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If so, how is the best way to handle the transaction?
I have a possible buyer in the Chicago area. He might come down this way to get my truck. So the financial part of the transaction should be easy, I hope -- cash or bank (cashier's) check only; and when I get that, I give him the title.
But if I keep my license plate (which I intend to transfer to another vehicle) then how does he drive my truck away?
What things should I be alert to when dealing with a stranger for a transaction via the internet? Working for a bank, I'm aware of many of the financial scams, but what other things should I look out for?
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He would need a transit permit from your state. It would not be legal for him to use your plates. I did this with my M in L's car two years ago. There is a nominal fee, and (in Utah)I had to stand in line for a while. The permit was good for fifteen days. When I went to NV DOT to regester the car here, I had to show them the transit permit.
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I had driven my M in L's car to Nevada several times for various reasons. However, when she agreed to stop driving, I wanted to transfer title, and put it on my insurance. When I called NV to find out how that was done, they told me about the permit. Your buyer should have called his DMV already. But, if he hasn't you could get smarter on your state's rules.
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I would make sure the funds clear. Cash is always best. Meet him in town. Maybe at the DMV. Just to be safe.
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yeah, I had already definitely planned to do that ( just because it would probably be impossible for an out-of-stater to find my farm without a lot of effort), and I'm going to bring my oldest son...
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I'd do my best to get payment before delivery in order to make sure the funds are clear. Truthfully, I'd be wary of cash unless you can verify that the bills aren't counterfeit.
Check with your state's DMV and Department of Revenue both regarding seller's documentation. You may be liable for some tax on this and you're going to want to be prepared with any forms that may need your buyer's signature, etc.
The buyer is going to need to fill out IL-DMV Form VSD190 to obtain title and registration, and an Illinois Department of Revenue Form RUT-50 for vehicle use taxes, and he needs to include seller information on both forms. He should bring both of those forms when he comes to collect the truck in order to get your full and complete information.
If you want, I can mail you a copy of each of these in case he's a dunderhead about it. Yes, I have a supply in my desk drawer, I do a lot of vehicle transfers as part of probate estates and the forms are the same. It should *not* be your responsibility to provide these, though, and you may not even want to let him know that you're obtaining them as a back-up.
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That's very nice of you, Goody! But if you can just point me to where they are online, I can probably print them off here (at least our State has all the forms needed online, so I'm assuming Chicago does as well).
I haven't definately accepted his offer at this point -- he is just the most...zealous...of the people who have contacted me about it. There is a bit of a language barrier when I'm trying to work with him on the phone, so I just want to make sure we will understand everything and have all the i's dotted and t's crossed.
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We buy most of our cars out of town, and yeah you have to go to the license bureua in the town the car is from and get a temporary plate. Though usually we're leaving our old car as a trade (my mom's cousin owns a car dealership about three hours from here, that's the deal). Is your buyer planning on coming with someone and driving home seperately, or is it possible he had thought about putting it on a trailer? It seems like quite a drive for a fairly recent normal truck, are we talking something classic?
And yeah I pretty much answered no questions.
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quote:Originally posted by Farmgirl: That's very nice of you, Goody! But if you can just point me to where they are online, I can probably print them off here (at least our State has all the forms needed online, so I'm assuming Chicago does as well).
Unfortunately they're carbonless multipart forms, so online isn't an option. I already tried using scans for a client transfer once and got sent back to get everything redone. They wouldn't even accept them in duplicate or triplicate.
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Had a friend who recently sold her nearly-new partially-paid-for PorscheCayenne to a Web-based company for cash and a contract which stated that the company would pay the balance owed on the car. Turned out that the company was a criminal enterprise which shipped their purchases overseas immediately without fulfilling their contracts to pay off the creditors. Woulda been burned for $40thousand plus except she has a very good personal relationship with her insurance broker; who decided to compensate her for theft based on the signing date of her sales contract even though she had physically transferred her SUV afterwards, after her policy had been cancelled.
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