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Discussion Starter · #1 ·
I guess I just feel like complaining...

So I bought my Elise last Friday. Meaning paid for it. BBT bank seems to have a hard time distinguishing their ars from a hold in the ground... They said something about an E-title and it being ready once the check clears. Now here is the funny part, I wired the money? Once I explained to the bank lady that a wire transfer is a quick movement of funds she took to the light and agreed that should not require a wait. She followed that up with, then it should be ready Monday. Monday comes and goes and I get more hoops and mountains to dodge and that I needed the seller to go get a consent form. So he goes in today and they told him, the title will not be ready until the money is cleared. Well he was not in a position to argue with her so that where It stands.

So the $20 I spent to wire the funds ( in best interested of speeding this up ) was a waste. In my garage sits a vehicle, that is not even really mine, while I wait for the bank to find its ars hole.

What a pisser.
 

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You can still insure and drive it :shift:
 

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Discussion Starter · #3 ·
Well I have a tag from an old car on it but its not legal to drive until I get get it registered and to do that I need a title. I have taken it out around the neighborhood.
 

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I made the mistake of paying for my car with a cashier's check and the seller's bank claimed it would take more than two weeks to clear. This was clearly bull$#it, as we knew the check cleared in just about two days. This was told to us as "bank policy" which meant, "We're drawing interest on your money for two weeks because we can."
 

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Don't know where you're located but in almost every state that's the exact use of temp tags.

At least here in CO, temp tags require only an insurance card and a letter of custody/power of attorney (if loan/bank owns the car) or bill of sale (if private buyer is selling to you). No title needed.

Getting the title always takes forever unless both parties are doing a free-and-clear cash sale. As an example it took my bank 40+ days to get me mine and they had to do everything twice because the title on file at the previous bank had two names on it (PO and wife) and they only got one on the bill of sale.
 

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Discussion Starter · #7 ·
Cops down here are not so forgiving. They dont look for a way to forgive or let you go, they look for a way to make money off of you. As if a bright yellow exotic car is not enough to beg for attention.

Fortunately I have one stretch of back road ( 1 mile ) I can use where no cops go ( non city road ).
 

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I Have Commitment Issues
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i dealt with this just a little while ago....bought 2 cars paid cash for one and financed one. wired the funds took 2 days to clear (normal), 2nd car sent a bank check along with a check from my credit union and it took 10 days to clear my check.

I also had to deal with an e title. What i did was once the money cleared i drove the car back on his plates and once the DMV released the paper title to the seller, he overnighted it to me. I usually use a buyers agreement a lay out everything so theres no issues in the long run.
 

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I made the mistake of paying for my car with a cashier's check and the seller's bank claimed it would take more than two weeks to clear. This was clearly bull$#it, as we knew the check cleared in just about two days. This was told to us as "bank policy" which meant, "We're drawing interest on your money for two weeks because we can."
Actually, that's not really the case, although the understandable frustration waiting for it to clear can be maddening.

I used to work for a bank, in fact my team trained tellers and other staff on how to handle negotiables: cash (spotting counterfeit training), checks, money orders, cashiers or 'bank' checks.

Believe it or not, these days cashier's checks are the most forged negotiable out there. Why? Because to this day people see them as certified, guaranteed money. So up until recently they did get far less scrutiny. So in most instances they do go through a plodding, ponderous clearance process.

The cashier's check may initially clear, but the bank won't release the funds until it physically (or these days digitally) is back at the originating bank and fully cleared by its operations center.

And believe me, the interest earned by the bank for a couple of weeks on a $30,000 check is miniscule.
 

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Well I have a tag from an old car on it but its not legal to drive until I get get it registered and to do that I need a title. I have taken it out around the neighborhood.
Where do you live? Most states allow you a certain time period (1 week for GA) before you have to register the car.
 

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Don't know where you're located but in almost every state that's the exact use of temp tags.

At least here in CO, temp tags require only an insurance card and a letter of custody/power of attorney (if loan/bank owns the car) or bill of sale (if private buyer is selling to you). No title needed.

