Edmunds Answers

Answers

  • isellhondas 07/26/10 6:12 pm PST

    I suppose you could give the buyer a Bill of Sale and a promise that when you get the title, you'll sign it off and mail it to him.

    But a buyer would be nuts to go for that so you do have a problem!

  • morin2 07/26/10 7:43 pm PST

    I think this will be very difficult for a private sale. But its possible that you could sell your Camry to a Toyota dealer or to Carmax with conditions that would protect both parties. I believe that you would have to leave the car & keys with the dealer and make the sales contract contingent upon the dealer receiving a clean title from you. Once the dealer receives the title, they could then send payment. Its possible that payment could be placed in escrow - but I don't see any way that you will be paid until the buyer receives the signed title.

  • Stever@Edmunds 07/26/10 10:19 pm PST

    Most states let you pay a fee for expedited title service, so go back and ask them if that's possible. If you get flak, ask to speak to a supervisor and keep going up the chain of command. Contact your state senator if you have to; they may be able to cut through the red tape for you.

    If DMV stonewalls you, you may be able to get a lawyer or bank or escrow service to hold the funds and release the title to the buyer when it arrives, but good luck finding a buyer willing to wait.

    Be careful of escrow services too; many of them are scams, so check any out carefully with the BBB or consumer protection agency.

  • complianceguru 07/28/10 2:04 pm PST

    Hello,
    You were unclear in what state your are in. In California, the Department of Motor Vehicles has a form (free) called a duplicate title app (pink in color). This form will allow you to sell the vehicle without the title in hand. This form, and a transfer of ownership form (form #262, also free from the DMV...yellow in color), will allow you to release your liability on the vehicle and transfer it to the new buyer. Both of these forms are legal DMV documents and have a place for you both to sign and date, to prove the actual transaction.
    Also in your case, you should supply your new buyer with a copy of your release of lien letter you got from your bank after you paid off the loan. With these three documents in hand, your buyer just needs to go to the DMV and summit the forms to complete the transfer. A new title will be generated and mailed to your buyer in his/her name.
    Again, this is what you would do if you are in California. All other states may have a similar procedure.
    I hope this helps.

  • rav18 07/29/10 11:55 am PST

    Thank you all for promptly responding to my query. There is a solution for this kind of problem: I went to Carmax and told them about the whole thing. They bought my vehicle, I gave them Power of Autorney to get title from DMV. I was expecting $15500 to $16000 for my vehicle but got $14000 which is still ok.

    Once again thanks for responding to my query.

ADVERTISEMENT

Top Car Selling Experts View More

Rank Leader Points
1. MrShift@Edmunds 1270
2. Stever@Edmunds 905
3. texases 535
4. morin2 435
5. karjunkie 275
6. knowledgepower 235
7. isellhondas 205
ADVERTISEMENT