Selling car

Hey guys, I have a selling question.

My brother is going to be getting a new taco as soon as he sells his f150. He has a buyer lined up. He owe's 21k on it and the buyer is willing to buy it for 24k so he stands to have 3k in his pocket after the sale.

Question is. The finance company still has the title cause it's not paid off yet. How does he go about this sale. Does the new buyer give me the cash and then I pay off the bank and send them the title later, if so do I give them the car then or wait till I receive the title and then give them the car, I know that will involve some trust between both parties.

What is the safest way to sell a car you still owe money on? Thanxs for any suggestions.

 

Safest way is to do the sale at the bank. If the bank is local that is.

 

Hmmm so who owns the truck you or your brother.....the story started out with ur brother selling the truck....and at the end ur askiing how you should handle it......hahahaha seems like an odd scenario for me

 

This is wierd. This is the second F-150 owner I saw today that's giving up an F-150 for a Tacoma. I gave up my F-150 for a Ranger and then a Tacoma a while back. But come on. The F-150 isn't that bad of a truck. In fact it's better than the Tundra in many ways.

You can call the finance company and transfer the name on the title from yours to the new owner. I think there will be paperwork.

 

does the guy know hes puttin 3k in your pocket?

 

what if the new owner has chitty credit???

Does he have to get "approved" to take over the loan??

 

Work the deal through the dealership where you are buying the new truck. That way it gets credited as a trade in on the taxes for the new truck. You have a guaranteed buyer for the trade in so the dealership should be more than happy to work with you.

 

He'll have a hell of a time gettin 24k from the stealership tho..

 

+1...Deffo a good way to do it...Keeps everyone protected and makes it easy- They are in the business of moving cars and what not.
Good luck!!

 

Ya im just asking for him, Ford motor credit does. I'll just have him call them and ask. Just thought one of your might know or have dealt with a scenario like this in the past. Thanx

 

Call the bank financed to find out what he needs to do. If its ford motor credit, they need to pull the title from where ever its held. Find out what kind of check they will accept. If new owner is financing elsewhere, they can sometimes send funds for a fee directly to his account with the proper routing info. If he is paying cash, even better for a bank transfer. Again, this has to come from whomever holds his title.

When new guy registers the Ford, he will take the title you sign over to him to get his plates and new title issued. Also your brother's bill of sale of the Ford may possibly allow him to get a tax credit when he purchases of the tacoma. That is the way it works in my state, but every state may be different.

Best bet is for him to call his financing company to find out how long to get the title, where, and what kind of funds.

 

The buyer pays YOU. YOU take the money to the bank and payoff the loan. The title will then become YOURS and you'll have to transfer the title over to the new owner.

If its anything like around here - it's a waiting game. Wait for the title to be sent to you. Then - you transer the title over, it's gotta be sent to the State so they can do whatever it is they do with it.....and send it to the new owner.

 

Do I hold onto the car in the meantime, while waiting for the title?

 

If the new buyer is not financing, you will give him the truck and a Bill of Sale when he gives you the money. The title will be sent to you and you will then sign it over to the buyer.

You should get a 10 day payoff on the loan. The buyer can have a cashier's check made out to the lienholder for the payoff amount, and pay you the rest.

 

Couldn't resist.......who the hll would pay $24,000 for a used F150?

 

Going through the dealership eliminates the hassle of having to wait on titles and sign things over later. It is one stop shopping for everyone involved.

 

I bought my taco used from a guy who still owed on the loan to his credit union. Fortunately, he worked at the same credit union. This made it much easier. I gave him a cashier's check. He deposited it while I was right there and the credit union released the title to him right then. He then signed it over to me. We also did a bill of sale. I took the bill of sale a few days later to the state, and had not problems getting it titled in my name. I wasn't sure how this was going to pan out until I found out he worked at the credit union. If your friend is going to buy a new truck, it might be easier to go through the dealer. Until now, I've only bought used trucks from people who owned them outright.

 

i may think about it...............if it was a lightning with about 2k miles on it!!! friggin fast man!!!

 

found on road dead!

 

I've done this a few times...do this:

-Find a bill of sale at your DMV online
-Fill it out
-Make a copy of the drivers license and everything else
-Take the check made out for the payoff from the buyer
-Take another check made out for the rest, thats made out to you
-Give him the truck
-Fill out a realease of liability form and mail it to the DMV
-Mail in the payoff check
-When you get the title sign it over and call the buyer (this is the trust issue), but he has a bill of sale so he legally owns it.

Thats it! I've done it three times this way without any isssues.