helping parent sell their car

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feh
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helping parent sell their car

Postby feh » Mon Apr 17, 2017 11:13 am

Hi folks.

A little context - my mother may be buying a car soon. She would have no need for her current car, which isn't worth a whole lot ($1000-2000). She lives 90 minutes from me and she would not want to deal w/ selling her old car.

I'd like to take care of this task for her, but I'm not close enough to her house to deal w/ buyers. So, what do you suggest? My current thought is to buy the car from her (for $1) and then sell it from my home, and then give her the money from the ultimate sale to a 3rd party.

Is there a better option? What pitfalls are there?

Thanks.

bi0hazard
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Re: helping parent sell their car

Postby bi0hazard » Mon Apr 17, 2017 11:17 am

I find trade ins least stressful. You may get a few hundred $$ less.

Gill
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Location: Florida

Re: helping parent sell their car

Postby Gill » Mon Apr 17, 2017 11:18 am

You don't have to go through the charade of using nominal consideration. Just have her transfer it to you or, better yet, endorse the title in blank which you can then deliver to a buyer.
Gill

feh
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Re: helping parent sell their car

Postby feh » Mon Apr 17, 2017 11:20 am

bi0hazard wrote:I find trade ins least stressful. You may get a few hundred $$ less.


New car being purchased from a private party, so no trade in.

feh
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Re: helping parent sell their car

Postby feh » Mon Apr 17, 2017 11:21 am

Gill wrote:You don't have to go through the charade of using nominal consideration. Just have her transfer it to you or, better yet, endorse the title in blank which you can then deliver to a buyer.
Gill


Please clarify - she would sign the title over, leaving the purchaser blank? It would be nice to not have the car in my name.

What needs to happen with insurance during the interim? She would need to keep it active, correct?

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Taylor Larimore
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Location: Miami FL

Re: helping parent sell their car

Postby Taylor Larimore » Mon Apr 17, 2017 11:22 am

feh:

I would simply trade-in the old car when she buys the new one. The dealer is likely to give you the best price for the old car to make the sale.

Best wishes.
Taylor
"Simplicity is the master key to financial success." -- Jack Bogle

Gill
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Location: Florida

Re: helping parent sell their car

Postby Gill » Mon Apr 17, 2017 11:24 am

feh wrote:
Gill wrote:You don't have to go through the charade of using nominal consideration. Just have her transfer it to you or, better yet, endorse the title in blank which you can then deliver to a buyer.
Gill


Please clarify - she would sign the title over, leaving the purchaser blank? It would be nice to not have the car in my name.

What needs to happen with insurance during the interim? She would need to keep it active, correct?

Yes, keep the insurance, endorse the title without the name of the buyer and then deliver the car and title to the buyer when sold.
Gill

N10sive
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Re: helping parent sell their car

Postby N10sive » Mon Apr 17, 2017 11:29 am

If there is a carmax near, sell it there. Easy process, may not get a whole lot for a 1-2k valued car but not worth the hassle being so far away for a couple hundred bucks.

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dm200
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Re: helping parent sell their car

Postby dm200 » Mon Apr 17, 2017 11:32 am

Can you just have her sign over the title - but not record it until you find a buyer? I don't see the need for you to retitle it inder your name.

runner3081
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Re: helping parent sell their car

Postby runner3081 » Tue Apr 18, 2017 1:39 pm

dm200 wrote:Can you just have her sign over the title - but not record it until you find a buyer? I don't see the need for you to retitle it inder your name.

This is the route to go. I have bought cars from people selling for "someone else". The title was not in the seller's name, still had the owner listed.

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dm200
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Re: helping parent sell their car

Postby dm200 » Tue Apr 18, 2017 6:04 pm

runner3081 wrote:
dm200 wrote:Can you just have her sign over the title - but not record it until you find a buyer? I don't see the need for you to retitle it inder your name.

This is the route to go. I have bought cars from people selling for "someone else". The title was not in the seller's name, still had the owner listed.


Right. Just make sure you have a credible story so that it does not look like you are in the business of buying and selling such cars.

GreenGrowTheDollars
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Re: helping parent sell their car

Postby GreenGrowTheDollars » Tue Apr 18, 2017 6:40 pm

Might she want to donate the car to a charity? That's a very low hassle factor.

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Watty
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Re: helping parent sell their car

Postby Watty » Tue Apr 18, 2017 6:59 pm

feh wrote:Is there a better option?


Have her let people she knows that she will be selling the car to see if someone knows someone that needs a car like that. There is likely a high school student or grandkid that needs a low priced car and she would not be dealing with strangers. Price it at the lowish end of the price range and it is likely that someone will snap it up. Most cars in that price range are pretty sad so if it is halfway decent it could be a good deal for someone.

squirm
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Re: helping parent sell their car

Postby squirm » Tue Apr 18, 2017 7:15 pm

Try carmax.

runner3081
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Joined: Mon Aug 22, 2016 3:22 pm

Re: helping parent sell their car

Postby runner3081 » Wed Apr 19, 2017 1:47 pm

dm200 wrote:
runner3081 wrote:
dm200 wrote:Can you just have her sign over the title - but not record it until you find a buyer? I don't see the need for you to retitle it inder your name.

This is the route to go. I have bought cars from people selling for "someone else". The title was not in the seller's name, still had the owner listed.


Right. Just make sure you have a credible story so that it does not look like you are in the business of buying and selling such cars.

Doesn't matter to me. As long as you get the car checked out by a mechanic, shouldn't be an issue if the guy has auction access and flips cars on the side.

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dm200
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Location: Washington DC area

Re: helping parent sell their car

Postby dm200 » Wed Apr 19, 2017 1:55 pm

runner3081 wrote:
dm200 wrote:
runner3081 wrote:
dm200 wrote:Can you just have her sign over the title - but not record it until you find a buyer? I don't see the need for you to retitle it inder your name.

This is the route to go. I have bought cars from people selling for "someone else". The title was not in the seller's name, still had the owner listed.

Right. Just make sure you have a credible story so that it does not look like you are in the business of buying and selling such cars.

Doesn't matter to me. As long as you get the car checked out by a mechanic, shouldn't be an issue if the guy has auction access and flips cars on the side.


If I were a buyer of such a car, my opinion would be to shy away from such a person that flips cars.

BUT - opinions differ.

runner3081
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Joined: Mon Aug 22, 2016 3:22 pm

Re: helping parent sell their car

Postby runner3081 » Thu Apr 20, 2017 5:36 pm

dm200 wrote:
runner3081 wrote:
dm200 wrote:
runner3081 wrote:
dm200 wrote:Can you just have her sign over the title - but not record it until you find a buyer? I don't see the need for you to retitle it inder your name.

This is the route to go. I have bought cars from people selling for "someone else". The title was not in the seller's name, still had the owner listed.

Right. Just make sure you have a credible story so that it does not look like you are in the business of buying and selling such cars.

Doesn't matter to me. As long as you get the car checked out by a mechanic, shouldn't be an issue if the guy has auction access and flips cars on the side.


If I were a buyer of such a car, my opinion would be to shy away from such a person that flips cars.

BUT - opinions differ.

As long as the car checks out mechanically, it doesn't bother me. A large number of the used cars out there on lots come from the exact same auctions.


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