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Hi there. I'm selling my 335 and everyone wants me to send them a copy of my title for lending reasons. My question and concern being how wrong can this go sending someone a copy of my title? I was going to email it directly to their lender. Couldn't they even at that level still get ahold of the copy and make a fake? ie go apply for a loan, bank says they need a copy, I send the copy to bank, they ask bank to get a copy of all documents.
You are not required to show title but you will certainly scare a portion of the buyers away if you refuse to show it. There is no particular reason why you should not show them a copy. None of the information contained on a title is a security threat if given out. It is typically your name, address, vehicle and lien info. What are you worried about? When I buy used, I ask always ask for title. If it is not given to me, I move on to the next car. I want to know that the person I have a bank check filled out for is the same person on the title... simple as that.
I had one instance a few years back where I was at the bank, getting a bank check to purchase his vehicle, seller was waiting outside and then come to find out he wanted a different name on the check than what was on the title. I told him to take a hike and found another car 2 weeks later.
I could see why someone who is thinking of buying your car would want to verify the ownership and loan status of a car.
But you are also right in being concerned.
What you should do is scan your title, then overtly redact the actual title number (and maybe also your home address?), and re-scan it for emailing purposes.
And when you send it out, make sure you comment that you'll be providing the un-masked title when you meet at the bank at time of payment.
That way prospective buyers can see your name, the car's make, model, VIN, purchased odometer, and lienholders.
My fear is them taking a loan out on it and then taking off with the money. Then my car will show a lien on it and the potential buyer is out of the country
My fear is them taking a loan out on it and then taking off with the money. Then my car will show a lien on it and the potential buyer is out of the country
Your state DMV (or equivalent agency) keeps a record of title holders. If someone were to hypothetically use a [forged] copy of your title as collateral for a secured loan, it would be invalidated by the fact that title transfer never took place with the state.
Your state DMV (or equivalent agency) keeps a record of title holders. If someone were to hypothetically use a [forged] copy of your title as collateral for a secured loan, it would be invalidated by the fact that title transfer never took place with the state.
This makes sense in theory. Do you know how it works in practice?
It makes sense that bank loan people would contact the DMV directly to securely verify the cars new title, before releasing the loan funds.
Can anyone who works in load departments confirm this?
The only time someone gets to see the title or gets the title is once they pay me. I've never had anyone ask me to send them a copy of my title. If they did ask I would decline.
This makes sense in theory. Do you know how it works in practice?
How many instances can you cite in which someone has taken a title copy and successfully forged and taken a loan on it? Where is your concern originating from?
Quote:
Originally Posted by Ed_RDNC
It makes sense that bank loan people would contact the DMV directly to securely verify the cars new title, before releasing the loan funds.
Can anyone who works in load departments confirm this?
Lenders have more vested interest in qualifying a loan than you have concern for in your hypothetical situation. A court would very quickly identify that someone has forged a title and ran away with the loan.
Also, consider the situation that someone does NOT need to have a copy of your title to forge one. All they need is to walk up to the vehicle, jot down VIN, make and model. From that information they could perform the act.
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