The money on an exotic car sale is the easy part. The paperwork is where private sales fall apart. A lender that will not release a title to an individual, an out-of-state registration, a lease that has to be bought out before it can be sold, a car titled in an LLC or a trust. J&S Autohaus closes these every week from Ewing, New Jersey, for cars anywhere in the country. Here is what each one looks like.
A paid-off car with a paper title
The simplest case. The seller signs the title in the seller's section, signs a bill of sale, and signs an odometer statement. On a New Jersey title, there is a specific line for the seller's signature and the buyer's information; J&S fills in its part. Some states require a notary on the title. J&S will say so up front and can arrange a mobile notary at the pickup.
A paid-off car with an electronic title
Most newer cars in New Jersey, Pennsylvania, New York, Florida, Texas, California, and a growing list of other states have no paper title. The lienholder or the state holds it electronically. The seller signs a power of attorney that lets J&S request the paper title or transfer the electronic one. Nothing changes for the seller except one extra signature.
A car with a loan
The seller gets a 10-day payoff letter from the lender. J&S pays the lender directly, and the lender releases the title to J&S. The seller is paid the difference between the offer and the payoff. The seller never pays the car off first, and the car does not leave the driveway until the payoff is confirmed in writing. Full walk-through in Can You Sell an Exotic Car That Still Has a Loan on It.
A leased car
A lease is not the seller's car to sell until the lease is bought out. Some lessors allow a dealer to buy out the lease directly. Others require the lessee to buy it out first, and a few will not allow a third-party sale at all. J&S checks with the lessor, tells the seller which case applies, and handles the buyout paperwork when the lessor allows it. If the car is worth more than the buyout, the seller is paid the difference.
A car titled to an LLC or a trust
Common on exotics. J&S needs the entity documents that show who can sign: articles of organization and an operating agreement for an LLC, the trust certificate for a trust. The authorized person signs the title and bill of sale on behalf of the entity. One extra document, no delay.
An out-of-state seller
The seller's state handles the title release; New Jersey handles the registration on J&S's side. The seller does not need to do anything with New Jersey. J&S buys in every state and checks which ones need a notary, which ones have electronic titles, and which ones require a specific bill of sale form before anything is sent.
What J&S will not do
- Take delivery of a car before the title path is confirmed
- Ask a seller to sign a blank title or an undated power of attorney
- Change the number after the car arrives, unless the car is not what was described
What to have ready
- Title, if there is a paper one, or the lender's name and loan number
- Registration and a photo of the VIN plate
- Driver's license matching the name on the title
- Entity documents if the car is titled to an LLC or trust
Where to start
Sellers can start at jsautohaus.com/sell-my-exotic-car or call (609) 245-6634. J&S Autohaus, 1723 N. Olden Ave., Ewing, New Jersey. In Ewing since 1995, buying nationwide.