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Old 06-24-2013, 09:11 PM   #1
intofx
 
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Selling my SS. Bank is making this very difficult!!!

So, I have a buyer for my 2011 2SS/RS at a good price but the bank is killing the deal. The buyer is several hours away from me and got a loan through his Credit Union. They said they would fund the loan if I came in and signed over the title in person. When I said that I didn't have 5 hours to kill or anyone that I would drag on that round trip, the CU said I could send them the signed title and THEN they would give the buyer a check... Uh, no.

So, I told the buyer to go through a bigger bank - the one we both use as I figured that it would make the process easier. I THOUGHT that we could just go in together and do it all in the branch. That's the way I've sold countless cars in the past. He applied and was approved online. They needed a few things from me so, I've faxed them copies of the title and the registration. They are now telling him they will fed-ex him a check once I send them the signed title... Uh... no.

I'm calling them in the am, but what gives? Has this become common practice when selling a car? Everything I've ever been told about selling a car says NEVER turn over a title to anyone until the funds clear. What if I send the title in and he decides otherwise... or falls down a flight of stairs, has a heart attack, or bumped off by the NSA? Are they trying to kill private party sales? How would they fund a loan from ebay or out of state?

Is this crazy or am I just paranoid?

TIA,
Matt
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Old 06-24-2013, 09:16 PM   #2
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You could see if they would be up for putting the funds in escrow. Though if its a small bank then that's probably a no go.
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Old 06-24-2013, 09:17 PM   #3
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I guess that the bank may feel that they have a better chance of being scammed by you than they do of scamming you (no offense) so that may be the reason they want the title before they disburse the funds. Odd how they won't let you both do the deal at a branch though, unless they want all used car sales to go through a certain department. Now I wouldn't worry all that much about the buyer backing out on you since should that happen then the deal is void and you keep your car and the title, but I imagine that getting an attorney to act as a good faith go between between the 3 parties it would be money well spent if it gives you peace of mind. Good luck.

So what are you buying once you sell your camaro?

I missed the part about them Fed-exing the buyer a check? That would be a no go for me as well, why not have him endorse the funds and then the bank can wire you the funds?
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Old 06-24-2013, 09:21 PM   #4
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I wouldn't worry about sending the title to a bank or credit union. They surely wouldn't/couldn't screw you over. Just make copies of everything before you send it.
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Old 06-24-2013, 09:29 PM   #5
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WHy dont you just send it usps certified mail? That way you have certification it made it to the bank.
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Old 06-24-2013, 10:01 PM   #6
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This may vary state to state but in WI any new car you buy now if it's funded through a bank the actual title will be sent to the bank that has the lien on the car. When I bought my 2013 1LE I did not get the title for the car. The bank that the loan is thru has the title. Just the way it works now.
So I wouldn't get too worried about sending the title to the bank signed.
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Old 06-24-2013, 10:39 PM   #7
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I wouldn't worry about sending the title to a bank or credit union. They surely wouldn't/couldn't screw you over. Just make copies of everything before you send it.
Yeah, but how long would it take to get back should the buyer back out? What if they lose it in the mail? Then, I would have a car with NO title and in CA the last thing you want to do is wait on the DMV for ANYTHING. I could lose other buyers in the process.

Why is giving the check to the buyer contingent on ME giving up my title first? He's on the hook for the money with the bank - Give him the check. Hey Bank of America, how about you give me the check first and I'll send YOU the title... No? I wonder why not. RMIZ.

Cam2011, not sure what I'm buying next but I'm selling my 69 as well if you know anyone looking. I've leased a Volt for commuting and I figure I should consolidate the toys to free up a garage spot for the wife. Thought about a Noble or Rossion or maybe a Z06. I'm open to suggestions.

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Old 06-24-2013, 11:05 PM   #8
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Wonder if a local dealer could assist you, for a small fee obviously, much like you would have to do when selling firearms.
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Old 06-24-2013, 11:13 PM   #9
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Old 06-24-2013, 11:31 PM   #10
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I the same here in Washington state. In order to get you plates you will need to turn over the title to the state is it financed by a bank.
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Old 06-24-2013, 11:35 PM   #11
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It took me two months to get everything strait with my bank. I wish I woulda paid in cash as I had planned before buying a used car with a loan from the bank. Worst part was I had car, seller had money, but bank kept screwing paperwork up and I couldn't get a title/license plate because DMV said I already used up my temp tag and I was still waiting for bank to process paperwork
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Old 06-24-2013, 11:41 PM   #12
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Originally Posted by intofx View Post
Yeah, but how long would it take to get back should the buyer back out? What if they lose it in the mail? Then, I would have a car with NO title and in CA the last thing you want to do is wait on the DMV for ANYTHING. I could lose other buyers in the process.

Why is giving the check to the buyer contingent on ME giving up my title first? He's on the hook for the money with the bank - Give him the check. Hey Bank of America, how about you give me the check first and I'll send YOU the title... No? I wonder why not. RMIZ.

Cam2011, not sure what I'm buying next but I'm selling my 69 as well if you know anyone looking. I've leased a Volt for commuting and I figure I should consolidate the toys to free up a garage spot for the wife. Thought about a Noble or Rossion or maybe a Z06. I'm open to suggestions.

