Question On Selling Car Privately...

[hl0m4n]

i was having a debate with a friend today and i want to know who's right...

he has a 08 is350 he is financing with lexus. he has 6 payments left on his finance before he gets the title.

now he wants to sell his is350 privately and hop into a new car. so he wants to find a buyer for his car, get paid and pay off the remainder of the car, get title and transfer it over to the new buyer.

can he do that if the buyer is fully informed that he needs to get paid first to get the title after and the car will not have another mile on it before then? everything in paper of course.

and for those who say why don't you pay it off first in his words "mang i don't got that much dough "

[SfValley335i]

Yes he can do that... everyone does this....

[hl0m4n]

Originally Posted by SfValley335i

Yes he can do that... everyone does this....

werd?

so he can have a buyer give him a check of lets just say $30,000 take out $5,000 out of the check to pay off the car and get title and he keep the remainder $25,000?

[bigslickak]

Originally Posted by hl0m4n

werd?

so he can have a buyer give him a check of lets just say $30,000 take out $5,000 out of the check to pay off the car and get title and he keep the remainder $25,000?

Yes. If the buyer is financing, his finance company will work with your friend and deal with your friend's finance company. I sold my Lexus like this, but I actually owed a little more than what I sold it for, so I just met with the buyer at his bank one day, signed the paperwork for transfer of ownership and stuff, gave his bank a check for the extra amount I owed and he took the car.

[Synergy]

i did this twice in the past year. once for my motorcycle, once for my previous car

[Bobby_Light]

Take check from buyer. Deposit into your account. Payoff existing loan. Get Title. Give to new owner. Keep remainder of money.

[hl0m4n]

o wow i guess my friend was right . after paying off the car how long does it take to get the title and what do you tell the buyer?

i need the check first to pay off the car and get the title and then it's yours? buyer has no problem giving you money and waiting few days for seller to get title and call him back?

simple process but im just not sure about the small holes in the procedure...

help much appreciated. thanks.