hello...i dont post here often but i do lurk

i financed my car through chase automotive finance. i owe ~$18k on the loan, and decided to sell the car. i found a buyer who wants to pay with cashier's checks. one for the payoff amount, one for the remainder.

since there are no chase branch offices in CA, how does the buyer get the title? will chase send me the title first to sign off, or does it go directly to the new guy? how would he transfer the registration without the title, since he has 10 days to do so?

i know most people have the buyer go to their lien holder's office and do the transaction there. but since chase is out of state, this presents an interesting scenario.

i'll call chase tomorrow morning, but i was just wondering if anyone had a similar experience. thanks!

 

Just ask the bank to send/ fax you the lien realese lttr. You can give that to the buyer and he can use that to register the car. If you get the title later on it will still have chase as the lien holder. It will be up to the buyer to send it in and get a new title. All the buyer needes to do is get the auto Insured, bring a copy of the lien realese lttr., and the purchase agreemet from you to the DMV. CHASE will not send lien realese untill the balance is paid. I would have the guy write a certified bank ck. to you and chase, I would overnight the ck. to them with an letter of explination (LOE) to fax/ or overnight the lien realse lttr. to you a.s.a.p. It would be better if you paid the balance first by providing a ck. In your name only which may save problems with chase. But before you do any of this make a call to chase to see what they say and get get final pay-off.

Hope this helps. ( good luck)

 

great advice...thanks