PenFed financing process.
- Thread starter daicacharco1904
- Start date
Here is how I once bought a car that still had a loan attached to it. I gave my attorney the amount that was still owed to the bank. He paid the loan off and when he received the title I gave the balance to my attorney who then paid the owner. Once that was done I went an picked up the car. No problem.
The other way you could do the transaction is to have the remaining balance on a check made out to the both of you. Once your bank has the title you can go pick up the car and endorse the check to him.
This is the reason why I never try to sell a car with a loan balance. When I do, I usually trade it in to a dealer who takes care of the payoff with no hassle.
Good luck and if the car is exactly what you want then the headache will be worth it in the end.
The other way you could do the transaction is to have the remaining balance on a check made out to the both of you. Once your bank has the title you can go pick up the car and endorse the check to him.
This is the reason why I never try to sell a car with a loan balance. When I do, I usually trade it in to a dealer who takes care of the payoff with no hassle.
Good luck and if the car is exactly what you want then the headache will be worth it in the end.
I would suggest to have the seller pay off the loan and get title in hand then sell the car. If he is commited to sell the car, he should find a way to do that (borrow money or just transfer from savings to pay off loan) If he has no funds to pay off the loan to get the title, worst case scenario, go through an escrow company/attorney route and both of you guys pay half/half for the fees. I personally dont like to deal with seller that does not have title in hand. If you are ready to sell, clear your stuff so it is ready to be sold. No more excuses or paranoia.
It's worth checking with other credit unions as well, if your seller is iffy about a cashier's check (his bank said they wouldn't release the funds for a day)
I went with another CU, and they just deposited the entire loan amount into my checking account, which let me do an instant wire transfer to the seller, which clears immediately. Penfed wouldn't do that for me.
I went with another CU, and they just deposited the entire loan amount into my checking account, which let me do an instant wire transfer to the seller, which clears immediately. Penfed wouldn't do that for me.
