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+--- Thread: 2007 Toyota 4Stunner (/showthread.php?tid=11468)
RE: 2007 Toyota 4Stunner - Senor_Taylor - 02-27-2018
How the hell do you sell a car with a lien on it? I thought the banks would work together and get the title straight, but I called my credit union and they said "lol you suck, deal with it" and said I'll just need to pay the loan off and then get the title sent to the DMV (at which point I assume I need to pay to retitle it in my name) then sign it over to the buyer.
What person in their right mind is going to cut a check to a 22 year old kid for $17k and then let me run around town all down until I can show back up with the title?
Should I just pay for an escrow service? Once this loan is gone, I'll definitely look into getting a bank that isn't in Roanoke so I can just GO to the bank.
RE: 2007 Toyota 4Stunner - Apoc - 02-27-2018
Seller makes the check out to the lien holder for the payoff amount and gives you cash/check for the rest. You send the payoff check to your lien holder and include the new owner (and lien holder, if applicable) info. They ship the signed off title to you or the new lien holder. If to you, hand that piece of paper over to the buyer - no need to retitle.
The check being in your bank's name means you can't cash it and the buyer is protected. I've had situations where it's taken 6 weeks to get the title from the seller's bank.
RE: 2007 Toyota 4Stunner - WRXtranceformed - 02-27-2018
From experience doing it in the past, once you pay off the lien the title is sent to the DMV where you pick it up or it's mailed directly to your house. Then IIRC you sign it and mail it or hand it over to the buyer. I can't remember if the "title hand over" process needs to be notorized or not, but I'm pretty sure I got the XFR's title in the mail, signed it and then next day aired it to the buyer. As long as you keep good communication open with the buyer it shouldn't be a huge deal. The buyer should have a notorized bill of sale (that you guys do together so that you have a copy too) that they can use to register the car in most areas.
You should absolutely start banking with a bank closer to your area. When I sold the XFR, I scheduled an in-person with a notary at a local Bank of America branch, the buyer brought a certified check that was deposited / used to pay off the loan right there and then the notary signed both bills of sale. He called his insurance and put the car on the policy and drove off happily back down south. I mailed him the title when it came in the mail. If the buyer is financing the car (ie his bank is going to buy it) I'm not exactly sure how that title transfer would work but I would imagine it's probably an easier process...the new bank probably just deals with the title paperwork.
2007 Toyota 4Stunner - Senor_Taylor - 02-27-2018
Y'all are the dad I never had.
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RE: 2007 Toyota 4Stunner - .RJ - 02-27-2018
I'll add that it can take many weeks to get a title if you just wait.
They're held electronically, so when its paid the bank releases the lien, which is sent to the DMV, and they process and mail you a title, sometimes - other times they just hold it and dont print a paper copy.
What you can do is once its paid, and the bank has released the lien, get a letter from them stating that (with the VIN, title #, etc) and take it to the DMV - they will have electronic record of the release, and you can print a new copy of the title for $10. Much faster. Buenos.
RE: 2007 Toyota 4Stunner - Jake - 02-27-2018
(02-27-2018, 12:53 PM)Senor_Taylor Wrote: Y'all are the dad I never had.
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I love my folks but they didn't know a thing about something like this.
The last few cars I've sold with liens were all through PenFed (cuz they're the best, and local) and I just had the buyer cut PenFed a check for the entire sale amount. The check pays off the loan, and whatever is left over just got dumped into the checking account I also have with PenFed.
From there, the title got mailed to me and I forwarded it to the buyer. Make sure to sign it before you mail it.
Selling my F150 was slightly different as I technically sold it to Woodstock Garage. Jeff handled all the title stuff through the dealership and I didn't have to do anything.
Additionally, if you sell the car for less than the payoff amount (i.e. sell it for $10k and payoff is $13k) you can either cut the bank a check for the difference or they can pull it from your account, assuming you have the balance to cover it. Some may allow you to add it to the new car loan. I know this because when I bought my E46 M3 for $14k, the seller rolled a lot of negative equity on it into his other E46 M3 loan with the same bank in Indiana.
Moral: get ahead of your car note.No notary is required for selling a car with a Virginia title.
RE: 2007 Toyota 4Stunner - RawrImAMonster - 02-27-2018
You should also be able to request that your title is sent to your local branch of whatever bank/credit union that you used to get the loan. That way you can have the buyer pay off the loan there and they will get the title at the same time.
I've had the seller do this when buying cars before and it's always been fairly easy. I personally wouldn't be OK with buying a car from a private party and leaving without a signed title.
