2007-08-04 02:30:14 · 4 answers · asked by coktavec 1 in Cars & Transportation ➔ Buying & Selling
If you are talking about a dealer sale, it is when you take possession of the vehicle and drive it off the lot, after you have done the paperwork (meaning a test drive does not count). If you have signed a contract to buy or finance, and you take the car off the lot, it is yours! (subject to any and all terms and conditions of the contract)
In a private sale, once the money changes hands, and the title is assigned to the buyer, the car is sold!
2007-08-04 03:26:36 · answer #1 · answered by fire4511 7 · 2⤊ 0⤋
God Bless you...
I am not sure about the exact laws in Florida, but in most states, a car is sold when both you and a representative of the dealership (or seller) has signed a purchase agreement or contract, and money has changed hands--either in form of a payment, or financing being secured. The last part can be tricky, for if the dealer does not get the financing secured for whatever reason--the bank does not accept the stipulations submitted by the applicant, or any other reason that preclude the dealer from getting paid by the lender or buyer--the dealer has the right to void the contract.
Similarly, if the dealer has promised something that they did not deliver--the car was not what they said it was--the buyer has the right to negate the contract.
However, if you have signed the purchase contract, you have agreed to purchase the car. That is why a dealer will repeatedly ask you to sign the purchase contract. Just make sure that when you do, you are ready to be an owner!!!
2007-08-04 10:23:48 · answer #2 · answered by Todd J 3 · 0⤊ 2⤋
The car is sold when the cash hits the palm of the hand...It is just a formality to sign the title and give him a receipt for the cost...
2007-08-04 11:07:46 · answer #3 · answered by Gerald 6 · 0⤊ 1⤋
When you have a title in your posession in your name.
2007-08-04 09:39:07 · answer #4 · answered by aniecelinan 2 · 0⤊ 0⤋