Selling my SS. Bank is making this very difficult!!! - Camaro5 Chevy Camaro Forum / Camaro ZL1, SS and V6 Forums

intofx · 06-24-2013, 08:11 PM

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

The Stig · 06-24-2013, 08:16 PM

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.

Cam2011 · 06-24-2013, 08:17 PM

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?

tom231 · 06-24-2013, 08:21 PM

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.

driyac · 06-24-2013, 08:29 PM

WHy dont you just send it usps certified mail? That way you have certification it made it to the bank.

Nick S · 06-24-2013, 09:01 PM

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.

intofx · 06-24-2013, 09:39 PM

Quote:

Originally Posted by tom231

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.

Matt

MikeSVX · 06-24-2013, 10:05 PM

Wonder if a local dealer could assist you, for a small fee obviously, much like you would have to do when selling firearms.

Vroom_vroom · 06-24-2013, 10:13 PM

just another reason i will never move to cali.

Caddyroger · 06-24-2013, 10:31 PM

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.

flyer08 · 06-24-2013, 10:35 PM

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

tom231 · 06-24-2013, 10:41 PM

Quote:

Originally Posted by intofx

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.

tom231 · 06-24-2013, 10:45 PM

Quote:

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.

Yep! I found this out when I bought my car back in April. At least I won't lose it now.

Bmags · 06-24-2013, 10:48 PM

The title as in the car is the security for the loan, the bank is protecting their interest in the collateral.

06-24-2013, 08:11 PM	#1
intofx Drives: 2011 RS/SS Camaro Join Date: Mar 2011 Location: West Hills, CA Posts: 113	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 __________________ 2011 RS/SS camaro 1969 RS/SS camaro 2007 Hummer H2

06-24-2013, 08:16 PM	#2
The Stig knows 2 facts about ducks Drives: ...and they're both wrong Join Date: Aug 2009 Location: The HMS Invincible Posts: 25,072 View My Garage	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. __________________

06-24-2013, 08:29 PM	#5
driyac Drives: 2012 45th Anniversary 2SS Join Date: Mar 2012 Location: West Chester Ohio Posts: 1,845	WHy dont you just send it usps certified mail? That way you have certification it made it to the bank. __________________

06-24-2013, 09:01 PM	#6
Nick S Drives: 2013 Camaro 1LE Join Date: Jul 2012 Location: Verona, WI Posts: 1,932	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. __________________

06-24-2013, 10:05 PM	#8
MikeSVX The magic smoke genie.... Drives: Jewels (2010 RJT 1SS) Join Date: Dec 2009 Location: Escondido, CA Posts: 2,294	Wonder if a local dealer could assist you, for a small fee obviously, much like you would have to do when selling firearms. __________________ Support Search & Rescue. Get Lost.

06-24-2013, 08:17 PM	#3
Cam2011 Drives: 2011 Camaro 2SS/RS Join Date: Dec 2010 Location: CT Posts: 2,061	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?

06-24-2013, 08:21 PM	#4
tom231 Drives: 2012 2SS/RS Join Date: Apr 2013 Location: Wisconsin Posts: 301	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.

06-24-2013, 10:13 PM	#9
Vroom_vroom The gritos pollo!!! Drives: Like a idiot Join Date: Jul 2012 Location: Las Vegas Posts: 1,215 View My Garage	just another reason i will never move to cali. __________________ https://www.youtube.com/@FredJrsGarage ‘19 Silverado 3500 dmax ‘77 trans am ‘63 c2 Shopping for more Camaros

06-24-2013, 10:31 PM	#10
Caddyroger Drives: 2011 RJT Camaro LT2 RS auto shift Join Date: Dec 2011 Location: Washington state Posts: 1,861	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. __________________ Caddy

06-24-2013, 10:35 PM	#11
flyer08 Account Suspended Drives: 2010 2SS/RS Join Date: Jun 2009 Location: Texas Posts: 3,418	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

06-24-2013, 10:48 PM	#14
Bmags Drives: 2013 Camaro 2SS/RS SIM Join Date: Mar 2013 Location: Maryland Posts: 106	The title as in the car is the security for the loan, the bank is protecting their interest in the collateral.