selling a truck

cheapcherokee89

Active Member
Joined
Sep 9, 2006
Location
oxford
This might seem like a dumb question to some..... Im looking at selling my truck that I still owe $16000 on to a financial company. if I were to sell it on craigslist, ebay, etc. how would I do this? Assuming I sold it for $20000 and immediately went and deposited it into the bank to call in the payoff, my bank (bbandt) would put a hold on it. Therefore making it at least another 5 to 7 days before I could actually payoff and have title sent to buyer. If I were a buyer of a $20000 vehicle I don't think I would feel comfortable leaving without the title after giving that amount of money (even with the truck in my possession). What is the best option here. Ive never sold something that there was a lien on. Would a notarized bill of sale be sufficient or what other options do I have? thanks
 
the likely hood of the buyer having that much cash on hand is pretty slim, and believe me, you deposit that much cash at one time or even broken up in a few deposits close together, you're gonna have a pile of paperwork and a lot of questions, and they ( FEDS) are also gonna want to talk to the buyer. Anyone dealing with more than 10k cash has to be doing something illegal, right :rolleyes:

Car dealers and financial institutions are required by law to report cash transactions over $9999 to the FEDs ( Fed wants their cut ) It's all about the paper trail.
 
X2 on doing it at the bank. That kind of transaction is common. If he has to finance it, his bank would pay you bank payoff and give you the difference to protect themselves and ensure a title.
 
I agree with the others that have said do it at your bank, that is the easiest thing to do so you are both covered.
 
yea john thinking about selling it. Due to lack of gas mileage it never gets driven. Tired of paying for something that just takes up space in the driveway.

Being that the truck is financed through some financial company that's out west, and isn't who I use for local banking, how will this make a difference by doing everything at my bank (bbandt) ?
 
Just went through this. If the title is not held at the branch where you bank, request that it be sent to the branch that you will use to settle with the buyer. When the buyer gets the certified funds the check will be made out to the bank not to you. Your bank will release the title when the certified funds clear (a few days). If the buyer gives you cash they will release it immediately. With the certified fund they will pay off the lien and then deposit the difference to you or cut you a check and release the title. If the finance company does not have a local branch you can use then you are kinda screwed. The only way to do it then would be for the buyer to trust you with the funds until you get the title to them. I'd have to want the vehicle real bad. To make it easier to sell you could agree to pay an escrow company.
 
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