Buying and Selling from a Private Party
By: Milestone / 23 Sep 2024
Looking to buy a new to you vehicle, ATV, boat or RV from another person? There are a few important steps before the vehicle is truly yours.
KNOW YOUR BUDGET AND SHOP WISELY... - Get pre-approved by submitting a loan application, so you know your budget.
- Start shopping.
- Check values with Kelley Blue Book, Edmunds, True Car or J.D. Power.
- Know the vehicle history using Carfax to see if an auto was in an accident.
READY TO BUY... - Find out from the seller if there is a loan on the vehicle. If there is, then a lienholder is listed on the title. So, you will want to request a payoff statement to make sure that the loan for the vehicle gets paid off and a lien release is sent to you as the buyer.
- Confirm the seller has a Title or Bill of Sale. Not sure? Check out what vehicles are titled or not here.
- Paying for your purchase. We recommend a cashier's check made out to the seller. These are guaranteed funds and trackable. Other options include a personal check which is trackable, sellers can call MMFCU during regular business hours (218) 829-0371 to verify the funds. Sellers may ask for cash, but keep in mind it isn't able to be tracked past the point of you handing the money over.
DRIVING OR TOWING AWAY… - Transfer the title or registration, listing the lienholder if you took out a loan for the purchase.
- Insurance to protect your investment. If you want to compare costs, call The Insurance Office at (218) 828-1118. They can provide a free, no-obligation quote.
Read the Fall 2024 InTouch 