Announcement

Collapse

Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

Welcome to the Bankruptcy Forum. Bankruptcy (BK) Forum is known as BKForum.com and will be referred to as BKF hereinafter. In order to ensure a long term success of our vibrant community, we have established certain rules and guidelines to which everyone must adhere to. Please take your time to carefully read our rules, before you start to participate in the community.

Things you agree to do:
BKFORUM.com (BKF) users agree to use the search function before starting a new thread. This prevents duplicate discussions and allows for better organized topics.

All BKF users agree to read the sticky posts which may be available at the top of a forum page. These Sticky posts often contain valuable information. They may also outline more rules and guidelines specific for that particular forum, stickies are put in place by that forums moderator(s) or admin(s).

Things you agree not to do:

All BKF users agree not to call people names or write a post simply to make a personal attack, or get a negative reaction; this behavior is not allowed on our forum. The use of derogatory language aimed at anyone will be severely dealt with. There is no need to agree with each other, or to even like each other. However, by signing onto BKForum.com you agree to treat each member and guest with the respect they deserve. No threats or personal attacks will be allowed.

All BKF users agree not to discuss, engage, or encourage any behavior or activity which violates the law. Discussion of drugs, violence, murder, theft, vandalism, fraud or any other issue which could be used to help individuals break the law is strictly forbidden.

All BKF users agree not to "bump" old threads, unless there is a specific benefit to the community by doing so. But in most cases, please don't post in very old threads, instead start new threads.

All BKF users agree not to attempt/use another members account. It is against BKF rules to use any account other than your own. Impersonating another member will result in an immediate ban. It is also against the rules to open more than one account in your own name without permission from a moderator or administrator. If you have been banned for any reason, it is against the rules to open another account. If you were banned temporarily and you are caught using another account you will be banned permanently. Choosing a moniker which is similar in either sound or spelling as a moderator or administrator is strictly forbidden.

All BKF users agree not to private message any moderator, admin, or other member with questions related to their personal circumstances (Questions about the forum or issues with the forum are ok). This forum only works when members share their experience and insights with everyone.

Things you agree not to post:
All BKF users agree not to post any derogatory/racist/or sexist remarks. This includes attachments, links and all information contained within posts, signatures, and avatars, failure to comply with this rule will result in a permanent ban.

All BKF users agree not to post any copyrighted or trademarked information without the express written permission of the owner(s) / proper citation of source.

All BKF users agree not to post any real names, addresses, telephone numbers, email addresses, social security numbers, or any other personal details (their own or other people's).

All BKF users agree not to post links, pictures, attachments, videos, or the like of pornographic content, objectionable material or extreme violence, whether cartoon or real.

All BKF users agree not to use BKF for advertising purposes without a written contract between yourself/company/agent and the administration of BKF. Blatant advertising will result in a ban.

All BKF users agree not to spam the forums. Spam includes but is not limited to posting erroneous, non-relevant-useless, off-topic, or meaningless posts. Spam may also include posts which contain no text, or large areas of blank space between lines. Simply posting emoticons without text is considered spam. BKF is the largest bankruptcy message board and all the content is intended to help other users. Please help us improve the quality of our forum by making sure that your posts are well-worded, spell checked, grammatically correct and syntaxed.

Regarding actions of moderators and administrators:

The forum is no place to air out your opinion or be judgmental of our staff and its capabilities.

All BKF users agree not to abuse or mistreat moderators or administrators. It is against BKF rules to post any information regarding bans or any other action taken by a member of the moderating or administrative team. If you wish to discuss bans or warnings please do so via PM. To place a complaint against a moderator, send a PM to a super moderator. All Moderators are equal, any decision made by a moderator must be adhered to. If a moderator tells you something you do not like, do not go to another moderator looking for a different answer. If you are caught doing this you will be banned. The moderators work as a team and respect the decisions made by their peers and will help enforce them unless an administrator tells them differently.
If you have an issue with how the forum is run, then notify one of our administrator and we will look into the situation. We have in the past and still do appreciate any input that you offer this forum. But critical input and/or judgmental postings towards the staff will result in you getting banned.


