Best way to trade up on a car financially and safely

[Blown4v]

OK,

I am going to be trading up on a car and will have to give my car + cash. I know what his payoff is and the difference in his payoff( there is a lein on his car and he does not have the title, the bank does) and what he is asking on top of my car.

What is my best, safest way to do this?

Do I:

Bring a cashier's check for payoff made out to his lender and bring the rest in cash? Bring all cash and hope he immediately pays it off next day(monday)?

I will be keeping my title until I receive his but how can I have a level of comfort that I will be pretty covered in this transaction.

Also, I have to drive this car back home 200 miles without the title or tags. What do I tell or show the police if I am pulled over, since I wont have the title? I want to be able to prove that I didnt steal it, but truly bought it. How do I do that without title?

Please help me out.
Thanks

 

[jerrad]

Write up a couple bills of sale and you can each sign them showing that you made the transaction.

 

[rotor_powerd]

So you're giving him your car, cash, AND paying off his loan? :dw:

 

[Blown4v]

my car plus cash, the cash will pay off his loan, he owes less than he wants cash

so, my car + XXX dollars, out of XXX dollars 85% or so will pay his loan off and 15% or so is his. Make sense?

 

[spitin venom]

Go with him to his bank to pay off the car. He doesn't own the car, the bank does. Make sure you cover yourself with legal documents. Years ago one of my friends got burned by doing this. He gave the guy $2,000 and got the car. He then went to the guys bank to payoff the loan and the bank took the car from him on the spot. My friends was out a car and $2k.

 

[Blown4v]

what if I have cashier's check for the payoff and the rest in cash.

I will also be keeping my title until I get his, so he kinda has the same risk

 

[Mikeyb619]

draw up a quick contract and have both parties sign and date it. I was in the same situation as u about 2 months ago. Good Luck!

 

[Blown4v]

I found several sample bill of sales online that I will print out and see which one covers everything, hopefully that will work. Guy seems pretty trustworthy

 

[jerrad]

Guy seems pretty trustworthy

Famous last words. lol
Have you not seens the 10 million scammer threads in smackdown? Cover your bases.

 

[Blown4v]

this is true

but he is at risk too of me not giving over my title until I receive his

 

[97WHITEVENOM]

this is true

but he is at risk too of me not giving over my title until I receive his

what does he risk? He would get to keep your money, his car, and have his car paid off... and he could just walk away.

 

[LS2GTO]

The safest way for you to do this is to draw up the exact terms of the contract (aka I give you this and this in exchange for this).

Then you walk with him to the bank and watch him use your cash to payoff the rest of the lien and get the title. Then once he gets the title, he gives it to you for your title.

Sounds simple right?

 

[stevo78660]

Call the DMV and ask for a Power of Attorney, for title transfer, fill it out completely, both sign it, present to the bank with payoff, this will allow them to deliver the title to you. With this form you can also sign the title for the seller and you never need to see him again. This is how it is done in TX, I'm sure other states have similar forms.

 

[xenodragon]

Call the DMV and ask for a Power of Attorney, for title transfer, fill it out completely, both sign it, present to the bank with payoff. With this form you can also sign the title for the seller and you never need to see him again.

This