question about financed car

[hey_mikey]

You don't need to use a bill of sale. You can simply do a hand written receipt. Put the date, amount, VIN, miles on car, sellers name, buyers name, and any terms you want spelled out specifically.

"Sale is final and as is"
"no return/refund"
"title will be mailed/transferred, etc, upon receipt from the bank"

Make sure both of you sign and date acknowledging the terms of/and the sale.

When I sold on of my motorcycles, I actually had the buyer go to the bank with me and witness me pay the loan off with the payment they gave me.

But that's exactly what a bill of sale is, which was why I suggested it:
- sellers info
- buyers info
- vehicle info

One copy to seller and one copy to buyer

Some state DMVs require it, but when I sold cars, our dealership always recommended it for private sales regardless just to protect both sides

 

[squiggy]

But that's exactly what a bill of sale is, which was why I suggested it:
- sellers info
- buyers info
- vehicle info

One copy to seller and one copy to buyer

Some state DMVs require it, but when I sold cars, our dealership always recommended it for private sales regardless just to protect both sides
View attachment 27706

Only thing that makes that different than doing it yourself is the "Bill of Sale" at the top. You can write Bill of Sale on any piece of paper and it is a legal Bill of Sale document. Just semantics really. What state DMVs "require" does not enforce/legitimize the sale. Common law does. It is all about intent and consideration. What the DMVs require only relates to whether or not they will register the car, which can be rectified by going back to the seller and doing paperwork after the fact. The car is still owned by the person that bought it regardless of the "proper" paperwork required by the DMV. Legally, if only money changed hands, it is still a legal sale. Paperwork of any kind or not. Not trying to say your suggestion is invalid, just trying to cover the legal aspects of a legitimate and enforceable sale.

 

[hey_mikey]

Only thing that makes that different than doing it yourself is the "Bill of Sale" at the top. You can write Bill of Sale on any piece of paper and it is a legal Bill of Sale document. Just semantics really. What state DMVs "require" does not enforce/legitimize the sale. Common law does. It is all about intent and consideration. What the DMVs require only relates to whether or not they will register the car, which can be rectified by going back to the seller and doing paperwork after the fact. The car is still owned by the person that bought it regardless of the "proper" paperwork required by the DMV. Legally, if only money changed hands, it is still a legal sale. Paperwork of any kind or not. Not trying to say your suggestion is invalid, just trying to cover the legal aspects of a legitimate and enforceable sale.

Yea, I realize that but I was trying to make it easy and saying "bill of sale" was easier than explaining what's in it.

 

[hey_mikey]

Yea, I realize that but I was trying to make it easy and saying "bill of sale" was easier than explaining what's in it.

I guess it's the paralegal experience in me that make me turn to forms. When someone didn't know the ins and outs it was the simplest way to get them to cover their ***. If you give them a form to fill out you get all the require info without having to struggle to get every individual piece of info

 

[squiggy]

Yea, I realize that but I was trying to make it easy and saying "bill of sale" was easier than explaining what's in it.

I guess it's the paralegal experience in me that make me turn to forms. When someone didn't know the ins and outs it was the simplest way to get them to cover their ***. If you give them a form to fill out you get all the require info without having to struggle to get every individual piece of info

I was also trying to cover all possible questions that @paulga had or would have. Like him, I prefer to have the reasons/justifications so I have a full understanding. Forms are dummyproof (for the most part) and easy for those who don't care about the reason for all of the information.

Either way, whoever reads this thread just got a brief lesson in law concerning selling/buying property!

 

[None2Slow]

As a buyer, if you buy a car that has a loan on it, and the seller does not pay off the car, even though you have it, it still belongs to the bank/loan company until they are satisfied. The buyer then has to either sue the seller, or pay the loan off. You will not be able to register the car and now it will be reported stolen by the bank/loan company. I went through this. Wasn't pretty and when all was said and done, neither was the car "cough crusher cough"

 

[paulga]

As a buyer, if you buy a car that has a loan on it, and the seller does not pay off the car, even though you have it, it still belongs to the bank/loan company until they are satisfied. The buyer then has to either sue the seller, or pay the loan off. You will not be able to register the car and now it will be reported stolen by the bank/loan company. I went through this. Wasn't pretty and when all was said and done, neither was the car "cough crusher cough"

financed car belongs to the bank that is waiting to receive the payoff. the buyer is waiting for the car. it seems unreasonable to hold onto the car for a week after taking the buyer's money. Maybe I can give both keys to the buyer at the transaction and state he should come to pick up the car when the title document arrives.

 

[None2Slow]

You can let him have the keys and wait. My point was more from the buyers side. I had bought a car that the seller was going to use the money to pay off the loan. After staying in contact for about a week, the number was disconnected and he moved. The loan company said I was on the hook for the remaining amount which would of made the car way more than it was worth. After trying to work with them, they demanded the car and were not going to offer any money back to me.
This is why its harder to sell a car without a title in hand. If you have a branch local or maybe you, the buyer and the loan company all on the phone at the same time would help ease the deal. Then you can do a check by phone or some type of payment from the buyer to the bank.

 

[paulga]

You can let him have the keys and wait. My point was more from the buyers side. I had bought a car that the seller was going to use the money to pay off the loan. After staying in contact for about a week, the number was disconnected and he moved. The loan company said I was on the hook for the remaining amount which would of made the car way more than it was worth. After trying to work with them, they demanded the car and were not going to offer any money back to me.
This is why its harder to sell a car without a title in hand. If you have a branch local or maybe you, the buyer and the loan company all on the phone at the same time would help ease the deal. Then you can do a check by phone or some type of payment from the buyer to the bank.

the credit union I use is in another state, so it's impossible to settle the loan in a local branch. I need deposit money then make an online payoff.
in your case did the police finally crack the scam?