Posted 2022-04-21 5:56 PM (#185246) Subject: Buying a trailer that has a payoff QUESTION!
Regular
Posts: 70
We found a trailer we are wanting to buy from an individual. Trailer is pretty much 100% exactly what we have been looking for condition, inside color, outside color, size, price and everything!
It belongs to an older lady BUT the trailer still has a payoff thru Bank of America.. Dealers do this kind of stuff daily with trade ins so it can be done somehow.
My issue is I'm not comfortable giving her that much cash or cashiers check without having the title!
I was wondering about getting my bank do a wire transfer directly to the lien holder that way at least I know the bank gets paid?
Any ideas???
If we wasn't 3 hours away I would go make sure we want the trailer, go with her to the bank and make a few trips if needed to get it done.
But being that far I was wanting to take my haul truck and pick the trailer up all in 1 trip!
Posted 2022-04-25 9:03 AM (#185248 - in reply to #185246) Subject: RE: Buying a trailer that has a payoff QUESTION!
Elite Veteran
Posts: 788 Location: Tenn/Ala.
Glad you found a trailer. To buy it- first question is the payoff more or less than the amount you are buying it for? And can you two physically get to a BOA branch, and can someone there help you? If so- that makes it easy. But I would certainly start there.
If you can't work at the bank, the next avenue is for her to get a 10 day payoff letter. Send that with funds, a copy of the Bill of Sale where you are buying it, and a note of explanation of all this and request that title be sent to you. You send your money to the bank, not to the seller. If the sales price is more, you obviously pay the seller the rest. If payoff more, you both get to send checks.
Posted 2022-04-25 5:45 PM (#185249 - in reply to #185246) Subject: RE: Buying a trailer that has a payoff QUESTION!
Regular
Posts: 70
Thanks for the info. Claims the payoff if what she is asking for the trailer. Unfortunately BOA is a complete PAIN in the backside to do anything with in person. She agreed to let my bank call BOA directly and agreed to do the wire transfer. Just wasn't 100% sure on how to make sure the bank will send me the title. I know in Texas the titles are all electronic now so I was thinking some sort of document, POA or something for her to sign off to send me the title directly from the State and BOA send me a release of lean. If it was a normal home town bank we could walk in and figure it out but BOA is a Corp. Bank and based out of California.
Will talk to my bank tomorrow and see if they know what we can get signed. Hate to miss this on a bank issue but hate to lose 45k also....
Posted 2022-04-27 1:16 PM (#185256 - in reply to #185249) Subject: RE: Buying a trailer that has a payoff QUESTION!
Elite Veteran
Posts: 788 Location: Tenn/Ala.
Banks are sometimes known to goof up and send the title to the registered owner. I would suggest writing out a form for her to sign stating that if this happens, she'll get it to you.
Buying a trailer that has a payoff QUESTION!
