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Well technically this is how it should work. You have a loan with a loan account number. You do not give him your bank account information. How it works is your bank has a general ledger account. His bank will wire what you owe to this account with a payoff note to your loan account number. The bank then releases the title to YOU.
He should then come with a bank certified check, cashiers check, or cash for the balance. Sign a bill of sale stating that the car is sold as is. Sign title take your cash and move on.
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