Matt
They won't give you the check first because they don't know what type of person you are. They have probably been screwed over more than once when they sent out the check without title in hand. They are just covering their ass.
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Old 06-24-2013, 11:45 PM   #13
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Quote:
Originally Posted by Nick S View Post
This may vary state to state but in WI any new car you buy now if it's funded through a bank the actual title will be sent to the bank that has the lien on the car. When I bought my 2013 1LE I did not get the title for the car. The bank that the loan is thru has the title. Just the way it works now.
So I wouldn't get too worried about sending the title to the bank signed.
Yep! I found this out when I bought my car back in April. At least I won't lose it now.
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Old 06-24-2013, 11:48 PM   #14
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The title as in the car is the security for the loan, the bank is protecting their interest in the collateral.
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Old 06-25-2013, 12:20 AM   #15
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I get WHY they want the title but they have to understand WHY I won't give it to them until the check is in hand. Bank of America should just be able to wire the money into my account - done deal. I've bought and sold a bunch of car over the years and this is the first time this nonsense has ever happened.
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Old 06-25-2013, 12:48 AM   #16
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I'd just drive the 5 hour round trip and do the deal in person or not at all. It would be a nice last ride anyway, come home with a check.
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Old 06-25-2013, 12:57 AM   #17
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Well they're probably thinking "what if we wire the money, then he just withdraws it and disappears?"

You SHOULD be able to process this at the bank where they issue the funds and you sign over the title and give it to them on behalf of the buyer. We now have things like conference calls or even a facetime (or skype) video conference call where you, the buyer and the bank can witness everything while you sign over the title at the bank as they transfer the funds. However the concern they might have is you still have the vehicle, unless you're handing that over too but they may not want that responsibility. You could sign everything over, take the money, walk out the door and disappear with the car. This is probably why they wanted you to do the transaction in person. Times have changed. There is no honor in society anymore, and certainly not in business.

How were you going to get the car to the buyer? Is he paying to have it transported? Maybe he could take the train or the bus to you, buy the car then drive it back.
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Old 06-25-2013, 01:01 AM   #18
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Send me the signed title and I will take care of the whole transaction.
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Old 06-25-2013, 01:55 AM   #19
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Well they're probably thinking "what if we wire the money, then he just withdraws it and disappears?"

You SHOULD be able to process this at the bank where they issue the funds and you sign over the title and give it to them on behalf of the buyer. We now have things like conference calls or even a facetime (or skype) video conference call where you, the buyer and the bank can witness everything while you sign over the title at the bank as they transfer the funds. However the concern they might have is you still have the vehicle, unless you're handing that over too but they may not want that responsibility. You could sign everything over, take the money, walk out the door and disappear with the car. This is probably why they wanted you to do the transaction in person. Times have changed. There is no honor in society anymore, and certainly not in business.

How were you going to get the car to the buyer? Is he paying to have it transported? Maybe he could take the train or the bus to you, buy the car then drive it back.
He's coming to get the car but the bank wants me to send the title to them in order for them to fed ex him the check. I want him to come to me and do the deal at the bank - which he is willing to do. He's getting the loan at BOA and I'm depositing at BOA. Title is in hand and ready to go. This should be simple.

The 5 hour trip is not that feasible as I would have to take my wife and two small kids on a road trip with two cars (one to get back home).
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Old 06-25-2013, 09:20 AM   #20
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Quote:
Originally Posted by Nick S View Post
This may vary state to state but in WI any new car you buy now if it's funded through a bank the actual title will be sent to the bank that has the lien on the car. When I bought my 2013 1LE I did not get the title for the car. The bank that the loan is thru has the title. Just the way it works now.
So I wouldn't get too worried about sending the title to the bank signed.
this is how it works in VA, my bank has the title not me
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Old 06-25-2013, 11:31 AM   #21
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That's how it works. You don't own the car until its paid off. Until then the bank has title to it. Go to a car dealer and have them do the paper work that will move the title from your bank to your buyer's bank. They often will do it for a "registration fee" even if it is not their sale.
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Old 06-25-2013, 01:11 PM   #22
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That's how it works. You don't own the car until its paid off. Until then the bank has title to it. Go to a car dealer and have them do the paper work that will move the title from your bank to your buyer's bank. They often will do it for a "registration fee" even if it is not their sale.
I hold the title. There is no lien holder. The only transfer that needs to happen is from me to Bank of America and from his check into my account.

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Old 06-25-2013, 01:21 PM   #23
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Cant you meet half way, or when he comes to pick the car up, you goto the bank, cash his check or transfer the money, he drives the car home.

Quote:
Originally Posted by intofx View Post
So, I have a buyer for my 2011 2SS/RS at a good price but the bank is killing the deal. The buyer is several hours away from me and got a loan through his Credit Union. They said they would fund the loan if I came in and signed over the title in person. When I said that I didn't have 5 hours to kill or anyone that I would drag on that round trip, the CU said I could send them the signed title and THEN they would give the buyer a check... Uh, no.

So, I told the buyer to go through a bigger bank - the one we both use as I figured that it would make the process easier. I THOUGHT that we could just go in together and do it all in the branch. That's the way I've sold countless cars in the past. He applied and was approved online. They needed a few things from me so, I've faxed them copies of the title and the registration. They are now telling him they will fed-ex him a check once I send them the signed title... Uh... no.

I'm calling them in the am, but what gives? Has this become common practice when selling a car? Everything I've ever been told about selling a car says NEVER turn over a title to anyone until the funds clear. What if I send the title in and he decides otherwise... or falls down a flight of stairs, has a heart attack, or bumped off by the NSA? Are they trying to kill private party sales? How would they fund a loan from ebay or out of state?

Is this crazy or am I just paranoid?

TIA,
Matt
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Old 06-25-2013, 01:31 PM   #24
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Mailing it to the bank isnt a big deal. I wouldnt send it to the individual.

The bank isnt going to screw you over in any way. Send certified.
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Old 06-25-2013, 09:07 PM   #25
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jrisebo,
I would be fine with that but the bank won't send him a check until they have my title.

Matt
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