Transaction help
Thread Starter
Drifting
Joined: Jan 2007
Posts: 1,758
Likes: 4
From: Wesley Chapel FL
Transaction help
Ok I'm new to selling a car private party with a loan involved. I just sold my car (non Vette) & the wife is freaking out because the credit union wants a bill of sale before paying the money. They also want a copy of the title signed so they can later request a new one. Does all this sound normal to the more experienced?
Safety Car
Joined: Jul 2005
Posts: 4,743
Likes: 0
From: Omaha Nebraska
St. Jude Donor '06
Involve YOUR bank or Credit Union and enlist their help in regards to which type of transaction is best and safest. ALways, Always, Always, get the title when you are the buyer! Without a title, even with a Bill of sale, you can't license the car!! You need the Bill of Sale to prove ownership when driving down the road in case you're stopped but you NEED THE TITLE to License the car!! 
Good luck, be careful and if you're not comfortable, don't do it. (Whether you're the buyer or seller)
Good luck, be careful and if you're not comfortable, don't do it. (Whether you're the buyer or seller)
Thread Starter
Drifting
Joined: Jan 2007
Posts: 1,758
Likes: 4
From: Wesley Chapel FL
Good idea, I'm going to call my bank in the morning and run it by them. Plus I have a credit union at work of which I'm not a member, but I'm sure they can give me the low down. I've got the perfect situation, sold my car Thursday buying Corvette Friday but it is very stressful making sure both deals are okay at the same time with no prior experience. I'm sure we'll wonder what we thought was so tricky after both are done.
Pro
Joined: May 2005
Posts: 592
Likes: 17
From: Tempe AZ
Involve YOUR bank or Credit Union and enlist their help in regards to which type of transaction is best and safest. ALways, Always, Always, get the title when you are the buyer! Without a title, even with a Bill of sale, you can't license the car!! You need the Bill of Sale to prove ownership when driving down the road in case you're stopped but you NEED THE TITLE to License the car!!
Good luck, be careful and if you're not comfortable, don't do it. (Whether you're the buyer or seller)
Good luck, be careful and if you're not comfortable, don't do it. (Whether you're the buyer or seller)
Thread Starter
Drifting
Joined: Jan 2007
Posts: 1,758
Likes: 4
From: Wesley Chapel FL
I should have mentioned I've got the title to my car, so my bank is really only involved when it comes time to cash the check. They could probably give me some help though. Anyone else fax a copy of your title signed in order for the cashier's check to be drawn? That is the part that worries me, he said something about issuing a power of attorney so they could get a new title (even though I have the current one). I guess since they'll be holding it eh, just nervous signing anything like that before I've got the money. I know they are nervous about issuing money before having assurance of the title....
Last edited by lockmart; Aug 24, 2007 at 12:33 AM.
Le Mans Master
Joined: Sep 2006
Posts: 7,858
Likes: 0
From: Redlands California
I would go down to the buyers credit union so they get the title you get your check at the same time. It's not like you are a dealer and can wait for the money from the credit union.
Last edited by MY03Vette; Aug 24, 2007 at 01:19 AM.
Thread Starter
Drifting
Joined: Jan 2007
Posts: 1,758
Likes: 4
From: Wesley Chapel FL
Administrator
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Congrats on the sale and the purchase of the Vette.
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