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2014 Model S P85 for sale
- Thread starter Greengolfer
- Start date
For those trying to sell a car: Don't pay it off before you sell it if someone is financing it. If you still owe on the car the bank can make immediate payment, if your car is recently paid off, you have to wait for your title to arrive
This advice may or may not apply to you depending on the state the car is titled in and the banks involved.For those trying to sell a car: Don't pay it off before you sell it if someone is financing it. If you still owe on the car the bank can make immediate payment, if your car is recently paid off, you have to wait for your title to arrive
I finance my cars with a bank that will send the title to the local branch, and then I meet the buyer there. The buyer pays me, I deposit the money, use some of it to pay off the loan, they hand me the lien released title, I sign it, and hand it to the buyer. I like doing business with them because they also have a title and license plate department, so I never have to go to the DMV when I buy a car (private party) either.
Banks that take 10+ days to send the title to you after you pay it off stink. I have never tried to have to make an immediate payment like Greengolfer proposes, but if you are thinking about selling a car, call your bank and ask about the various ways you can do the transaction with them to make it as smooth as possible.
Then there is Ohio where there is no paper title when a bank is "holding the title", the lien is an electronic record, and once paid off, the seller has to go to the title office and have them print it out for them. So please research your state, and your bank, save yourself many hours of aggravation while under pressure. Your best option may be to pay it off in advance, not pay it off, and just meet at the branch, have the bank do the transfer, or any number of other possible permutations due to state laws and bank rules.
If you are planning to sell a car in a few months, and your current bank won't make selling it convenient look around for a bank that will make it convenient, and refinance your car through them. Make sure to do this far enough in advance that the title has time to get processed in whatever way is required in your state for a refinancing. Then put future car loans at that bank so you aren't rushing around next time.
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a.deodatus
Member
100% agree. I made sure one of my cars has a loan that can be paid off and title received the very same day in case I want to sell quickly, and the other car I paid off so I don’t have to worry. However, it can definitely be easier to leave the loan unpaid and let the two lenders figure it out.
Ya reap what ya sowFor those trying to sell a car: Don't pay it off before you sell it if someone is financing it. If you still owe on the car the bank can make immediate payment, if your car is recently paid off, you have to wait for your title to arrive
STE$LAR
Member
STE$LAR
Member
Update:
My buyer's financing is approved, they are just waiting for the title to arrive. Once I have the title, I will let you know if and when the deal is completed. Thanks for your interest and patience.
My buyer's financing is approved, they are just waiting for the title to arrive. Once I have the title, I will let you know if and when the deal is completed. Thanks for your interest and patience.
STE$LAR
Member
original
Member
STE$LAR
Member
Cash is king for everything. perfect example when banks are involved on either side buyer/seller
I have bought/sold more cars then I can remember. the final straw with banks for me was about 12 years ago I sold a 1982 Rolls-Royce Cornish the buyer had 1/2 cash and the other 1/2 in his bank went with him to his bank (citibank) he withdrew the balance same time teller asked me if I would want a bank check since I had a lot of cash on me I agreed to take the bank check at the same time asking the teller if there would be any problems cashing it since I did not have a account with citi she replied no problem as long as I have ID. (my instincts were saying no) so I go back to the same bank 2 days later same teller she goes through the verifying process goes to the vault gets the cash has to get managers signature cause amount, the manager says sorry can't cash are own check because I didn't have account with them. I almost lost control of my emotions I could tell the teller felt bad since two days earlier said no problem. what I had to go through to get that cashed let's just say that was the last time I had any bank dealings as far as car transactions go. Now on the complete opposite just recently I went to buy a MS I mentioned to the seller that it would be mostly cash I be paying in well I guess we didn't come to a full understanding of the whole deal after a 8 hour drive I meet the seller at a scs showed him the cash his reaction was something I have never witnessed like it was a bomb ready to explode he said he implied he wanted us to go to his bank but it was 5pm on a Saturday and that he doesn't know me and that I could have printed those bills myself! I just realized the world has really changed especially since the pandemic. this was a person that lives "cash-less" relies on banking for everything in their lives. if just 1 of those hundreds of bills was fake the FBI would be at my door! hello you know who I am im buying your car with my ID wouldn't be hard to track me down especially for the FBI. needless to say I just wasted me and my friend's time and miles on my MS good thing didn't have to buy gas!
I have bought/sold more cars then I can remember. the final straw with banks for me was about 12 years ago I sold a 1982 Rolls-Royce Cornish the buyer had 1/2 cash and the other 1/2 in his bank went with him to his bank (citibank) he withdrew the balance same time teller asked me if I would want a bank check since I had a lot of cash on me I agreed to take the bank check at the same time asking the teller if there would be any problems cashing it since I did not have a account with citi she replied no problem as long as I have ID. (my instincts were saying no) so I go back to the same bank 2 days later same teller she goes through the verifying process goes to the vault gets the cash has to get managers signature cause amount, the manager says sorry can't cash are own check because I didn't have account with them. I almost lost control of my emotions I could tell the teller felt bad since two days earlier said no problem. what I had to go through to get that cashed let's just say that was the last time I had any bank dealings as far as car transactions go. Now on the complete opposite just recently I went to buy a MS I mentioned to the seller that it would be mostly cash I be paying in well I guess we didn't come to a full understanding of the whole deal after a 8 hour drive I meet the seller at a scs showed him the cash his reaction was something I have never witnessed like it was a bomb ready to explode he said he implied he wanted us to go to his bank but it was 5pm on a Saturday and that he doesn't know me and that I could have printed those bills myself! I just realized the world has really changed especially since the pandemic. this was a person that lives "cash-less" relies on banking for everything in their lives. if just 1 of those hundreds of bills was fake the FBI would be at my door! hello you know who I am im buying your car with my ID wouldn't be hard to track me down especially for the FBI. needless to say I just wasted me and my friend's time and miles on my MS good thing didn't have to buy gas!
If it falls through, still interested, I hope you consider going through by order of inquiry. GLWS
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