Question about selling CLK: Transaction-related
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Member
Joined: Jul 2003
Posts: 93
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From: Washington, DC
2001 CLK 320
Question about selling CLK: Transaction-related
So I've been getting offers on my CLK.
I still owe money on the loan (let's say $5K). And let's say I'm selling the car for $17K.
The bank said they will send me a check for the difference, but the it will take 3 days to send over the title.
*Do I give the buyer the car before the title comes back (but after he gives the check to my bank)?
*If he wants to buy it, but can't get a cashier's / certified check until the next day, do I make him write me a check for a deposit? (if so, how much?)
*What type of check should I ask for, cashier's or certified? (or are they the same?)
Has anyone else been in a similar situation where they still owe money to the bank and sell their car privately- what did you do?
I still owe money on the loan (let's say $5K). And let's say I'm selling the car for $17K.
The bank said they will send me a check for the difference, but the it will take 3 days to send over the title.
*Do I give the buyer the car before the title comes back (but after he gives the check to my bank)?
*If he wants to buy it, but can't get a cashier's / certified check until the next day, do I make him write me a check for a deposit? (if so, how much?)
*What type of check should I ask for, cashier's or certified? (or are they the same?)
Has anyone else been in a similar situation where they still owe money to the bank and sell their car privately- what did you do?
Member
Joined: Jun 2005
Posts: 91
Likes: 0
From: CA
02 CLK320 ,bilstein sport shocks, Eiback springs, ECU upgraded, Front grill and emblem, 18" wheels
*Do I give the buyer the car before the title comes back (but after he gives the check to my bank)?
This realy doesnt have to be complicated. Wait for him to give you a certified check or cash. Make out a bill of sale and there are also some forms at the dmv for release of liability. Pay off the car yourself then when you receive the pink just transfer ownership to him.
or have your lean holder (the Bank) do the transaction and they wll send him the pink direct. or Better yet just call the DMV.
*If he wants to buy it, but can't get a cashier's / certified check until the next day, do I make him write me a check for a deposit? (if so, how much?)
no cashiers check = no car. tell him to get cash
This realy doesnt have to be complicated. Wait for him to give you a certified check or cash. Make out a bill of sale and there are also some forms at the dmv for release of liability. Pay off the car yourself then when you receive the pink just transfer ownership to him.
or have your lean holder (the Bank) do the transaction and they wll send him the pink direct. or Better yet just call the DMV.
*If he wants to buy it, but can't get a cashier's / certified check until the next day, do I make him write me a check for a deposit? (if so, how much?)
no cashiers check = no car. tell him to get cash
