Need a little selling advice - Defender Source
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  #1  
Old August 30th, 2013, 04:37 PM
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Need a little selling advice

I thought I had sold my truck, but the buyer now says he needs the signed Title before his bank will give him a loan. If I send him the signed Title, doesn't that make the truck legally his?

I don't buy and sell cars often so am not well versed on the legalities of this stuff.

Any advice would be appreciated.

Thanks
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  #2  
Old August 30th, 2013, 04:39 PM
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yes-do not send the title without having been paid.
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  #3  
Old August 30th, 2013, 04:47 PM
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Correct. Meet him at a branch of his bank or you both go to different branches of the same bank and do it that way.
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  #4  
Old August 30th, 2013, 04:56 PM
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Ditto...Run away from that if he insists on it being signed over before paid for!!
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  #5  
Old August 30th, 2013, 05:16 PM
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Was it someone established on here or some random person who contacted you through here? Do not send a signed over title to the prospective buyer. You can send a photocopy of your title in its current state I'd think though.
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  #6  
Old August 30th, 2013, 05:31 PM
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Quote:
Originally Posted by rijosho View Post
Was it someone established on here or some random person who contacted you through here? Do not send a signed over title to the prospective buyer. You can send a photocopy of your title in its current state I'd think though.
Thanks for the reply. He's a member here, but I don't know what qualifies as established. I have scanned and sent him both sides of the Title, which I assumed would be enough.
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  #7  
Old August 30th, 2013, 05:31 PM
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Is this a prospective buyer or a serious buyer? You can always ask for a deposit before sending the title.

I don't think the title is the sole proof of ownership. They'll have a record of registration at the DMV too. The buyer would never be able to have the truck reported as "stolen" based on a signed title alone.

Some info for NY: http://www.dmv.ny.gov/regtitle.htm and http://www.dmv.ny.gov/proove.htm

When I bought my truck from out of state, I wanted a signed title and bill of sale also before I mailed the full cashier check. This way, the seller was never in possession of BOTH the title AND the cash.
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  #8  
Old August 30th, 2013, 05:39 PM
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Everytime I've had a bank being involved in the financing of a vehicle, buying or selling, all they ever needed was a bill of sale to process. I've never been asked for a signed title.

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  #9  
Old August 30th, 2013, 05:40 PM
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Wonder if his "bank" is Title Loans.....
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  #10  
Old August 30th, 2013, 05:42 PM
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Quote:
Originally Posted by SafariHP View Post
Everytime I've had a bank being involved in the financing of a vehicle, buying or selling, all they ever needed was a bill of sale to process. I've never been asked for a signed title.

Scott
That sounds rights and would be the part I'd be worried about... once you sign a title over, you can't make any corrections to it. So if the buyer were to drop out.. you HAVE to get a new title that is still in your name. PITA.
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  #11  
Old August 30th, 2013, 05:50 PM
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Quote:
Originally Posted by Uncle Douglas View Post
yes-do not send the title without having been paid.
Correct.
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  #12  
Old August 30th, 2013, 06:33 PM
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Quote:
Originally Posted by MAX711 View Post
Thanks for the reply. He's a member here, but I don't know what qualifies as established. I have scanned and sent him both sides of the Title, which I assumed would be enough.

Wasn't it Rolf who "licked" your truck? If so, most of the NYC/NJ crew know him. He does this for a living.
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  #13  
Old August 30th, 2013, 09:20 PM
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Title

Yes the buyer is I/me I don't need more pictures/more information or even to see the truck in person before wiring $35,000.00 into sellers account same day as receiving title.Seller has truck and payment in full before release of vehicle.I trust the seller to be honest about the truck and don't think it is too much to ask,I have bought a number of trucks from board members the same way with no problems whatsoever.Again seller has all the money up front and still has the truck,does not seem to be to risky for seller.I have been in business for thirty one years,but Andrew you have the right to refuse as you see fit.
Regards. Rolf
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  #14  
Old August 30th, 2013, 09:33 PM
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Quote:
Originally Posted by Rommel View Post
Yes the buyer is I/me I don't need more pictures/more information or even to see the truck in person before wiring $35,000.00 into sellers account same day as receiving title.Seller has truck and payment in full before release of vehicle.I trust the seller to be honest about the truck and don't think it is too much to ask,I have bought a number of trucks from board members the same way with no problems whatsoever.Again seller has all the money up front and still has the truck,does not seem to be to risky for seller.I have been in business for thirty one years,but Andrew you have the right to refuse as you see fit.
Regards. Rolf
Still, if your name is printed on the title as "buyer", and the title is in your possession- it's your truck in his driveway; before he receives a dime. Cart before the horse.
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  #15  
Old October 24th, 2014, 07:29 PM
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if you want the title same day fly out there hand him 35,000 and he will hand you the title - I have bought several trucks long distance and the title is always sent via fed ex or whatever after I send the money
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  #16  
Old October 24th, 2014, 07:38 PM
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Quote:
Originally Posted by Holiday View Post
Still, if your name is printed on the title as "buyer", and the title is in your possession- it's your truck in his driveway; before he receives a dime. Cart before the horse.
And vice versa...someone has to trust someone - OR you do it with Escrow.
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  #17  
Old October 24th, 2014, 08:26 PM
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why does the buyer get the title if the vehicle is purchased with a lien?

never give up the title without the money, especially money that isn't the buyer's.
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  #18  
Old October 24th, 2014, 09:21 PM
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Quote:
Originally Posted by sonoronos View Post
why does the buyer get the title if the vehicle is purchased with a lien?

never give up the title without the money, especially money that isn't the buyer's.
Being a dealer for and seeing things like this all the time I would think the best way to handle it is have a contact name and number from the bank or financial institution. Of course make sure it's a legit establishment. Explain to the person at the bank that you want the buyer to send you a check and in return when you receive the check you will mail the bank the title. When they receive the title at that bank then you will be depositing the check and they can then fund the guys account.
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  #19  
Old October 24th, 2014, 10:42 PM
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There are a number of ways to close a transaction but the biggest rule to remember is never let one party have all three items at one time. Money, Title and the Truck. As long as you have one of the three at all times you will be ok.
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