Advice on selling newer paid off vehicle without title
Advice on selling newer paid off vehicle without title
I recently paid off my vehicle, but Wells Fargo is telling me it will be 4-6 weeks before I get the title. I have a new vehicle on order and need to sell this one ASAP before the used market tanks even more. I need to try to get top dollar for it, which probably means a personal sale. Any advice on selling a vehicle without the title in hand? I can provide proof of payoff.
My thinking is if the buyer gets a loan, it wouldn't be a problem for the lender. They would just put a lien on the title (I believe our state is an electronic title state). On the other hand, I don't think anyone would want to pay cash with me being unable to provide the title. Any thoughts? Thanks
My thinking is if the buyer gets a loan, it wouldn't be a problem for the lender. They would just put a lien on the title (I believe our state is an electronic title state). On the other hand, I don't think anyone would want to pay cash with me being unable to provide the title. Any thoughts? Thanks
Last edited by AussieDad on Mon Aug 08, 2022 10:33 am, edited 1 time in total.
Re: Advice on selling newer paid off vehicle without title
I would never hand over a vehicle unless the title transfers.
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Re: Advice on selling newer paid off vehicle without title
Not a chance. Wait for the title.
Re: Advice on selling newer paid off vehicle without title
4-6 days or 4-6 weeks?
You would have to find a buyer that would be willing to wait until the title arrives. However that ends up looking.
I agree that I would not sell the vehicle to a private party before the title arrives.
I do not think car values are going to tank in the next 4-6 days or 4-6 weeks. The supply issues are not going to get resolved in that time period.
You would have to find a buyer that would be willing to wait until the title arrives. However that ends up looking.
I agree that I would not sell the vehicle to a private party before the title arrives.
I do not think car values are going to tank in the next 4-6 days or 4-6 weeks. The supply issues are not going to get resolved in that time period.
Re: Advice on selling newer paid off vehicle without title
I would not buy a car without the title in hand. Nor would I try to sell one.
Your intentions may be good and honest, but there are too many things that probably won't go wrong, but could.
Your intentions may be good and honest, but there are too many things that probably won't go wrong, but could.
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Re: Advice on selling newer paid off vehicle without title
Even if the buyer got a loan, the original title is needed to get license plates and insurance.
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Re: Advice on selling newer paid off vehicle without title
FWIW, we recently paid off a vehicle and the title was in our mailbox ~10 days later. Also, you are correct on used car prices slowing. When we got our new truck in May, I got Carvana/Vroom/Carmax offers for our '17 VW jetta with ~65k miles: all were in the $11k-$12k range (bought it for ~$13,900 out the door in December '16. Wife did not want to sell even though we've been fine with a single car for over 5yrs. This past weekend she finally decided that she feels comfortable selling it (we've driven the jetta literally once since May) and now all my offers were $8,200-9,000. Not worth it, we're just keeping it.
Re: Advice on selling newer paid off vehicle without title
Have you asked Wells Fargo about expediting the title, even if it involves a fee?
Are you dealing with a local branch or an 800 number?
Are you dealing with a local branch or an 800 number?
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Re: Advice on selling newer paid off vehicle without title
No.AussieDad wrote: ↑Mon Aug 08, 2022 10:09 am I recently paid off my vehicle, but Wells Fargo is telling me it will be 4-6 weeks before I get the title. I have a new vehicle on order and need to sell this one ASAP before the used market tanks even more. I need to try to get top dollar for it, which probably means a personal sale. Any advice on selling a vehicle without the title in hand? I can provide proof of payoff.
My thinking is if the buyer gets a loan, it wouldn't be a problem for the lender. They would just put a lien on the title (I believe our state is an electronic title state). On the other hand, I don't think anyone would want to pay cash with me being unable to provide the title. Any thoughts? Thanks
This time is the same
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Re: Advice on selling newer paid off vehicle without title
Used car prices going soft? In my city there's a largeToyota and Honda dealership across from each other. Neither has any new cars or trucks on the lot. Their websites show Vehicles in transit. That's the way it's been for a year. They don't even have a decent selection of used cars. That car you have on order may not be there when the dealership and it may not get there at all.Used vehicles in my estimation will be commanding a premium for sometime.
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Re: Advice on selling newer paid off vehicle without title
i'd wait. 4-6 weeks isn't going to make a significant difference IMO.
just less to go wrong / simpler transaction.
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just less to go wrong / simpler transaction.
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Re: Advice on selling newer paid off vehicle without title
I presume this is a relatively late model vehicle.
Late model vehicles, on the used market, mostly go $15K and up now. Possibly much more.
