I’ve never completed a vehicle transaction that was financed outside of the dealership (well, not one where a loan was involved) so can someone tell me if I have this correct?
Just a bit confused about the mechanics. My CU told me they are sending me a check that’s payable to ME <and, not or> the leasing company… do I just sign the check and mail it to leasing company? And then they will either send me the title/bill of sale and I apply for a new title and list my CU’s information in the primary lienholder section?
GA, SETF. Sorry, originally wrote a much more detailed post then removed a lot of information. Must have been pretty tired by the time I hit post, lol.
So just in case this helps anybody in the future that may be searching…
The process with Navy Federal/SETF (WOFC) basically went like this… I applied for a used car loan with NFCU. I told them the seller was WOFC + the payoff amount, and they overnighted me a check for the payoff amount made out to me and WOFC. I signed the check and overnighted it to SETF in Alabama. The next day I lost access to the SETF web portal then a few days later got a letter from SETF saying my account was paid in full. This was just a couple days before Christmas. At this point I changed the insurance to reflect NFCU as the lienholder.
Today I got overnighted documents from NFCU in Pensacola Florida which included a GA MV-1 (title application), bill of sale from SETF, and (to my surprise) physical paper Georgia title. I was under the impression that GA did not issue paper titles to lienholders/leasing companies–only e-title. NFCU filled out the MV-1 for me including their lienholder information, so it seems like all I need to do is take the MV-1, signed title, and bill of sale down to the tag office along with my checkbook to pay the ad valorem taxes and that’s that.
Much easier than I assumed it would be, and given this happened right at Christmas/NYE time I was impressed by the speed as well.
