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142 Posts
Well I've decided to sell my Cruze. Love the car but we got the wife a new Terrain and I don't want 2 payments. I have a buyer but heres my question, maybe some of you have dealt with this. The bank says even though it will be paid off in cash after the sale, I still need to wait for the lien to clear and can't hand the title over until I get a letter in the mail.
This seems like a PITA. Anybody else dealt with this? Im in Michigan btw so I have the title at home here. Im thinking of keeping my receipt of payment from the bank and just signing the title over anyways. I can't think of a reason why I'd then get a letter saying they won't release the lien.
Also on a similar note, I can't believe that it's 2015 and there isn't a safe, instant way to pay for a car! According to my bank and google searches, Money Orders, Certified Checks, Cashiers Checks are not good ideas because they can be faked so easily and take days to weeks to clear. PayPal is also not recommended as it doesn't offer any fraud protection to the seller. Basically it came down to me having to awkwardly ask my buyer to carry $13,000 in cash to my bank. There's a glaring opportunity for the next big business opportunity.
This seems like a PITA. Anybody else dealt with this? Im in Michigan btw so I have the title at home here. Im thinking of keeping my receipt of payment from the bank and just signing the title over anyways. I can't think of a reason why I'd then get a letter saying they won't release the lien.
Also on a similar note, I can't believe that it's 2015 and there isn't a safe, instant way to pay for a car! According to my bank and google searches, Money Orders, Certified Checks, Cashiers Checks are not good ideas because they can be faked so easily and take days to weeks to clear. PayPal is also not recommended as it doesn't offer any fraud protection to the seller. Basically it came down to me having to awkwardly ask my buyer to carry $13,000 in cash to my bank. There's a glaring opportunity for the next big business opportunity.