[Shotimes] RE: OT - Selling a car

[Ron Porter]

Michigan works the same way (I like it, actually).

The lien is printed on the title. The lienholder can either sign off the
title releasing the lien, or can provide a document that releases the lien.

IMHO, this is easier to work with than having the lienholder physically
holding the title.

Ron Porter

-----Original Message-----
From: Paul L Fisher [mailto:sho@paul-fisher.com]
Sent: Sunday, April 13, 2003 9:32 AM
To: Steve Andriks; SHOcago (Topica); SHOtimes (Team.net); V8SHO
Subject: Re: OT - Selling a car


I actually have the title. WI is a goofy state. It just says on it that it
has a lien. In talking to the state, the buyer would just present to the
title office the title signed by me as well as a letter from the CU saying
the lien has been satisfied.

Paul L Fisher
'93 Ford Taurus SHO Crimson Clearcoat ATX 171K Build date 11/18/1992
- K&N Panel filter, Tokico Struts, Eibach Springs, Dynomax cat-back, Holley
190lph fuel pump, FPS rebuilt ATX, 26mm rear sway bar, Performance-Plus
Stainless Steel Y-pipe, '96 brake upgrade, Proportioning valve plugs, Delrin
sub-frame bushings, Amsoil Series 2000 0W-30 oil, Amsoil Synthetic ATF.
'00 Ford Explorer XLT 5.0L V8 AWD Oxford White Clearcoat 41K Build date
11/19/1999
- Amsoil Series 2000 0W-30 oil

SHO Club member http://www.shoclub.com/
Check out my web site http://www.paul-fisher.com/
Amsoil dealer http://www.paul-fisher.com/oil.htm

Get $5 free from Paypal! https://www.paypal.com/refer/pal=P3XEFFBFUFKN6

----- Original Message -----
From: "Steve Andriks" <shogeezer@surfglobal.net>
To: "Paul L Fisher" <sho@paul-fisher.com>; "SHOcago (Topica)"
<shocago@topica.com>; "SHOtimes (Team.net)" <shotimes@autox.team.net>;
"V8SHO" <v8sho@v8sho.com>
Sent: Sunday, April 13, 2003 8:24 AM
Subject: Re: OT - Selling a car


> If your state motor vehicle office has a form that can be loosely referred
> to as a "Transfer Of Title and Authorization For Payoff", you can sign
that
> to effectively transfer the title to the buyer once he/she receives the
> title from the credit union. The credit union is sent a COPY of that form
> along with the payoff on the loan. The credit union then sends the title
to
> the buyer. Buyer then takes the title to the motor vehicle office along
with
> the original form I referred to above & your bill of sale, and presto,
title
> is issued to him/her. This is a generally accepted way of transferring
> titles "in absentia". Some states may differ slightly in their procedure.
> But this is how dealers do it all the time. They face that situation
dozens
> of times a day. However, the buyer should get a copy of the title faxed
from
> the credit union to make sure that you are the only one on the
registration
> (if not, the co-owner also needs to sign the transfer form) and the buyer
> should get assurance from the credit union of the payoff balance & if they
> (get the name of the person who will handle the transaction) would send
the
> title to the buyer. Sometimes their policy might be to send the title to
the
> member & not get involved in any potential liability.
> Good luck
> Steve '97 TR
>
> ----- Original Message -----
> From: "Paul L Fisher" <sho@paul-fisher.com>
> To: "SHOcago (Topica)" <shocago@topica.com>; "SHOtimes (Team.net)"
> <shotimes@autox.team.net>; "V8SHO" <v8sho@v8sho.com>
> Sent: Saturday, April 12, 2003 5:44 PM
> Subject: OT - Selling a car
>
>
> > I pretty much have my Explorer sold but am having a problem getting an
> > agreement with the buyer on title/payment transfer.
> >
> > The vehicle has a lien and the credit union isn't local. The buyer won't
> > give me the money unless I give him a clear title but the credit union
> won't
> > give me the title unless it is paid off.
> >
> > One obvious solution is to get a loan to pay off the car and then pay
off
> > the loan with the proceeds of the sale. The problem with that is what
> > happens if the buyer backs out? I would basically be stuck with an
> unsecured
> > loan at the higher interest rate.
> >
> > I have thought of using an escrow service but once again, they get the
> money
> > from the buyer, get the title from the seller and then release each to
the
> > other. They would have the title with the lien on it. Within 24 hours,
the
> > credit union will have issued a letter releasing the lien but once
again,
> > the buyer doesn't trust that process.
> >
> > The other process that won't work is that we meet at the credit union
> office
> > and do the transaction. The buyer and myself are in WI and the credit
> union
> > is in MO.
> >
> > Do you guys have any other ideas?
> >
> > Paul L Fisher
> > '93 Ford Taurus SHO Crimson Clearcoat ATX 171K Build date 11/18/1992
> > - K&N Panel filter, Tokico Struts, Eibach Springs, Dynomax cat-back,
> Holley
> > 190lph fuel pump, FPS rebuilt ATX, 26mm rear sway bar, Performance-Plus
> > Stainless Steel Y-pipe, '96 brake upgrade, Proportioning valve plugs,
> Delrin
> > sub-frame bushings, Amsoil Series 2000 0W-30 oil, Amsoil Synthetic ATF.
> > '00 Ford Explorer XLT 5.0L V8 AWD Oxford White Clearcoat 41K Build date
> > 11/19/1999
> > - Amsoil Series 2000 0W-30 oil
> >
> > SHO Club member http://www.shoclub.com/
> > Check out my web site http://www.paul-fisher.com/
> > Amsoil dealer http://www.paul-fisher.com/oil.htm
> >
> > Get $5 free from Paypal! https://www.paypal.com/refer/pal=P3XEFFBFUFKN6