Noob Question
 

Hello Everyone! Just joined the forum and buying our first "new to us" 2002 X5. I am closing the deal this Saturday at the bank with the current owner, but I have a couple of questions.

I know this questions will sound basic, but please bear with me. I have never bought a used car before, I've always leased or financed outright. When I meet the previous owners on Saturday, what are the "legalities" of a used car transaction?

- I have prepared a bill of sale
- The previous owner needs to sign the title and put the odometer reading.
- Exchange the cashiers check

What else is there to do?

Thank you for all your help.

I guess you may have done this before... but...did you run carfax? get service records if any... make sure spare tire is there... did you drive it hard on the test drive? look at the brakes..

Meet in a public place and take a friend...

Thank you for the reply. Yes, I have pulled the carfax, it looks legit as expected, no worries there. Took a test drive, took it to the mechanic and have the spare tire.. it's all good.

Regarding the actual paperwork that is exchanged in the user car transaction, other than what I listed on my original post, what else is there to do?

Thank you for the help! I appreciate it...

Just to be on the safe side I'd look into the Carfax protection plan. I purchased a car once with a clean Carfax only to find it had been in an accident. It didn't show up in the Carfax data base until I'd owned the car for a couple of years.

Also check State Law regarding whether a notarized signature is required on any of the docs.

:iagree:...I know how it works for private party vehicle transactions
in NC, but I have no clue for TN. Hit your TN DMV web site and
determine what is required beyond your pretty good list.

Good luck with your new X, and welcome to the board!
BR, mD