You need to take the title that says us bank owns it and process the title transfer so you have a title that says you own it to sell it.
Back in 2020, it took multiple calls and at least 3 weeks after cashing my check for them to release the title.
So have to wait for NY dmv to process it as well? What a pain in the a… So another few weeks for it. Thank you. Never lease from US Bank or other banks. They wanted to charge the dealer 37k for residual lease of about 28k.
Thank you. Now have to deal with NY DMV on top of it. It is nuts.
Another 4 to 5 weeks wait time for the title after you visit NY DMV. Brutal but there is no way to speed it up.
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You can sell, without current possession of title, to a dealer. They can use a reassignment title until the actual title shows up. Some dealers can also take lessor-released titles, meaning you don’t need to go to DMV and wait longer (see our online buyers post for a list). Just don’t expect to get market competitive offers w/o clear title available.
I guess. Said 10 to 14 days based on an article I read due to some new changes but we will see. However, DMV shows no liens on the title. I think the dealer i bought the car from messed it up.
Thank you. I will check it out. Will check with the dealer I am picking up the new car from as well.
DMV shows clear title though. Dealer I bought from messed it up. So not sure what title can US Bank release I guess unless they go through process to add lien then release lien?
A lessor-released title should still be in the name of the leasing company. There traditionally is no lien with a lease because the car is owned by the bank – you are just renting it. When you take that lessor-released title to DMV, they will process the ownership transfer and provide you a new title with your name on it.
Thank you, appreciate the help of everyone.
Mine took about 10 days to come from US Bank, then a quick trip to the DMV in NJ for a title change.
During this time, I did trade the vehicle in without the title. Dealership verified the account was closed and the title on the way by calling US Bank. I dropped off the new title 2 weeks later. Hope this helps.
Thank you. Did you get paid for the car or had to wait till title came?
Titles are a nightmare at scale. There’s a mere mortal accepting and opening hundreds if not thousands of fedex envelops daily. Then they go in to some system to confirm the payoff matches the balance on the account. Then they go to a little black box (Al Gore status) to find your title. Print a lien release letter. Attach it to said title. Get Fedex or USPS to pick it up so they can mail it to you.
Thank you. I do not have an account with Fedex or UPS. Papers I send it did detail that if I wanted it overnight I could put that info.
I feel like you’re always better off financing a lease buyout even if you have the cash, because once that loan is funded and the new bank is in the loop, you can obtain a payoff and offload the car without issue. You don’t have to deal with any of this BS. Can always pay it off after a couple of months, and by then you should get the title without issue, if your goal is to have a paid off vehicle
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Did not even think of that. Would have been easier to use US Bank loan to finance purchase versus paying it off and waiting for the title. Too late now, but seems like the perfect solution.
It sounds like you are just trading this vehicle into a dealer, in which case I would think they can take the lessor-released title you get from US Bank. Let them run down the DMV changes… They would have had to do this if they opted to proceed with the inflated buyout anyway.
Lease is not over till Oct. Has some equity. Wanted to capture it, pay no disposition fee, no potential damages for any scratches etc (highly unlikely given condition but a risk either way). Also, have a car at dealer and one stuck in shipping. So just trying to get rid of one before i pick up the new lease. But if the dealer can purchase it like that, I would be ok with letting some of the equity go to avoid additional hassle.
It ended up being a trade, so they applied the trade amount on my new vehicle and drove off the same day just paying the difference. They had me switch the title to my name though before turning it in.