Need some help...selling a vehicle to individual

[StagLefty]

Stag, could you explain how I'm supposed to give him a title that I don't have in my possession?

I'm just saying that if I didn't know you I wouldn't buy it unless I got title on payment. If he's willing to accept your terms so be it.

[CO Hugh]

Most of these cover it quite well. If I was the buyer I would want the protection. One suggestion call the lender get a payoff statement, and find out what their process is to release the title. If possible have the buyer write the check to the lender directly with an instruction letter to send him the title.

Then no waiting for middle men, and checks to clear, and everyone is protected.

[Birddog1911]

Most of these cover it quite well. If I was the buyer I would want the protection. One suggestion call the lender get a payoff statement, and find out what their process is to release the title. If possible have the buyer write the check to the lender directly with an instruction letter to send him the title.

Then no waiting for middle men, and checks to clear, and everyone is protected.

Probably the best way to go, since the lender is out of town as well. Thanks.

[ChadAmberg]

Last time I did this, I did it right at my bank that had the loan (and therefore the title) so he gave a check to the bank for the full amount, the bank gave me the balance of what wasn't owed, and the bank signed over the title directly to him.

But I'd simply pay off the loan now, get the title, then sell it to him, it's so much less hassle, even if you have to wait a week or two.

[SideShow Bob]

None local bank ? Wants to give you a check . No deal....... Go with him writing the check to your lender to pay off the loan and cover your ass from a scam.....

[coldaudio]

Don't take a bank check unless you're at his bank. My aunt is a VP with a big bank and they get TONS of fake bank checks.

[centrarchidae]

As a seller, I wouldn't take anything but cash. Even when a check "clears," a bank is free to decide, later on, that it wasn't good after all. I don't think there's a time limit on that either.

As a buyer, I wouldn't buy a bike without a title, period.

If he's willing to trust you on the title, that's his lookout. You being a poster here suggests better honesty than the average Craigslist poster, but I would not take a check from someone I didn't know, ever.

[dirtrulz]

I would at least go the rout of going to your bank with him, having him pay off the balance of the loan and the bank can have the title put in his name after the funds have cleared. It should take some of the risk off of you. If their check doesnt clear he doesnt get the title. I have had friend with good standing with the bank go in and the bank has converted the remainder of the loan into a personal loan so he can get the title and then pays off the loan afterwards. You could also give them something else for collateral and they would release the title.