Forum Discussion
wolfe10
Oct 26, 2015Explorer
Good advice.
Work with a person at your lending institution. That will make BOTH you and the buyer safe.
Then, have the buyer have his banker call your contact at the lending institution. Let the two of them work out wire transfers, drafting, issues with overage/underage, etc.
You will then know that your banker will not release title (and you do not physically release vehicle) until your banker verifies payment.
The buyer is protected because his banker assures him that he will have clear title from your lender (professional to professional-- done thousands of times a day).
This is FAR safer for both of you than for either of you to try to handle the transaction(s) yourself.
Obviously, if your lending institution is local/has a local branch, you and the buyer can go in there and your banker can issue drafting instructions with your banker assuring the buyer that he will get clear title with money arrives (usually a matter of a few minute wait in the lobby).
Work with a person at your lending institution. That will make BOTH you and the buyer safe.
Then, have the buyer have his banker call your contact at the lending institution. Let the two of them work out wire transfers, drafting, issues with overage/underage, etc.
You will then know that your banker will not release title (and you do not physically release vehicle) until your banker verifies payment.
The buyer is protected because his banker assures him that he will have clear title from your lender (professional to professional-- done thousands of times a day).
This is FAR safer for both of you than for either of you to try to handle the transaction(s) yourself.
Obviously, if your lending institution is local/has a local branch, you and the buyer can go in there and your banker can issue drafting instructions with your banker assuring the buyer that he will get clear title with money arrives (usually a matter of a few minute wait in the lobby).
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