LEE72

Ok. Here's the situation. A lady would like to buy my '07 Accord which I am currently leasing. My plan is for her to pay me, and I will then payoff American Honda Finance, and send her the title as soon as I receive it. I would have no problem with her taking possession of the car as soon as I receive payment, and send her the title as soon as AHF sends it to me.

The issue is that she has recently arrived in the US from Korea, and needs a car ASAP. She is not comfortable with the idea of driving the car with my license tags, and my insurance. She wants to be able to have the car insured in her name, in order to not have the "burden" of driving a stranger's car.

It is too late today for me to call my insurance agent, and I'm not sure if he will have any solutions to the problem either. Has anyone been in this situation before, or does anyone have any ideas on how to go about solving this problem?

Any help is much appreciated!!

na3j nitsuj

go to DMV.ca.gov and fill up a form online releasing of liability to her...
make sure you do that...so then if anything happens to the car she would be liable...and do a bill of sale too for proof.

s4play

hey if you need help with any car sales related issues, just call me as I have TONS of experience with this kind of stuff....


rick

LEE72

Thanks for the tip!

LEE72

Hey Rick,

Thanks for the offer. As of right now I think I have it under control. I will call you if I have any questions though.

The sale is now pending to someone else who came with his wife to see the car yesterday. Understandably, he is a bit nervous about paying off the lien and not having the title in hand. The way I arranged it with him was.

- He makes payment out to Honda Finance for the payoff amount.
- He makes payment out to me for the balance of the agreed upon purchase price.
- We fill out, sign and date all paperwork, including a Bill of Sale, Odometer Disclosure Statement, Notice of Transfer and Release of Liability.
- I write a letter authorizing Honda Financial Services to release the title to his address.
- He calls his insurance company to add the car.
- He takes possession of the car.
- We wait for the title to be mailed to him.
- I go over and sign over the title to him, and retrieve my license plates from him.
- I drop the plates off at the local DMV.

My insurance agent informs me that as long as all the paperwork is properly signed and dated, I won't be liable if he crashes the car while in his possesion before the title is signed over to him. Anybody care to corroborate that?

s4play

EXACTLY what I would do - seems you have covered all the bases so this guy should have nothing to worry about. He should be accomodating to your requests anyways as it's not always feasible or reasonable to expect the seller to have the funds to pay off a lien.

congrats on sale,

rick

thejohnremus

for a split second I thought you were selling the S...

LEE72

^ Nah. I hope to be able to keep the S forever.

Hope LA is treating you well!

Stephenopoly

good luck on the sale Adrian! I wish I knew more about selling cars so I could help!

next_nsx

thanks for posting up here...for other ppl like me to learn more about sellings cars...=)