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Old June 17th, 2013, 10:27 AM   #1
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Default Vehicle Sale Question

I have a potential buy for my CTS. She lives in Tennessee, and plans on driving up here tomorrow with her Dad to get the car.

She is securing financing through her bank, and she says the bank needs a copy of the title and registration (found this particular item odd) to cut her a check.

I still have a lien on the car. I am assuming that the way this needs to go down is she comes up to get the car. We head over to Chase Bank (right around the corner) to get payment to pay off the loan. She takes the signed title from me (after I take a copy of course) and heads down to Tennessee. She will then get a new title from my bank once the lien is cleared, and then I get a check from Chase for what's left after the lien is paid off.

Michigan SOS says to go to a local office if possible to complete the title transfer, but since she's from Tennessee this doesn't seem necessary.

This is my first time selling a vehicle with a lien. Sold stuff before without a lien, but just took cash filled out the title and the buyer was on their way.

Any help would be appreciated!
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Old June 17th, 2013, 10:40 AM   #2
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My bank has always required a copy of the title on a vehicle I'm getting a loan on.
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Old June 17th, 2013, 10:41 AM   #3
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My bank has always required a copy of the title on a vehicle I'm getting a loan on.
Yep, figured that was normal but the registration request threw me off.
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Old June 17th, 2013, 10:55 AM   #4
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Yep, figured that was normal but the registration request threw me off.
Not sure of the technical reason here, but I am just guessing it is the bank covering their tracks making sure the vehicle is owned and registered by the same person since it is an out of state deal.....

I wouldn't fax copies to the buyer, I would fax them directly to her bank.
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Old June 17th, 2013, 10:57 AM   #5
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Not sure of the technical reason here, but I am just guessing it is the bank covering their tracks making sure the vehicle is owned and registered by the same person since it is an out of state deal.....

I wouldn't fax copies to the buyer, I would fax them directly to her bank.
Good call. Thanks.
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Old June 17th, 2013, 11:18 AM   #6
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I didn't notice the registration part, that does seem odd, but agree with kickstand.
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Old June 17th, 2013, 11:39 AM   #7
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She will then get a new title from my bank once the lien is cleared, and then I get a check from Chase for what's left after the lien is paid off.
The Bank will give you a release of lean on the spot so she will take that with the signed off title. They will also verify the funds that she is bringing, Do it all at Chase Bank should be no problem at all.

I own a Car Lot, have done this many times, and see no red flags.
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Old June 17th, 2013, 12:45 PM   #8
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The Bank will give you a release of lean on the spot so she will take that with the signed off title. They will also verify the funds that she is bringing, Do it all at Chase Bank should be no problem at all.

I own a Car Lot, have done this many times, and see no red flags.
This.

