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Old April 13th, 2013, 05:06 PM   #1
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Default selling my truck question

I need to sell my truck
I live in Indianapolis
I have a loan out of my credit union in grand rapids
I would I go about selling it with out meeting at the bank?

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Old April 13th, 2013, 05:12 PM   #2
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Unless there's some other avenue I've never heard of, you have to meet at the bank. You can't transfer the title without the lien being taken care of.
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Old April 13th, 2013, 05:24 PM   #3
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Unless there's some other avenue I've never heard of, you have to meet at the bank. You can't transfer the title without the lien being taken care of.
No you don't. I bought my Silverado in Ohio. The truck had the transfer case broken off the back of the trans so it didn't drive. I had my credit union mail a check to his bank with a hold on it. Once I was in possession of the truck, I called my bank, they released the hold, and his bank mailed the title to my CU.
By the time I fixed the trans and d.shafts I had the title from my bank (2-3 days after they received it).
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Old April 13th, 2013, 05:45 PM   #4
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I sold a truck to a guy in Florida before, He sent me the pay off on the loan, He hired a trucking company to pick it up. Once he received the truck he sent me the remaining sale balance and i sent him the new clear title in the mail. Took almost 2 week and I probably could of lost the truck if he was some kind of scammer but it all worked out in the end.
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Old April 13th, 2013, 06:02 PM   #5
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Unless there's some other avenue I've never heard of, you have to meet at the bank. You can't transfer the title without the lien being taken care of.
Unless you know what you are talking about, shut up.
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Old April 13th, 2013, 06:21 PM   #6
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Unless you know what you are talking about, shut up.
Why, he's correct.

You can sell the car, the guy can pick it up. You can sign the title and give it to him. But the title cannot be transferred until the liens are cleared, since you don't own the car outright, the lienholder jointly owns it.

Its the pain of selling anything with a loan. Either you do it at the bank, and get it cleared, or someone takes a big leap of faith.
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Old April 13th, 2013, 06:28 PM   #7
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Michigan's rules:

http://www.michigan.gov/sos/0,1607,7...5972--,00.html

Once you have found the vehicle you want to buy, you will need to properly title, register, and plate it. It is best if you and the seller go together to a Secretary of State office to complete the title transfer. If not, then before leaving with the vehicle make sure:

The seller gives you the title. Making changes on a title, such as crossing out a name, invalidates it. Copies are also not acceptable. The seller must complete the seller's portion of the title assignment, including the odometer disclosure statement, and sign it.
There is no outstanding loan against the vehicle. A title cannot be transferred until the vehicle loan is fully paid. A representative from the bank or financial institution that administered the loan must either have signed the title or provided the owner with a lien termination statement.
The odometer reading entered by the seller and vehicle identification number (VIN) on the title match the vehicle's odometer reading and VIN.

Indiana and all the states have similar rules.
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Old April 13th, 2013, 06:34 PM   #8
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Why, he's correct.

You can sell the car, the guy can pick it up. You can sign the title and give it to him. But the title cannot be transferred until the liens are cleared, since you don't own the car outright, the lienholder jointly owns it.

Its the pain of selling anything with a loan. Either you do it at the bank, and get it cleared, or someone takes a big leap of faith.
No he's not, you do not have to meet at the bank. I've bought and sold cars with leins and not had to meet at the bank and had the banks take care of the leins prior to pick up.
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Old April 13th, 2013, 07:11 PM   #9
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Unless you know what you are talking about, shut up.
LMAO!!! fukcin hilarious!!!
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Old April 13th, 2013, 07:31 PM   #10
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I have sold multiple vehicles with an outstanding loan-4 to be exact. The lender I use is located in Minneapolis as I work for General Mills and they have their own CU. The buyers have always been skeptical for good reason in today's age when they don't get a clean title with the vehicle after paying. I have let them speak with the CU on every occasion and it is explained as soon as the money clears the lender will send a release to the buyer. This has settled their uneasiness. Your buyer will have to trust you to a point, as well as you trust that their money if not cash is good-I have always allowed the buyer to take the vehicle in question, this helps to ease them and left coverage on it until the release was sent and legally I no longer owned it in the eye of my lender.
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Old April 13th, 2013, 07:47 PM   #11
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No he's not, you do not have to meet at the bank. I've bought and sold cars with leins and not had to meet at the bank and had the banks take care of the leins prior to pick up.
Brother from another mother is correct. I never set foot in my credit union nor did the seller have to go to his. I signed all loan documents at work and faxed them back.
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Old April 13th, 2013, 07:55 PM   #12
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Brother from another mother is correct. I never set foot in my credit union nor did the seller have to go to his. I signed all loan documents at work and faxed them back.
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Old April 14th, 2013, 01:33 PM   #13
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Quote:
Originally Posted by Tranny Tom View Post
No you don't. I bought my Silverado in Ohio. The truck had the transfer case broken off the back of the trans so it didn't drive. I had my credit union mail a check to his bank with a hold on it. Once I was in possession of the truck, I called my bank, they released the hold, and his bank mailed the title to my CU.
By the time I fixed the trans and d.shafts I had the title from my bank (2-3 days after they received it).
Good to know. I don't belong to a credit union but I would assume a bank can do the same thing.

I personally have never gone that route or explored other avenues to sell/buy vehicles because I would just rather meet in person and have everything cleared in one sitting. I'm not a trusting individual.
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