Wachovia Dealer Services (Title Issue)

R Q

R Q

Well-Known Member
Joined
Apr 4, 2005
Location
Charlotte
I'm buying this Suburban from a guy who has his loan through Wachovia Dealer Services. This is not the bank Wachovia, it's affiliated but not the bank.
He and I made the agreement on Tuesday and I told him to call the bank and get the title sent so that we can go do the deal when the title gets here. He tells me that Wachovia will send the title when they get the money. I called BS and said no I will give them money when I get the title at the bank.
So I called Wachovia Dealer Services and got this info that this is how they work, I called my bank and she said that she has done a couple deals with them this way but I won't get my title for a few days or even maybe two weeks.
I checked NCDMV and they said (on a recording) that I would need a notarized application for title and I could get tags for the truck.
HAS ANYONE done this with this loan company?
 
thats how they do it pay at local branch and get title in the mail i work for a finance company and we have to do it all the time most larger corporations do the same thing
 
Yup, and when the title gets here, you still have to have the seller sign the title and get it notarized before you can go to dmv.....it was a major PITA when I bought my tow rig because the seller was in Charlotte and I'm on the coast.
 
I sold a truck that was financed, title was mailed to the bank that the buyer used then sent to me to sign an return
 
x5 or something. Sounds normal to me. The bank owns the truck. They're keeping the title until they get paid. If you're lucky, they'll hand it over pronto... or they'll wait 10-14 days to make sure that your cashier's check actually clears.

Last time I went through this, I was buying long distance. It took almost a month from the time we signed a bill of sale until I got a title in the mail. Two weeks for the check to clear, a week to produce the title, and a couple of days in the mail. Make sure the previous owner signs and notarizes the title before he sends it to you. I hung on to the vehicle and the tag until I got the title.
 
My bank back home had a two month dispute with the dealer here about the money title thing. the dealer says money before title. Bank said title before money. It worked out in the end. The bank deposited the money into my account as a 90 day interest free loan and then I got the title with them on it as the lein holder and sent it to them. They converted the loan over to an auto loan at that point. I had to do that with the last 5 or 6 financed vehicles I bought. It is nice to walk into the dealer though and tell them cash. I write a check so I got a better deal and the bank still gets their money. they are a small town bank (been dealing with them for 15-20 years) so they were trusting I would add the lein. if not I would have one hell of a 90 day note to pay I guess LOL. Sounds about right though.
 
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