Need car selling advice

[HyPer50]

Not sure if this is the right section, but I figured wallstreet is pretty synonymous with financial so hopefully this will work.

I'm not sure how to go about doing this, but I am going to be selling my car to my friend. It is going to be a payment plan tho, of $600 a month. He said I can keep title in hand (which I dont really care about, I trust him). My question is this tho 1.) can he insure the car while it's under my name still? or 2.) should i sign the title over to him and do some kind of lien? I'm not too familiar on exactl what a lien is, but I think this is where that would apply. Any help would be much appreciated, as would any input as to other suggestions for going about this. Thanks.

[quickdodge®]

Yes, you would sign the title in the Lien Holder space and he can (and by law) has to get insurance for the car. It's just like buying from a dealer. You have to have insurance when buying from the car lot. The bank is the lienholder of the car in that situation. Later, QD.

[HyPer50]

So then the car would basically be in his name right? Tag and everything under his name? So basically if he gets in an accident, or gets pulled over for ughh... emission related violations, it wouldn't come back to me, right? Once he's paid the car off is taking the lien off just as easy?

[quickdodge®]

Right on both accounts. Later, QD.

[stillaneon]

You might want to check and make sure that you dont have to get the emissions done before the sale. When I worked for car dealerships, we couldnt sell cars without emissions being done on them. If you foresee emissions issues you may need to call the tag office and ensure that it doesnt come back to bite you in the ass

[HyPer50]

You might want to check and make sure that you dont have to get the emissions done before the sale. When I worked for car dealerships, we couldnt sell cars without emissions being done on them. If you foresee emissions issues you may need to call the tag office and ensure that it doesnt come back to bite you in the ass

Well I just got the emissions and tags done on it earlier this month. But from what he tells me, he plans on registering the car in Polk county, which apparently doesn't require emission testing. So hopefully we won't have any problem with that.

[khan351]

Just like QD said, just make yourself the lien holder. Everything would be the buyers responsibility and you would be the loss payee if the car was wrecked and fully covered.

[©hris]

THere is a book written by Joe Girard called " How to sell anything to anybody". This man is in the guinesses book of world records as being the greatest car salesman to ever live....

He sold 13,001 cars in 15 years....

i read the book.... i recommend you giving it a shot

[©hris]

www.joegirard.com