his, so he can still transfer ownership just from the bill of sale if he has to.
Melting Slicks
Joined: Nov 2001
Posts: 3,088
Likes: 1
From: NC
Originally Posted by ilcorvettegiallo
Any more thoughts? I got a completely different answer over on z06veette.com saying keep the car until title is cleared or you can get sued if he gets hurt in the car. All is appreciated.
Thanks.
Thanks.
Absolutely do not let the car out of your sight until the title
is tranferred to the buyer.
Too many bad things can happen.
...George
Race Director
Joined: Apr 2004
Posts: 11,180
Likes: 0
From: Houston TX
Cruise-In IX Veteran
St. Jude Donor '06-'07-'08-'09-'10-'11
Originally Posted by georgec114
Absolutely do not let the car out of your sight until the title
is tranferred to the buyer.
Too many bad things can happen.
...George
is tranferred to the buyer.
Too many bad things can happen.
...George
Le Mans Master
Joined: Jul 2004
Posts: 5,216
Likes: 1
From: Vette Doctors Performance RX450 - 466RWHP !!!
The new buyer CANT register the car without the SATISFACTION OF LIEN paperwork. As long as that paperwork is with the old title....then the respective DMV with send the NEW CLEAR Title . At least thats how it works here in NYC and I have sold two vehicles with a stated LIEN on the title , but had the proper paperwork. Never a problem!.....(but then again....in NYC....you could register a stolen car without a problem)!!!!! 
Oh yeah....both vehicles had GMAC liens.
Oh yeah....both vehicles had GMAC liens.
Lepus-temperamentalus
Joined: Apr 2004
Posts: 5,827
Likes: 5
From: Roswell Ga
Originally Posted by Rattler71
People buy new cars all time from a dealership without the title being cleared first or transferred. I agree with everyting MRLEADFOOT said.
Scott
Scott
I'd keep the insurance too, but really, if you've got the money (CASH) then the title is more the buyer's problem than yours. You just want to keep the insurance because of any potential liability issues.
Corvette Stories
The Best of Corvette for Corvette Enthusiasts
Top 10 Most Expensive Corvettes Ever Sold on Bring A Trailer
Brett Foote
10 Things Every Corvette Owner Needs (2026 Edition)
Michael S. Palmer
8 Most "Only Corvette Owners Understand" Quirks and Problems
Pouria Savadkouei
10 Reasons the C6 Z06 is Still A Performance Benchmark After 20 Years
Joe Kucinski
How Much Horsepower Every Corvette Engine "LOST" in 1972
Joe Kucinski
Top 10 DOs and DON'Ts for Protecting Your Convertible Top!
Michael S. Palmer
Top 10 Most Explosive Corvettes Ever Made: Power-to-Weight Ratio Ranked!
Joe Kucinski
150 hp to 1,250 hp: Every Corvette Generation Compared by the Specs That Matter
Joe Kucinski
8 Coolest Corvette Pace Cars (and Replicas) of All Time
Verdad Gallardo
Melting Slicks
Joined: Jul 2004
Posts: 2,340
Likes: 35
From: Folsom Lake CA
Originally Posted by F.J.B.
The new buyer CANT register the car without the SATISFACTION OF LIEN paperwork. As long as that paperwork is with the old title....then the respective DMV with send the NEW CLEAR Title . At least thats how it works here in NYC and I have sold two vehicles with a stated LIEN on the title , but had the proper paperwork. Never a problem!.....(but then again....in NYC....you could register a stolen car without a problem)!!!!!
Oh yeah....both vehicles had GMAC liens.
Oh yeah....both vehicles had GMAC liens.
Originally Posted by georgec114
Absolutely do not let the car out of your sight until the title
is tranferred to the buyer.
Too many bad things can happen.
is tranferred to the buyer.
Too many bad things can happen.