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Old 02-25-2009, 05:39 PM
 
Location: Charleston, SC
459 posts, read 1,643,117 times
Reputation: 176

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I have a vehicle for sale, and have made a deal with the buyer. He has talked to the bank and they told him he had to present them with a receipt to show he has paid the taxes on it before he can get the check to pay me. My question is, how can he pay taxes on a vehicle I still own because the sale won't be final until I get paid? He needs to present the title for transfer along with the bill of sale to pay the taxes. I won't sign over the title on a promise. Sounds kind of backward to me. Anybody familiar with a private vehicle sale when a loan is involved?
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Old 02-25-2009, 07:45 PM
 
1,710 posts, read 5,683,333 times
Reputation: 311
That sounds backward to me also. Contact your bank and see what they say.
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Old 02-26-2009, 12:17 AM
 
Location: Summerville
7,934 posts, read 17,335,571 times
Reputation: 1361
I second what Luvs said, smells like a fish to me....
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Old 02-26-2009, 06:16 AM
 
2,224 posts, read 3,614,946 times
Reputation: 782
The bank doesnt need the vehicle tax info. What purpose would it serve them? All the bank should require is the the VIN and the vehicle info IE:Mileage etc etc etc. The DMV and County Tax Assesor should be the only ones that need the tax info.

Then bank will request that he have insurance on it if thier is a loan outstanding on it though.
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Old 02-26-2009, 07:01 AM
 
Location: Charleston, SC
459 posts, read 1,643,117 times
Reputation: 176
I plan accompanying the young man to the bank Friday to straighten things out, along with the vehicle and the Title and the registration and the not-yet-completed Bill of Sale. From where I stand, life is very simple. No check, no sale. Once they give me a check, I'll sign the Title and complete the Bill of Sale. I agree he will have to make prior arrangements for insurance.
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Old 02-26-2009, 10:56 AM
 
3,145 posts, read 5,961,418 times
Reputation: 1261
He can call his insurance agent from the bank and have it insured on the spot...but you and the bank officials know that already.
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Old 02-27-2009, 09:07 PM
 
Location: San Salvador, El Salvador
568 posts, read 1,479,104 times
Reputation: 267
Quote:
Originally Posted by fqtravlr View Post
I plan accompanying the young man to the bank Friday to straighten things out, along with the vehicle and the Title and the registration and the not-yet-completed Bill of Sale. From where I stand, life is very simple. No check, no sale. Once they give me a check, I'll sign the Title and complete the Bill of Sale. I agree he will have to make prior arrangements for insurance.

Did you get everything straighten out?
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Old 02-28-2009, 06:16 AM
 
Location: Charleston, SC
459 posts, read 1,643,117 times
Reputation: 176
Successful sale. I was correct in thinking the bank only needed to see the Title and absence of liens to be satisfied. Thanks for all the input!

BTW: The buyer is required to show the bank the tax receipt and proof of insurance, but he has 5 days to file that paperwork with them.

Last edited by fqtravlr; 02-28-2009 at 06:18 AM.. Reason: add
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Old 02-28-2009, 09:44 AM
 
1,710 posts, read 5,683,333 times
Reputation: 311
Glad everything worked out.
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