Process to sell a vehicle when bank has title?

Yay!Gurrr

Yay!Gurrr

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Mar 17, 2005
Location
N. N. Raleigh, NC
I'm selling my truck and i just need to double check the process to make sure I don't do somthing I shouldn't. My bank still holds the title and the guy buying it is financing it with State Farm. I don't think this guy is trying to screw me over I've just never done it this way before..

Does this sound correct:
I've signed the standard NC DMC power of attorney form for the title transfer to take place with out me having to actually sing the original title as my bank has it. I have also signed this form when ive traded a car in on a new one at the dealer.

Then his bank will send MY bank the pay off amount, AND send me the balance directly, then process the title for him.

After I'm paid he comes to get the truck.

He's also requested that I provide my SS# for StateFarm. At first this sounded funny, but then I realized this the $ due back to me is just over 10k. Is this just IRS crap.. ? I'm reluctant to give him this directly so im thinking i may provide this directly to StateFarm.

Am I missing anything ?

Is it possible for me to have the balance sent to my bank directly rather than sending me a check that I then need to deposit ?


Thanks -mike
 
not sure if the guy is local for you...

but both times that I've sold a vehicle when the bank still had the title...I just had the person meet me at my bank and write them a check (or provide them one from wherever they were having it financed)...

anything extra was put directly into my account at that time...

Greg
 
i'm not certain on the process as i've never done it, but i certainly wouldn't give the buyer your social. i wouldn't even give it to state farm unless they can provide you with a legitimate reason they absolutely have to have it.
 
dont give your ss#. Vehicles depreciate so selling a vehicle is not a capitol gain.

The buyers bank should handle the financial situation, ie: his bank should send your bank the balance due and then send you personally the remainder or option to send it to your bank for direct deposit. Once payment is recieved to the bank, the bank will also handle retitlement.

If hes paying with cash, get cash in hand then go to the bank for the title, they will handle it and notarize it. Both parties must be present.
 
StudNuts said:
dont give your ss#. Vehicles depreciate so selling a vehicle is not a capitol gain.

.
Click to expand...

Transactions of $10k or greater require proof of legitemacy/identity by the IRS,

you pay cash at a dealership up to $9999 and you are good, 10k and they have a book of forms for you to fill out.

Cuz they (IRS) will damn sure come asking questions if the proper paper work ain't done.

Kevin
 
man i tell ya, i wonder how people get anything done...

form was simply a note, stating that i give permission for MY bank to give state farm the pay off ammount.. (my bank faxed that to them last week) idiots.. They did request my SS# on that form, i asked why, they couldnt tell me so I simply refused and they said np...
 
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