Credit Union Loan

[Redman]

What INDAVID said-with the bank supporting with a letter that on reciept of the check..they release any lien or however they term it

[De Dragon]

What INDAVID said-with the bank supporting with a letter that on reciept of the check..they release any lien or however they term it

The cheque will be made out to the holder of the mortgage i.e. the bank. When they take their full payment for the vehicle, any remainder as well as the vehicle, is yours. Then you can start paying the CU according to your loan terms.

[Redman]

He needs to ensure that the bank removes the legal hold on it.

It isn't automatic....at least it wasn't when they fckd up with the house

[De Dragon]

He needs to ensure that the bank removes the legal hold on it.

It isn't automatic....at least it wasn't when they fckd up with the house

Yes he does. Don't ever depend on the bank to do what they're supposed to.

[RedVEVO]

He needs to ensure that the bank removes the legal hold on it.

It isn't automatic....at least it wasn't when they fckd up with the house

Yes he does. Don't ever depend on the bank to do what they're supposed to.

It is not " The Bank "

It is the specific employee who usually fall through his/her crack.

Lots of Bank Employee are clueless .

And duncey .

[metalgear2095]

You would have needed a sales agreement to get the loan firstly. Also a letter from the owner's bank stating the balance on the loan. The credit union will then give you a cheque for the bank for the balance of the loan as well as have a cheque for the balance of the sale price for the owner that is collected once the bank provides a letter stating that the loan has been cleared

[goalpost]

The first issue was sorted. They said they would do the cheque to the bank. They are now asking that the vehicle be transferred before the cheque is issued. Is this normal? Considering the vehicle wouldn’t be paid for as yet

[De Dragon]

He needs to ensure that the bank removes the legal hold on it.

It isn't automatic....at least it wasn't when they fckd up with the house

Yes he does. Don't ever depend on the bank to do what they're supposed to.

It is not " The Bank "

It is the specific employee who usually fall through his/her crack.

Lots of Bank Employee are clueless .

And duncey .

Still a reflection of the bank.

[rspann]

The first issue was sorted. They said they would do the cheque to the bank. They are now asking that the vehicle be transferred before the cheque is issued. Is this normal? Considering the vehicle wouldn’t be paid for as yet

I have sold many vehicles like this. The bank gives you a letter that says you will be paid upon transferring the vehicle . So it's a guarantee.

[goalpost]

Im really a noob at this. The credit union says they will give a letter of comfort to give to the bank saying they will be paid once transferred. My thinking is is this letter necessary. We can just transfer the vehicle get the cheque, the bank will be paid off none the wiser that it was transferred before

[RedVEVO]

He needs to ensure that the bank removes the legal hold on it.

It isn't automatic....at least it wasn't when they fckd up with the house

Yes he does. Don't ever depend on the bank to do what they're supposed to.

It is not " The Bank "

It is the specific employee who usually fall through his/her crack.

Lots of Bank Employee are clueless .

And duncey .

Still a reflection of the bank.

Agree ..

But then you have a duncey ..
And everybody know why

[goalpost]

Really hoping someone can explain this stupidness. The credit union wife taking loan saying they will give her a letter to give the sellers bank ie a letter of Comfort, & the bank will issue a letter of non indebtedness & only then the credit union will release the funds. A partner from the bank says that process doesn’t exist & only when the cheque is received will they issue the non indebtedness letter..., so what the heck is the CU on? Anyone ever went through that

[jaithon]

Padna, if you are concerned about the procedure, get a lawyer & stop the process