Having a BIG issue buying a ctsv out of state
#1
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Having a BIG issue buying a ctsv out of state
So I put this in the Texas forum since Im a Texas resident, but was wondering if any of you had experienced this or know anything about it.
So my credit union approved me for a loan here in Texas.
The car is located in Missouri.
The credit union said they cannot complete the loan because the title is not is the dealerships name.
The dealership told me they do not put the title in their name, however the title is signed on the back by the previous owner along with the dealerships name on the back as well. The dealership also told me the lien release is attached to the title.
The finance director told me she has worked in this business for 27 years and has never had this issue arise, as the dealerships she has worked for never put the title in their name.
Can anyone give me some information about this, or possibly explain what I would need to do?
Im really trying to get this car but this issue is crazy.
So my credit union approved me for a loan here in Texas.
The car is located in Missouri.
The credit union said they cannot complete the loan because the title is not is the dealerships name.
The dealership told me they do not put the title in their name, however the title is signed on the back by the previous owner along with the dealerships name on the back as well. The dealership also told me the lien release is attached to the title.
The finance director told me she has worked in this business for 27 years and has never had this issue arise, as the dealerships she has worked for never put the title in their name.
Can anyone give me some information about this, or possibly explain what I would need to do?
Im really trying to get this car but this issue is crazy.
#2
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OPTION A: Find another credit union
OPTION B: Find a CTS-V in Texas
OPTION C: Find a CTS-V under a private seller
My credit union when i bought my 04 Terminator from a private seller had no issue whatsoever going that route.
OPTION B: Find a CTS-V in Texas
OPTION C: Find a CTS-V under a private seller
My credit union when i bought my 04 Terminator from a private seller had no issue whatsoever going that route.
#3
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Well, a guy in the Texas forum said this -
Your credit union doesn't know what the hell they are talking about. Dealers don't transfer titles into their name, they just assign them. I've ran into this before, whoever you're dealing with at the credit union thinks that you're buying from an individual, you need to get a supervisor involved.
Which actually answers my question. I just wasn't sure if dealership's actually put used vehicles in their names or not.
Your credit union doesn't know what the hell they are talking about. Dealers don't transfer titles into their name, they just assign them. I've ran into this before, whoever you're dealing with at the credit union thinks that you're buying from an individual, you need to get a supervisor involved.
Which actually answers my question. I just wasn't sure if dealership's actually put used vehicles in their names or not.
#4
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Well, a guy in the Texas forum said this -
Your credit union doesn't know what the hell they are talking about. Dealers don't transfer titles into their name, they just assign them. I've ran into this before, whoever you're dealing with at the credit union thinks that you're buying from an individual, you need to get a supervisor involved.
Which actually answers my question. I just wasn't sure if dealership's actually put used vehicles in their names or not.
Your credit union doesn't know what the hell they are talking about. Dealers don't transfer titles into their name, they just assign them. I've ran into this before, whoever you're dealing with at the credit union thinks that you're buying from an individual, you need to get a supervisor involved.
Which actually answers my question. I just wasn't sure if dealership's actually put used vehicles in their names or not.
#5
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I'll just speak with them on Monday then.
The agent told me she spoke with her manager, underwriting dept and the titling dept and they all said the same thing.
Just don't understand how this can be that confusing since they finance this stuff on a continious basis.
The agent told me she spoke with her manager, underwriting dept and the titling dept and they all said the same thing.
Just don't understand how this can be that confusing since they finance this stuff on a continious basis.
#6
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If your credit is good enough id consider another credit union that is more reputable or known in your city. And bring the previous credit unions problem up right away and if they want your business im 150% positive they will find a way to get you where you need to be.
#7
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I will do that after contacting this specific CU on Monday.
I'm going to speak with a manager to have them call the director of the finance department of the dealership I've been talking to.
This honeslty should not even be an issue.
I'm going to speak with a manager to have them call the director of the finance department of the dealership I've been talking to.
This honeslty should not even be an issue.
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#10
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I think I ran into this issue when I bought mine. It didn't involve anything out of state, but I bought from a small used lot that also sold boats and motorcycles. I called and asked if they could title it in their name and they obliged. He put it in his wife's name. I think it took some $ out of their bottom line, but they were willing to swing it. My loan was through BOA. I also avoided sales tax at the time because it was a private sale. Our registration laws have changed since then and now I would have owed tax regardless.
#11
Yo, Rocky; I work at a very small credit union in NC so can't speak to how TX vehicle titling may be different than NC. However, I have run into issues at other credit unions where they simply will NOT do a private party loan. I don't understand the rationale, but it is what it is. My credit union doesn't care who owns it as long as (a) the title is properly assigned on the back, (b) any liens are released by the bank/credit union. I personally bought a vehicle at a small dealer recently and had my credit union finance it. The title was not in the dealer's name but just like you the title had been signed over by the previous owner and there was no lien. The check was made payable to me AND the dealership and it was a painless experience. Good luck with your issue. I agree with other comments that if your credit union can't help, they are not fulfilling the credit union mission "people helping people" and you should bail ASAP.
-Marc
-Marc
#12
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Thanks for the input marcjac.
I actually ended up dropping them. I even spoke with a manager and they said they cannot do it. (Huge waste of my time.)
So I called State Farm, got an amount and finished up the paperwork today and overnighted the check.
Soon the V will be mine.
I actually ended up dropping them. I even spoke with a manager and they said they cannot do it. (Huge waste of my time.)
So I called State Farm, got an amount and finished up the paperwork today and overnighted the check.
Soon the V will be mine.
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Not that it matters at this point, but as the sales manager of a classic car dealership in North Texas, I can tell you that we sell 600-ish classic cars per year to customers all over the world and have never had a problem with not having the vehicle in our name.
Sounds to me like the credit union needs to retrain or hire some new employees....
Sounds to me like the credit union needs to retrain or hire some new employees....
#18
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Not that it matters at this point, but as the sales manager of a classic car dealership in North Texas, I can tell you that we sell 600-ish classic cars per year to customers all over the world and have never had a problem with not having the vehicle in our name.
Sounds to me like the credit union needs to retrain or hire some new employees....
Sounds to me like the credit union needs to retrain or hire some new employees....
Yes I agree.
Should have just skipped them entirely and would have saved me and the dealer a whole lot of headache.
#20
As a forum member with a car for sale here I'm curious...
What year V?
How many miles?
What mods?
How much did you pay for it?
Trying to make sure my pricing is appropriate as I only have one nibble thus far.
Thanks!
What year V?
How many miles?
What mods?
How much did you pay for it?
Trying to make sure my pricing is appropriate as I only have one nibble thus far.
Thanks!