how do i go about selling my car which i bought 6 mos. ago but can’t afford due to illness, i may have a possible buyer
If the car has a leinholder (a loan against it), you’ll need to first talk with the leinholder and find out what they’ll need for paperwork.
Next check with your Department of Motor Vehicles (or Motor Vehicle Bureau, or whatever) and fiod out if there are any specific state requirements that are necessary. Be sure to enquire about areas like how the registration transfers andthe title transfers. State laws vary, and you want to be sure you’re covered.
Otherwise, write up a “Bill of Sale” specifying the vehicle (include the VIN number), the cost, and the terms of sale. Standard fare for these is to state something to the effect of “vehicle is sold ‘as-is’ with no warrantees expressed or implied”. You’ll both need to sign it. Have two originals, one for each of you, both to be signed.
Be aware of documentation like the title. In NH, for example, it needs to be signed over, and signed by the lienholder, to transfer title. Vehicles over 15 years old need no title, just the Bill Of Sale. Find out your state’s requirements.
NOTE: until you’ve received payment in full via cash or a bank check, don’t sign ownership over or give the buyer the vehicle. If you do, you may never see the money, the car, or the buyer again.
“Next check with your Department of Motor Vehicles (or Motor Vehicle Bureau, or whatever) and fiod out if there are any specific state requirements that are necessary.”
Also, your state may require emissions checks or a safety inspection before the car can be registered by the new owner.
As is is on the receipt my basic rule of thumb. If you have a warranty see if it is transferable to the buyer as an added value.
+1 to what Barkydog stated.
I would suggest writing “no warranty expressed or implied–vehicle sold as-is” on the sale contract, along with a full description of the vehicle, including the VIN.
Hopefully any sale price will be enough to actually pay the car off. If you’re upside down on the car that could present a problem, short of a very naive buyer.
Before you can sell a car, you must OWN it…If you are financing the car, you may have to pay off the loan to get the TITLE so you can sell it…Or the buyer must be willing to do that…
"Before you can sell a car, you must OWN it…If you are financing the car, you may have to pay off the loan to get the TITLE so you can sell it…Or the buyer must be willing to do that"
That is not necessarily true. I requested a certified check, took it to the lein holder, car sale was not a problem.
Today, the lien holder and the title can be a thousand miles away…It takes a very understanding , willing and eager buyer to get the sale completed and the ownership transferred cleanly…
Agencies in the business of offering car loans do these transactions all the time, and have protocols in place to handle them. Typically the title will have the leinholder as a party to the ownership, and the lienholder will require evidence of a new loan in the buyer’s name prior to signing off on the lien. As with the seller’s bank, the buyer’s bank also has protocols in place to confirm a new loan on a vehicle with a lienholder and will generally forward the necessary paperwork to the original lienholder. This is a common transaction among banks.
The whole thing is not a difficult process, but the seller needs to work with his/her bank and do the thing properly.