Question About Selling A Vehicle

Hello all,

I am thinking about selling my truck. I want to sell it private party to get the most money. My only problem is I have never done something like this.

1. How does it work?
2. What paperwork needs to be filled out? And where can I obtain all of the paperwork?
3. How does it work if I don't own my truck yet? Would I just pay it off then give the pink slip to the new owner?

Thank you!

 

A lot of the info you're requesting is going to be specific to the regulations of the state in which you live. I'd try to find someone who's sold a vehicle this way before and ask them about their experience.

With that said, there are two things that I would want to be clear on - The possible tax savings of trading it in (assuming you're getting another vehicle to replace it) and how it works to transfer a title in your state that has a lien holder.

In some states, you subtract trade value before calculating tax on a new purchase. And considering your truck is a 2014 that could be a decent amount. As for the lien, it will depend on your bank, the purchaser's bank and whether or not you live in a title holding state as to how the deal will go down from there. Most likely with a lien on the vehicle the purchaser will not get the title from you in a timely fashion and there will have to be trust on their end of the deal too.

Hope that helps and good luck selling!

 

Call the bank to find out what the lead time is on the title. If they have local offices see if you can have it sent to one, that way the buyer can just go with you to the bank and get the title right there. If you can't, some people let the buyer take the car on their tags and then swap back when the title comes in

All you need is simple bill of sale. Might need notary for title depending on your state

 

Be careful of scams involving checks and even cashiers checks. I insisted on cash. Go to their bank with them to get the funds. If they have the money they can make a withdrawal.

 

Do cash or wire transfer. That way the funds can't be reversed

 

Check your state laws at the dmv website.
Only deal in cash.
Test drive with you in the auto.
Provide a bill of sale that includes the words " As Is ". Make copies.
Pull your tags.

 

It's much easier to sell if you have title in hand. No lien on the vehicle. You would exchange cash, go to the notary to have the title transferred to new owner, and they would be issued new plates and be on their way.

If the bank still has a lien on the vehicle, or they hold the title because its not paid off, then there are more annoying steps. In order to transfer a vehicle you need the title in hand. To get the title the bank will need paid. To get paid you need to sell the vehicle. It's a circle of bs.

Basically, you have to make a bill of sale, go to the bank in person with the buyer and have them witness you pay the vehicle off with the money they gave you. Let them take the vehicle with them having trust that you'll get the title and transfer it to them. (They may need to be present to transfer the title at the notary.) They leave with the vehicle and your plate until you get the title and meet back up to transfer it over. At that point they'll get a new plate and you'll get your old plate back.

It's a very annoying process. I've done it about 3 different times, but it's worth the extra money youll get in a private sale.

 

I lease my car so Toyota holds the title.
I already checked and there is no pently if it's bought out right now.
Also I live in CA