[Shotimes] RE: OT - Selling a car

colin cooney cooney_colin@hotmail.com
Sun, 13 Apr 2003 12:05:36 -0400 

Why not simplify the process and give the guy who wants to buy it a copy of 
the title and a letter of intent to sell as a receipt for his money. You 
have to wait for his check to clear anyway, anyone who is hesitant as a 
buyer to await that process is HIGHLY SUSPECT.

Then when his $$$ has cleared the bank and you get the lien clearance 
letter, you can give him the keys, the title and the letter, OR

if his bank is holding things up, like in writing a check, eliminate the 
middlemen (you guys) and have the banks talk to each other to arrange the 
transfer of funds and the clearance of lien paperwork.

Sometimes people use this as a negotiating tool, so that when you are all 
ready to go on your end, they can try to gouge you for an extra 500, knowing 
that you have got all of your own money tied up in trying to make the sale 
finally happen.

I would enlist the banks help in the documentation transfer, myself, make 
your bank earn some part of the interest they are gonna glean from the check 
clearance period, and it should allay any fears on the part of the buyer as 
to how to hold you responsible for money they have turned over.

For what its worth...





>From: "Ron Porter" <ronporter@prodigy.net>
>To: "Paul L Fisher" <sho@paul-fisher.com>,   "SHOcago \(Topica\)"  
><shocago@topica.com>,   "SHOtimes \(Team.net\)"  <shotimes@autox.team.net>
>Subject: [Shotimes] RE: OT - Selling a car
>Date: Sun, 13 Apr 2003 11:45:04 -0400
>
>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
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