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Posted on 9/20/22 at 12:15 pm to Meauxjeaux
quote:
Let’s say you owe $10k. New personal loan for $10k Pay off car loan Get title Execute cash sale Pay off personal loan
This is the answer. And it would be relatively easy and cheap.
You could do Lightstream or possibly even one of your credit cards may have some loan offers at 6-8%. Have the money in your account in a couple days.
Posted on 9/20/22 at 12:35 pm to shel311
So the credit union was a bit helpful...
They basically stated what they've seen in the past is myself and the buyer can get on the phone together with my credit union, and they'll walk the buyer through but basically the buyer will wire the money for the balance to the credit union, and the important part I think, the credit union will get the buyer's information and with my approval, they will transfer over and send the title directly to the buyer.
I guess my only question is in the meantime, do we need to do something like a Bill of Sale? I know or at least think this is the buyer's responsibility/risk here but they're going to need some sort of proof of ownership to get registration, plates, etc. immediately as opposed to the 10-14 days it'll take before getting the title.
They basically stated what they've seen in the past is myself and the buyer can get on the phone together with my credit union, and they'll walk the buyer through but basically the buyer will wire the money for the balance to the credit union, and the important part I think, the credit union will get the buyer's information and with my approval, they will transfer over and send the title directly to the buyer.
I guess my only question is in the meantime, do we need to do something like a Bill of Sale? I know or at least think this is the buyer's responsibility/risk here but they're going to need some sort of proof of ownership to get registration, plates, etc. immediately as opposed to the 10-14 days it'll take before getting the title.
This post was edited on 9/20/22 at 1:34 pm
Posted on 9/20/22 at 3:51 pm to shel311
It may be worth visiting a local bank and asking if they will handle the sale for a fee. The last time I handled a private sale as the seller was the same situation. I had a vehicle I bought (and financed) in Georgia and sold in La. I still owed money and the buyer was paying cash.
My local bank, who I already had a relationship with, acted as an escrow by taking the payment, paying off the loan, and transferring the title once it arrived. As I was a current customer they did this at no charge, but without a relationship you may be able to find a local bank that will handle for a fee.
My local bank, who I already had a relationship with, acted as an escrow by taking the payment, paying off the loan, and transferring the title once it arrived. As I was a current customer they did this at no charge, but without a relationship you may be able to find a local bank that will handle for a fee.
Posted on 9/20/22 at 4:06 pm to jeepfreak
Appreciate that advice. Was the loan you had with that bank?
I'll give my bank a call either way, but my loan isn't through my bank.
I'll give my bank a call either way, but my loan isn't through my bank.
Posted on 9/22/22 at 12:55 am to shel311
Not sure if you’re buying a new car but I did an in and out with give me the vin and it was really easy. I shopped my car and they offered me several thousand more than any dealer and they agreed to do the in and out. The 50k I had in “ Equity“ equaled the 5k extra I would have gotten on the private market by saving the taxes.
Did the same thing a few months later with another vehicle I own but my brother did an in and out for 57k. He got a great deal on my truck and I didn’t have to deal with the public. Could have got 62k for my truck and paid taxes but I gave my brother the 5k discount I was saving on taxes.
After doing this twice in the last year I’ll try and line up a buyer or see what give me the vin will offer before I sell private.
Not sure how all this works because give me the vin did my in and out at Brian Harris BMW and a few weeks later my old Audi S7 was on airline at Brian’ Harris BMW
Not sure how all that works but I’m guessing they squeezed each other over a grand or two when Brian Harris could have just dealt with me.
Did the same thing a few months later with another vehicle I own but my brother did an in and out for 57k. He got a great deal on my truck and I didn’t have to deal with the public. Could have got 62k for my truck and paid taxes but I gave my brother the 5k discount I was saving on taxes.
After doing this twice in the last year I’ll try and line up a buyer or see what give me the vin will offer before I sell private.
Not sure how all this works because give me the vin did my in and out at Brian Harris BMW and a few weeks later my old Audi S7 was on airline at Brian’ Harris BMW
Not sure how all that works but I’m guessing they squeezed each other over a grand or two when Brian Harris could have just dealt with me. 
Posted on 9/22/22 at 1:44 pm to shel311
quote:
All they said last time was as soon as the car is paid off, the title is sent to me in 2 weeks, not much I could do with that.
That is customary btw. They don't typically hand you title right away.
Posted on 9/22/22 at 2:58 pm to shel311
quote:
Appreciate that advice. Was the loan you had with that bank?
No, I took the loan out while I was living in Ga. When I moved back to La. and sold the car, my local bank handled the loan payoff and kept the resale payment in escrow until the title was transferred. Basically, the buyer paid my bank, I handed over the keys, and we met back at the bank for the title transfer once it arrived. Once the title was transferred, the bank cut me a check for the excess.
As I said, because I already had a relationship with the bank they did it as a courtesy. I'd imagine some banks would handle it for a fee if you aren't a depositor.
Posted on 9/22/22 at 3:09 pm to Im4datigers
quote:
I’ve done private sales before but it was a while ago. Way before all the fraudsters popped up online. Scary stuff out there. I would only go to the buyers bank or credit union that’s financing the car and do it all there.
I had a guy call me saying he would give me 1k and a blow job for my car.
Posted on 9/22/22 at 3:10 pm to shel311
Honestly id go with carvana or something similar, but if you had done this a few months earlier you probably get more.
Posted on 9/22/22 at 6:51 pm to shel311
quote:
I guess my only question is in the meantime, do we need to do something like a Bill of Sale? I know or at least think this is the buyer's responsibility/risk here but they're going to need some sort of proof of ownership to get registration, plates, etc. immediately as opposed to the 10-14 days it'll take before getting the title.
OMV has a bill of sale form. You may want to revise that last line where seller warrants there are no liens to say something like "other than a lien by ABC Credit Union to secure a loan with a balance of $___, which seller warrants will be paid in full with the proceeds of the sale." LINK
That gives buyer something to show a cop while he's driving a car registered to you, but I'm doubtful he could get it registered/plates, etc. until he gets the title.
Do not cancel your insurance on the car until damned sure he's registered it to him, or (1) an OMV fine may ensue for having an uninsured vehicle and (2) he could run over someone while it is still registered to you and get you sued.
You should keep the license plate and turn it in to OMV. You can now do that online.
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