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Discussion Starter · #1 ·
I'm in the process of completing a purchase of a used 2008 Cayman S from an individual and am having trouble with the seller complying with a request by my credit union to provide a photo copy or facsimile of his title indicating transfer/assignment of the title to me. This is required along with an intent to sale/bill of sale document as part of the paperwork they require to issue the loan.

To some extent I understand his reluctance but he retains the actual hard copy of the title not to mention the car until payment by my credit union. Plus he has substantial cash payment of me that represents 2/3 of the car's value.

Question for the masses is whether this is a common requirement by auto lenders? Is it unreasonable to ask for this? I don't buy cars all that often but believe in that one of my previous loans by Capital One they just provided a blank check and would await transfer of the title.

Things are complicated by the fact that this is a long distance transaction.

Thanks in advance for your advice.

Tom
Seacoast NH
 

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It sounds similar to what I went through went we were buying a car for my son. Since it was a $10,000.00 car I paid the seller and brought everything back to the Credit Union, which then financed $8,000.00 for my son. In my case the seller was an hour and a half away.

If you haven't already tried maybe you can get the Credit Union and the seller on a conference call to work through the purchase. Good luck.
 

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I'm in the process of completing a purchase of a used 2008 Cayman S from an individual and am having trouble with the seller complying with a request by my credit union to provide a photo copy or facsimile of his title indicating transfer/assignment of the title to me. This is required along with an intent to sale/bill of sale document as part of the paperwork they require to issue the loan.

To some extent I understand his reluctance but he retains the actual hard copy of the title not to mention the car until payment by my credit union. Plus he has substantial cash payment of me that represents 2/3 of the car's value.

Question for the masses is whether this is a common requirement by auto lenders? Is it unreasonable to ask for this? I don't buy cars all that often but believe in that one of my previous loans by Capital One they just provided a blank check and would await transfer of the title.

Things are complicated by the fact that this is a long distance transaction.

Thanks in advance for your advice.

Tom
Seacoast NH
Common practice for the lender to require a COPY of the title to process the loan. They are loaning a large amount of money...they need to make sure the title is good and all the info matches up before handing over a check. I would tell him it is required by your lender, if he can not provide it...tell him "have a nice day, sorry we couldn't make this work". I don't know what he thinks you are going to do with a crappy fax copy of the title...try to register the car in your name using it?
 

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It really depends on the lender. Some lenders only require that you have a copy of the title to show that the person selling the car is the actual owner.

However, it seems that in the OP's current situation that the lender requires the seller to essentially sign all of the paper work, and provide a copy BEFORE the lender will issue payment.

Last time I purchased a car, private sale, one lender wanted only an unsigned copy of the title and the other wanted signed copies. I went with the lender where unsigned copies were required as there is no hurdle to overcome with the seller.

I am not sure if you have access to USAA, but they are the lender I used.
 

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Discussion Starter · #5 ·
Thanks very much all who responded. As it turns out copy of title was acceptable to my lender so that hurdle is cleared and I should be on my way to being a Cayman owner.

Best Regards,


Tom
 

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Thanks very much all who responded. As it turns out copy of title was acceptable to my lender so that hurdle is cleared and I should be on my way to being a Cayman owner.

Best Regards,


Tom
Great, keep us posted on your progress!
 
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