rgaynor85

just wondering whats involved, im guess the buyer pays you, then u pay off the loan, and wait for the tittle to come in so you can transfer it over. so the buyer has to wait a little bit for it. am i correct ive never had a financed or sold a financed car. thanks
Ryan

chadtx01

iTrader: (5)

It really depends on how the buyer pays for the vehicle.

If the new buyer finances through the same financial institution as you then the title can be released and transfered pretty much immediately.

If they finance and its an official bank check or money order, and your bank can call and verify funds, then they car usually release the title to you.

If they pay cash, you can go in and pay off your loan with cash and they can release the title to you right away.

If they are paying by check, then the bank will probably wait until it clears and then mail you the title.

rgaynor85

well would my local bank have the tittle or would it be held at a main office in a nother state.

chadtx01

iTrader: (5)

I dont know, it all depends who you bank with.

For us, we keep the titles of the loans we have. There are only 6 branches, but each branch holds its own titles.

My guess would be that they keep the title wherever the loan originated.

rgaynor85

oh i use wachovia ill have to stopin there and ask

jamesSS

i think it depends on the bank and they type of loan. my first car i had a co-signer and they let me keep the title in my name. id ask your bank for the details cause each is going to have their own set of rules, regulations, bla bla bla.