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I'm selling a used car; Help
Topic Started: May 8 2006, 08:34 PM (143 Views)
kenny
HOLY CARP!!!
Buyers just got their financing approved.
Thier Credit Union wants me, the seller, and the buyers to meet with their loan officer tomorrow at 11:00 AM.
How strange, have you ever heard of the seller having to go to the buyer's bank?
Why would they need to see me?
Do I have to bring the title, pink slip?

How does this work?
Do I get cash?
Does their Credit Union give me a check?
Do I keep the title till the check clears?
Do I sign the title over to the Credit Union or to the buyers?

I have personalized license plates on the car I'm selling that I want to keep.
Can AAA switch them to my new car and give new plates to the old car or do we all have to go to the DMV?
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Steve Miller
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Bull-Carp
I sold my son's car this same way last year. In order, then:

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Why do they want to see me?
Because you are not going to give them the title until you have your check. They are not going to give you a check until they have the title in hand. They'll also want to see the car, most likely.

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Do I have to bring the title, pink slip?
Yup - and possibly a smog cert, too. Ask before you go.

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How does this work?
Worked fine for me. :P

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Do I get cash?
Do you want cash? If you do, you might be able to get it if you asked for it. I went for a cashiers check instead.

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Do I keep the title till the check clears?
No. They hand you a cashiers check and you hand them the title.

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Do I sign the title over to the Credit Union or to the buyers?
You just sign and date it and have the buyers fill out the "release ofl iability" form that you mail in to the DMV. The Credit Union will handle the rest. Be sure to date the title when you sign it.

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Can AAA switch them to my new car and give new plates to the old car or do we all have to go to the DMV?
Not sure on this one - call the Credit Union people before you go over there. They should have a DMV person there who can answer that question.
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kenny
HOLY CARP!!!
Thank you for you sage advice Steve.

Because of your help everything went very smoothly. :sombrero:
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