I just sold the wifes car (finally!!) and need to know what is needed to complete the transaction. I've sold cars before but a banks always handled the transaction. The buyer is paying with a cashiers check.
We still owe money on the car so obviously we will be sending the money to the mortgage company. I've got a Application for TX Certificate of Title transfer form. What else do I need to do? Do we call the mortgage company and state we will be sending a check to them and then sign the title over to new owner once we get it?
If you're accepting a cashiers check from the buyer then you need to meet him at the bank the cashiers check was drawn from (or any of their branches i.e. Wells Fargo). Sit down with a banker and tell the banker you want to verify that the cashiers check is valid. I've seen plenty of fake cashiers checks and you would never know a fake from the real thing.
The buyer is going to want to make sure that you pay off the balance owed on the car. He will probably want you to get a cashiers check with him present for the difference. Then you can both go to a Fed EX loaction or something and overnight the payment that you owe together. Give him a copy of the airbill so that he can track it with you to ensure that the payment made it to your bank the following day. This is how I did it when I had someone come in from out of town to buy one of my cars and I had a balance on.
Does this guy know you still have a balance? If the buyer knows that he will not be receiving title at the time he delivers the cashier's check, then it's cool. If not, he/she might be a little concerned.
I agree with Trey's suggestion and maybe one thing more you could do is call your lender and tell the officer to mail the title directly to the buyer's address and then he can take it to you for your release when he receives it, rather than vice versa.
Yes, seller knows we owe on it. He's an older guy who lives out by my parents. He is buying the car for a daughters graduation gift. He said he can pay anyway we want but prefers a cashiers check.
I guess we will have to advise him, if he doesnt already know, that the title will be sent to us and then we will sign it over to him.
In Texas the new lender would contact the title holder, like the credit union, directly. The title holder gives the exact payoff and the new lender gives drafting/transfer instructions. The old title holder sends the title direct to the new lender.
I don't think there's a new lender, the buyer is paying in full with a cashier's check. Perhaps something more appropriate would be for the buyer to cut one check directly to the lender for the payoff amount and then when you receive the title, you can collect the remaiming amount owed and transfer title at the same time.
In my deal, the bank contacted me once they received my cashiers check paying off the car, and they overnighted me a form to sign in order for them to send the title directly to the new buyer.
, probably some kind of power of attorney would do the trick
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