silkshocker

I hate letting my S go but I gotta move on to better things. The thing is I'm still making payments on my car. I got about $18K left on the car. I'm selling it for $24K. The buyer is willing to write a cashier check for the whole amount of $24K. The car title is being held up by my credit union. How do I go about making this transaction? Should I have him send the check straight to my credit union and then when the title comes I just give him the car and the title? Please help. This is my first time selling the car on my own. Thanks

rworne

Make sure the cashier's check is good. A common 'net scam is a forged cashier's check. The victim usually doesn't find out until several days after the deposit is made and the funds released. By then, the victim is out the funds *AND* the car.

I'm not saying that's what this is. Just be careful.

S2KSpaYellow

There are a bunch of bogus Cashier's Checks these days. When you get the check call the bank that issued it and verify the funds. Make sure the transaction takes place during banking hours. If he tries to pick it up on a Friday night there will be no way to verify the check. If the check is good you can sell him the car, but he won't be able to get the title until you pay off the note. After two weeks you should receive the title then you can sign it and send it to him.

silkshocker

so I can just hand the car over and him giving me the check in exchange then I send the check in to my credit union to pay off the car then send him the title? Is this how the transaction should work? I should go to the DMV to get the bill of sale also, correct?

Ludedude

Here's a stunning thought. Why not ask your credit union how they'd like you to handle the transaction? After all, it is their car

silkshocker

it's the weekend and I thought I would get some advice from you guys first

rworne

LudeDude is right too.

You need to know the payoff amount on the loan, that will tell you how much "profit" you make on the sale. The CU will also recommend something that is in their best interest, which coincidentally, is in yours too.

vvtli78k

weekend, complete the transcation on a weekday , go to the bank with the check , buyer and car, make sure check is authentic, give him the car , get a simple form from DMV stating change of ownership and send the money to ur credit union for the title,

thta is how i did mines

Tuanster

Just be careful...even if the cashier check is legit. It's NOT garantee money. He can still cancel that check just like the regular check. That what my bank told me so when I sold my car I goes to the bank with him and get the cash. In your case u have to do everything through your CU because it their car not your...legally speaking.

silkshocker

So I'm gonna have him come with me to the credit union on a weekday and give his cashier check to the credit union and they will in turn send him the car title. The DMV paper can be done afterwards, correct?