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Originally Posted by TexasChuck
There are some really good people on this forum! (Memphis370Z!). Thx.
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Thank you, sir!
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Originally Posted by scope22
Right that makes sense, basically he is asking for a signed copy of the title Before I get the money and give him the car, it seems to be a pre-approval process maybe, but what if I owned money and didn't have the title, the bank holding the title will not release it until they cut payoff balanc, I guess I could ask them to mail a copy so I can sign and give it to the other bank but seems like a pain in the ***
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Not necessarily a pre-approval process; otherwise, they wouldn't be asking for a copy of the title for a specific car. With a pre-approval, the borrower is approved for an amount, usually based upon ability to pay (debt to income ratio). Once the borrower selects a specific car, the lender would request the VIN in order to check value, validity of the collateral, etc. But, I digress.
It may be different in Georgia, but in Tennessee, even if there is a bank lien against a title, the owner of the car still has possession of the original title. The bank lien is just noted on the title. The bank releases the lien the same way you would sell a car that is "free and clear" - by signing the title over to the new owner.
Hope this makes sense and is helpful.