User Tag List

Reply
 
LinkBack Thread Tools Search this Thread Display Modes
Old 02-14-2008, 09:58 PM   #1
EmersonHart13's Avatar
Chevy Humper
 
Join Date: Jul 2007
Posts: 45,501
Chevy Humper
 
EmersonHart13's Avatar
 
Join Date: Jul 2007
Posts: 45,501
Casino cash: $59417000
10.31 per day
Default Selling car question (Existing Loan)

I am selling a car via private sale where the bank holds title and I need the funds from the buyer to pay off the loan. Are there any special steps that have to be completed while I am waiting for the title from the bank? For example we will complete the bill of sale and I will pay off the loan with their funds and await the title. I don't want any liability going either way so we are both covered legally.

I see something on the internet about a Temporary Operating Permit but I cannot find anything on the Illinois site about it.

Thanks in advance,

John
EmersonHart13 is offline   Reply With Quote
Old 02-14-2008, 10:08 PM   #2
Biff's Avatar
Banned
 
Join Date: May 2007
Posts: 478
Banned
 
Biff's Avatar
 
Join Date: May 2007
Posts: 478
Casino cash: $4728655
0.11 per day
Default

Arrange to go to the bank or credit union with the buyer to complete the transaction.

That's how i'd do it.. .02
Biff is offline   Reply With Quote
Old 02-14-2008, 10:13 PM   #3
EmersonHart13's Avatar
Chevy Humper
 
Join Date: Jul 2007
Posts: 45,501
Chevy Humper
 
EmersonHart13's Avatar
 
Join Date: Jul 2007
Posts: 45,501
Casino cash: $59417000
10.31 per day
Default

Bank is out of state, sorry I forgot to mention that.

Thanks though!
EmersonHart13 is offline   Reply With Quote
Old 02-14-2008, 10:26 PM   #4
Biff's Avatar
Banned
 
Join Date: May 2007
Posts: 478
Banned
 
Biff's Avatar
 
Join Date: May 2007
Posts: 478
Casino cash: $4728655
0.11 per day
Question

Quote:
Originally Posted by EmersonHart13 View Post
Bank is out of state, sorry I forgot to mention that.

Thanks though!
does the bank in question have branches here in Illinois?
Any bank affiliates? Many banks are connected with each other
Biff is offline   Reply With Quote
Old 02-14-2008, 10:27 PM   #5
EmersonHart13's Avatar
Chevy Humper
 
Join Date: Jul 2007
Posts: 45,501
Chevy Humper
 
EmersonHart13's Avatar
 
Join Date: Jul 2007
Posts: 45,501
Casino cash: $59417000
10.31 per day
Default

It would have to be some sort of affiliate, but I doubt it. My loan was sold to a servicing company and is not serviced through the bank.
EmersonHart13 is offline   Reply With Quote
Old 02-15-2008, 04:02 AM   #6
Smokinhot's Avatar
3-man rules!!!!
 
Join Date: Jul 2007
Location: Lansing, IL
Posts: 13,594
3-man rules!!!!
 
Smokinhot's Avatar
 
Join Date: Jul 2007
Location: Lansing, IL
Posts: 13,594
Casino cash: $33165829
3.07 per day
Default

When Panda bought my car I had to payoff State Farm. We paid it off but I had to send a letter to there building in Madison,WI where they keep the titles for loans stating I sold it to him and that the title be sent to him instead of me. Unfortunately we were told the wrong place so instead of overnighting the letter to them and them overnighting the letter to Mike it took a bit... pissed me off bigtime. If I were you I'd call the bank and have them tell you the steps but im sure its going to be somewhere along the same lines
__________________


'04 Chevy Silverado ECSB - stock go fast parts....

'12 Hyundai Accent SE - Daily Driver

79 Camaro - WORK IN PROGRESS.....

Smokinhot is online now   Reply With Quote
Old 02-15-2008, 06:20 AM   #7
EmersonHart13's Avatar
Chevy Humper
 
Join Date: Jul 2007
Posts: 45,501
Chevy Humper
 
EmersonHart13's Avatar
 
Join Date: Jul 2007
Posts: 45,501
Casino cash: $59417000
10.31 per day
Default

Going to this morning, I will report back.
EmersonHart13 is offline   Reply With Quote
Old 02-15-2008, 09:40 AM   #8
bluzohh6's Avatar
The system works
 
Join Date: Jul 2007
Location: Elgin, IL
Posts: 10,570
The system works
 
bluzohh6's Avatar
 
Join Date: Jul 2007
Location: Elgin, IL
Posts: 10,570
Casino cash: $11581500
2.39 per day
Default

The only thing you really have to do is get a payoff amount and the date because the amount owed on your statement isn't correct because of the compounding interest. Just like whenever you go to a dealership to trade in a vehicle they always to a 10 day payoff
__________________
I beat Grand Prixs

OH MY GOD its like two apricots! ! !
bluzohh6 is offline   Reply With Quote
Old 02-15-2008, 11:57 AM   #9
EmersonHart13's Avatar
Chevy Humper
 
Join Date: Jul 2007
Posts: 45,501
Chevy Humper
 
EmersonHart13's Avatar
 
Join Date: Jul 2007
Posts: 45,501
Casino cash: $59417000
10.31 per day
Default

I found out that yes, I pay the loan off and the title is forwarded to the buyer. The Bill of Sale is proof enough, I bought the official IL documents online.

Thanks,

John
EmersonHart13 is offline   Reply With Quote
Reply

Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may post new threads
You may post replies
You may not post attachments
You may edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On



All times are GMT -5. The time now is 08:51 PM.


Powered by vBulletin® Version 3.8.1
Copyright ©2000 - 2019, Jelsoft Enterprises Ltd.
SEO by vBSEO 3.6.0
User Alert System provided by Advanced User Tagging v3.0.6 (Lite) - vBulletin Mods & Addons Copyright © 2019 DragonByte Technologies Ltd.
no new posts