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Questions About Selling a Car to an Individual in 2019 #5078932 04/18/19 02:42 PM
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john_pifer Offline OP
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So, some of you may have seen my WRX for sale over in the "Items for Sale" section.

I advertised it on Facebook, Craigslist and CarGurus.

Well, after a few emails, I finally got a buyer off the Car Gurus site. He's taking out a loan from Navy Federal Credit Union, and I will meet him tomorrow morning at the main branch of my credit union. He already has the cashier's check from Navy Fed, made out to him and me, and I will use this check to pay the outstanding balance on the loan from my credit union, and deposit the surplus into my savings account. I was told by the branch manager that the funds should be available to me, immediately. My credit union will call NavyFed and verify the funds, at which point I can hand over the keys. I'm assuming they'll mail the title to NavyFed. They have generic bills of sale that we'll sign and have notarized. I am wondering what the buyer will need in order to apply for registration, since he won't have the title. Would the bill of sale be sufficient?

It's been about 12 years or so since I sold a car, and, since tomorrow morning will be the first time I will lay eyes on the buyer, I just want to make sure everything is fair and square.

Obviously, in 2019, I just want to be sure there is no fraud. I think it used to be, in times passed, that a cashier's check was as good as cash. But I've heard of instances of fraud, even with cashier's checks. The branch manager of my credit union did assure me that he's never had a check from NavyFed come back.

One concern I have about this is the test drive. If he wrecks the car, I'm on the hook for, at minimum, the insurance deductible, plus, the accident will leave a black mark on my policy, and my rates will go up. In the past, I've sold motorcycles, and made the person let me hold the cash while they rode the bike, with the understanding that if they even dropped it, they bought it. I'm not that concerned, but anything can happen, and this is a sports car with a manual transmission, and I can tell from talking to him that he's a younger guy.

Anything you guys can think of that I should be concerned about in this?

One other thing - I debated on whether to post this in General or Vehicles. In the end, I chose Vehicles because I know a lot of people visit this section who are in the process of buying and selling cars. Maybe something that someone posts can be useful to someone. Mods can feel free to move it if it's deemed that this is not the right section for this.


07 Tacoma V6 - M1 EP 5W-30, Fram Ultra, 10K OCIs, 212K
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Re: Questions About Selling a Car to an Individual in 2019 [Re: john_pifer] #5078940 04/18/19 02:49 PM
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tiger862 Offline
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They should have the expertise to get the car registered in his state. Sometimes the two of you will go to the DMV.


Tiger862
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Re: Questions About Selling a Car to an Individual in 2019 [Re: tiger862] #5078946 04/18/19 02:53 PM
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john_pifer Offline OP
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Originally Posted by tiger862
They should have the expertise to get the car registered in his state. Sometimes the two of you will go to the DMV.


Ha...that's funny. I'm not planning on going to the DMV with dude!


07 Tacoma V6 - M1 EP 5W-30, Fram Ultra, 10K OCIs, 212K
07 Yamaha R1 - Rotella T6 5W-40, Bosch 3300
07 Yamaha YZ-250, Klotz, Rotella

Re: Questions About Selling a Car to an Individual in 2019 [Re: john_pifer] #5078952 04/18/19 02:57 PM
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rooflessVW Offline
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A test drive is a calculated risk - it is what it is.

I bought my 911 in the exact same manner that your buyer is. I don't know what your buyer will need to register the car, but that's kinda his problem, isn't it?


"Zed's dead baby, Zed's dead."
Re: Questions About Selling a Car to an Individual in 2019 [Re: john_pifer] #5078963 04/18/19 03:05 PM
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KrisZ Offline
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Check your DMV website, they should have a page on what is required when selling a vehicle. In CA you have 5 days to remove the vehicle from your name on DMV website and the buyer has 10 days to register the vehicle under his name.


2015 Grand Caravan 3.6L - 31k miles.
2006 Mazda 3 2.0L - 171k miles
Re: Questions About Selling a Car to an Individual in 2019 [Re: john_pifer] #5078973 04/18/19 03:21 PM
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Reddy45 Offline
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Good luck regardless. My hope is that since you're meeting at the bank to finalize the deal, the people at the bank will make sure nobody gets screwed in the process. They should have a notary on staff who can make any signatures formal enough that both of you can walk away comfortably.

As for the test drive.. good luck.

Re: Questions About Selling a Car to an Individual in 2019 [Re: john_pifer] #5078992 04/18/19 03:32 PM
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JeffKeryk Offline
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The credit union should be able to help.
Different states have different requirements.
A notarized bill if sale is pretty good paperwork.

Good luck.
Sometimes I prefer to sell to a dealership to avoid any hassle.
You will be fine.


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Re: Questions About Selling a Car to an Individual in 2019 [Re: john_pifer] #5078993 04/18/19 03:34 PM
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Ed_Flecko Offline
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1.) If it were me, *I* wouldn't let them test drive it alone.

2.) If they decide to buy it, why not ask them to go to a branch of YOUR credit union and have the cashiers check drawn on it rather than NFCU? If they go to your credit union with cash, the tellers will run all of the bills through their bill counter, which will automatically check for counterfeit bills and if they go to your credit union with a cashiers check, they'll, of course, verify funds before issuing a new cashiers check.