At that price point, it's tricky to make private party deals work. Buyers don't love shopping amongst flakey sellers, and vice versa, and the financial security issues of the purchase are significant.
If you sell to someone you know & trust, issues are mitigated, of course.
As a buyer, I would be SUPER unreluctant to buy a $15K+ vehicle from a private party, without a title in hand, and generally would want that title to be free of any liens. So if you really want to try a p.p. sale, I'd advise you wait.
That said, you might do quite well selling to a dealer. Another issue with p.p. sales is that it can be harder for the buyer to use financing. Since most used buyers presumably need financing, this is another reason that dealers have an advantage.
The old stereotype that dealers pay little for used cars/trade-ins is, I think, out-of-date. It's a competitive market, with online options as well. If you sell intelligently, you'll likely get a pretty solid deal. Yes, the dealer has to make a margin and will obviously pay you less than they expect to sell for. But they provide useful services for that margin, and have a market of potential customers that you can't reach as easily/thoroughly.
Late model vehicles, on the used market, mostly go $15K and up now. Possibly much more.
At that price point, it's tricky to make private party deals work. Buyers don't love shopping amongst flakey sellers, and vice versa, and the financial security issues of the purchase are significant.
If you sell to someone you know & trust, issues are mitigated, of course.
As a buyer, I would be SUPER unreluctant to buy a $15K+ vehicle from a private party, without a title in hand, and generally would want that title to be free of any liens. So if you really want to try a p.p. sale, I'd advise you wait.
That said, you might do quite well selling to a dealer. Another issue with p.p. sales is that it can be harder for the buyer to use financing. Since most used buyers presumably need financing, this is another reason that dealers have an advantage.
The old stereotype that dealers pay little for used cars/trade-ins is, I think, out-of-date. It's a competitive market, with online options as well. If you sell intelligently, you'll likely get a pretty solid deal. Yes, the dealer has to make a margin and will obviously pay you less than they expect to sell for. But they provide useful services for that margin, and have a market of potential customers that you can't reach as easily/thoroughly.
Re: Advice on selling newer paid off vehicle without title
I've never had a problem selling a car with the title in my name. And a letter saying the loan was paid off.
I've never bothered to get a new title.
Apparently getting a new title costs money, at least where I live.
I've never bothered to get a new title.
Apparently getting a new title costs money, at least where I live.
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Re: Advice on selling newer paid off vehicle without title
I think the OP does not have the title at all lien or no lein showing.
I once looked at a used car that was in this situation. I really thought the owner was an honest person and the car was in good shape. But, I was just could not figure out how to really make it work so I passed.
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Re: Advice on selling newer paid off vehicle without title
The easy ways for owners to sell their cars (Carvana, Vroom, Carmax, etc) are certainly offering less than they were a few months ago. I've even confirmed this with my Ford Maverick hybrid, which is about the hottest vehicle on the market - our Carvana offer went down ~$2k in the last two months. Whether or not that is manifesting on the retail sales side, I have no idea.forwhatiknow wrote: ↑Mon Aug 08, 2022 11:16 am Used car prices going soft? In my city there's a largeToyota and Honda dealership across from each other. Neither has any new cars or trucks on the lot. Their websites show Vehicles in transit. That's the way it's been for a year. They don't even have a decent selection of used cars. That car you have on order may not be there when the dealership and it may not get there at all.Used vehicles in my estimation will be commanding a premium for sometime.
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Re: Advice on selling newer paid off vehicle without title
With your VIN in hand, call your state's DMV. I had a similar, but less urgent need to add a name to our title. Turns out, the lien release is sent directly to the DMV electronically. So you may be able to go get a reissued title without a lien on it from your state's DMV and not have to wait for the mailed copy. I was able to get my new title with a name added and no lien a few weeks before the old title and lien release arrived in the mail.
Re: Advice on selling newer paid off vehicle without title
You sold to PRIVATE PARTIES (who didn't know you) who accepted a letter in a sale of a vehicle whose title showed a lien?
Vehicle of reasonably substantial value? ($12-15K+ in 2022 dollars?)
Re: Advice on selling newer paid off vehicle without title
momvesting wrote: ↑Mon Aug 08, 2022 12:09 pm With your VIN in hand, call your state's DMV. I had a similar, but less urgent need to add a name to our title. Turns out, the lien release is sent directly to the DMV electronically. So you may be able to go get a reissued title without a lien on it from your state's DMV and not have to wait for the mailed copy. I was able to get my new title with a name added and no lien a few weeks before the old title and lien release arrived in the mail.
Good idea. Thanks.