WHAT SHOULD I CONSIDER WHEN SELLING MY CAR

Chances are by now you have seen dealers advertising to buy your car. This is for a couple of reasons. With the decreased production during pandemic years it is more difficult to find late model vehicles with low miles. Also, dealers have learned it is more cost effective to buy directly from a consumer than it would be at an auction. Most larger dealers will buy your car even if you're not trading.

I myself am a little weary of private party sale. The benefit is you stand a chance to sell it for a little more than you would to a dealer. The downsides can include scams, dealing with sketchy people, the time it takes to show and sell, as well as paperwork and navigating payoffs.

 If you do decide to sell private party I recommend vetting out who you are selling it to pretty well. I prefer to stick to sites like Autotrader to limit spam. I recommend meeting in a safe public place, and buying a counterfeit bill marker to strike any cash to verify authenticity. I typically get a vehicle bill of sale from any office supply store to detail the transaction.

The answer is yes. However, how you complete the transaction will depend on how much money is owed to the lienholder. If someone is offering you more than what you owe you will need to pay the balance on the loan and wait for the bank to send you title. You will in turn need to provide the title to the buyer. 

If you owe more than what is being offered you will need to pay the difference to the bank to satisfy the loan. Again you will have to provide transferable title to the buyer.

When dealing with private party I strongly prefer cash. Do not accept any personal checks. If there is a bank involved I recommend meeting at a branch to verify funds. Payment from larger franchise dealers are typically safe, and you should receive a bill of sale detailing the transaction.

If you have a title in hand you will be able to transfer it to the buyer, and they can apply for a new title in their name. If you have a payoff, it can take several weeks to receive the title from the lienholder. When receiving a title from a lienholder make sure there is a lien release indicating the lien has been satisfied.

Paperwork can be tricky, especially with private party. A dealer will typically guide you through what is needed. When signing a bill of sale, title, power of attorney, or any other documents related to the sale it is important that you write and sign your name exactly as it appears on the title. This will reduce requests for correction and delays in providing new title.