Selling my SS. Bank is making this very difficult!!!

[intofx]

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.

[two_wheel_mayhem]

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.

[Doc]

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.

[derklug]

Send me the signed title and I will take care of the whole transaction.

[intofx]

Originally Posted by Doc

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).

[Jalberdi99]

Originally Posted by Nick S

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

[wakespeak]

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.

[intofx]

Originally Posted by wakespeak

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.

Matt

[jrisebo]

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.

Originally Posted by intofx

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

[vroomapunk]

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.

[intofx]

jrisebo,
I would be fine with that but the bank won't send him a check until they have my title.

Matt

[Caddyroger]

Originally Posted by intofx

jrisebo,
I would be fine with that but the bank won't send him a check until they have my title.

Matt

They should get the next day. By your waiting it will be longer then sending them the check.

[OmniCamaro]

Originally Posted by intofx

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.

Matt

Anyone that read your first post should know this. Kids I tell ya'!

So the BOA in his area won't allow a BOA in your area to supervise or handle the transaction? Does every BOA have separate lending criteria? If all BOA's are affiliated I can't see the issue of him coming to you and making the deal. Craziness!

[intofx]

Originally Posted by OmniCamaro

Anyone that read your first post should know this. Kids I tell ya'!

So the BOA in his area won't allow a BOA in your area to supervise or handle the transaction? Does every BOA have separate lending criteria? If all BOA's are affiliated I can't see the issue of him coming to you and making the deal. Craziness!

It is crazy. Looks like if I want to sell this car I have to put my trust in the mail. This isn't how it used to work... :(

Matt