Advice on selling without a title in hand

lannypoffo · 01-02-2009, 01:02 PM

Advice on selling without a title in hand. This is more of a generic question, not really related to a BMW.

Let's say I have a Jeep for sale, i dont have title yet. I have money to pay it off, but dont want to lose my cash until I have a buyer locked in.

Options for buyer:

Pay the full asking price, dont take the car, and wait until the title arrives to pick it up.

Pay a $1000 non refundable deposit, wait for the title, then come pay the remainder and pick it up when the title is in my hand.

Pay the full asking price, take the car NOW, and we both sign a careful contract about me mailing them the title when it comes in.

My concerns are liability of course. They can't register it under their name until they have the title. What kinds of problems could occur with them having the Jeep a month before it is registered to them? Even if I send in the release of liability form to DMV?

What would you do?

Vitacura · 01-02-2009, 05:50 PM

The last two cars I sold with a lien on them we both signed a bill of sale with wording about paying the loan and getting the title mailed to buyer. The buyer took the car that day and lienholder mailed them the title a couple weeks later.
I have registered a car in my name without a title, just a bill of sale and proof of insurance. Maybe it varies by state?

lannypoffo · 01-02-2009, 06:05 PM

They bought my 2006 wrangler but only put down $1000. i paid off the balance today and am waiting for the title within 30 days. they plan to pay the balance and take the car when it arrives.

Vitacura · 01-02-2009, 11:34 PM

Sounds like a plan, Congrats on the sale!

lannypoffo · 01-02-2009, 11:36 PM

Now I'm trying to get out of my BMW lease to get into something a bit cheaper.

01-02-2009, 01:02 PM	#1
lannypoffo Lieutenant 19 Rep 564 Posts Drives: 2013 Dodge Charger SRT8 Join Date: Aug 2008 Location: Cali iTrader: (1)	Advice on selling without a title in hand Advice on selling without a title in hand. This is more of a generic question, not really related to a BMW. Let's say I have a Jeep for sale, i dont have title yet. I have money to pay it off, but dont want to lose my cash until I have a buyer locked in. Options for buyer: Pay the full asking price, dont take the car, and wait until the title arrives to pick it up. Pay a $1000 non refundable deposit, wait for the title, then come pay the remainder and pick it up when the title is in my hand. Pay the full asking price, take the car NOW, and we both sign a careful contract about me mailing them the title when it comes in. My concerns are liability of course. They can't register it under their name until they have the title. What kinds of problems could occur with them having the Jeep a month before it is registered to them? Even if I send in the release of liability form to DMV? What would you do?
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01-02-2009, 05:50 PM	#2
Vitacura Ich Liebe mein BMW 413 Rep 887 Posts Drives: 21 M240i CV, 23 X1 Join Date: May 2007 Location: Tampa Bay iTrader: (0)	The last two cars I sold with a lien on them we both signed a bill of sale with wording about paying the loan and getting the title mailed to buyer. The buyer took the car that day and lienholder mailed them the title a couple weeks later. I have registered a car in my name without a title, just a bill of sale and proof of insurance. Maybe it varies by state?
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01-02-2009, 06:05 PM	#3
lannypoffo Lieutenant 19 Rep 564 Posts Drives: 2013 Dodge Charger SRT8 Join Date: Aug 2008 Location: Cali iTrader: (1)	They bought my 2006 wrangler but only put down $1000. i paid off the balance today and am waiting for the title within 30 days. they plan to pay the balance and take the car when it arrives.
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01-02-2009, 11:34 PM	#4
Vitacura Ich Liebe mein BMW 413 Rep 887 Posts Drives: 21 M240i CV, 23 X1 Join Date: May 2007 Location: Tampa Bay iTrader: (0)	Sounds like a plan, Congrats on the sale!
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01-02-2009, 11:36 PM	#5
lannypoffo Lieutenant 19 Rep 564 Posts Drives: 2013 Dodge Charger SRT8 Join Date: Aug 2008 Location: Cali iTrader: (1)	Now I'm trying to get out of my BMW lease to get into something a bit cheaper.
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