[Goose]

We think we finally sold our Jetta, but there is a hitch that I cant figure out, need some help.

Ok, for ease of numbers, lets say we sold it for 15K and owe 10K on it.

It is financed through Chase Automotive, they don't have a branch anywhere in the area.

So I take the 15K cash from the buyer, give him the car with the title and sign the back of the title and then the buyer HOPES I send in the 10K that I owe to clear the title?

Although I would definatly pay it off, don't want to screw up my credit, there are enough scammers out there that as the buyer would I trust me to send in the payment to clear the title?

How does this work?

 

[Snowbi-Wan]

Maybe take $5k for yourself and then have the buyer make out a separate check to your loan company for the remaining $10k.

 

[canehdiangirl]

is it possible for you both to go to the institution to pay loan off? .. then you can transfer title to him????

 

[Capt'n Rob]

I say we just go to the Landing Strip and have a nice day!

 

[Goose]

thought about that, but then do I hold the car, what if her 10K check bounces and I give her the car, then I dont have the car and still owe the money

and on the other hand if she gives me the cash and I hold the car, she is out the money and hopes I give her the car once its paid

i know it can all be written in a contract but that piece of paper means crap

 

[pauligan]

I'd call the bank and ask how they handle this situation; I assume it's fairly common...

my guess is that he will send the check to the bank and the bank will then send you your portion and send him the title.

 

[Goose]

QUOTE(canehdiangirl @ Nov 5 2003, 10:43 AM)is it possible for you both to go to the institution to pay loan off? .. then you can transfer title to him????
yeah, thats the way I've always done it, but stupid Chase Automotive doesn't have a branch in Michigan

 

[canehdiangirl]

have her bring 2 cashiers cheques, one for the bank, one for you... both of you go to the bank and pay off lien, then transfer the title over to her.

 

[Snowbi-Wan]

QUOTE(Goose @ Nov 5 2003, 10:44 AM)thought about that, but then do I hold the car, what if her 10K check bounces and I give her the car, then I dont have the car and still owe the money
Then you have her give you a Certified Check.

 

[canehdiangirl]

oops.. didn't see your last post

 

[Goose]

QUOTE(pauligan @ Nov 5 2003, 10:45 AM)I'd call the bank and ask how they handle this situation; I assume it's fairly common...

my guess is that he will send the check to the bank and the bank will then send you your portion and send him the title.
they tried to explain to me but every explanation had a hitch, somewhere where either me or him had to go on blind trust

either i have to get the cash from him to pay off the lein, and he has to wait for clear title and trust i pay off the loan

or i get a check from him made out to the bank and i trust that his check clears

 

[Goose]

QUOTE(Snowmaker @ Nov 5 2003, 10:47 AM)QUOTE(Goose @ Nov 5 2003, 10:44 AM) thought about that, but then do I hold the car, what if her 10K check bounces and I give her the car, then I dont have the car and still owe the money
Then you have her give you a Certified Check.
maybe a certified check made to chase automotive, then the rest in cash to me, i give her the car, then immediatly put the certified check in the mail for the payoff?

hmmmm, maybe that will work

 

[canehdiangirl]

don't accept any cheques unless they are certified, regardless of how you handle the transaction... then you're safe.

 

[Cadmonkey]

hmm, this one's a stumper.

What about an electronic funds transfer (cost about $20) from her bank to chase auto for the 10k.
Then a 5k certified check to you.
Then Chase auto does a fax copy of the payoff notice which should be legally binding.

Problems:
Not sure if the Sec. of State will accept fax copy to clear the "lien on title".
Chase might not be setup to do the payoff paper work that quick.