10-02-2015, 05:12 PM
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#3 (permalink)
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A True Z Fanatic
Join Date: Sep 2014
Location: Memphis Area
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Drives: '09 MB
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Quote:
Originally Posted by scope22
Ok, so this guy is trying to buy my car, he is telling me that in order for his bank to give him the loan/money they need a copy of the title which needs to signed by me and show price of the car. I dont remember doing that when i was buying my car...has anyone experienced this?
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I suppose the lender may want a copy of the title to verify the VIN, ensure that it's not salvaged, etc. I've done hundreds of auto loans as a lender and/or underwriter and this seems somewhat odd, but this may be an underwriting requirement for his particular bank for compliance reasons. The copy of the signed title with the sales price probably allows the lender to verify the purpose of the loan. Like TexasChuck mentioned, there's not necessarily any reason to distrust the potential buyer, but only move forward it it feels right to you.
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