iLusso Transaction Process (Financed Title Holding)
iLusso is a trusted leader in the automotive industry with over 3,000 customers and over $4 billion dollars in transactions. iLusso buys and sells over 200 exotic cars a month.
iLusso Transaction Process:
Now that we have agreed on a number, we would like to explain to you how our process works step by step. We will need you to send us a picture of your driver’s license, current registration, along with the front and back of the title, and lien holder/bank name and account number.
- Your Driver’s License
- Current Registration
- Front of the Title
- Back of the Title
- Lien Holder Bank/Name and Account Number
Once we get that information, we are going to FedEx overnight you three documents to sign. The first one will be our Hitfigure Purchase Order, which will show the agreed upon number. Hitfigure is the LLC company for iLusso. The second document will be an Authorization for Payoff Form. Your bank /financing company requires this to be completed to have the vehicle paid off or information concerning the vehicle released to the dealer. The third document will be the DMV Vehicle Transfer and Reassignment Form (262 Form). We will have all the necessary fields filled out for you and they will just require signatures in the highlighted spots.
We Send You:
- Hitfigure Purchase Order
- Authorization for Payoff Form
- DMV Vehicle Transfer and Reassignment Form
Our FedEx Overnight will include a return envelope for you to overnight the documents back to iLusso. Once everything is signed, we ask you send us back all three signed documents along with the vehicle title. The title of the car DOES NOT need to be signed. We use the DMV 262 form rather than signing the back of the title because if a 262 form gets signed in the wrong place by accident, we can just mail over a new 262 form. If a title is signed incorrectly, it requires getting a new title from the state DMV which can take months in some cases.
You Send Us:
- Signed Hitfigure Purchase Order
- Signed Authorization for Payoff Form
- Signed DMV Vehicle Transfer and Reassignment Form
- Not Signed Title
Once we receive those back, we are now ready to send you payment. Since there is positive equity (the agreed upon sale price of the vehicle is greater than the amount you still owe bank/finance company), we will send you payment for your equity.
There are two options for payment. We can overnight a check or wire money directly into your account. When you receive check or wire for your equity, we will schedule a time for a transport company to come pick up the vehicle.
Once we take delivery of vehicle, we will FedEx overnight money directly to your bank/finance company to payoff and close your loan.
Example of Forms: