Selling a car question...who to sign title over to?

I'm turning my S2000 over to the new owner today and have a question about who I should sign the title over to? Originally he had a "old used car" loan from Viewpoint bank but they later told him they can't since it's over 100K miles. Then he applied for a personal loan which the seller said is unsecured. The bank will deposit the money into his account when the loan is funded and he said he's giving me cash.

If he's providing me cash/cashiers check in his name directly to me I sign the title to his name, not the lienholder/bank correct? He's meeting me at MY bank to verify the funds are legit and sign the title over.

Thanks in advance.

I would say you sign it over to him and I'm sure his bank will make him sign it over to them before they give him the funds. It does sound strange that he will be giving you a cashiers check PRIOR to the bank funding the loan.

Yep. If the person giving the loan needs the title they're responsible for getting it from him.

Also, make sure you get a bill of sale, and fill out the Texas Title Transfer Form and the Transfer Notification are filed:
http://www.txdmv.gov/vehicles/titles/title_vehicle.htm

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Originally Posted by Flyin96M

I would say you sign it over to him and I'm sure his bank will make him sign it over to them before they give him the funds. It does sound strange that he will be giving you a cashiers check PRIOR to the bank funding the loan.

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Sorry I may have written that wrong. His bank is funding the loan by depositing the $ into his bank account. He's then withdrawing the cash in the form of $ or cashiers check to pay me.

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Originally Posted by goofygrin

Yep. If the person giving the loan needs the title they're responsible for getting it from him.

Also, make sure you get a bill of sale, and fill out the Texas Title Transfer Form and the Transfer Notification are filed:
http://www.txdmv.gov/vehicles/titles/title_vehicle.htm

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Thanks! Very helpful. Is there a standard bill of sale to use? Do I take my plates or leave them with him?

Still sounds strange that his bank would give him the cash without having the title, but as goofygrin said just take the cash and let his bank sort it out.

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Originally Posted by CosmosMpower

Is there a standard bill of sale to use?

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Here's a generic one I've used a few times before.

+1 on what goofy said. If he has a valid cashier's check, you have no responsibility for the titling process or accomodating any potential leinholder. Simply CYA by verifying funds with your bank (ask them if they are positive, so they don't try to come back on you if the cashier's check is fraudulent) and having the buyer sign both the bill-of-sale and the TXDOT Title Transfer forms before you give-up the title. Since you're at your bank, I'd get the BOS notarized.

After that, you are pretty much in the clear no matter what the guy/gal does with the car or the loan. Congrats on the sale, though its sad to see such a clean car go. What's next?

Oh one other thing the state recomends is to take the license plate and scrape the sticker to make sure the new owner titles the car in their name. Your local tax office can give you a temporary tag for them to use that is only good for 5 days. They will also allow you to use the old plate and remaining registration on your new car for $5 transfer fee.

On that bill of sale it looks pretty good, but it should include the statement "as is where is" to further protect yourself.

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Originally Posted by Flyin96M

Oh one other thing the state recomends is to take the license plate and scrape the sticker to make sure the new owner titles the car in their name. Your local tax office can give you a temporary tag for them to use that is only good for 5 days. They will also allow you to use the old plate and remaining registration on your new car for $5 transfer fee.

On that bill of sale it looks pretty good, but it should include the statement "as is where is" to further protect yourself.

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Which sticker are you referring to? How do I "scrape" it?

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Originally Posted by OZMDD

+1 on what goofy said. If he has a valid cashier's check, you have no responsibility for the titling process or accomodating any potential leinholder. Simply CYA by verifying funds with your bank (ask them if they are positive, so they don't try to come back on you if the cashier's check is fraudulent) and having the buyer sign both the bill-of-sale and the TXDOT Title Transfer forms before you give-up the title. Since you're at your bank, I'd get the BOS notarized.

After that, you are pretty much in the clear no matter what the guy/gal does with the car or the loan. Congrats on the sale, though its sad to see such a clean car go. What's next?

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Got it, will def get the BOS notarized. I asked him to meet me at my bank to verify the funds before I sign everything over, I'm all about CYA. I'm a bit sad to see it go too, will be hard/impossible to replicate the same car in the future with all the nice parts from various model years and meticulous maintenance from Clovis and myself.

Will be buying either a 335 coupe or 135i to replace it. Looking forward to the quiet cabin, instant torque and tech goodies. I'll still have the Elise to play with when I want a noisy, high revving fun handling roadster.

I strongly suspect the state round files the Transfer Notification forms. I have sent one in promptly after selling cars, but still receive registration renewal forms, and also received a red light camera ticket for a car I had reported as sold 4 months prior to the ticket date. ::Rant::

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Originally Posted by CosmosMpower

Which sticker are you referring to? How do I "scrape" it?

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The registration sticker

Can't you keep your plates now to force the new owner to register the vehicle?

Link - http://www.txdmv.gov/protection/protect_title.htm

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License plates and registration sticker
For only $5, you can keep your plates and transfer them to another vehicle you buy or own.
Be sure to remove your windshield registration sticker. When you keep the plates, this forces
the buyer to re-title the vehicle in his or her nam

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Originally Posted by POS Racing

Can't you keep your plates now to force the new owner to register the vehicle?

Link - http://www.txdmv.gov/protection/protect_title.htm

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I probably can but how can he drive around this weekend when the DMV is closed without plates? Will probably get pulled over every 5 miles?

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Originally Posted by CosmosMpower

I probably can but how can he drive around this weekend when the DMV is closed without plates? Will probably get pulled over every 5 miles?

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If the previous owner keeps the vehicle’s license plates, you will need to download a free
Vehicle Transit Permit so you can legally drive the vehicle to the county tax office
to re-title it.

You can fill out the online form and get a temporary tag on the site I linked to above.

Just saw that, printed it out for the buyer so he can do it himself. I think I'm all set. Now to find a new car!

Had a couple of 128 loaners... not sure what the price split from 135 to 335 is, but the 128 never felt any smaller or lighter than my 328 WAGON, but it was definitely noisier, rougher and the interior felt cheaper. YMMV, but i'd go 335. Actually, I'd go 328, since ya can't get the 335 wagon stateside... I try and keep my friend with the m3 nervous with the knowledge that his drivetrain will fit nicely in my wagon...

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Originally Posted by Flyin96M

Still sounds strange that his bank would give him the cash without having the title, but as goofygrin said just take the cash and let his bank sort it out.

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He said it's a personal loan. If he used something else as collateral , or just his credit alone I guess, he doesn't need to give them the title. That's how it was when I bought my Z in NJ in 1998. I got a personal loan using my other car as collateral (or whatever they call it when you have a crappy credit score) so the Z title was all mine.

Obviously things have had more than enough time to change, but that's the only experience I have with a personal loan on a vehicle.

By the way, if he's withdrawing the funds from an account, just have him bring cash. There have been lots of fake cashier's checks around. I had a friend that sold his son's motorcycle on a cashier's check. The check was bad and the buyers were long gone. No reason not to use cash. Besides, you get to feel baller for a day carrying a big wad from the sale to your bank. :-)

^^ This. If the loan is cleared to his account, there's no real reason to not just give you cash. If it would put you more at ease to have actual cash in hand, he should have no problems with doing just that if he's legit.

EDIT: Unless you're like me and blow through cash in a few minutes. If I have any amount of cash in my pocket for more than 10 minutes, it must be a late Sunday night...I have absolutely no willpower when it comes to not spending cash-cash. So then cash would be a bad idea.

Thanks guys. I'm fine with a cashiers check and will have my bank give me the OK that it's legitimate before signing the title over. That's part of the reason that he's meeting me at my bank.

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Originally Posted by tailchaser

Had a couple of 128 loaners... not sure what the price split from 135 to 335 is, but the 128 never felt any smaller or lighter than my 328 WAGON, but it was definitely noisier, rougher and the interior felt cheaper. YMMV, but i'd go 335. Actually, I'd go 328, since ya can't get the 335 wagon stateside... I try and keep my friend with the m3 nervous with the knowledge that his drivetrain will fit nicely in my wagon...

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Price is about the same in the used market for 135 and 335 with similar mileage and options actually. The only reason I thought about the 1 is that it might be a little more nimble and fun to drive plus you don't see them every 5 minutes like you do with the 3 series. The backseat room on the 1 is siginificantly less than the 3 though. The 335 coupe is surprisingly roomy in the back (about a foot of room between my knees and the seat back). Looks like I'll be going 335 coupe.

I think the 335 is sweet. Sat in KenO's 335 sedan back seat at the Pro to warm up, and it was excellent.

As for the cash withdrawl, the bank might have funded the loan, but via the cashier's check.

Cosmos - how are you going to get your clubs to the course on sunday?? :)

BTW - have you checked out a used CTS-V as an option? That's the object of my car-lust for a DD once the MX-5 is paid-off at the end of the year...

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Originally Posted by OZMDD

I think the 335 is sweet. Sat in KenO's 335 sedan back seat at the Pro to warm up, and it was excellent.

As for the cash withdrawl, the bank might have funded the loan, but via the cashier's check.

Cosmos - how are you going to get your clubs to the course on sunday?? :)

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I drove Ken's car with the chip, felt fast!

Crap, I actually don't know if I'm going to walk. Might have to swap cars with the wifey for the day. Did we decide if we're playing??

As for the CTS-V, not really interested in the old one. Like the new one but mega $$$. I thought about one of the big hp sedans like the E39 M5, E55 AMG but too much gas, too much maintenance, don't need that much space.

You can get a bill of sale, have it notarized, baptized, and sterilized but here's what one nice lady at the Tax Assessor's office told me "We don't recognize any bill of sale".

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Originally Posted by cam76034

You can get a bill of sale, have it notarized, baptized, and sterilized but here's what one nice lady at the Tax Assessor's office told me "We don't recognize any bill of sale".

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Yes, but the tax office is the buyer's problem, not the seller's. The BOS provides a legal document to show that you sold the vehicle in good faith and are no longer the legal owner. Also, it defines any conditions of the sale, or lack thereof.

Update...cash is king. I got the cashiers check from Viewpoint, went to my bank with the buyer and asked the teller to triple check and make sure it would clear immediately, no holds. She confirmed, I deposited the check signed over the title/keys etc. Found out there was a hold over the weekend since it was a large amount. Luckily the kid is honest and it finally cleared this morning but I will certainly ask for cash $100 bills next time and have my bank verify they are real.

Thanks everyone! Off to find a new ride.

Was your s2000 white with red interior ?

My friend just bought one a few days ago

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Originally Posted by NissanFairladyZ32

Was your s2000 white with red interior ?

My friend just bought one a few days ago

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Yes

You must be the guy he bought it from, sadly he cant drive a 5 speed yet but he will learn,

i cant believe it was a "2000" model it looks in better condition then some 06 & 07 s2000s ive seen, beautiful car.

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Originally Posted by NissanFairladyZ32

You must be the guy he bought it from, sadly he cant drive a 5 speed yet but he will learn,

i cant believe it was a "2000" model it looks in better condition then some 06 & 07 s2000s ive seen, beautiful car.

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Yes, sounds like the same guy. It was very clean, people asked me if it's an 05/06 all the time. They didn't believe it was a 100K+ mile 2000 model. I hope he enjoys it.