2007 Toyota 4Stunner - Senor_Taylor - 02-27-2018
I said I don't have a local branch. That's the issue.
Thanks everyone, I also emailed a loan officer I know at the bank to get other information and he said he would personally handle it if I lined up a buyer. Hopefully that will hold simplify things.
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RE: 2007 Toyota 4Stunner - Deceus - 03-19-2018
I've been looking into these just in case I feel the need to drop the truck and lancer for one payment. My god they're expensive. Seems like the options are something completely clapped out for $10k or something in the ballpark of 25-35K. Not much in between that hasn't been wrecked, salvaged or used as a fleet vehicle. Almost seems worth it to buy a brand new TRD edition for ~$43k and push for some dealer incentives.
RE: 2007 Toyota 4Stunner - Scott - 03-19-2018
(03-19-2018, 01:30 PM)Deceus Wrote: Almost seems worth it to buy a brand new TRD edition for ~$43k and push for some dealer incentives.
Good luck with that, especially with the TRD package, Toyota is very "proud" of their 4 runners and Tundra's. I was thinking about upgrading my Tundra to a '17 this past January and they were only giving $1500 off.
2007 Toyota 4Stunner - Senor_Taylor - 03-19-2018
I know of a good 2007 4Runner for sale....
Tacomas have no incentives. Literally zero. They sell themselves.
RE: 2007 Toyota 4Stunner - Deceus - 03-19-2018
(03-19-2018, 01:46 PM)Scott Wrote:(03-19-2018, 01:30 PM)Deceus Wrote: Almost seems worth it to buy a brand new TRD edition for ~$43k and push for some dealer incentives.
Good luck with that, especially with the TRD package, Toyota is very "proud" of their 4 runners and Tundra's. I was thinking about upgrading my Tundra to a '17 this past January and they were only giving $1500 off.
Yeah I imagined that was the case. I still remember what it was like trying to knock just $1,000 off the Ralliart. Seems any sort of decent trim package excludes you from any sort of peasant discounts. Still even 1500 puts you awfully close to what a lot of the 2017s are priced at with 20k miles on em.
I'd buy yours Taylor but I kinda need to trade in my current vehicles to even consider anything. Don't even want to imagine the kind of dipshits I'd have to deal with if I put the Ralliart on Craigslist. Plus it'd have to haul the Demon and make trips to Michigan fairly regularly so the idea of owning an 07 is a little scary.
2007 Toyota 4Stunner - Senor_Taylor - 03-19-2018
I'm kidding. Rather not sell a large ticket item to someone I know. Selling the Miata to Joe stresses me out enough.
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RE: 2007 Toyota 4Stunner - Senor_Taylor - 04-09-2018
Car is currently with a prospective buyer and he left his 535 wagon with me. If we go through with this deal for our agreed price, I'll be selling this for a $6000 loss after less than 12 months or ownership. That has to be a record, right?
Between this and the E30 I'm basically out 10 grand for nothing.
RE: 2007 Toyota 4Stunner - rherold9 - 04-09-2018
I hope you keep the GTI awhile
RE: 2007 Toyota 4Stunner - JPolen01 - 04-09-2018
(04-09-2018, 10:27 AM)Senor_Taylor Wrote: Between this and the E30 I'm basically out 10 grand for nothing.
Jesus I would have a heart attack.
I guess you live and you learn?
RE: 2007 Toyota 4Stunner - V1GiLaNtE - 04-09-2018
10 grand? Fuckin' hell. Thank god you're young. Hopefully it's sold and you can move on with your life!
RE: 2007 Toyota 4Stunner - ScottyB - 04-09-2018
i think any car enthusiast gets hosed at some point, with some car or project. slow your roll with the revolving door and enjoy the GTI a while and this will be a foggy memory soon enough.
- spoken by a guy who lost 8 grand on an audi he owned for 2 years
RE: 2007 Toyota 4Stunner - Deceus - 04-09-2018
I've dumped close to 30 grand into the Demon and it's worth practically nothing so hopefully that'll make you feel better lol.
RE: 2007 Toyota 4Stunner - Senor_Taylor - 04-09-2018
Yeah, I agree with everything said above. Doing the math again, if I add the price of parts/work I put in this car plus what I paid for it, It's probably closer to $8000-9000 loss on this car alone and the E30 was like 3000-4000 by itself. I don't foresee me buying anything (besides our Hyperfest project or a cheap bike) any time soon.