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Legal owners and paperless titles..... Posted by Mike Lynch [Email]  (#81) [Profile/Gallery]
(more from Mike Lynch) on Wed, 14 Apr 2004 12:15:42
In Reply to: Advice - How to sell car with an existing loan (lien), Razl, Wed, 14 Apr 2004 11:35:09 Members do not see ads below this line. - Help Keep This Site Online - Signup |
You're on the right track. Your example assumes that the loan value is less than the value you are receiving for the car, if not you would need to pay that difference in order for USAA to release the title. It's common when a loan is paid off on a car for the lender to send the title to the registered owner, you, and not the new buyer. And in California there is no actual hard copy of the title on file at most lenders. It's electronically registered and you or your buyer paying off the loan triggers the DMV to mail out an actual paper title without a lien to the person listed. When you receive that paper title from the DMV or the lender you can then sign off on it and forward it to your buyer.
I imagine most states have forms that will save you a trip to the DMV, called a power of attorney, that allow the named person, usually the buyer, to transact business for that car or VIN number. These usually have dates and mileage on them too.
Do file a RELEASE OF LIABILITY with your local DMV. So if for some reason your buyer doesn't follow through re-registering the car or has an accident or gets a parking ticket before the car is transfered to them, you have proof that you are not responsible. This is a serperate form and filing operation from the bill of sale, power of attorney and such, that the seller does unilaterally.
So if you're sure the buyer sent the money to the lender, paid the difference if any, or you paid the difference, and you write up a bill of sale and do a power of attorney for them, and you file a release or liability with the DMV, then go ahead and let them take the car. You can forward them the title when it comes to you.
Your buyer can go to the DMV immediately and begin the transaction which will then be completed when the title is turned in from you to the buyer to the DMV.
posted by 63.197.222...
, Wed, 14 Apr 2004 12:15:42 <-- Viewing This Message
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