CICreations

iTrader: (2)

So I've got a buyer lined up to buy my Evo IX. The buyer is flying out from Colorado Springs, Co to pick up the car this Saturday. I want to make sure that I have all the paperwork in order so there are no surprises. We have decided to do a bank-to-bank wired transfer with works out fine because I won't have to wait for a certified check to clear. I called my bank and they said that CA is an "electronic state".....meaning that there actually is no paper title at the bank. Once the funds are in place and the loan is Paid in full they will submit to the DMV for the title to be mailed out to me. I will have to sign the title and then mail it out to the buyer. In the mean time, they said that the official Bill of Sale would serve in place of the title so he can get the car registered in his state.

Questions I have.
Do I leave the plates on the car or take them off and keep them?

Is there any other documentation that I need to have that releases my liability to the car?

I've also heard that if he buys the car in CA he will have to pay CA state sales tax. If this is true then what keeps me from "conducting the business transaction in Las Vegas, NV?"

I want to make sure I get this all right so any info or input anyone who has sold a car to someone out of state might have would be helpful.

Thanks guys!

-CI

RedHook

he would pay colorado taxes on the car.

1d10t

iTrader: (19)

I bought my EVO out of state. All I needed was a bill of sale. I only payed my states taxes, and the seller mailed me the title. You keep your tags. I'm not sure what he/she'll use, but the bill of sale and his/her insurance card should be enough for him/her to stay out of trouble legally.
Hope that helps

DRAGHICI

iTrader: (2)

Just keep it insured till the funds are in your account.

jmelocik

iTrader: (153)

+1 on keeping it insured until the funds are cleared, also maybe until the vehicle registration is actually transfered to the new owners name. Also see about getting a temp tag for the buyer at the Cali DMV since he will need to have something on the car to drive it home.

he will NOT pay Cali sales tax (8.25% atleast), he will be required to pay the state sales tax of whatever state he registers it in (presumably Colorado, 7.72% at the most possibly as little as 1.75%) at the time of registration since he will not have proof of sales tax from the point of sale (you, but you're not allowed to collect Colorado state sales tax). Make sure he brings proof of insurance with him so that it would hopefully completely release you from all liability and make a copy of his insurance card and drivers license prior to handing over the keys. This just protects you in the event he takes the vehicle and does something stupid with it immediately.

I may have a negative attitude towards these sorts of things but I feel it is better safe than sorry. We have a saying in the military and I'm sure a lot of civilians use it too, CYA (Cover Your A$$!)

I hope this helps.

Josh

rawkus

iTrader: (16)

Josh got it 100% right.

When I sell a car you have to have a
-Bill of Sale, notarized is great if that is an option
-Proof of Driver's License and Insurance, again, get a copy of that

He pays his own state's sales tax, he should not be able to register it until you mail the title though. This is how it has worked with every state I have ever bought or sold a car in, so keep that in mind and be as quick as possible with getting your title sent to him.

Keep your own license plates, depending on the state you might be able to turn them back in and get some money back. This also helps you if he parks illegally or gets caught on a speed camera (I have gotten parking tickets because I left a plate on a car I sold). Good luck.

Dan

mick82907

iTrader: (8)

I recently sold my HCI featured 98 VW Jetta show car. To make a long story short the buyer claimed that I knew about a transmission problem and tried to take me to court over it. If it wasn't for my bill of sale I would have had to pay him money. I would also recommend it to be notorized. Below is what I had in my conditions for the Bill of Sale. This will cover you from ANYTHING . Let me know I can email you the bill of sale so you can edit it in word.

Disclosure and Warranty

·The vehicle is being sold AS IS, meaning there is no warranty for any defect and all repairs are the responsibility of the buyer.

·The vehicle has been highly modified in many areas including the engine and emissions system, suspension and brakes, and the interior and exterior of the vehicle. The buyer fully understands that these systems were not designed to meet any operational, safety, or emissions standards and that the operation of the vehicle is done at the buyer’s risk with the buyer bearing all responsibility for loss or damage.

·The buyer understands that any transporting of the vehicle is done at their own risk and bears all responsibility for loss or damage.

Payment

·The seller certifies to the buyer that the seller has the authority to sell this vehicle and transfer the title to the buyer.

·The seller certifies that the vehicle title is free of all taxes, fees, and liens.

·The seller acknowledges receiving the following payment from the buyer in cash to transfer the ownership of the vehicle to the buyer:

CICreations

iTrader: (2)

So I'm hearing leave the tag on from some people and take the tag off from others.....WTF lol. Appreciate all the help so far! Anyone else have anything useful to add?

jmelocik

iTrader: (153)

Keep your tag! Get him a temp tag from the Cali DMV. Cover your a$$ bro

Josh

jmelocik

iTrader: (153)

Another option is for you to see if he can get a temp tag from the state of Colorado with minimum information from you.

Josh