Both buying or selling of a used car involves a lot of hard workto ensure safety from both sides and a bit of laziness in performing these steps might lead to a bigger trouble. Depending upon the laws that stand for governing the sale of vehicles, you will need to file all the paperwork and stay close to the norms as directed. To check with the Department of Motor Vehicles in your state.
As a seller, you have to make sure that you receive the payment in proper time and amount as per the deal both the parties have agreed upon. It needs to be kept in mind that there is a limit to your liability in case there is a crash history of the car right after the buyers drives it away from you. And that is the importance of a proper closure of your car selling procedure. It is let the buyers till when you can be held responsible for the car, and since when you cannot.
From the dealer experts of San Diego Buick, we came to know that, for a used car sale the most preferable and best way to collect payment is either hard cash. If the buyer asks for a receipt for the cash, or if you provide a bill for the sale, it might serve as a receipt. If the car sell price exceeds the amount of $2,000, the recommended method of payment would be the cashier’s check.
Never accept a future payment promise from the buyer, even if he or she is someone whom you know very closely. Equally, you should refuse to accept floating loan payments, and if the buyer doesn’t agree to your rights and conditions, do not feel bad to see them back out. You would certainly get a better buyer at your own conditions.
Limiting the Liability from Your Side:
The importance of a proper closure of a car selling agreement can be best understood in the following situation.
Who can be if held responsible if your car is driven away and immediately meets into an accident after it is sold? Are you still responsible?
To save yourself from such tricky situation, the following steps suggested by the Buick San Diego dealer experts should be followed without fail.
- Keep a record of the last odometer reading and mention it with proof before you sign the title of the car and hand it over to the buyer.
- If allowed and available in your state, download a release-of-liability form, that is now done in most urban states, from the registry of motor vehicles website. Your car case would be registered with the Department of Motor Vehicles, and you would be free from all liabilities of your sold car, henceforth.
Wrapping It Up
Though any private-party car buying and selling activity involves a bit of trust, things won’t unnecessarily complicate if you are accustomed with the current laws of motor selling in your state. Following the above said checklist in addition to this would save you from any untoward event after your car enters the ownership of someone else and help you in enjoying a peaceful transaction.