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FYI- answer regarding vehicle payoff

I posed this question a few days ago:

"Since it's financed through toyota financing, where do I go to pay it

off? Do they have local offices? I don't think someone will want to pay

me for the vehicle, then wait a week to get the lein release and title."

I phoned TFS a few minutes ago (1-800-392-2968) and and it works like this. They DO NOT have local offices (like through banks, etc) Toyota Dealers DO NOT accept payoffs. You can mail them the money, or perform an online payment. A lien release will then be sent to you within 10-12 days. This could be a problem (it is for me) if a buyer gives you $19,000. and you owe $18,000. (example) because, they will get a receipt from you, a title with a lien, and the keys. But they CAN not register it until the release arrives... 10-12 days later. (and they have to trust that you didn't go to Aruba with their cash) That could be a tough sell for most consumers to accept. Just thought I would pass it along. I could find a way to pay it off ahead of time (like a home equity line of credit) then pay that back once i get the money from the new buyer.

thanks for all the advice,

walt

Reply to
wallster
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Take the buyer and your payment book to a Notary Public. The Notary calls the lender to get the payoff, the buyers pays the selling price to the Notary. The seller signs a power of attorney and the Notary pays the difference to the seller. The Notary issues what ever registratation is needed as well as collecting all fess and taxes due to facilitate the sale to the buyer. The Notary pays the lean holder and receives the title which he then transfer to the buyer. Simple. Your state may vary but basically that is how it is done

mike hunt

Reply to
Mike Hunter

That would help the buyer feel comfortable about the money end of the transaction but it still leaves the fact that they wouldn't be able to register the vehicle until the lien release arrives... in about 10-14 days. Too bad a local bank couldn't be a liason between the large car company financing companies. You would pay them the balance (and a fee) and they would transfer the money to the car company finance company, then issue you the release right there and then. I would pay for such a service. Like they say... time is money. Thanks for the feedback and i will keep it in mind.

walt

Reply to
wallster

Not so. The Notary Public will issue a transfer of registration at the time of sale and will pay off the loan and receive the title which he will then transfer to the new owner. That is why one must sign a power of attorney. The Notary at a dealership does so every day. A large number of traded vehicle have some sort of balance when traded. If you happen to being obtaining a loan, the Notary at your bank can do the same thing. And yes you do pay a fee for that Notary service

mike hunt

Reply to
Mike Hunter
Reply to
Charles Pisano

so having a home equity line of credit for emergencies is a bad thing? I realize that this isn't an emergency, but if the money is replaced within a month, it really doesn't cost anything.

Dan earns his money, he can spend it how he wants. You worry about YOUR own finances.

well i really don't need your help. I appreciate the offer, but trust me, I'm just fine.

Sure do, $100k worth, am i ill?? why all the worry??

not CP A...?

Reply to
wallster

Re: FYI- answer regarding vehicle payoff Group: alt.autos.toyota Date: Mon, Sep 26, 2005, 8:00pm (EDT-3) From: snipped-for-privacy@hotmail.com (wallster) Charles Pisano wrote: FYI- answer regarding vehicle payoff

---------------- A home equity line of credit to pay off a car you're selling? No wonder you have to get rid of your car. You are making everything harder than it has to be. so having a home equity line of credit for emergencies is a bad thing? I realize that this isn't an emergency, but if the money is replaced within a month, it really doesn't cost anything. Who is your financial advisor Dan (the guy who says don't pay cash for anything, don't own anything)? Dan earns his money, he can spend it how he wants. You worry about YOUR own finances. I could probably go through your budget and find 360 dollars a month and you could keep your J vin number. well i really don't need your help. I appreciate the offer, but trust me, I'm just fine. Let me guess, you don't have life insurance.? Sure do, $100k worth, am i ill?? why all the worry?? CP not CP A...?

------------------------------ Always applying for credit, using one loan to pay off another are bad ideas . Your credit worthiness is your most important asset. Having a HELOC is not a bad idea. But you should apply for it when you don't need it, not when you're stretched thin.

I'm not worried. Everything I have is paid for including my home . Actually I help people with financial planning . But often I find a lot of defensive people too. When that happens I just walk away.

Reply to
Charles Pisano

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