Ok, I have a buyer for my 03 350z and I have a clear title in hand with no liens on it. He is getting a loan from his credit union for the car and the bank is asking for the title to put a lien on it before issuing the check... is this normal procedure? It's sound fishy to me and I figured I would just sign the title over to the bank and not the individual. I live in Michigan. Thanks!! Any help would be greatly appreciated.

 

When I sold mine, the buyers bank asked for a copy of the title, front and back. Usually, a VIN number has been sufficient for the bank I use to approve me for a loan. I released the title to the owner after payment. it's his responsibility to make sure the bank gets it.

Did the bank contact you directly? I would speak with someone at his bank about their procedures. It does seem a bit odd.

 

Sounds right. The bank wants the title before they write you a check. Actually the bank is buying the car. What happens with the title after that who cares.

 

I would talk to the bank. Go to the bank with the seller, sign title and hand over to bank, get your check and walk out

But don't sign the title and give it to the owner to give to the bank (unless you were already paid in full), I wouldn't do that personally. He can just run off with it.

 

just be safe, no handing over title without cash
no harm in going to the bank with him (unless he lives really far away?)