Out of state vehicle sale/title transfer

[madcat6183]

Okay, I have never dealt with selling a car to someone out of state which will be held as collateral by the bank, so not sure how this works.

Quick hist. car is selling to person in WI, who is getting financed for car through his bank. Title is in my name, but obviously needs to be in his to get tags etc.

What do I do? Point blank, Im lost.

My thoughts are this from working in the lending business and doing car loans for years, and PP loans too;

1)His bank sends me the funds electronically or certified funds, I deposit and wait until they clear

2)I then overnight the title to his bank, with the seller portion filled out in presence of said notary releasing me from lien, selling price, etc filled out. Title is free and clear right now

3)Once the bank records their lien etc. they give him the title to get tags for the car and pay taxes

4)He gets the vehicle, either I drive it to him or he comes and gets it

5)I walk off into the dust with more money and 1 less vehicle

Is this correct? If not please help me. This may be pretty urgent as he thinks the deal will be done tomorrow. We are also exploring Uship etc. If anyone is looking to make a trip to WI and has a driver or transport, I also have cash. Neither he nor I have the time to really make it happen as fast as he wants.

Thanks!

[serpentracer]

pretty sure the bank will want that title. his name will not go on it until the bank sends it to him after he pays them back.

I'd contact the bank in question and see what they want you to do with it.

you can give him a bill of sale so he can get 30 day tags. I'm not sure what the bank does so he can get a registration. but I'm 100% sure the bank isn't going to give him the actual title until he pays it off. unless they're complete dumb asses.

Edited September 1, 2011 by serpentracer

[J_Copeland]

I sold my 675 to a guy in Wisconsin.

I had a lien on the bike.

I got a bank check for the exact amount owed on the loan.

I got a bank check in the exact amount owed to me after payoff.

When the buyer came to get the bike I gave him a bill of sale(there are free ones on the net)

Took bank check to the bank where lien was held to complete payoff.

As soon ad that check clears,sometimes up to 30 days,they will send you your title.

Get it notorized filling out seller info.

Send it to them,I sent mine certified with return receipt.

He was able to get a temp tag with the bill of sale.

That's about it!!!

Good Luck !!!

[madcat6183]

J_ at what point did he get he bike itself. I know my friend sold a bike to someone and they never took care of the title because the guy had the bike already and left it in someone elses name, just rode the shit out of it anyways....

There is no lien on title so it's f/c right now. Issue is he needs to have a lien on his. I think I will just call his bank when/if he gets me the funds. Thanks guys!