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Buyer's Bank wants original title to my car prior to cash, and is out of state. Legit?

tenmilertenmiler Posts: 26
edited January 2020 in Subaru
I'm selling an Outback XT that the buyer has arranged to have shipped to him. But his bank is requested the original loan be sent to them prior to them handing over the cash for the car.

Bank is telling the buyer that I need to provide to them the actual paper title to them before they'll fund the loan. It makes sense and I did check into the bank and contact info all matches bank (website URL, bank contact has email URL that matches bank, actual brand location, etc), but I am curious if this is normal procedure?

Would escrow make more sense for the title and would a bank agree to it?

THANKS!

Comments

  • kyfdxkyfdx Posts: 184,684
    tenmiler said:

    I'm selling an Outback XT that the buyer has arranged to have shipped to him. But his bank is requested the original loan be sent to them prior to them handing over the cash for the car.

    Bank is telling the buyer that I need to provide to them the actual paper title to them before they'll fund the loan. It makes sense and I did check into the bank and contact info all matches bank (website URL, bank contact has email URL that matches bank, actual brand location, etc), but I am curious if this is normal procedure?

    Would escrow make more sense for the title and would a bank agree to it?

    THANKS!

    You want the money
    He can only get the money from the bank
    Bank says they have to have the title, first.

    I don't think they are going to agree to escrow.

    Did you get a good deal? Be sure to come back and share!

    Edmunds Moderator

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