Can a car buyer purchase my car in cash and walk away with it that day?
I'm selling my car and a buyer proposed this to pay ALL cash. I'm sure this happens all the time but I want to make sure I do it right, meaning when he drives off at exchange, HE'S liable for car damage etc, not me.
He said I can sign my name on the back of my title which will void me of liability and I just have to cancel my Insurance the day before. Is this right? I thought we both had to physically go to the DMV to change titles? We are both in NJ. Thanks.
Thanks guys, he asked if he can drive it to his place with the plates and ship me back the plates the next day.
Am I liable for anything or should I take the plates off right then and there before he speeds off?
This guy is totally full of crap, so you need to be careful.
1) You can transfer the title in exchange for cash the same day. Make sure you also create a bill of sale that includes the VIN # of the car and states the sale is 'as-is' and you are not responsible for any problems with the car after the date and time of the transaction.
While all car sales without a warranty are 'buyer beware', this guy sounds like a real jerk who would try to waste your time by suing you, anyways.
2) You do not need to go to the DMV with him. The bill of sale and a copy of the transferred title is what you should keep for your records of the transaction. You also probably want to give him a receipt if he is paying in cash and keep a copy for your records.
3) DO NOT, under ANY circumstances let him keep the plates and/or registration that is tied to you. If you do this and he decides not to register the vehicle, then any parking violations, toll violations, etc. will all be tied to your plate and will legally be your responsibility.
He can drive home without a plate and title in-hand as proof or you can go with him to the DMV to register the car in his name if you feel like being a nice person (even though you don't have to).
