How to properly buy or sell a used car

The recent news of the 19-year-old who sold a 1993 Nissan Pathfinder to the suspect in the Times Square bomb threat has sparked some questions about the best way to sell a used car.The student posted the ad on Craigslist and received $1,300 cash for it from Faisal Shahzad, but there wasn’t any paperwork between seller and buyer, so there was no record of the transaction. Luckily, authorities were able to track down Shahzad through the VIN and cell phone number he used.In order for a vehicle to be properly registered, the title would have had to been signed over to the new owner. In many states, a Bill of Sale and proof of insurance is also required. In a traditional deal, rather than the circumstances surrounding this unusual purchase, the lack of paperwork would have been a serious problem.While there are some benefits to buying a used …
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