Charlie, tax, title and tags could be your problem. Just because you cancel everything does not mean it's on him. I would require him to show proof of insurance and maybe even have him spend the $5 to get the three or five day temp. trip permit from DMV to drive the car home. That way, there is some record of him having taken possession or at least intending to do so before he makes it to DMV to do the real paperwork. What are you going to do if he totals the car on the way home from your house before you've even deposited the money? What if he parks it and lets it pile up a few mos. worth of tickets that can only be traced back to you because you're the last registered owner. This stuff can get bad with cash-poor buyers.

Looks like it really comes down to how bad you need to sell the car. Analysis may show that $5K now is preferable to ~$5.7 sometime down the road. For instances my insurance just came due so if I sold the ’84 Targa this week I’d save an immediate $400 and $400 more in six months. Also tag renewal and FC limited personal property tax. How many others have made an offer on the car?
IMO deposit should be nonrefundable ;)

Rick, wouldn't a Bill of Sale count as proof of possession??? I haven't sold a car in years so I'm a little fuzzy on the process. I know there is a Bill of Sale and an Odometer Certification form that you can print out from the DMV website.

DMV's website lets the buyer get a temporary permit that they can print out and put in the windshield to drive home or to DMV. I did this for my motorcycle which I bought in NJ and rode back to VA. When I bought my Carrera from Dulle Int'l. Motorsport, they let me drive off with their tags and I promised I'd mail them back and I did. I'm an honest guy, but that was a risky decision on their part. I've sold plenty of cars, but it was usually to people for whom money was not tight. They usually show up with a cashier's check for $1k or so less than agreed price and then a wad of cash, in case they can bargain me down or discover something on the car that would warrant a discount. Not saying cash-poor folks are bad buyers. But they do pose some risk to you, so you need to cover your bases. Maybe go all out and get the DMV standard bill of sale form, so it doesn't look like some note from Mom if you have to use a BoS to prove you sold the car. If someone says they're $5k short of asking price, then I wouldn't think much of it. But how hard is it to get $500 together?

Is he over 18? If so he can sign an automotive sale contract and it will be good. I would take the $5000 he has and loan him the rest. Type up a bill of sale that stipulates that the sale and title transfer is void if the final payment of $500 is not made in X days and that the only action open is return of the car only, no money to be returned his way. You both sign one copy each. Two copys of same contract both sign each one. You keep one, he keeps one. The contract does nothave to be pro drawn up or made from fancy wording. In fact keep it dead simple and clear. Even if you get stiffed on the $500 and don't go after him you are only looking at 10% and the car is out of your hair.
I am no expert in any way but IIRC a signed bill of sale and canceling your regestration at DMV puts you off the hook 100% regaqrdless of what the new owner does or does not do. Do not let him use your tags! That is the stuff of $$$ horror stories!

Well the guy is coming over tonight with a $500 deposit. I drew up a deposit receipt stating that if either the PPI is not favorable or if he doesn't come up with the remaining money in two weeks I will refund his deposit and move on to the next interested buyer. He seems very interested and stated today that he could get the rest of the money within one week. Of course he is not getting the car until I've got the $5,500 in my money-grubbin' hands!:twisted:

Additionally, he's not borrowing the plates either. He lives close by so worst case scenario is that I drive the car to his place and take off the plates then.

Time hasn't been an issue and I'm happy with $5,500. The car has been sitting in my driveway since November (with bare minimum insurance I might add). I probably could have unloaded it very quickly if I priced it at $4,950. However, with a little patience and some "creative financing" I get what I consider to be a $500 bonus. Hmmmm... M030 swaybars might be in the picture!! ;)

take the $5K in cash or certified funds and move on, or wait. just my opinion with finicky buyers/shoppers