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Private party sale

Discussion in 'Arizona & New Mexico' started by SoCal to az, Jan 4, 2021.

  1. SoCal to az

    SoCal to az F1 World Champ
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    Nov 25, 2012
    10,441
    Arizona
    Anyone know the process in Arizona of buying a car through private party when the seller has a loan and does not physically have title in hand?

    I’ll be paying cash for the car and paying off the loan. How do I transfer title with a loan in place?
     
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  3. 458 at 50

    458 at 50 Karting

    Oct 17, 2014
    60
    Arizona
    I just sold my Panamera to someone local in AZ and I had a loan on it. I did a bill of sale before money exchange, but buyer wired me money (took the car) I paid off loan and once I received the title (2 weeks) in the mail, I signed and sent to new buyer. The buyer came to my house to check out car so new where I lived but had bill is sale and car when paid. Obviously some trust there but bought amd sold a few cars this way and never had an issue. Good luck

    Sent from my SM-G973U using Tapatalk
     
  4. SoCal to az

    SoCal to az F1 World Champ
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    Nov 25, 2012
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    Thanks. Trust is the issue with this. My deal fell through but I guess this is the way to do it. ty.
     
  5. BillN

    BillN Karting
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    Mar 25, 2008
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    Farmington Hills, MI
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    Bill Nichols
    Hi,
    Just to share a related experience, I purchased a car in California, and when I went to the AZ Dept of Motor vehicles I was informed that since I purchased it from an individual and not a dealer , I didn't have to pay sales tax ! If I had purchased it from a dealer I would have had to.
    Bill
     
  6. SoCal to az

    SoCal to az F1 World Champ
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    Nov 25, 2012
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    Correct. No sales tax on private party sales.
     
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  8. technom3

    technom3 F1 Veteran
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    Mar 29, 2007
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    Justin
    Your always welcome to contact me regarding stuff like this.

    I do this every day
     
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  9. SoCal to az

    SoCal to az F1 World Champ
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    Thx! I will. Sale didn’t go through but next time I will for sure. Thx my man!
     
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  10. jlonmark

    jlonmark F1 Rookie

    Mar 29, 2005
    2,963
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    Jay
    I usually pay the owner the difference of what's owed and then send the rest to the financial institution and have them send me the title.
     
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  11. technom3

    technom3 F1 Veteran
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    Yes. It's that or pay the entire amount to the financial institution and let that bank cut them the check. But that's kind of a jerky way to do it. Unless it's a chase loan and they have a chase account. Because then they just slide it into the clients account.
     
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  13. SoCal to az

    SoCal to az F1 World Champ
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    Nov 25, 2012
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    This was my question- is it guaranteed you will get the title? I mean I know chances are slim but how to protect yourself from getting screwed? Maybe I was just overthinking this.
     
  14. jlonmark

    jlonmark F1 Rookie

    Mar 29, 2005
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    SoCal to Az, get a bill of sale and confirm with the institution


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  15. Ingenere

    Ingenere F1 Veteran
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    Sam.......I just want to know what you were trying to buy! :)
     
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  16. SoCal to az

    SoCal to az F1 World Champ
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    Olive Green PTS GT3 Touring. Kicking myself for passing on it but we are moving and nowhere to park.
     
  17. Ingenere

    Ingenere F1 Veteran
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    I think I know what your license plate would have been! :)
     
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  18. marknkidz

    marknkidz Formula 3
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    Oct 7, 2004
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    This is always a trust issue!! im guessing there is some sort of 3rd party escrow type account that can and will protect both buyer and seller...
     
  19. technom3

    technom3 F1 Veteran
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    Do not trust escrow companies. Many are scams.
     

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