Should you find a thread offensive or out of line, then notify a Mod in a PM so they can evaluate the situation and do the action deemed necessary.

All moderators do have active "other" lives outside of the forum and help moderate this forum in their spare time throughout the days and weeks.

If you have a problem with a member or Mod follow the proper channels of reporting it.

BKF reserves the right to delete any posts which contain anti-BKF comments or discussion. Any bashing of moderators or administrators, or any of their discussion or actions will also be deleted, and the responsible posting party(s) will be banned. Any public anti-BKF advertising, communication, or posts on another forum will result in permanent bans as well.

All warnings and bans are decided by individual moderators and administrators. Warnings are preferable to bans however, for serious offenses and repeat abusers bans will go into effect. The length of the bans can vary from several hours to permanent.

All messages posted or sent including through PM are the property of BKforum.com.

All BKF users agree not to advertiser on the forum (Niether by posting, private messaging or using your signature). If you are a company/attorney/legal adviser wishing to advertise on the site or sell a product, you must contact the head administrator and inquire about our advertising packages.

All bankruptcy related opinions expressed on BKForum.com are those of their authors and not necessarily of BKF, its staff or representatives.

You agree not to copy any material/post/content from BKF without written permission from our head administrator .

By posting on this forum you agree to these terms and conditions, including any punishment deemed appropriate by moderators or administrators in the event of an offense.

Administrators/Moderators can change these rules at any time without prior notice.
See more
See less

RoadLoans requires seller to send original title

Collapse
X
  • Filter
  • Time
  • Show
Clear All
new posts

  • RoadLoans requires seller to send original title

    I'm trying to purchase a car from a private seller and was approved by RoadLoans. It's a bit of a process and I understand why. So far the seller seems to be okay with us and this process. I noticed in my emailed instructions this note:

    "In order to complete this loan process the Seller must include the Original Title with the paperwork sent into VINtek (title processing company). In the event the loan is not completed, the title will be send back to the Seller by Federal Express."

    This is the last step and all should be in order by this time, but he won't get paid before he gives up his title. (He'll have our $500 deposit). Has anyone had to do this and was the seller okay with it?
    BK7 Filed 7/10/12 • 341 8/15/12 • Discharged 10/17/12 • Closed 5/6/13 Thanks to everyone here!

  • #2
    Hi Stray. I showed this to 'Hub to answer. He should be with you in a few minutes.
    "To go bravely forward is to invite a miracle."

    "Worry is the darkroom where negatives are formed."

    Comment


    • #3
      This is not abnormal. The lender wants this Title and will refile it as a new Title with them as a lien holder.

      The Title after they send it to that state's tax collector, will be sent back to the lender as a new Title with the lien upon it. The lender holds this Title until the loan is paid for, then will send it to you with a signatory of Lien lifted.

      You do not have to do anything else with this clear Title until you sell the car. Standard operating procedure, and dealers do this all the time and actually every time.

      There is nothing to worry about and the loan company will be the one that gets your paper work up to tag the car. Hope this dispels any fear in that transaction. 'Hub


      One other thought. IF you purchased cash clear, the Title and tag would be on you. Very simple but you are financing and as I said, S.O.P. for lenders.
      If I knew it all, would I be here?? Hang in there = Retained attorney 8-06, Filed 12-28-07, Discharge 8-13-08, Finally CLOSED 11-3-09, 3-31-10 AP Dismissed, Informed by incompetent lawyer of CLOSED status, October 14, 2010.

      Comment


      • #4
        Okay, thanks so much hub. I just didn't want to think I was asking for something weird/unusual from this guy. Last time I bought a car it was in 2001 from the dealer and financed there, so this is different for me. It's a really good price on this car and we'll have to drive about 100 mi to see it, so I just want to be sure to have my ducks in a row.

