I am trading my used car into a MA dealership. I am taking out a loan on the “ new” used car I am purchasing. I have signed the purchase and sales agreement and am waiting for the dealership, credit union, and insurance company to complete their transactions . The car salesman has requested I sign and turn in my title before I pick up my new car ? I have never heard of this? I told them I will turn it in when I pick up my new car and drop off my trade in. Is this a normal request?

Asked by GuruBN5FF Jan 06, 2019 at 08:45 AM

Question type: Car Selling & Trading In

1 Answer

Thank you for your response. I did find it curious. I hold the title of my car to trade. My trade in car value is 50 % of what my car loan will be. My credit score is over 800. My bank advised me not to give the title in advance as they had similar concerns of ownership should the deal not go through.

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