Helen asks…
Selling car to third party with lien?
I would like to sell my car for which I own the title to my friend. Since it is a old car, no bank is willing to give loan. I would like to place lien on this car till he pays up in full. How do I place lien on the car? I am planning to move out of the country permanently and I may not be present physically in the country when he pays in full. After he pays off, how should I release lien on the car?
answers:
If you absolutely insist on selling him the car, suggest to him that he ask the bank for a personal loan – not an auto loan. If he has good credit, he should be able to get one on his signature at his home bank. If he has a savings account, he is permitted by law to borrow up to 90% of the balance in the savings account, with the bank holding the account book as collateral. The bank cannot refuse to allow him to borrow against his savings. If he doesn’t have a savings account, perhaps he has other collateral he can pledge if necessary in order to get a personal loan.
You do NOT want to be leaving the country with someone owing you money for a car. No way will you ever get what’s due you if there are any problems; even if you do, you will spend more for legal representation, etc. Than you will recover.
John asks…
What is the laws for selling car body design?
example: if i offer you car body design , the expert just in glipmse of the eyes can create the same to duplicate the design so how to offer the car body design to the buyer to be safe ? or is it a contract job to an automotive company ?
i think there is a lot of talented car body designer do not aware of this and they need the money for their live.
Thank you for the information. For a person who like to draw and sketching car and doesnt have university lesson (money problem) but really like the job, what is the solver for this problem ?
answers:
If you have something you really think the big manufacturers would buy, the first thing you would get would be copyright, so no-one can legally copy it without your permission.
Ken asks…
What is the best route for selling car with a dead motor and getting good money, A Scrap Yard?
The car is 5 years old with 200+K miles. The motor just died and a new one cost more than the cars worth.
answers:
The car is not that old, so your best bet is to advertise the car (depending where you live) in an Auto Trader, specify that it needs an engine, and some mechanically inclined individual will buy it knowing that he can put an engine in at a minimal cost. Determine what the value of the car would be if it had a working engine, deduct appropriately for a blown engine, and someone will buy it.
Donald asks…
Is there any money in selling car parts? Or in selling fixed cars?
Hey,
Just wonderin if theres any money in buyimg ised cars that have been damaged/ crashed or just old then selling them for parts? Like somebody wants a door or bonnect ect..
Or is there more money in buying cars that have been damaged, repairing them then selling them?
answers:
In the uk, selling parts is the best.
Lizzie asks…
Selling car to a car dealership?
I live in Texas and planning to sell my car to a car dealership. The dealership told me that they will not transfer the title until they sell the car to another individual. I have heard stories from people who got toll tickets and other kind of tickets for car that they owned previously (probably because the title was not changed). So, is there a way to safeguard myself from this?
What are the precautions to be taken to sell the car to a dealership? I am not worried about getting less money from the dealer because it helps me to sell the car quickly and without having to advertise, get the checkup etc for the car.
answers:
They may not transfer the title, but you’ll have to sign an odometer statement showing them as buying the car, if that is what’s happening.
Whatever you do, don’t just drop the car off, without a receipt in hand. That odometer statement will show proof of the change of ownership and you’ll be fine.
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