I have bought and sold a LOT of cars owner to owner (private sale), both financed vehicles and when the title was in hand, but this is a new one to me and I am wondering if any of you have dealt with something similar. I have a car financed with Ford Motor Co (first and last time ever), mostly because it was 0% financing and there were perks on top of that (sirius, additional discounts, etc), but anyway, now I have a ready buyer for said vehicle and I am being told by Ford that in order to sell it, the buyer's bank has to pay off my loan directly or give me a check and I pay it off with Ford. Okay, fine. BUT, it will take up to 10 days to get the title to me so I can sign it over to him. Really? All the while, it is still in my name, my tags, my insurance and he is stuck and cannot insure or tag a car he just paid for. I asked if there was a proxy form that I could sign to transfer the title upon payoff and have it sent directly to him...NOPE. So we are stuck with one of us putting a heck of a lot of trust in the other. Either he pays it off and the car sits for 10 days at my house or I give it to him and pray. Or, I am stuck with no deal. Have you ever dealt with this? How did you handle it? I really want to sell the car. He really wants to buy the car. This is ridiculous in this day and age.
that's the normal protocol. You pay off Ford with the monies from buyer. Take it off your insurance. Take the tags off and cancel. New buyer puts it on his insurance and goes and gets his own tags. Title comes, y'all meet and sign. If something happens while waiting on title, it's on the new buyer, not you. The new tags and insurance the new buyer obtains is proof the car is sold. Plus I've always done a 'bill of sale' (which you can print off internet).
Thank you PRM and KellBell!! I knew one of you would know how to handle it. Ford Credit was of no use past "Yes, send us the payoff and we will send you the title whenever we get around to it" and really, that is the end of their involvement in it, but I thought they might be helpful. This is when it is nice to have a good group of knowledgeable folks in your corner (including a darn good insurance agent)!! :cheers::grouphug::mrgreen:
heyyyyyy, where my smooches at? I mean, we said the same thing at the same time, don't I get some love?:cry:
For future reference, if you finance with an institution that has a local presence (bank, credit union, etc.) you can call ahead and have the title waiting at your local branch. Then on the day of the sale you can meet the buyer at the branch and exchange the money and the title at the same time.
Yeah, this is what we have always done in the past and the SECU is awesome to work with on buying/selling. We stepped out of bounds this time with the 0% financing and bonus stuff Ford threw our way. We love our credit union though. It is nice to bank with folks who know you by name!
