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Fax a copy of the title..... Posted by Mike Lynch [Email]  (#81) [Profile/Gallery]
(more from Mike Lynch) on Tue, 1 Nov 2005 15:33:07
In Reply to: Selling a car...(long), joshnat, Tue, 1 Nov 2005 14:28:21 Members do not see ads below this line. - Help Keep This Site Online - Signup |
Have the bank in Texas fax you a copy of both sides of the title to show your buyer. Is you buyer paying cash or is she getting a loan herself? If she's getting a loan, her lender will handle the details of the payoff. Whether she's paying cash or financing one method would be for her (or her lender) to issue two checks. The first check goes to the bank in Texas to pay the car off with your athorization to pay the car off and instructions to mail the title to the new buyer. When the new buyer (or lender) receives the title, then the second check for the equity is yours. In essence you won't receive your equity until the buyer gets the title.
Some states, like California, can have paperless titles. When a car is paid off with a paperless title, the lender instructs the DMV to remove the lienholder and issue a paper title in the buyers name. This paperless process takes just a little longer as a normal payoff where the lender mails out the actual title. Instead of mailing the title, the lender instructs the DMV to mail a new title. Certified checks speed up the payoff process. Otherwise the lender will sit on the title until the check clears.
BTW this is one of the reasons to trade a car in. Yes you can accomplish all the details, but it takes time and hassle. A dealer on the otherhand makes this a simple routine process and gives you instant access to your equity if you trade it in on another vehicle. As a dealer I have still held a customers equity check until I receive the title to give me leverage in case there's a problem.
, Tue, 1 Nov 2005 15:33:07 <-- Viewing This Message
, Tue, 1 Nov 2005 15:07:46
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