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Auto Loan Closing Process?

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Anonymous
Not applicable

Auto Loan Closing Process?

If I purchase a new car with me only on the loan and I trade in a car with a loan that my wife and I are both on it, does she have to sit through the closing of the sale with the finance manager. Or can she just come to the dealership and sign what she needs to after I sign the docs I need to. Reason I ask is she does not want to sit through closing loan stuff in case something goes wrong; actually 9 and a half years ago we bought a car jointly but the dealership let me review and finalize all docs with finance manager first then I went home to get her and she signed what she needed to. 

Message 1 of 7
6 REPLIES 6
Anonymous
Not applicable

Re: Auto Loan Closing Process?

Your wife does not need to be present for the closing, however she will need to sign the title of your trade in as a seller which the dealership will need.

Message 2 of 7
Anonymous
Not applicable

Re: Auto Loan Closing Process?


@Anonymous wrote:

Your wife does not need to be present for the closing, however she will need to sign the title of your trade in as a seller which the dealership will need.


Santander has the title(loan) so she will have to sign satisfaction of lien paperwork instead of title?; does it have to be done same day car is sold and delivered. Reason I ask is I am thinking of trying to cut a deal this evening as rebates expire today; I can finance on my own by capital one but she is not feeling well today to drive 30-40 miles to dealership later this evening after I close. 

Message 3 of 7
Hotcoals91
Regular Contributor

Re: Auto Loan Closing Process?

I traded in a car that i previously needed a cosigner for( my dad). He wasnt there for any of it.
Message 4 of 7
Loquat
Moderator Emeritus

Re: Auto Loan Closing Process?


@Anonymous wrote:

@Anonymous wrote:

Your wife does not need to be present for the closing, however she will need to sign the title of your trade in as a seller which the dealership will need.


Santander has the title(loan) so she will have to sign satisfaction of lien paperwork instead of title?; does it have to be done same day car is sold and delivered. Reason I ask is I am thinking of trying to cut a deal this evening as rebates expire today; I can finance on my own by capital one but she is not feeling well today to drive 30-40 miles to dealership later this evening after I close. 


If the bank still holds the title then there shouldn't be anything the dealer needs from her.  You should be good to close your deal all by yourself.  Best of luck and enjoy your new set of wheels!

Message 5 of 7
Watchmann
Valued Contributor

Re: Auto Loan Closing Process?

Two years ago I bought a new car in my name only, my trade-in was in my wife's name only (inherited vehicle with title in hand).  No problems, they had me take the title home for her to sign, and I had to bring back a copy of her driver's license (to check signatures and prove identity).  I think this often happens, they aren't going to let a car sale get away because one of the parties that owns the trade in vehicle isn't present.  Bought and took possession of the new car on a Saturday, took the signed title and DL info back to them on Monday.

Message 6 of 7
Anonymous
Not applicable

Re: Auto Loan Closing Process?


@Watchmann wrote:

Two years ago I bought a new car in my name only, my trade-in was in my wife's name only (inherited vehicle with title in hand).  No problems, they had me take the title home for her to sign, and I had to bring back a copy of her driver's license (to check signatures and prove identity).  I think this often happens, they aren't going to let a car sale get away because one of the parties that owns the trade in vehicle isn't present.  Bought and took possession of the new car on a Saturday, took the signed title and DL info back to them on Monday.


Dealer first told me my wife has to be present , violation of federal law. As I was calling Springboard they then said it was dealer policy since I am not financing with them, called me a cash buyer. I asked for a copy of purchase order so I can review first and bring my wife back tomorrow so we can both sign. They just read me bottom line numbers off of a computer screen. I am not going back there. 

Message 7 of 7
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