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"TITLE DOCUMENT" question....

 
Old 02-03-2008, 08:41 AM
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Spitfire80
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Default "TITLE DOCUMENT" question....

Hey guys !

I'm Canadian and in the process of buying a vette from Chicago...
The seller advised me that once I meet with his bank and wire the money, they will hand over to me the signed TITLE DOCUMENT.
He advised that there will be a fee

Why would his bank charge me a fee ?
Is it because the bank still owns the vette and want to make sure they get paid ? The owner still has a loan on the vette ?

Any input anyone ?

Phil

Last edited by Spitfire80; 02-03-2008 at 08:43 AM.
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Old 02-03-2008, 09:09 AM
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cdb
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He needs to explain more details and more importantly amounts to you since you are the guy paying for all of this. I know his bank will probably charge him a fee for receiving a foreign wire transfer , not a big fee but that should be his responsibility.
Sounds like the bank you are wiring the money to is holding the title , so they have the lien on the car- at least it sounds that way. I guess if its bank's title right now, they get a tranfer fee, but that's me guessing now.
You need to get all the details from him, then make a call to a bank manager where you are wiring the money before you send any funds. just my .02
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Old 02-03-2008, 09:11 AM
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funymuny
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Originally Posted by cdb View Post
He needs to explain more details and more importantly amounts to you since you are the guy paying for all of this. I know his bank will probably charge him a fee for receiving a foreign wire transfer , not a big fee but that should be his responsibility.
Sounds like the bank you are wiring the money to is holding the title , so they have the lien on the car- at least it sounds that way. I guess if its bank's title right now, they get a tranfer fee, but that's me guessing now.
You need to get all the details from him, then make a call to a bank manager where you are wiring the money before you send any funds. just my .02
....and don't get the phone number to the bank from the seller.

Mark
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Old 02-03-2008, 09:15 AM
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cdb
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+1 . Phil, ask a mod to move this thread to the general discussion area, you will probably get more feedback if it's posted there. Good luck, Craig
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Old 02-03-2008, 12:36 PM
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Spitfire80
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Default Thanks guys !

Thanks for your input !
How do we get this thread transfered to GENERAL DISCUSSION ?

Phil
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Old 02-03-2008, 01:18 PM
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TheMongoose
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I did a wire xf last year with a local guy. Verify account numbers and check with the bank to verify the info. I had the guy from Kentucky call my bank and talk to the manager handling the xf. That gave him confidence in it. He had in this case already been to see the car and talk to me. My bank did charge a $25 fee I believe. But it saved me so much hassle because my bank wasn't local that I didn't pass on the fee to him.
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Old 02-03-2008, 08:11 PM
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435/427BB
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just get the seller to fax you a copy of the title and you will see if there is a lein on the car.
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Old 02-04-2008, 11:05 AM
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red70stingray
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Default Getting Paid Safely

Here is a link to a question i asked about getting paid safely after a sale. Theres alot of nice answers that may help you

http://forums.corvetteforum.com/show....php?t=1888856
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