[Shotimes] RE: OT - Selling a car
colin cooney
cooney_colin@hotmail.com
Sun, 13 Apr 2003 22:53:39 -0400
Ian,
The whole point of the check clearance period on deposits is so the bank
makes money on your money, look up LIBOR, your a college kid you should know
this stuff before you get out into the real world.
Obviously, the respective customers would have to suggest to their
respective banks that 1)one is interested in buying a car 2) that the seller
is interested in selling the car. Thus far we have established both with
good certainty.
My point was : All that may be necessary is to have each person call their
respective bank, and let the "professionals" handle the transfer of the
necessary paperwork, guaranteeing availability of funds, and guaranteeing
release of lien and transfer of ownership once said funds have cleared.
Guys like you and I will (at best) do this 20 to 25 times in our lifetime,
banks handle crap like this 20 times before the first coffee break. This
goes a long way toward each individual in the prospective transaction having
the piece of mind that their money or title/car is not going to disappear.
The strength of the respective institutions continuing basis of doing
business assures this. In other words, the banks haven't got any interest in
screwing anybody. They also aren't going to take off with the money, or the
car, everything is traceable, they have each others addresses, and legal
recourse if the fax line goes dead mid transmission.
Trust me, we put men on the moon over thirty years ago, Paul can probably
sell his car this week.
>From: "Ian Fisher" <ianf@eden.rutgers.edu>
>To: "'colin cooney'" <cooney_colin@hotmail.com>, <shotimes@autox.team.net>
>Subject: RE: [Shotimes] RE: OT - Selling a car
>Date: Sun, 13 Apr 2003 19:15:41 -0400
>
>How are banks going to talk to eachother without input from their
>customers?
>
>The bank doesn't earn interest during a check clearing period simply
>because the check hasn't cleared and the funds aren't available yet.
>There's no money to earn interest on until the check has cleared.
>
>Ian
>
>
>-----Original Message-----
>From: shotimes-admin@autox.team.net
>[mailto:shotimes-admin@autox.team.net] On Behalf Of colin cooney
>Sent: Sunday, April 13, 2003 12:06 PM
>To: shotimes@autox.team.net
>Subject: Re: [Shotimes] RE: OT - Selling a car
>
>
>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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>
>
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