Since you guys change cars more frequently than I do, I thought I would look to you for some advice.

Selling the M as some of you know. Guy flying in from TX Monday to pick it up and drive home that day. There is still a lien on the title for my note. I could strike a check and payoff today, but the title would be in flux for 7-14 days after they receive the check. A wire would only save a couple of days. How do I do a third party transaction with a liened title so we both are protected when he leaves with the vehicle?

Feel free to PM or reply here.

 

Scott,

I guess the buyer wants to see the vehicle before he actually purchases it but doesn't care to waste a trip? Is he willing to send you a cashier’s check?

Does MD place lien information on the title? If so, does the State of Texas accept titles during DMV process with information on the title stating there is a lien against the vehicle?

I believe MD accepts an emergency release of lien from banks and credit unions so pay off the lien and request your bank or credit union process an emergency release of lien to DMV and you will be able to pick up a clean title from DMV the next business day.

All you need then is 24 hours, a bill of sale with the buyer and recommend he pick up a MD trip permit for $5 so he can drive the car back TX (if he doesn't bring or have plates).

 

Scott have the buyer make out 2 cashiers checks one for the lein amount to the bank or credit ucnion, the other for the difference in purchase price to you. Then do the following in this order:

Pick him up from the airport then go to your bank or gredit union. He gives them the check to get a lien release document. He hands you your check at the same time. Witnessith by the institutional notary. In the stat of MD a lien release along with a title with an lien are enough to sell the vehicle so long as the bill of sale indicates as such and the institution recognizes that the lien has been paid. I do not know about other states but in MD if a vehicle is over 7 yrs old the title itself acts as the binding bill of sale doc. To be on the safe side you guys may want to do a seperate bill of sale. You and him can do the Bill of sale right there at the bank/credit union...you hand him the paperwork and have the notary there stamp the bil of sale while you are at it. Done deal. He drops you off at home and puts a set of temp tags on your car and drives it off or he can drive home on your tags and reg and mail those back to you.

 

I hear ya, but the problem that I am having is that Toyota Financial holds the note. There is no physical location to deal with or at. Can only be done by snail mail, online bill pay or Western UNion. Today I went to Capital One to see what I can and can't do. Even if he pays me the whole amount, his funds won't clear for one business day to payoff. He, as well as the second Toyota rep both said to just do Western Union. Easiest, safest, most efficient way to knock it out.

Thanks for the heads up, but I may have it knocked out.

Oh, check your Capital One statements since the Chevy Chase transition. I fould I was charged four times, $15, for dropping below $3,000 on my bill paying account. Got all of it back this morning when I quizzed them about it. That's free money!

 

Whoa close call there bud...thought for a second we might see you over at Occupy Baltimore as a burly 99 percenter with a blanket on and a pickett sign reading Capital One is the Devil !!!!

 

Call Intersport........

 

Okay...car sold...now what's next Scott???

 

No rush. Nothing pushing right now. I do have a line on a 700hp Shelby someone is upside down in. The CTS-V seems appealing. Just not in any hurry.

 

^^^ Go with the Shelby!!!! Chevy doesn't have anything in the pony car war against that monster...I don't think the SLP Camaro will have that much power :dunno:

 

I thought about a Camaro. For only a second. Now, the 2013 Cobra coming out will be the latest and greatest of all, and will top out even the ZR1 fo sho. BUt the price tag will be a rediculous and most likely a staggering $70k+. Just like the Super Snake, that I would call a failure. Put it this way, I won't be getting the Shelby because of Carroll. It will be because of Ford and SVT. He'll sign anything these days. Must be early Alzheimer's kicking in.

 

^^^ That 'ole sun ov a chicken farmer's been runnin around sayin "see that there super mustang, it's got Zmax in it" and squaking around at Barrett Jackson endorsing anything like you said!!!

 

Maybe so but rather have a vette over that hands down. Regular or grandsport or z06.

 

I haven't hit 50 yet, so I don't qualify for Chevy yet, lol.

 

Haha.

 

Friday nite update. He FedEx'ed the payoff directly to the lienholder (no physical bank locations anywhere to do transaction). Arrived and signed for at 9:30 this morning, BUT has not been posted as of 6:00 tonight. They are open for 2 more hours. He's already got a ticket to arrive Sunday and drive home Monday. I have already notified him that the car will not leave my driveway until the funds are not just posted, but cleared which would be the next business day for a certified/bank check. I have also notified him to bump his trip a day to assure the funds clear and he's getting nervous. I told him fmor the beginning that funds must be clean and cleared before he can leave. All I will have for Monday morning for our planned meeting is a FedEx tracking history. No copy of a check, no names directly attached to my lien holder to help verify or from his bank either.

It's Monday morning meeting time, what would you do? Discuss..................