        I was trying to wait and save more, but the ol' PT isn't cooperating and DH can't fix this one. Yea, guess the oil spots underneath was why the trustee let me keep it last year.
        BK7 Filed 7/10/12 • 341 8/15/12 • Discharged 10/17/12 • Closed 5/6/13 Thanks to everyone here!

        Comment


        • #5
          Is the seller a private party? If so, does he/she know you are financing? Before driving that 100 miles, maybe contact the seller to let him/her know how the lender wants to proceed. Seller may already know the process or seller may be reluctant to turnover a signed title to you. If reluctant, seller probably needs to be in direct contact with the lender to smooth over any issues he/she may have.

          Edt to add. . . seller may want to keep possession until lender releases funds to him/her.

          Des.

          Comment


          • #6
            Originally posted by despritfreya View Post
            Is the seller a private party? If so, does he/she know you are financing? Before driving that 100 miles, maybe contact the seller to let him/her know how the lender wants to proceed. Seller may already know the process or seller may be reluctant to turnover a signed title to you. If reluctant, seller probably needs to be in direct contact with the lender to smooth over any issues he/she may have.

            Edt to add. . . seller may want to keep possession until lender releases funds to him/her.

            Des.

            Good point Des. Most of the time that I have seen, the seller likes immediate payment at the time of transfer. Not knowing the whole price, $5oo is a pretty hefty "earnest money", but our OP needs to be patient if the seller wishes to wait. Also it is traditional for the lender to send a check for the amount financed to the seller directly. The check usually is in both names, so the seller does need to be in this loop. Both parties have to endorse this check to cash it. 'Hub
            If I knew it all, would I be here?? Hang in there = Retained attorney 8-06, Filed 12-28-07, Discharge 8-13-08, Finally CLOSED 11-3-09, 3-31-10 AP Dismissed, Informed by incompetent lawyer of CLOSED status, October 14, 2010.

            Comment


            • #7
              Thanks everyone. Yes, it's a private seller. We told him the process -- there's an inspection too. I didn't notice the part about him turning over the title until after we talked to him, though. He will be in direct contact with the bank from the beginning and he will send the title to the title company directly. The seller has already said he wanted to hold onto the car until the lender's check clears. I think he just means until he cashes it -- we'll clarify that when we see him. He said he had a cashier's check one time that turned out to be fake. He's a local business owner and his business has a good reputation, so we're okay with that.

              RoadLoans said the check would come to me in the seller's name, so I just have to hand it over to him. I talked to them again today and they said I don't have to give the seller the deposit until after the inspection if I want. I'm used to giving someone a little cash to hold the car, so I don't know if he'll want to go through all of this with no deposit. But it is reasonable to want an inspection. The total price of the car is $9,995, about $1,000 under blue book, FYI. He's at the coast in a small town, windy roads to get there. I think since he's a little hard to get to, he hasn't sold it yet. We're hoping to go out there and look at it today.
              BK7 Filed 7/10/12 • 341 8/15/12 • Discharged 10/17/12 • Closed 5/6/13 Thanks to everyone here!

              Comment


              • #8
                Well, the guy doesn't want to deal with us on the car, so that's that. He said to DH, "don't you have someone who will give you $10,000 cash?" People are hilarious.

                Just in case anyone wants to attempt to purchase from a private seller with RoadLoans, here are the requirements for the seller:

                Instructions to the Seller from Santander Consumer USA Bank (RoadLoans)

                1. Call us at xxx-xxx-xxxx to confirm selling price.
                2. Email these documents to [email protected] (please reference Buyer application #)
                • Copy of the title and current registration
                • Copy of current Drivers License for all parties on title.
                • If there is a lien on your title, we will need your lien holder information (account #, contact info) The account must be current in order to proceed.

