You are thinking of selling your car for cash, but have found out you’ve lost your car’s title. There’s no need to panic. While a title to sell car for cash is necessary, all states have a process for applying for a duplicate if it’s lost or stolen.
Title with the bank
If you have used a loan to buy your car, the bank will retain the title until the loan is paid off. If this is your problem, look for a buyer who’s ready to talk to the bank to reach a settlement amount and pay off the loan. The bank then gives you your title, which you hand to the buyer.
Some junkyards are even ready to let you sell car for cash without a title. You just have to show some proof of vehicle ownership like a valid registration and driver’s license.
If you’ve lost your title, visit your local DMV and apply for a new one. It should reach you in a week or two. If you need the title immediately, some states will print titles immediately for an additional fee.
Some states don’t issue titles for cars over a set age of usually 25 years, and in some states, for 15 year old cars. This makes it difficult to sell your car if your buyer is from a state that needs a title.
The solution here is to write a bill of sale with your car details included, your contact information and carry both your and the buyer’s signature. Notarizing it makes it even more legitimate. The buyer then fills out some other forms and paperwork to get a new title to register the car in their state.
Buyers should exercise caution
While these are legitimate reasons for not having a title to sell car for cash, buyers have to be careful about buying cars without a title. There’s the risk of the car being a stolen one, which is why the owner doesn’t have a title. Buyers shouldn’t pay anything until they receive the title or any similar ownership document proving the seller is the car’s actual owner.
There may be some buyers ready to buy your car without a title. They have a procedure you have to follow to sell your car like filing for a lost title and getting a duplicate. If you need more guidance to sell your car for cash without a title, pay us a visit at www.wrenchapart.com.