Buying a car in Texas need help?

[exrider416]

Okay, i am buying a car out of Texas. Loan is pre-approved and all that good stuff. But my bank, GE Credit Union wants the seller to send his notarized title to them before they will release any money for the car. Of course the seller is not willing to send a notarized title for his car without having any money, and i don't blame him. So does anybody have any clue on how i can go about this??

[5.0calypso93lx]

Okay, i am buying a car out of Texas. Loan is pre-approved and all that good stuff. But my bank, GE Credit Union wants the seller to send his notarized title to them before they will release any money for the car. Of course the seller is not willing to send a notarized title for his car without having any money, and i don't blame him. So does anybody have any clue on how i can go about this??

A copy of the title front and back should be all they need. Possibly a bill of sale and a copy of the sellers drivers license also. I've never heard of a credit union needing the actual title before they'll release funds. That makes no sense whatsoever for the seller.

[700hp04mystic]

i have done this alot my bank will give me a check in his name and let me bring the title back after i get the car. never had to do it that way or heard of that.

[331lx]

i have done this alot my bank will give me a check in his name and let me bring the title back after i get the car. never had to do it that way or heard of that.

This here is how it should work

[exrider416]

i have done this alot my bank will give me a check in his name and let me bring the title back after i get the car. never had to do it that way or heard of that.

This is how my old credit union let me do it, but when she did it this way she said they are really no longer allowed to do it this way. Now I'm with GE credit union and they said this is the ONLY way they can do an out-of-state purchase. He said he'd have no problem sending a copy of the title.

[exrider416]

This is the email from GE Credit Union, they sent me
There is several steps we will need take when purchasing from a out of state individual. The most important thing is to let the seller know, we will need the signed/notarized title in our office the day of disbursement. We can't release the funds until the title is here. Also, we will need the private owners name, address, social security number (for titling purposes) and phone number. We will need to know whether or not there is a lien on the auto with another financial institution. If so, we will need a 10 day payoff w/overnight address.

[exrider416]

What banks or credit unions do you guys deal with?

[700hp04mystic]

wow thats sounds lik..e it going to make it ruff to get done. thats sucks and good luck. i bank at ohio valley bank and people's credit union.

[Goober]

Tell that bank to piss off. Apparently they don't need your money/business.

[331lx]

try kemba credit union

[exrider416]

try kemba credit union

That's who I'm about to call. Will they release funds just with a faxed copy of front the title?

[5.0calypso93lx]

I would try penfed.org. One of the better credit unions out there. You have to make like a $20 donation to a military fund to get an account started but their rates make up for it. A friend and I both just used them on our recent purchases and no one could come even close.

[exrider416]

I would try penfed.org. One of the better credit unions out there. You have to make like a $20 donation to a military fund to get an account started but their rates make up for it. A friend and I both just used them on our recent purchases and no one could come even close.

I'm guessing everything is done online? I couldn't find a local branch.

[5.0calypso93lx]

I'm guessing everything is done online? I couldn't find a local branch.

Correct. Or you can call them and they can do the whole deal over the phone:

https://www.penfed.org/index.asp

[mrstang-gt-46]

man fish head u got low down on everything. u amaze me!!

[CNTLOSE]

See if he can go to a bank or CU down there to make the deal between the two banks. They vouch for the title and accept a wire transfer to pay the seller.

[5.0calypso93lx]

man fish head u got low down on everything. u amaze me!!

Just happen to have literally just gone through this process (sold the Lightning, bought an SUV in the past two weeks), both as a seller and a buyer.

[331lx]

That's who I'm about to call. Will they release funds just with a faxed copy of front the title?

I was gonna buy a duramax last year and that's how they was gonna do it was with a faxed title and I had 48hrs after purchase to return original copy

[exrider416]

I was gonna buy a duramax last year and that's how they was gonna do it was with a faxed title and I had 48hrs after purchase to return original copy

Cool :bigthumb I'm going to call them tomorrow and see what they can do! I might make the DD list next year if i get the car and get a cage in it.

[331lx]

this is how it was last year idk if things have changed since then but its worth a call. got any pics of the car your wanting?

