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SeSawaya · 10:13 PM

So I want to sell my wifes car soon. I need to know something about the title work. I owe X amount of dollars on it still. If I sell it for what I owe or less (cause we are upside down on it), I give the guy the car, then I pay my car off. I then get the title, then sign it over to him. SO, its OK to go the few weeks between when he takes the car and I give him the title? Is this normal? Or will he need it right away?
thanks!

NEW QUESTION. Now that I REALLY am selling it, Do I give him my license plate?

Railroader · Jun 25, 2005, 12:16 AM

Ok, say you owe 10k on it. You sell it for 9k.

The best thing to do is for both of you to go to the bank that has the lien on your title, and and pay it off with the 9k he gave you and the 1k you still owe.

Then, have the bank sign off on the title as a "Clean title". There should be a small section on the title that shows who has a lien on the car.

Lastly, you sign the title over to him and he can register the car in his name at the DMV.

SeSawaya · Jun 25, 2005, 07:04 AM

thanks for replying. I should've mentioned my loan is from GMAC, so I cant just go to the "bank"

alligator · Jun 25, 2005, 09:13 AM

Yes, you pay it off immediately and get the clean title from GMAC. He will have to understand that you can't get the lien released until it is paid off, but he will expect you to pay it off immediately. I would write that into the contract you sign with the buyer (i.e. the seller will immediately pay off the loan and deliver a clean title as soon as it is received from GMAC).

It's tough being upside down - you'll never do it again after this experience.

SeSawaya · Jun 25, 2005, 10:33 AM

ok, thanks!! Yah it was used when we bought it but its ana amazing car still. Now for the same payment we can have a brand new one. I'm willing to lose a grand on it.

SeSawaya · Sep 22, 2005, 10:13 PM

Please read my top post, I have a new question.

Kent

zoroaster68 · Sep 22, 2005, 10:33 PM

He gets the title immeadiatly. Period.

phantomdragonz · Sep 22, 2005, 10:57 PM

you keep the plates...

if the guy is a bum and never takes them off, and never gets the DMV to sign the title to him then it's still considered YOUR car... so any illicit things that happen to it will be YOUR responcibility

my friends and I have purchased a few used cars and when I bought my jeep I mailed the plates back to the dude when I got home (100+mi away) when my friend just bought a car he never got the plates, when my OTHER friend bough a truck he got the plates to keep, but the truck does not run...

so I guess my point is that you should keep the plates, but if you dont it's USUALLY not a big deal, depending on the person you sell it to...

Zach

Railroader · Sep 23, 2005, 02:04 AM

You bought the plate. It's yours. Do not give it to him.

SeSawaya · Sep 23, 2005, 10:34 AM

thanks folks!!

Cold Warrior · Sep 23, 2005, 12:17 PM

Some states in which the car is registered want you to notify them when you sell the car. This ensures they won't send you a registration notice each year or continue to track the vehicle as yours.

Eriamjh · Sep 23, 2005, 12:27 PM

He can't have the title until the loan is paid off. Keep the plate, or expect parking tickets to come to your address

Some states are fussy about selling ones cars. If the new owner never titles it, it is technically still yours and you can he held liable for an accident if it happens (save a copy of the bill of sale as proof you sold it).