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Old 05-25-2004, 09:00 AM   #1
docwhorocks
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Question car selling questions

I'm selling my car. I've got a lady that wants to buy my car for her son for HS graduation. The kid is 17. The mom can't make it out here (they live in Park City, UT). But the son can. He's going to look at the car/take it to a mechanic. If all goes well he'll give me a cashier's check(from his mother) for the car.

I still owe some on my car to the bank. The bank will not give me the title when I pay off the car as titles are kept at a different location. So once the car is paid off then they'll mail me the title, and I can mail it to the buyer.

Questions I have:
1. Are there any problems with the kid taking the car as he is under 18? I'm thinking fax a bill of sale to her, she signs it & faxes it back?

2. What type of trouble would there be if the kid totals the car driving back to UT before I get them the title?
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Old 05-25-2004, 09:48 AM   #2
nunyo
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If you can pull it off, get a signature loan from the bank, pay off the car loan and get the title in hand. It'll make the transaction much smoother on your end.

Drive the car to the mechanic for the kid. Do not let him drive the car at all without you in it. In all honesty I'd hesitate to let him drive it period; you might want to talk to your insurance company about whether or not the car is covered with him driving it.

Take the Cashier's Check to your bank to verify authenticity before you release the car or sign over the title.

You can fax her a bill of sale but you should make her have it notarized then overnight it back to you. You need original ink in your hand before you let that car go. Or let her fax it back after its been notarized along with a tracking number for the return of the original document.

I probably wouldn't go through with the deal unless there was a way to meet the kids mom face to face. Consider making the trip to deal with her directly.
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Old 05-25-2004, 10:03 AM   #3
il96
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Age <18 = minor. => No contracts are legal.
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Old 05-25-2004, 10:06 AM   #4
BAM
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Get all the cash.
Pay off all the debt. Give bill of sale.
Once the money clears, give possession of vehicle.
When title gets mailed to you, send it to them.
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Old 05-25-2004, 10:18 AM   #5
JGard
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When I sold my RS, I got the check, we did the bill of sale and all, and he took the car. When I got the title a couple weeks later, I sent it to him.

Your situation is tough, because the person is far away...

So yeah, as with almost every other thread I post in, I'm worthless here
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Old 05-25-2004, 10:23 AM   #6
docwhorocks
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Quote:
Originally posted by il96
Age <18 = minor. => No contracts are legal.
Right that's why I'm thinking I'll need to fax the bill of sale to the lady.
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Old 05-25-2004, 10:32 AM   #7
Jessie James
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Agreed on "Don't let the kid drive the car." If he wrecks it, you pay the deductible, he sues you for faulty equipment, they get rich, you go broke, and you have a smashed car.

Have him pick a shop and you take it there. Have him pay in advance.

How much do you owe? Most banks won't let you legally release the car to someone else without full payment. You should talk to them first.

Personally, I think one of a few things will happen:

1. They won't take the car. Without a title, I sure wouldn't! Why would I give you all my money if you still hold the title? That is crazy.
2. They take the car, wreck it, have no insurance, and since the title is still in your name you get screwed somehow.

If you cannot put it in their name I think there might be some legal issues we don't know about. Be very careful.

Can't you sell it for what you owe on it? That is what you should do.
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Old 05-25-2004, 10:42 AM   #8
docwhorocks
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Quote:
Originally posted by RS25.com
Most banks won't let you legally release the car to someone else without full payment. You should talk to them first.

2. They take the car, wreck it, have no insurance, and since the title is still in your name you get screwed somehow.

Can't you sell it for what you owe on it? That is what you should do.
I plan on talking to my bank, just want to know if there is anything else (that I may not have thought of) I should ask them.

Wrecking the car while the car is still in my name is what I'm most worried about.

Why would I sell it for just what I owe on it (less than what the car is worth)?
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