Author Topic: Selling Used Car + Buyer Requesting Bank Loan  (Read 1978 times)

toincoss

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Selling Used Car + Buyer Requesting Bank Loan
« on: May 15, 2015, 01:38:24 PM »
Hi,

I'm looking for some advice on the process of selling my car to a buyer that is applying for a car loan. I'm required to submit my car's info to the bank for verification of the buyer's loan. Next, the bank will issue a check in my name to the buyer, so he can complete the purchase. Has anyone gone through a process like this? Are there any steps you think I should take to protect myself?


BrendanJ45

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Re: Selling Used Car + Buyer Requesting Bank Loan
« Reply #1 on: May 15, 2015, 04:12:19 PM »
I would go to his bank to verify the authenticity of the check, make sure that the bank is properly accredited, and then complete the transaction at your bank for the final title transfer to make sure that the check will clear properly. Also make sure that you details the terms of the transaction in a bill of sale that he/she will sign.

chasesfish

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Re: Selling Used Car + Buyer Requesting Bank Loan
« Reply #2 on: May 15, 2015, 04:16:06 PM »
Banker here:

You should offer to go to their bank to complete the transaction and you sign the title over to them and the lien holder.  If the banker gives you the check, it should be fine.