                Attention Seller: In order to complete this loan process the Seller must include the Original Title with the paperwork sent into VINtek (title processing company). In the event the loan is not completed, the title will be send back to the Seller by Federal Express. Once we receive all information above from the Buyer and the Seller, we will submit your paperwork to VINtek to complete the process. VINtek will send all loan agreements and paperwork needed to process this loan and complete the title work. In most cases, VINtek will email the package out to the Buyer and Seller. There may be other documents that VINtek will send by Federal Express.

                If the Buyer and Seller are in agreement of the pricing and vehicle, the vehicle will require an inspection. The cost on inspection is $179.00 and must be paid by the Seller or Buyer. We will need a copy of the inspection prior to submitting the paperwork to VinTek for processing.
                BK7 Filed 7/10/12 • 341 8/15/12 • Discharged 10/17/12 • Closed 5/6/13 Thanks to everyone here!

                Comment


                • #9
                  Geez. I wonder where he thinks people DO get their money from? Like someone just happens to have $10,000 just laying around somewhere? No one that I know does.

                  I'm sorry it didn't work out, but things happen for a reason. Perhaps you were being 'protected' from some problem with the car that no one knows about. The 'right' car will come along.
                  "To go bravely forward is to invite a miracle."

                  "Worry is the darkroom where negatives are formed."

                  Comment


                  • #10
                    Thanks Cat! Yes, I think it happened that way for a reason too. The seller guy was chatty with DH. He told him one time he was buying an apartment building and didn't want to wait around for the loan, so his friend gave him the $134,000 cash. DH said, yea, I don't have those kind of friends.

                    Like I said, he's in a small town tricky to get to, so if he gets tired of waiting there's a small chance he may call us back. I put together a package with an overview and history of the bank and the procedures clearly detailed so he has everything in front of him.

                    For now, I'm putting cardboard under the PT, crossing my fingers the Stop Leak helps, and concentrating on work and saving. I have interest from a possible new client that would be mean (finally!!) some good money. So if I get that interview, I'll just park the car a couple of blocks away and walk.
                    BK7 Filed 7/10/12 • 341 8/15/12 • Discharged 10/17/12 • Closed 5/6/13 Thanks to everyone here!

                    Comment


                    • #11
                      Stop Leak worked on the USS Nautilus...... You would be in good hands....
                      Last edited by AngelinaCat; 09-24-2013, 06:28 PM. Reason: I can't spell...
                      "To go bravely forward is to invite a miracle."

                      "Worry is the darkroom where negatives are formed."

                      Comment


                      • #12
                        Wow, I had to look that one up. Gave me goosebumps.
                        BK7 Filed 7/10/12 • 341 8/15/12 • Discharged 10/17/12 • Closed 5/6/13 Thanks to everyone here!

                        Comment


                        • #13
                          Stray, I'd like to add to this one. I do title work for a dealership and just had my first 2 experiences with Roadloans. I don't know how they work with private sellers but with dealers just having the initial approval of the loan does not mean the loan will go through. There are a ton of stips both the buyer and seller must go through such as verifiing income...etc. Personally If I were selling my car, I would have a hard time handing over a reassigned title to any lender let alone Roadloans without immediate payment. Of the two Roadloans that we did have only one went through. We were promised funding within 3 days, it took 10 days and our dealership was out $42k for that period of time. Imagine a private seller handing over a title and having to wait that long to receive a check from some subprime lender. There isn't anyone who would sell a car, give up the title and then wait even 3 days for a bank check. What is his guarantee that the seller would return the car if the loan was funded?
                          The second car was delivered with a $500 deposit and a preapproved Roadloans draft. The guy couldn't prove his income and we had to physically get the car back from him. He was burning gas for over 5 days before Roadloans pulled the plug on him and another 5 days to pick up the car. Meanwhile wear and tear on the car plus any missed opportunities to sell the car to another customer. This guy was cooperative... I hate to think of what would happen if he wasn't.
                          I'm sorry this deal didn't go through for you. I wish you the best of luck in the future with buying your next car.

                          Comment

                          Unconfigured Ad Widget

                          Collapse
                          Working...
                          X