Quote:
Originally Posted by F30_E85
I recently did this too for a lease vehicle, took a little a different approach, wanted to share. I am in Ca, it might not be applicable to every where.
I found a buyer, explained to him the situation, I need to buy and resell to him etc. He was ok with it, he wasn't comfortable paying and getting the car without the title. I offered him he can pay a 'down payment' to make sure he is intending to buy the car. He agreed, I paid off with my own money, received the title, went to AAA together, did two title transfers and he paid me in full.
I haven't heard from him since  |
Yep, lots of ways this can be done. Down payment as you did isn't a bad idea if you have the means to cover the remaining cost of the car. What is hard though is to find someone who will pay off your loan entirely (if you owe a significant amount) and simply wait a week or two while you still have control of everything (such as continuing to drive the car and potentially damage it) since it isn't really the buyer's fault that you have a lien on the vehicle you're selling. To me, that's why a seller needs to be a bit accommodating since you're already inconveniencing the buyer by not having a title in hand. If you're selling a rare vehicle that a buyer can't get elsewhere, that's a different story. But if it's a mainstream car such as a BMW, a buyer will most likely go elsewhere if there isn't a bit of give and take involved in the deal.