guys, i had to sell my car due to financial reasons...
somebody already gave me an earnest money and by today we will settle everything...
but there are a couple of questions i need to ask....

1. since the car has a lien trhough toyota, i will be paying it off once i get tthe payment from the buyer today... ill be sending the pay off check latest tomorrow. but we agreed that i will give him the car when he give s me the full amount today and i will be giving him a Bill of Sale stating that the guy already bought the car... will this be a good move?

2. since i dont have the title in hand and i will be giving the car already once he pays me the cash, will i still be held liable for whatever reason during the time that he hasnt got the title on his name yet even if both parties signed the Bill of Sale stating that the car is basically his responsibility already?

thanks for any info on this in advance!!!

 

When he pays you the money you will have to pay off toyota to get the title to give to him, So write a good bill of sale sale you will do just that and go to a bank that has a notary public or the dealer you bought the car from and get that notary stamp, and make sure to remind him to insure the car in his name immediately. The key here is documentation and CYA... cover your end in case he drives off and totals the car out a few minutes later. GEt the bill of sale made out, get the tag info transferred and when the title comes back from your lein holder transfer it to him A.S.A.P. and you should be fine, it souds scary but it goes on all the time you should be fine.

 

i already gave him the car and we agreed that he'll not drive it till i get the title and hand it to him... what i did was i took the tags off and the reg card and i noted in the acknowledgement receipt that any liability will be his in any case that might happen while waiting for the title.. technically he should not be driving it.... he still owes me 3500 and well settle evrything once i get the title...
any ideas how long will it take for toyota finacial to process this? i just mailed my payoff check yesterday and since im only in VA and the maling address was PA, i wish it would take long to get it...

 

call them up and ask.