Ed


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Re: Questions About Selling a Car to an Individual in 2019 [Re: Ed_Flecko] #5079002 04/18/19 03:40 PM
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john_pifer Offline OP
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Originally Posted by Ed_Flecko
1.) If it were me, *I* wouldn't let them test drive it alone.

2.) If they decide to buy it, why not ask them to go to a branch of YOUR credit union and have the cashiers check drawn on it rather than NFCU? If they go to your credit union with cash, the tellers will run all of the bills through their bill counter, which will automatically check for counterfeit bills and if they go to your credit union with a cashiers check, they'll, of course, verify funds before issuing a new cashiers check.

Ed


It won’t be cash. He already has the check from NFCU in hand.

So, I’m not sure I’m understanding you about the cashier’s check. Like I said, he’s bringing a cashier’s check from NFCU. When we get to my credit union, they’ll call and verify the funds.


07 Tacoma V6 - M1 EP 5W-30, Fram Ultra, 10K OCIs, 212K
07 Yamaha R1 - Rotella T6 5W-40, Bosch 3300
07 Yamaha YZ-250, Klotz, Rotella

Re: Questions About Selling a Car to an Individual in 2019 [Re: john_pifer] #5079009 04/18/19 03:50 PM
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Originally Posted by john_pifer
Originally Posted by Ed_Flecko
1.) If it were me, *I* wouldn't let them test drive it alone.

2.) If they decide to buy it, why not ask them to go to a branch of YOUR credit union and have the cashiers check drawn on it rather than NFCU? If they go to your credit union with cash, the tellers will run all of the bills through their bill counter, which will automatically check for counterfeit bills and if they go to your credit union with a cashiers check, they'll, of course, verify funds before issuing a new cashiers check.

Ed

It won’t be cash. He already has the check from NFCU in hand.

So, I’m not sure I’m understanding you about the cashier’s check. Like I said, he’s bringing a cashier’s check from NFCU. When we get to my credit union, they’ll call and verify the funds.

He either neglected to read your post at all, or he is mentally deficient.


"Zed's dead baby, Zed's dead."
Re: Questions About Selling a Car to an Individual in 2019 [Re: john_pifer] #5079089 04/18/19 05:08 PM
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I followed all the DMV rules (I think) when I sold my Caravan 6 years ago. About 2 years after the sale, I got a call from an elderly lady who said she could not sell the van because there was a lien on it. I was shocked because we had paid off that van many years before we sold it. It turns out her son installed plates on the van from another vehicle (illegal) and never took the title to the DMV to have it switched over. I talked with our lawyer for fear that if something ever happened, would we have been liable because the vehicle showed up at DMV still under our name. Long story short, we were not in any legal trouble and we were able to go down to the DMV with the elderly lady and straighten things out. She said she was going to kick her son's rear end for taking advantage of her.

Check with your DMV and make sure everything is done correctly. Look for a very simple bill of sale on the internet to print out - make sure it says "as is".

Re: Questions About Selling a Car to an Individual in 2019 [Re: john_pifer] #5079092 04/18/19 05:10 PM
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Sounds like you have it covered. With check in hand it should be an easy transition. The last time I sold a car I had a lady write me a check and I handed her the title. I went online to remove my name from the registration and list the dollar amount I sold it for.


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Re: Questions About Selling a Car to an Individual in 2019 [Re: john_pifer] #5079098 04/18/19 05:20 PM
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You should be able to get the lien release and clear title from your credit union within 24 hours of your payoff, even if you have to drive there to get it. I would not give the keys to the buyer without having the title in hand, He'd never be able to get the vehicle registered without your title. Buyer will have to agree to be patient. Maybe put the process in writing, signed by both of you.


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Re: Questions About Selling a Car to an Individual in 2019 [Re: john_pifer] #5079100 04/18/19 05:21 PM
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Wolf359 Online Content
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Originally Posted by john_pifer
Originally Posted by Ed_Flecko
1.) If it were me, *I* wouldn't let them test drive it alone.

2.) If they decide to buy it, why not ask them to go to a branch of YOUR credit union and have the cashiers check drawn on it rather than NFCU? If they go to your credit union with cash, the tellers will run all of the bills through their bill counter, which will automatically check for counterfeit bills and if they go to your credit union with a cashiers check, they'll, of course, verify funds before issuing a new cashiers check.

Ed


It won’t be cash. He already has the check from NFCU in hand.

So, I’m not sure I’m understanding you about the cashier’s check. Like I said, he’s bringing a cashier’s check from NFCU. When we get to my credit union, they’ll call and verify the funds.


You should be fine once they verify the funds. The lawyer I use for home purchases does the same thing. She has a list of banks most people use and has a contact at most banks where she can call the manager and make sure that the check is real before any funds are disbursed. It's not that hard to make a forgery of a check these days.

Re: Questions About Selling a Car to an Individual in 2019 [Re: john_pifer] #5079130 04/18/19 05:54 PM
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eljefino Offline
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It will be different having two banks do it, but because the banks' money is on the line, they will make sure the deal is square.

I expect they'll fill out a title application with the new owner listed in one box and the new lienholder in another. They'll send the master to the DMV and give a carbon copy to the new owner so he can register the thing. (exact process varies by state.)

My main concern is actually legitimately verifying this NFCU check, but your credit union will help you with fraud concerns.

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