I put my Z4 MR up for sale late last year. Knew it wasn't going to sell going into winter, but I thought what the heck. I need to free up a garage stall for my daughter who will have her license this summer. No major bites over the winter, and frankly forgot it was listed online for the last few months; I decided I missed it over the winter and would just keep it and either store it offsite, or make my daughter park outside (God forbid). Anyway, got a very serious inquiry about the car the other day and I'm inclined to let it go. Two primary reasons: 1) free up the stall; and 2) I really would like to have a V8 "fun" car; may go with a '09 - '11 M3, or a Cobra replica, or a new Vette...who knows.
Anyway, the question of the day pertains to how to sell the car to an out of state buyer when I still have a loan to pay off. Buyer would be flying in to purchase the car. The bank that holds the note on my car does NOT have any local branches in our metro area. I have plenty of cash on hand to pay off the loan, but I would prefer to keep that cash on hand for real estate investing purposes, so don't want to let it go easily. I called the bank and they said that they can do a 1-2 day turnaround on the lien release doc once they receive the payoff amount. But the catch-22 is that I don't want to pay off the car unless I'm confident the deal is done. And I don't blame an out of state buyer for not paying for the car in advance until he has a chance to see it with his own eyes.
Wondering how you guys would handle this so that it's fair to both parties? What I'm thinking of doing is asking him to provide me a deposit of something like $500 or $1,000 in advance, which would prompt me to pay off the loan; and the wording we could write up would state that if he shows up (so he's taken the time to fly up and check it out in person) and doesn't like it, then I would refund his money in full. That way if the deal isn't consummated, then I'm "out" the payoff amount (i.e. I just paid the car off earlier than I otherwise would have), and he's "out" the airfare and his time. Any other ideas?
Anyway, the question of the day pertains to how to sell the car to an out of state buyer when I still have a loan to pay off. Buyer would be flying in to purchase the car. The bank that holds the note on my car does NOT have any local branches in our metro area. I have plenty of cash on hand to pay off the loan, but I would prefer to keep that cash on hand for real estate investing purposes, so don't want to let it go easily. I called the bank and they said that they can do a 1-2 day turnaround on the lien release doc once they receive the payoff amount. But the catch-22 is that I don't want to pay off the car unless I'm confident the deal is done. And I don't blame an out of state buyer for not paying for the car in advance until he has a chance to see it with his own eyes.
Wondering how you guys would handle this so that it's fair to both parties? What I'm thinking of doing is asking him to provide me a deposit of something like $500 or $1,000 in advance, which would prompt me to pay off the loan; and the wording we could write up would state that if he shows up (so he's taken the time to fly up and check it out in person) and doesn't like it, then I would refund his money in full. That way if the deal isn't consummated, then I'm "out" the payoff amount (i.e. I just paid the car off earlier than I otherwise would have), and he's "out" the airfare and his time. Any other ideas?
0 commentaires:
Enregistrer un commentaire