selling SUV, what do I look out for?

[Golfgar4]

When I was selling my son's car, I would always make the person give me their drivers license before I let them test drive the car. Surprisingly, not one person ever commented that they couldn't drive the car without it.

But one day a guy and his wife came together to look at the car. When I explained that I needed for him to leave me his drivers license, he said he'd just leave his wife. SHE said, "Oh no you don't. You're not getting rid of me that easily!" /forums/images/graemlins/shocked.gif

She did end up waiting while he drove the car. She turned out to be very nice and pleasant to talk with. /forums/images/graemlins/smirk.gif

 

[fishman]

Thanks for all of the replies. The situation is somewhat complicated by the fact that my loan is not with a local bank (perils of letting the dealership write your loan). Sounds like the proper course of action would be to meet at their bank, and have their loan officer take care of the financial end as well as call to transfer the title. It doesn't sound like I can get burned that way. Does anybody see any reason to do it any other way (i.e. shouldn't I just require that the transaction is done this way)?

Oh, and by the way, if anybody wants a good deal on a Trailblazer, PM me. /forums/images/graemlins/smile.gif I'll have it up in the classifieds this weekend.

 

[KubotaSteve]

Back in the late 80's my dad had a similar situation except for he was the person buying the car. He was buying an 86 Monte Carlo SS that was less than a year old. They came up with this solution. They went up to my dad's bank. Dad wrote a personal check on his account to which the guy cashed it right there. Dad wrote the check as a means of paper trail and then had a paper that he had written up concerning the sale notorized. Dad took the car and parked it in the garage until he got the title for it. I think it only took around a week to get the title after the deal was made. I really don't know how things would have worked out if either one had been dishonest but things worked out well as both held up their end of the deal.

 

[Gary_in_Indiana]

I'm coming to this late but with probably more vehicles sold than about anyone here over the last thirty years. My best advice to you is to ALWAYS ride with them. I simply say it's an insurance requirement. I'd think that would be something you could use as well.

Over the years I've even had people want to take one out for not only a test drive but also to get it 'checked out' at their shop. I suggest we drive it and then, if they like it, I'll deliver and pick it up from the licensed shop of choice. Most have no problem with that at all. Those who do come up with weak reasons that won't work for them. My only conclusion is they wanted some parts.

As to payment, there is NOTHING wrong with requiring CASH. If they don't want to carry that much cash, meet them at their bank and get certified funds. Just make sure that you see the transaction between them and the banker and that the funds are handed directly from the banker to you. If you wonder why I say that, go rent 'The Sting' and watch it again. It would be very easy for someone to switch checks on you even in a bank lobby.

As to your lien, you can request two checks; one to GMAC for the payoff amount to be sent to them in your buyers' presence with a letter of authorization for the title to be sent directly to the buyers and a second check to you for the balance. If you do this make certain you give the buyers a limited power of attorney authorizing them to sign off on that title so they don't have to track you down when they get the title.

If you have any other questions or need any help I might be able to offer, feel free to PM me anytime. I'm more than happy to help. Good luck. I hope this helps. /forums/images/graemlins/smile.gif

 

[fishman]

Thanks Gary, I hadn't even thought about somebody wanting to get it "checked out".

Oh the perils of downsizing to a smaller, slightly older vehicle to save money. /forums/images/graemlins/frown.gif

 

[Bird]

John, I think Gary has given you some very good information, but there's one other thing you might be aware of in Texas. There is a place on the back of the title for the current mileage (odometer reading) to be entered, but in addition to the title, the buyer needs an "Application for Texas Certificate of Title" (form 130-U) and part of it has to be filled out and signed by the seller (odometer reading and "Sales Price") as well as the buyer. You know it used to be quite common for buyers of used vehicles to go apply for a title and claim to have paid a great deal less for the vehicle than they actually paid to keep down that 6.25% sales tax. So now, both buyer and seller have to sign, and either can be held criminally liable if they try to cheat on the sales tax.

 

[fishman]

Thanks Bird. I will put that in my list of things that have to happen when I sell it.

JT

 

[Bird]

John, after I posted that last message, I found a related thread in which BillG gave a link to a web site on which you can download a form 130-U. It's here. I just happened to have one laying on my desk, but didn't know you could download them.

 

[JimR]

Have a bill of sale drawn up and do the transaction at your bank and have it notarized. This way you and the buyer are both happy. The loan will need to be paid off before the title is released. This means the new buyer will have to wait for the title and the vehicle to take home. I suggest not driving the vehicle after the paperwork is done. This way the new owner cannot say you did something to the vehicle after the deal was made. CYA by all means. It is the only way to go to be safe.