You have successfully found a buyer for the vehicle! If it is a private sale, a dealership or an auction house, each of these will wrap up a little bit differently.
To finalize a private party purchase, you will want a bank involved to verify funds. If you are both local, you might select one that can also notarize the title if necessary (here in AZ) so the transaction is secure and complete all in one stop! Be sure to have a Bill of Sale and odometer disclosure which can be printed from the Service Arizona website (check with your local department of vehicles in your state).
A dealership may take over the title transfer with a power of attorney and mail you a check. Confirm the details with them and be sure you are working with a reputable dealer or consignment dealership.
An auction house may vary on the pay out, but the transfer of ownership is prepared beforehand. They will need the title in hand and ready to go with power of attorney, Bill of Sale and odometer statements before the sale. Check with the agreement for payment, as some pay same day as the vehicle sells, and others allow for 21 business days to mail out proceeds.
Be sure you to take any personal information from the vehicle and remove the plates (here in AZ they do not transfer, check your state for details but recommended to take your plate).
Let your insurance and state know that you no longer own the vehicle – in Arizona you have 7 days to report a sale which you can do again through Service Arizona. Also, if your new buyer needs a temporary tag, they can generally purchase one through the site as well.
Congratulations on the successful sale of your vehicle!
Photo courtesy of Barrett-Jackson