v6cord2k5

iTrader: (1)

I didn't really intend on selling the vehicle but someone made me an offer and here we are now...

Anyway, the buyer faxed me a couple of sheets. He said all I need to do is sign the second sheet and fax them to his bank. His bank would overnight a check to my bank to payoff my loan and he would pay the difference in cash to reach the agreed upon selling price.

Here is what's on the aforementioned sheets:

Page 1


Page 2

Would you say this is the right way to go about this? Should I walk away from this sale? Any additional documents we should create? Bill of Sale... etc.?

Thoughts & opinions please... Thanks in advance.

WILLDOGS

Ugh sounds way too shady. I would never sell a car this way.

What is the banks name? Is it a well known bank? Did you call the bank and confirm that is a real fax number for them?

You don't wanna be faxing bank info to this guy



When in doubt, go with your gut feeling. If you are posting here asking our opinion, then your gut is telling you something already.

Don't let the $$$ dollar signs take over for common sense. scammers always depend that you will.

Hapa DC5

Don't do it.

Moose Muscles

set up a time to meet with your lawyer, and invite the buyer. I bet he walks.

neuronbob

THIS. If it looks sounds and walks like a scam, it usually is.

oo7spy

RaviNJCLs

iTrader: (4)

Looks shady.

v6cord2k5

iTrader: (1)

If this method is shady, what type of transaction should I request to protect myself?



The guy is in the Marine Corps and is financing through USAA Bank. The fax would go through Monday night and he wouldn't pick up the vehicle until Saturday/Sunday... At which point he said a Bill of Sale would be done so he can take the car on base.

Thanks for the help.

RaviNJCLs

iTrader: (4)

Do you have the title? If you do then the safest option is for the buyer to get you a certified cashier's check. At that time the best would be for you to create a Bill of Sale and have signatures from you and the buyer and have the BOS notarized.

If you do not have the title then my suggestion for the safest option for you is to contact the bank than holds the title to your car and see what they recommend you doing. If it were me I would buy the car out first.

Gfaze

v6cord2k5

iTrader: (1)

I don't have the title, nor the cash to payoff the loan.

Thanks for the advice Ravi, I'll be contacting my bank on Monday.

AZuser

"Dear Sir or Madam"

That's a dead giveaway right there.

RaviNJCLs

iTrader: (4)

Any word from the bank? I'm curious.

justnspace

iTrader: (1)

also scammers love to use military, girl scouts, etc

I wouldnt do this deal.

Pure Adrenaline

iTrader: (2)

Have him send the check to you.

Call issuing bank and confirm validity.

Deposit it in your account.

Wait 1-2 weeks to ensure it clears.

Use funds to pay your lender.

Hand car over.

Title arrives from your lender. Mail to buyer.



That's the only way I would do it, and the only way I have done it for many of my car and motorcycle purchases/sales. At each and every point, you are holding on to something, like money, car and/or title, which will give you a way to fight back if something went wrong.

AZuser

What idiot.... er, I mean buyer.... would wait 1-2 weeks before getting car and title though?

I know I wouldn't because it could end up like this:

Flipster23

iTrader: (15)

sounds to shady to me,

what did your bank end up saying?

v6cord2k5

iTrader: (1)

My bank said it sounds legitimate. I called his lending bank and the fax number is valid.

oo7spy

Consult a lawyer.

v6cord2k5

iTrader: (1)

For what it's worth...There was a discussion on another forum where another person was asking my same question. Same lending bank, same fax request, transaction turned out to be legitimate.

Flipster23

iTrader: (15)

I would still be iffy!

Pure Adrenaline

iTrader: (2)

The buyer has the vehicle and the bill of sale to prove ownership. Seller holds onto the title until the fund clears.

Pretty standard, really. I would never give the vehicle, the signed bill of sale and the title when I don't have the money. If you can buy a car that way, then the seller is the idiot.

Shoofin

Oscar,

The way it's worded it sounds shady, but if you did your research and it's a legitimate institution, go for it. They don't have the title, and w/o that, the car is worthless.

When I bought the Lotus, I went through my bank, who paid off the previous owner's loan and I refinanced it on my end. My (personal, not business) bank sucked balls though, and the transaction took a painful 5 weeks to complete. We both trusted each other, he gave me the car early June and I didn't sign the finance contracts until early July, and at that point my bank started paying off the car from the other bank in July. I didn't get the title until the end of July. It was a twisted retarded deal. Considering I do this all day long, I was really disappointed with how my bank did this deal, how unprofessional the people there are on auto finance deals. So many hoops to jump through, they held out on me for a month before telling me what the rate was, which in the end I got screwed but was already knee deep went with it because I was stringing someone else along for the ride and had to get his car paid off ASAP. They were advertising 2.99%, but when I kept inquiring about it (it took 2 weeks after me knowing I was approved before someone gave me my APR), someone finally told me that the rate was only for new cars, and they have me at a great rate, considering my excellent credit (over 800) and gave me 6.79% I was going to go there and choke someone. I only went with it because there was a payoff involved and I didn't want to screw the previous owner. I constantly had to leave messages there begging for anyone to get back to me to finish this deal up. I'm probably going to pay off the loan and refinance it with one of the banks I offer to my customers, I would probably get it done in a matter of minutes and at half the rate. I'm just waiting for the season to settle down a little before I decide what to do with that

v6cord2k5

iTrader: (1)

Thanks for you input Eddie.

As an update: I guess we'll never know how legitimate this all was. The seller of the vehicle I was looking to get into decided to part his car out, and therefore screwed up this transaction I already had financing squared away with my credit union for a new loan for his vehicle.

About your bank, that really sucks. My bank took my new application over the phone and had me approved the next day... Interest rate was given, and everything ready to be finalized as soon as my existing loan was paid off. My interest rate is lower than that but I also have a great credit score... which probably took a hit after this crap.