car loan payoff question...

[madvlad]

So my car is being sold on Wednesday and I have a quick question: so I owe the bank about $4xxx for payoff and its selling for $8000. Does the new owner's bank send my bank the check for my full asking price, take their payoff part and send me the rest afterwards or could I ask the new owner's bank to cut me a check for my difference and deal with my bank directly for payoff? Thanks in advance!

[jbnwc]

It might be easiest to have the purchaser pay the full amount to your bank and just have your bank transfer the extra into a checking or savings account or just cut you a check.

[SOCAL4LIFE!!]

The buyer should have a check that says something like "amount not to exceed xxxx". The buyer then fills out the agreed price like a check and you deposit it. I always recommend going to their bank to cash it out and have another check cut. That way you know the funds are available. Then you deposit it and pay off what you owe keeling the rest.

[bcwood]

You should go to the lender's office, and do the payoff with the buyer present. They will handle the loan payoff. They should then have the title mailed to the buyer. You get to keep the balance of the purchase - either a check or in an account, if you hold a deposit account with the lender.

[madvlad]

Thanks for the replies guys. I Just didn't have to need to wait for my cash like other banks do since I need it right away for my next vehicle. Financing through Wells Fargo and having a bank account with them has been a nightmare.

[SOCAL4LIFE!!]

I am starting to hear more and more horror stories from Wellls Fargo customers. I had Wells checking account only because thy got my mortgage. After they charged me to use their own ATM I was out. I work for Chase so take this for what thats worth. I think the best spot for car loans is a credit union. The best spot for mortgages is a large bank. As long as the bank is not charging you useless fees I wouldn't switch. it's just to much of a hassle unless the fees or service gets out of hand.

[Slo]

Thanks for the replies guys. I Just didn't have to need to wait for my cash like other banks do since I need it right away for my next vehicle. Financing through Wells Fargo and having a bank account with them has been a nightmare.

If you're buying a car from a dealership, they can take a post-dated check for a down payment... Not sure if you're needing it for a down payment or not, but I have done checks for up to 30 days out.

[madvlad]

If you're buying a car from a dealership, they can take a post-dated check for a down payment... Not sure if you're needing it for a down payment or not, but I have done checks for up to 30 days out.

Nah paying cash bro, never financing shit again but for a house.


I am starting to hear more and more horror stories from Wellls Fargo customers. I had Wells checking account only because thy got my mortgage. After they charged me to use their own ATM I was out. I work for Chase so take this for what thats worth. I think the best spot for car loans is a credit union. The best spot for mortgages is a large bank. As long as the bank is not charging you useless fees I wouldn't switch. it's just to much of a hassle unless the fees or service gets out of hand.

Dude they are the worst bank in the world. I can't tell you how much money me and my family Have paid in fees and overcharges for nothing. They always have a story and a bullshit one at that just to keep the money. I closed both my accounts and want this loan paid off and over with. They are a headache

[mastap07]

i had wells, i hate wells, never going back to wells, htf you been damir?

[madvlad]

i had wells, i hate wells, never going back to wells, htf you been damir?

So in short Fuck wells lol... been working man, nothing else haha. Where u been? I text you a couple times last week but figured you were busy and stuff cause never heard back from you