What DMV form in CA should new owner fill when car is financed by seller?
I'm selling my car and financing fraction to the buyer over couple of month. I don't want to sign the car title to the new buyer until the car in paid in full. I believe there should be a form for seller/buyer to complete that let the buyer register and drive the car while buyer is paying off the fraction he owes. Once car is paid off, I'm (seller) will sign the title to the buyer. Does anyone know the procedure to handle the case? This is common when you finance a car from bank but what should be done when private party is financing?
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Answer by g
Expo,
No, to answer you last statement, this is not common. It not as their is a lean holder to a bank. Between two individuals it must be clear cut. The title holder is indeed the title holder until the transfer is complete. You must decide how to handle this. You, and you alone, have to decide when to sign over title to the buyer, regardless of payment. If you are smart, sell it outright, otherwise your are too much at risk for the vehicle until it has been paid in full.
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