Bill Dearborn

If the person who is selling the car is a good Customer the bank will work with the bank the certified check is written on. They will call and make arrangements for an immediate funds transfer. That is how my credit union handled the $24K certified check I was handed when I was selling my 97. I didn't want to give the guy the title until the check cleared and he didn't want to leave without the title. We hopped into the cars and drove to the CU and talked to a manager who took care of everything. When the guy came out of his office he told me the money was in my account and handed me a receipt showing it was in the account with no hold and he handed the other guy the title.

Bill

CaliVetter

Go the the VA DMV site and print a transfer of title form. Also, make or copy a purchase agreement from VA DMV site or online site (For VA sales only, the verbiage will differ in each state).


Take the signed purchase agreement and the VA transfer of title form to the bank. Complete the transaction there and have the bank employee notarize the documents.


Pay the loan off, get the transfer of title form signed and have the bank notarize and give you the release of title ---FUNDS MUST CLEAR AT THAT TIME


-- Lastly, take all forms to you DMV.


Remember...legally your transaction is with THE BANK--they need to release YOUR TITLE, not the seller. Get release of title from the bank at the time you give the money or you are asking for any/all the trouble you get afterwards if not

CaliVetter

There is ABSOLUTELY no reason for the seller to receive the title. This has nothing to do with trusting or not trusting anyone. This simply isn't the way to handle this much money.

jaden61

Remember they ran your credit? They know where their property will be if you fail.

jjking

Well I am on the way now to the hotel. I think I have done everything possible to prepare for this so hopefully it will go smoothly. I talked to capitol one and they will request that the title be sent to me after the lien is released but I think it will ultimately be up to the dmv as the title is electronically held there and they will do the lien release.

23/C8Z

if the dealer where he originally purchased the car is close I suggest having him contact the sales manager and ask how much they would charge him/you to handle the sale. They'll car fax it have him sign off on nothing wrong defects salvage insurance claims etc.

My guess is they say anywhere between 350 to 700. A price well worth the benefits and backing of a new car chevy dealer.

good luck.

felkebg

My dealer held up my paperwork for 2 weeks for a personal check transaction. You can call and ask that bank's processing policies.

LT1 Z51

Yea, I owned my C6 and when I sold it took 4 hours for the wire transfer to go thru.

My philosophy is this in regards to used car transactions.

1. Current and new owner meet at bank (either lien holding or if paid in full the current owners bank).
2. The payment method is exchanged for "physical position" of the car. This is a "good faith" gesture as the current owner does have the new owners money (although no officially) but retains "legal" ownership by not transferring title.
3. Current owner waits until funds clear, or if paying off a lien waits for bank conformation of lien release.
4. Once the money situation is settled, current owner then meets up with new owner and exchanges title, thereby "legally" completing the sale.

I've found this to work as it makes each party feel secure in that they have some sort of leverage should something go wrong. The only issue is during the time the current owner gets paid, and the title exchange is that the current owner MUST leave on his/her plate and insurance on the vehicle (it's basically the legal equivalent of letting your "friend" borrow your car to drive for a few days).

If the sale goes bad, the current owner can always report the car stolen, and the new owner can always report the money stolen. These would be extreme cases, but since a documented transaction was taking place, both should have the required legal protections.

olcrazy1

I have purchased many cars like this. always a risk but if it doesn't feel right don't do it. Most people who still owe on their cars and are needing to sell them for various financial reasons don't have the money to pay them off to get the title before selling.

I would meet at the bank, pay it off, get a bill of sale notarized by the bank clearing stating you purchased the car, paid it off, and when title is available it will be endorsed and sent to you either by bank or by owner. save a copy of the check you paid with, the notarized Bill of sale and leave with the car and the owners liscense plate. Once he ships you the title ship him back the plate. If they don't agree to all this walk away from the deal.