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Let
the selling Begin!
Form of Payment
Unless you know the person to whom you are selling and have
trust in that person, you should never accept any form of
payment other than cash, a certified bank check, or a bank
draft. No personal checks.
Clear Title
Obviously, you can't sell the car without the title, and if
you still owe money on the car you will have to pay it off
before the lender (the holder of the note) will release the
title. If you owe money you can:
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Pay off the note before you sell the car.
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If
the note is too large to pay it off before selling the
car, arrange for the close to take place at the bank or
wherever the note is being held. That way you can pay
off the note, take possession of the title, sign it over,
and release it to the new buyer in one transaction. We
suggest, that you discuss with the lender how they would
like to handle the close.
Sales
Tax, Plates, Registration Fees, Insurance
These are all the responsibility of the buyer. Remember, however,
to cancel your own insurance on the car immediately after
the sale.
Closing Checklist
To conclude your transaction, you should be prepared with
the following at the close:
1. Go
to your local stationery or business supply store and buy
a bill of sale form. Fill it out and keep a copy for your
records.
Bill of sale should include the following items:
• Date of sale
• Year, make, and model description
• Tag number and state of registration
• Vehicle identification number
• Odometer reading
• Amount paid for car and type of payment
• Conditions of the sale, if any
• Seller's and buyer's names, addresses, and phone number
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