[USMCPONY]

I'm with Navy Federal Credit Union and its so easy to get a loan through them. I've bought three cars through them and i was approve within 15 minutes and they over night the paper work. I don't understand why your bank is being impossible to deal with.

[exrider416]

this is how it was last year idk if things have changed since then but its worth a call. got any pics of the car your wanting?

http://forums.corral.net/forums/mustangs-sale-wanted-2005-present/1335718-2006-turbo-mustang-gt.html

[exrider416]

I'm with Navy Federal Credit Union and its so easy to get a loan through them. I've bought three cars through them and i was approve within 15 minutes and they over night the paper work. I don't understand why your bank is being impossible to deal with.
I emailed her back and asked why i couldn't just have him FAX a copy of the front and back. She replied, "Its our policy we must have the actual title in hand to release any funds" so looks like i am not getting anywhere with them, so moving on to Kemba tomorrow. My Aunt who works at Kemba said they can release funds on a copy of the title you just you have to deliver them the actual title in a certain time period.

[full force]

Can't they send the guy proof of loan showing the funds are there? can you get a loan without using car to secure? that would free up title then you go down with check ready to go, I have gotten a few trucks from Texas, but I used cash, don't think they notarize there if I remember right..

[exrider416]

Can't they send the guy proof of loan showing the funds are there? can you get a loan without using car to secure? that would free up title then you go down with check ready to go, I have gotten a few trucks from Texas, but I used cash, don't think they notarize there if I remember right..
Yes correct, they do not notarize titles in Texas. Should have it all figured out today.

[Galaxie]

My bank will send a letter of intent to pay once they have the title . I have never had a problem in doing so . I even had the banker fax one once as I ran into a deal and had to have it .

[5.0calypso93lx]

With all the scams out there now, there is no way in hell I'd send my notarized title anywhere without having the money in hand. Anyone can write up a professional looking document with "proof of funds" nowadays.

[90fastgt]

I think kemba will get it done for you I hope everything works out for you because that is a sweet car

[exrider416]

I think kemba will get it done for you I hope everything works out for you because that is a sweet car
Just got off the phone with Kemba, they said they would need the actual title on hand before releasing any money. But my Aunt who works for Kemba, told me last night just a copy and you have 30 days to get the original copy to them :confused:

[exrider416]

Well the car sold today. Thanks everyone for there help. Guess I'll have to find another one. A local one so i do not have to deal with the bank and there BS.

[90fastgt]

man that sucks but there are plenty out there keep looking

[exrider416]

man that sucks but there are plenty out there keep looking

Definitely will. Banks are a nightmare to deal with anymore. I'm only 24 too and have seen how much worse banks are to deal with since i have been dealing with them. Seems like all the local credit unions are going to they need the title in hand. Through Kemba they needed a copy of the title with the back completely filled out showing me as the owner and them as the lien holder to be able to release money. And this took going to there lending committee to be able to do it this way.

[beefcake]

out of state deals are tough sometimes.

i do tons of out of state deals, but being a dealer, it's a little easier to work these kinds of things out

[90fastgt]

I think its easier to do out of state deals when you go through a car lot rather than an individual also I agree on these banks there definitely tougher to deal with nowadays

[beefcake]

I think its easier to do out of state deals when you go through a car lot rather than an individual also I agree on these banks there definitely tougher to deal with nowadays

you are correct

if your buying from a lot. the bank would send a letter of credit stating that they are holding funds in XXX amount and will release with a title with them listed as lien holder

[beefcake]

on a side note, what kind of vehilce was it?

[exrider416]

on a side note, what kind of vehilce was it?
This car below was the one. The guy just called and said it sold.
http://forums.corral.net/forums/mustangs-sale-wanted-2005-present/1335718-2006-turbo-mustang-gt.html

[chris91]

Thats crazy. I sold my Vert a couple years ago to a kid out in PA. He dealt with a Credit Union and all they needed was a copy of my title faxed to them and pictures of the car all around and a picture of the vin plate. They gave him a check and out he came. No one is going to give you their title with hopes of the bank cutting them a check afterwards. At least no one in their right mind that is....

[exrider416]

I agree! Someone find me a nice boosted s197, preferably kind of local so the bank deal will be easy! Looking for around $20k