Getting the title always takes forever unless both parties are doing a free-and-clear cash sale. As an example it took my bank 40+ days to get me mine and they had to do everything twice because the title on file at the previous bank had two names on it (PO and wife) and they only got one on the bill of sale.
This is how easy it was for me to get the temp tags, they even told me I could get an extension if the title work was not done before the temps ran out. I was surprised how easy it really was.

I’m guessing you’ve already contacted the DMV about your options while the title is in limbo?
 

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Discussion Starter · #12 · (Edited)
Actually, that's not really the case, although the understandable frustration waiting for it to clear can be maddening.

I used to work for a bank, in fact my team trained tellers and other staff on how to handle negotiables: cash (spotting counterfeit training), checks, money orders, cashiers or 'bank' checks.

Believe it or not, these days cashier's checks are the most forged negotiable out there. Why? Because to this day people see them as certified, guaranteed money. So up until recently they did get far less scrutiny. So in most instances they do go through a plodding, ponderous clearance process.

The cashier's check may initially clear, but the bank won't release the funds until it physically (or these days digitally) is back at the originating bank and fully cleared by its operations center.

And believe me, the interest earned by the bank for a couple of weeks on a $30,000 check is miniscule.
So whats the deal with a wire transfer why the wait?

Where do you live?
FL, they are weird about cars down here.
http://www.seminoletax.org/tags/titles.shtml
maybe I can look in to this fast title thingy.


I’m guessing you’ve already contacted the DMV about your options while the title is in limbo?
Yeah DMV was cool, they said to have the seller get a consent form from the bank, its the bank that is holding things up.
 

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Gamera The Atomic Turtle
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Well, the truth of the matter is that finding a good cake is the harder of the two activities. Sucks though, I agree.
 

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Actually, that's not really the case, although the understandable frustration waiting for it to clear can be maddening...

...The cashier's check may initially clear, but the bank won't release the funds until it physically (or these days digitally) is back at the originating bank and fully cleared by its operations center.

And believe me, the interest earned by the bank for a couple of weeks on a $30,000 check is miniscule.
I disagree. Take a mega-bank and multiply this and other similar bank policies by their huge number of customers and you're talking about some real money.

While I do appreciate the growing threat of fraud, two-plus weeks to clear a bank-issued check in this era of electronic banking and security says, "We just don't give a flip about our customer's convenience".

I don't begrudge banks making due profits whatsoever, I just wish for better honesty and transparency. Ever since I saw the way banks were intentionally structuring overdraft reporting coupled with abusive fees to gouge customers I've been suspicious of intent.
 

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Gamera The Atomic Turtle
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Banks are predatory. Every inch of them.
 

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I like cake but I prefer pie!

Florida must have gotten more weirder since I lived there. AL doesn't even do titles anymore. You can still use hand written documents.
 

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I disagree. Take a mega-bank and multiply this and other similar bank policies by their huge number of customers and you're talking about some real money.
You are certainly welcome to disagree, but the math is what it is...10 days or so interest on a $30,000 check is probably less than what you have in your coin jar at home.
 

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You are certainly welcome to disagree, but the math is what it is...10 days or so interest on a $30,000 check is probably less than what you have in your coin jar at home.
Yes, but multiplied by hundreds of thousands of customers (for megabanks) and over many such other "bank policy" practices and it adds up. It's a little like the guy who programs a company computer to round up remaining penny fractions into his personal account... Not really a crime? At least concede that there is the perception of customer abuse for an industry that should be seeking to restore its public image in light of court ordered reconstitutions.

Trust me. I know. I work in the pharmaceutical industry! :D
 

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Discussion Starter · #19 ·
With banks standing to profit and the Gov sticking there nose further up our butts, yeah its harder an harder to do private sales.
 

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We had our Audi S4 for nearly three weeks in the driveway before a bunch of unneccessary crap and five trips to DMV got it legal... But then the Dmv put us as sole owner when their was a lien. After being just rediculously ugly about it all.
 
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