Notice Of Sale Purchase: Fill & Download for Free

I have worked in the accounting office of a car dealership for 6 1/2 years, and where I work I am personally responsible for trade-in payoffs. Here’s my two cents:First, I do understand why you see it as odd that the vehicle is already marked as For Sale. Since the vehicle hasn’t been paid off yet, they do not have the title yet, but unfortunately the sales department’s idea of turnaround time is different than the business office because they are looking for the next sale as quick as possible. I run into this a lot; deals or auction bill of sales that I am waiting on titles for; however, this doesn’t necessarily mean there’s a scam.In regards to paying off the vehicle, there are quite a few factors. One being that your new deal has to be funded and the funding lien holder must have deposited the funds into the dealership’s account in order for the deal to be considered 100% legitimate and approved. There are many delays to this due to customer interviews, employment verification, social security number verification, residential verification, contracts needing adjusting from finance, typos needing to be corrected, different banks have different response and follow-through time frames, and COVID has increased the wait time for banks to fund deals. The dealer is responsible for any late fees that accrue as a result of payoff delays, or if you make a payment, either the dealer or the lien holder is supposed to refund you back. Technically, if your current vehicle purchase isn’t funded and approved by the new lien holder, then the dealership cannot legally pay off the trade. Because if your deal falls through and “dies”, then you will have to return the car and take back the traded in vehicle, in which case the dealership would refund you any down money, the contract will become null and void, and you would still be liable for the car payments of the trade. Your payoff amount is bundled into the cost of the new vehicle unless you own the car outright, in which case the total value of the car is deducted from your new vehicle’s cost. I should also note that once you trade the car in, the car is still technically owned by you until the dealer transfers ownership, and that cannot be done without the title. This is coming from me working for a reputable company. I cannot speak on behalf of any low brow or shady dealers, but what I have mentioned is how it is supposed to happen.You have the right to ask about the payoff and you have a right to know the status of your current deal.I will also say, based on my experience, that no one should EVER SIGN ANYTHING without reading it. And ALWAYS check the spelling of your name and address. ALWAYS demand, as the consumer, that you are provided with a bill of sale. I see careless mistakes and angry customers as a result of this much more than I should. Hope this helps.

Once upon a time…There was a flea market at the local high school parking lot. A lady with a table piled with beanie babies. On the ground under the table was a cardboard box filled with pieces of grey plastic. It was a recent model Toshiba laptop.She explained that the company she worked for had acquired another company, and got all their computers. This one didn’t seem to work…“Make me an offer?”I stared stupidly at the unit ( not enough sleep the night before )….“$10?”“Sold”.I got it home and sure enough, the screen did not work. The backlight was dead. On Monday, I started calling around trying to find a replacement screen. I called the local Toshiba shop… “What’s the serial number of your laptop?” I read it off, worrying “What if it’s stolen?”. “Sir, your computer is under extended warranty. Bring it to us, and we’ll fix it.”Yee-ha! I enjoyed that laptop for years. Then I got notice of a class action lawsuit. Apparently, the floppy drive on these machines was not so good, and people had lost data. Because I owned the laptop, I was part of the class. I was given a check for $200, and a credit for $300 of Toshiba merchandise.Not bad for a $10 investment.

A foreclosure property is when a borrower (homeowner) is unable to make loan payments and the lender (bank) then has to make up for the loss by reselling the property to another buyer or repossessing the property. The borrower is given a grace period, called pre-foreclosure, to make payments or try to sell the property during this time. That’s when investors look for pre-foreclosure properties or Notices of Default (NOD).If these attempts are unsuccessful, then an auction is held at the end of the pre-foreclosure period in which a third party buyer can purchase the property or the bank can repossess it at the auction. These sales are known as Notice of Trustee Sale (NTS) or Notice of Foreclosure Sale (NFS). Typically, if the owner can’t redeem the loans, then an auction will be held outside the courthouse. If no one meets the minimum bid, then the bank repossesses the house and hires an agent to list it and sell it, and it becomes a Real Estate Owned property (REO).Source: How to Buy a Foreclosure as an Investment Property