Bank won't issue check to dealer, only private sale?

atikovi · 02-28-2014, 11:20 AM

Sold a 2005 Volvo on ebay for about $5500. Buyer in NJ is going through a bank and now says the bank won't issue a check to a dealer, only to the person on the title. He says I have to get it titled in my name first. Has anyone heard of this before? I can get it titled in my own name but will cost an additional $120 in taxes and fees and a few hours time.

mryan55 · 03-01-2014, 07:41 AM

I've never heard of this, but if it did come up the title is only a whopping $11 here and now tax due in Indiana, so I guess it would never be an issue for me if it did come up.

atikovi · 03-01-2014, 08:08 AM

The buyer misspoke and the bank wants the title in my dealer name. That's even worse with the outrageous $100 Maryland title fee plus 6% sales tax. And yes dealers have to pay tax to title a vehicle in MD in most cases. Since I have an address in Virginia I titled it in my name there for $85 plus whatever personal property tax they will assess for one month.

mryan55 · 03-01-2014, 10:24 AM

Yikes! Crazy how everything varies between states. Indiana is very lax on sales tax collection on cars.

adastra · 03-13-2014, 08:03 PM

Yes, Bank of America has done this to me. If you aren't on their preferred dealers list, no check. Private party is fine.

One more reason to hate BOA.

02-28-2014, 11:20 AM	#1
atikovi Member Join Date: Aug 2012 Posts: 57	Bank won't issue check to dealer, only private sale? Sold a 2005 Volvo on ebay for about $5500. Buyer in NJ is going through a bank and now says the bank won't issue a check to a dealer, only to the person on the title. He says I have to get it titled in my name first. Has anyone heard of this before? I can get it titled in my own name but will cost an additional $120 in taxes and fees and a few hours time.

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03-01-2014, 07:41 AM	#2
mryan55 Senior Member Join Date: Mar 2013 Posts: 595	I've never heard of this, but if it did come up the title is only a whopping $11 here and now tax due in Indiana, so I guess it would never be an issue for me if it did come up.

03-01-2014, 08:08 AM	#3
atikovi Member Join Date: Aug 2012 Posts: 57	The buyer misspoke and the bank wants the title in my dealer name. That's even worse with the outrageous $100 Maryland title fee plus 6% sales tax. And yes dealers have to pay tax to title a vehicle in MD in most cases. Since I have an address in Virginia I titled it in my name there for $85 plus whatever personal property tax they will assess for one month.

03-01-2014, 10:24 AM	#4
mryan55 Senior Member Join Date: Mar 2013 Posts: 595	Yikes! Crazy how everything varies between states. Indiana is very lax on sales tax collection on cars.

03-13-2014, 08:03 PM	#5
adastra Member Join Date: Mar 2014 Posts: 41	Yes, Bank of America has done this to me. If you aren't on their preferred dealers list, no check. Private party is fine. One more reason to hate BOA.