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  1. #1
    Join Date
    Apr 2008
    Posts
    1

    Default Trading In A New Car

    My question involves vehicle registration or title in the state of: Texas

    Short version...

    I purchased a new car and paid cash for it. A few days later, unexpectedly, I received a company car and no longer had a need for my new car.

    I took the new car to a local dealership who offered to buy it from me. I still don't have the license plates/registration because the car is so new. The dealership made a cash offer but explained that they couldn't cut me a check until I received the title and then forwarded it to them.

    I will be traveling a lot and will not have the ability to sell the car myself so I moved forward with the dealer's offer to purchase the car for me and left the vehicle there.

    I signed a power of attorney to transfer the title to the dealership. And, I was given a signed IOU from the manager which indicates the amount that I will be paid in full upon their receipt of the title. It also indicates the VIN#.

    This is a large, reputable dealership but my concern is that I don't feel like I got "enough" paperwork or documentation regarding the transaction.

    Does the written and signed IOU serve as sufficient documentation of the transaction?

    I should have done more research but I just needed the car to be off of my hands. Any insight you can offer is much appreciated.

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: Texas: Car Title/Dealer Question

    Without seeing the paperwork, the only answer I can reasonably give is "probably".

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