Is this normal?

So I've got a buyer for my Wagon. Nice guy....have no issues there.

What is causing me some concern / confusion is that his bank that he is getting the loan to buy my car through, wants to be there for the final transaction to inspect the car and make sure the title gets transferred correctly?

This is the first time I have every sold a car to an individual.

Is this normal?

I've got nothing to hide....the car is in great shape....it just seems odd.

Any input would be appreciated.

Steve

 

Hmmm, I've never heard of that before.

 

The guy that wants to look at the car is probly his dad. :ugh:

 

No...I just called the guy and questioned him on it. He is a loan guy at TCF. I didn't ask him if he was related but the way I asked the question I would have thought he would have said something.

Steve

 

it happens sometimes, but I thought it was mostly for out of state. When my friend purchased his Evo, his bank wanted to see the title so the seller met him at the bank, so I'm guessing it's pretty normal even if it doesn't happen often.

 

When I bought my car my seller just called my bank for his own verification of the check, but the bank made no requests to be present or anything... Then again, it's a smaller bank and they don't have branches in Chicago.

 

Bank probably wants to make sure the lien gets correctly attached to the title so the vehicle can't be sold before he pays off the loan.

Whatever their angle, it doesn't sound like it should inconvenience you much/any.

 

It makes sense though, the bank where he is getting the loan from wants to make sure the title is transferred over correctly,and to see both signatures on it right then and there.

Not too normal, but I'm surprised more banks don't do this.

 

Thanks for the input.

I'm not concerned about being inconvenienced....I just thought is sounded weird.

I think I'm all good now.

Steve

 

Thanks!

I was just letting it wierd me out!

I think I'm cool with it now.

Thanks everyone for your input!

Steve

 

they might also want to make sure he is using his "auto" loan to purchase a car and not something else.

 

It's probably to insure that the money they are loaning is really going to a car, and not tons-o-drugs.

I've always gone with the buyers of my cars to the DMV to make sure the title gets transfered. The one time i didn't, that snatch went around MN and CA racking up parking tickets to the point where I had warrents out for my arrest. After working with the DMV for almost a damn year, we finally got it cleared.

 

pksublime used to work at TCF, I asked him and he said it's weird, but that it could be someone in loss prevention who wants to make sure the car is worth the loan...he did stress though that it's weird.

 

When we sold my wifes RS we had to drive it down to the cities and meet the guy at the bank to sign over the title in person but the banker never came out to inspect the car. That part seems odd--but who cares as long as you get the money

 

I am totally cool.

I do not have a single thing to hide....I just had not heard of the practice before.

Steve

 

This is totally normal, I was going to finance with TCF and they do this just to ensure that its the car that they are paying for because technically the bank is buying the car from you. They just look @ the vehicle to make sure its as advertised. Grats again on the sale.

 

Thanks....and Thanks!

I feel much better now!

Have a good one!

Steve

 

they just want to see that the car is worth the loan, or its a stretch loan for the buyer and they want to see that they're not buying 10lbs of cocaine or something.

 

maybe its because of his financial history or something. sounds fishy

 

Maybe the bank guy is really into Subaru's too?

 

its all good.

I think I am good on the feedbac.....

Could I get a mod to lock this thread please?

I think my buyer deserves the benefit of the doubt. I am sure it just his bank being anal.

Thanks

Steve

 

THIS...

 

yes /thread