Didn't find any topics on this in the first couple pages of search results...

I'm trying to sell a car that I still owe money on. Toyota Finance says we can have the buyer send in the payoff and they will release the title, but it seems like this is going to be difficult. The car is technically still mine until the title is signed over, so it would put me at legal risk letting them drive off with it, but who would want to give us the money and then just trust that we would give them the car later? Sure we can sign a contract or something, but if I was the buyer, I'd be hesitant.

Any experience or suggestions on how to do this successfully?

11/30/2007 3:17:30 PM

Them paying and hoping they'll get the title later is risk enough. No way in hell they'd pay and not take the title OR the car with them!

11/30/2007 3:24:53 PM

No risk involved.

I just sold my truck which I still owed $17K and it was a smooth transaction.

All that is needed is for the potential buyer to get his loan approved. Once that is done, He or she will send the payment directly to the bank that owns your car.

Right before that is done, you and the buyer would sign a notarized paper indicating transfer of ownership once your bank receives the remaining balance.

11/30/2007 3:26:10 PM

i sold mine, and the guy gave me what i owed still in cash, accompanied by a bill of sale signed by both of us, i paid off the loan, and then he gave me the rest upon handing over of the keys

11/30/2007 3:28:11 PM

I think if the buyer is taking out a loan the banks handle it between themselves.

11/30/2007 3:32:50 PM

Just so you k now, "Bill of Sale" doesn't mean shit in NC. If you're an authorized car dealer, then you can write bills of sale, but otherwise they dont mean shit

12/1/2007 1:22:43 AM

someone put this shit in the garage. you know the forum ABOUT cars.

12/1/2007 11:46:59 AM

Do you even need to make a bill of sale if selling private party? I thought you got money order or cash from the buyer and then got the title signed over and notarized and that was all you had to do.

12/1/2007 12:08:14 PM

people generally pay off the finance company directly instead of handing the owner a check

12/1/2007 1:19:16 PM

^^ yea bill of sale doesnt matter except from a dealer. one from anybody else is pointless, you're still going to pay taxes based on the blue book value

[Edited on December 1, 2007 at 3:05 PM. Reason : and you're right, all you need is the title notarized/signed]

12/1/2007 3:05:00 PM

this wasnt in NC

and i did it solely so that there would be a paper record of him giving me that amount of cash

12/1/2007 3:21:02 PM

Yeah not a bad idea. I paid for my corvette in cash, the seller thought that was pretty interesting

12/1/2007 3:40:18 PM

^u still bothering the old farts at ur place?

[Edited on December 1, 2007 at 3:51 PM. Reason : w]

12/1/2007 3:50:27 PM

haha, nah... summer time is over so we quit partying. Next year I plan to be evicted before July 4th

12/1/2007 3:53:40 PM

Found a buyer who is taking a loan through a bank so the banks will settle it. I was more concerned with someone who just showed up with a certified check or something without taking a loan through a bank.

12/2/2007 2:02:26 PM