I've done this multiple times as well.
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Old June 17th, 2013, 12:49 PM   #9
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I have a potential buy for my CTS. She lives in Tennessee, and plans on driving up here tomorrow with her Dad to get the car.
That's not your first red flag? Somebody tried this with me once.. they called claiming to be a trucker from Tennessee who drives up a couple times a month to Detroit, and would be up in a few days to check out a Yamaha R1 I had for sale. He said he'd come check it out, test-ride it, and take it if it was good. I laughed out loud and said no effin' way was he "test-riding" my bike, but was more than welcome to give me a certified check for the full amount with a notarized receipt and copy of his license, and then "test-ride" it, and offered to buy it back during a 10 minute window if he didn't like it and it was undamaged. He hung up. 10 minutes later, some dude called me saying he also had an R1 in the auto-trader, and was calling to warn me about a dude who came to "test-ride" his bike (same trucker story word-for-word) and never came back. I told him I was smarter than that, and that I wished he'd have called 15 minutes earlier so we could've set the guy up. Don't let the girl and her "dad" test drive the car unless you go with them, and make sure the bank calls to verify the "certified" check and signs off on it and that they know in advance you'll need the notary to copy her license, etc, to go along with the paprework. Better still, realize that nobody is going to drive all the way from Tennessee to buy your dime-a-dozen CTS. I could certainaly be wrong, but it screams scam to me. Good luck. It would suck to still have to pay for the car you no longer have, and the insurance not cover it because you gave them the keys..
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Old June 17th, 2013, 01:43 PM   #10
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My Credit Union is located in Minneapolis, this is common practice with them.
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Old June 17th, 2013, 01:58 PM   #11
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Originally Posted by Sonicjay View Post
That's not your first red flag? Somebody tried this with me once.. they called claiming to be a trucker from Tennessee who drives up a couple times a month to Detroit, and would be up in a few days to check out a Yamaha R1 I had for sale. He said he'd come check it out, test-ride it, and take it if it was good. I laughed out loud and said no effin' way was he "test-riding" my bike, but was more than welcome to give me a certified check for the full amount with a notarized receipt and copy of his license, and then "test-ride" it, and offered to buy it back during a 10 minute window if he didn't like it and it was undamaged. He hung up. 10 minutes later, some dude called me saying he also had an R1 in the auto-trader, and was calling to warn me about a dude who came to "test-ride" his bike (same trucker story word-for-word) and never came back. I told him I was smarter than that, and that I wished he'd have called 15 minutes earlier so we could've set the guy up. Don't let the girl and her "dad" test drive the car unless you go with them, and make sure the bank calls to verify the "certified" check and signs off on it and that they know in advance you'll need the notary to copy her license, etc, to go along with the paprework. Better still, realize that nobody is going to drive all the way from Tennessee to buy your dime-a-dozen CTS. I could certainaly be wrong, but it screams scam to me. Good luck. It would suck to still have to pay for the car you no longer have, and the insurance not cover it because you gave them the keys..
There aren't any major red flags with Jeff's situation if he handles it through his bank and hers.
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Old June 17th, 2013, 02:03 PM   #12
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Old June 17th, 2013, 02:48 PM   #13
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I did not read your post; too many words and no pictures.

Here, let me illustrate it for you.

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Old June 17th, 2013, 02:52 PM   #14
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Here, let me illustrate it for you.

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Old June 17th, 2013, 03:15 PM   #15
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Originally Posted by Sonicjay View Post
Here, let me illustrate it for you.



Did you read the first post?

Let me "illustrate" it for you.

Quote:
She lives in Tennessee, and plans on driving up here tomorrow with her Dad to get the car.
Quote:
She is securing financing through her bank, and she says the bank needs a copy of the title and registration (found this particular item odd) to cut her a check.
So, she's bringing a check, which greasemonkey will instruct her to write out to him and his bank as they see fit. Her bank is requiring (as all would) a copy of the title to ISSUE her the check.

Greasemonkey will meet her at his bank with the OFFICIAL title and hand over to his bank the CHECK her BANK cut her for the PURCHASE of his car.

It is up to the BANK to accept the check or deny it and release the lein as they see fit.

The risk Jeff faces is if the check is not legit, but since he will be at his BANK and will have a BANK issued check there is no reason that his BANK can not verify the authenticity for him and put the ownus on them.

Sorry I didn't draw cool pictures so you could understand how this doesn't appear to be anything like your situation....at all.
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Old June 17th, 2013, 03:17 PM   #16
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My "situation" happens outside the bank, before yours, inside the bank.
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Old June 17th, 2013, 03:19 PM   #17
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My "situation" happens outside the bank, before yours, inside the bank.
Your situation happens to stupid people, but I'll illustrate again. Or for simplicity's sake I'll just point out.

She's bringing a check, she never mentioned a test ride. Your red flag never came up.
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Old June 17th, 2013, 03:29 PM   #18
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You fukkers are slipping.



Pics of girl !
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Old June 17th, 2013, 04:40 PM   #19
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Does she bank with Chase, or do you, or do both of you?

I've had a hard time getting my credit union to commit to verifying funds on a check from the bank across the street. I'd have a real hard time accepting a check from someone four states away.
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Old June 17th, 2013, 04:44 PM   #20
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Does she bank with Chase, or do you, or do both of you?

I've had a hard time getting my credit union to commit to verifying funds on a check from the bank across the street. I'd have a real hard time accepting a check from someone four states away.
If she is financing the car through a bank then she will be getting a certified check, so nothing to worry about there.
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