How to sell...........
How to sell...........
I am ready to sell my Vibe so I can rid myself of a car note to free up some funds which will be put towards a mortgage. I still have two and a half years left on my note and when I contacted GMAC they were vague on the process of selling to a private party. I was going to have the buyer cut a check to me, then I will transfer funds to GMAC to pay off the remainder and have the title mailed to me to sign off ownership. Can I sell the car and let the purchaser take it without a title or would they have to wait for the title to register the car? Car max has offered me $10,150 for it but with gas prices and what not I feel I can get more and if not it is still worth trying. Has anyone done this before and any info will help a LOT!
Re: How to sell........... (Scootman!)
only someone stupid would give you money then not expect a car in return... lol you need to talk to a notary republic. They will not be able to register the car till they have the bill of sale. If they can't register it they can't drive it.
2010 Vibe & member of the yeargarage Email me if you need to talk to me, click my siggy and send the email threw the contact page.
Re: How to sell........... (keithvibe)
Cant I write up a bill of sale, sorry for the ignorance on my part, this is the first time selling a car.
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nygiantzz1
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Re: How to sell........... (Scootman!)
I'm not sure about Il, but here in NY, you need to provide a bill of sale, the current title and a lien release before you register the car with DMV. You should be able to transfer the funds to GMAC and get a lien release fairly quickly. You shouldn't have to wait for the new title, it should be issued to the new buyer after he registers the car, check with IL DMV to make sure.
Re: How to sell........... (Scootman!)
ok... just to give you an idea... who ever buys your car will most likely need a bank loan to pay for it... so you can either do two things.. one go to the bank that they got the loan from and the bank will assist you in closing the deal and using their notary inhouse or two the buyer can get a bank "cashers check" and that meens they already have the loan. Then from there you will need to go to your bank close the account and get the note if its at that bank witch most likely it isn't so they will mail it to you. But if you tell your bank that you are going to sell the car you can request that the title be sent to your local branch so you can pick it up when you close the account. Then from there it's off to the notary to transfer the title. From there the buyer needs to go to the dmv to register it and pay the sales tax on the sale.Check out http://carbuyingtips.com/ that web page should help you a bitthey suggestIf your bank or other lien holder has the title, ask them how to transfer the title to the person who buys your car. If you are selling your used car that you owe money on, you must call the bank for a payoff figure, and that is how much you pay the bank, shown on the title as the lien holder. Typically the lien holder sends the title only to the seller about 2 weeks after the lien has been satisfied. The seller then should FedEx the title to the buyer. The seller can make things easier for themselves by paying off the car loan before selling the car, then they will already have the title in hand.
2010 Vibe & member of the yeargarage Email me if you need to talk to me, click my siggy and send the email threw the contact page.