Sadly, no. My bank is stupid. I bought my '03 GT from a dealership and financed it through the bank. Because the '04 Mach is being sold by a private party, they won't loan on it. I checked multiple other banks and they all gave me the same story. I inquired about a personal loan, but it carried a crazy interest rate. It would almost be equivalent to buying the car on a credit card and I'm used to sub-4% rates with my credit. I finally found a small credit union that would loan on the car at 6.25%, which is acceptable, but they gave me the run around about gathering all the documentation. Since the car is located in another state, they required current pictures with a newspaper or note that is dated no older than 2 weeks. Additionally, they wanted a photocopy of the front and back of the title to prove there are no liens and so they could issue the check to the lawful owner. I got all of this taken care of and called them to make sure there was nothing else I needed. At this point, I had already taken a vacation day so I could complete all of the necessary paperwork. They assured me that the documents were fine and then told me that I needed to bring my current driver's license. I explained to them that my wife and I both had our licenses renewed over the course of the past weekend and that we opted for the new federal ID. In doing so, the DMV issued us a temporary paper photo ID and the hard copy would be sent through the mail in approximately 15 business days. They wouldn't accept it despite the DMV telling me that the ID had to be accepted anywhere. I asked if any other types of ID were acceptable since not everyone has a driver's license. They told me they would accept a military ID or a passport. Ok, I asked, "what do I do if I was never in the military and I don't have a passport?" They said they were sorry, but they couldn't help me. I hung up and called the DMV to ask if I could get a regular non-federal driver's license issued that same day. They said they couldn't do that because my federal ID was still in-process, but they could issue a secondary photo ID that would be available the same day. Great! I called the credit union back and they said that would be fine. I asked once more, "is this all I need?" At this point, I had talked to them 3 or 4 times while in the process of gathering all of the documentation. The next thing they said just about made my head explode. They require that the bill of sale be completed and notarized PRIOR to them issuing the check to the seller. WHAT?! How can they expect someone to have a bill of sale signed and notarized before the transaction takes place? I've bought and sold many vehicles and I've never encountered this. If someone asked me to have a bill of sale signed and notarized for a vehicle I was selling before they paid me, I would think they were trying to scam me. A signed and notarized bill of sale is admission that the transaction has been completed and that the money has exchanged hands. Needless to say, after a few choice words, I won't be dealing with this credit union... ever.
The search continues.
