How to sell car (im still financing)

[jamsuh]

i'm planning on selling my firebird but its financed thru general motors and i dont have the title. so i was wondering what are the steps i gotta take (where do i get the bill of sale from) i got the 2 forms already from the dmv. thanks

[HoolieB]

We recently bought a vehicle from someone who still owed on it. Here are the steps we took:

1. We gave the seller the dough
2. He gave us the truck
3. He immediately filled out the Release of Liability &
filed with DMV
4. We immediately insured the truck
5. He paid off the lien
6. Ford Motor Credit mailed him the title, approx. 3 weeks later
7. He signed the title over to us
8. We mailed the executed title to DMV plus the
sales tax & transfer fee
9. DMV mailed us the title, approx. 5 weeks later

We didn't use any Bills of Sale and instead let our canceled check be our receipt. I'm sure there are better ways to go about this, protecting both seller and buyer, but this worked fine for us. We know the seller which the transaction somewhat less of a risk.

[cyeh_99]

It depends.

If you are selling to a dealer, they will handle everything including contacting General Motor and arrange for final payment.

If you are selling to individual and they are financing, then the bank that does the financing will make arrangement with General Motor. The bank will send the check for balance owed to General Motor and the bank will receive the title.

If the individual is paying cash or check, call General Motor yourself and with the purchaser, arrange for payment to General Motor and have them send the title to the purchaser. Provide the purchaser with a signed letter that saying you are selling the car so they can register with DMV.

You can also check with DMV.

Edit ****

Looks like HoolieB got it right above. We posted the reponse the same time.

End Edit****

[jamsuh]

well i'm sellin to a private party, and i believe they have the dough on hand and are not financing, so i was wondering what exactly a 'bill of sale' was and how do i go bout getting one

[HoolieB]

I think you can make one up, but please check with one of the legal-eagles on the site for what should be included.

After buying the one truck, we sold the one it replaced. Sold that to a neighbor, but used a generic Bill of Sale form that read, "I, HoolieB, sold my 1990 F250 Ford truck, California license #______, VIN # _____, to Good Guy Neighbor, for $3750. The vehicle is sold AS IS, with no warranties expressed or implied."

Again, check with someone who actually knows that the hell they're talking about vis-a-vis contracts and stuff.

[jamsuh]

can i write one out of paper or do i need some fancy schmancy paperwork?

[jamsuh]

alrite, i sold the car here is what i did in case anyone has a similar situation in the future, i filled out a bill of sale (found online) also the transfer paper and release of liablity. the lady sent a certified check to GMAC (finance company) and give me a home equity line check for 700 to cover the difference.