Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
After reading all the replies, I am pretty sure I am in a scam. The buyer asked for my name and address and said the bank will issue him a cashier's check in my name. He is also not willing to meet with me at a branch as he said he will mail my title to the bank and he will receive the check afterwards from the bank and then he will hand it to me.
But the thing is, he had come over and tried the car in person. And unfortunately I trusted him after I met him and sent him a copy of the car registration and title. Could he do anything to me and my car with these information?
There is a guy trying to buy my car by borrowing a loan from Bank of America. He asked me to give him the title so he can mail it to the bank and get his loan. He also said I need to sign an agreement that I am giving the ownership of the car to the bank in a notary public. Does this sound weird? Is it safe to continue the deal with this guy if I got his ID and information?
Thanks a lot
No. Absolutely not. Have no more conversations with that scammer.
Do not EVER give someone possession of the car or title until there is cash in hand.
There is a guy trying to buy my car by borrowing a loan from Bank of America. He asked me to give him the title so he can mail it to the bank and get his loan. He also said I need to sign an agreement that I am giving the ownership of the car to the bank in a notary public. Does this sound weird? Is it safe to continue the deal with this guy if I got his ID and information?
Thanks a lot
We had this EXACT situation occur a few months ago when selling my wife's Lexus. A lady came to look at it and arranged financing through her credit union in another state. She had just moved here and was a higher up at a big Oil-Co so she was definitely not a scammer. Anyhow, her credit union called us and told us we had to sign the title and send it to them in order to process the loan. We too were not comfortable simply signing the title and mailing it off so I called the credit union I use here in town and they said that signing the title and mailing to the CU is actually standard procedure. Most people deal with local buyers and, in turn, banks/CU's with local branches. Our CU told us to get something in writing/notarized from the buyers CU indicating that we were signing the title over to the CU and would be issue payment in the amount of the car sale price. This was a CYA item. We told the buyers CU to provide us this and they simply said we're not going to do that??? Okay!
Called the buyer and told here to use a local bank. The next day someone called and bought the car. We met them in person at a branch and completed the deal.
So, as strange as it sounds, this is how some banks handle car loans.
We had this EXACT situation occur a few months ago when selling my wife's Lexus. A lady came to look at it and arranged financing through her credit union in another state. She had just moved here and was a higher up at a big Oil-Co so she was definitely not a scammer. Anyhow, her credit union called us and told us we had to sign the title and send it to them in order to process the loan. We too were not comfortable simply signing the title and mailing it off so I called the credit union I use here in town and they said that signing the title and mailing to the CU is actually standard procedure. Most people deal with local buyers and, in turn, banks/CU's with local branches. Our CU told us to get something in writing/notarized from the buyers CU indicating that we were signing the title over to the CU and would be issue payment in the amount of the car sale price. This was a CYA item. We told the buyers CU to provide us this and they simply said we're not going to do that??? Okay!
Called the buyer and told here to use a local bank. The next day someone called and bought the car. We met them in person at a branch and completed the deal.
So, as strange as it sounds, this is how some banks handle car loans.
That's the sketchiest sounding deal I've heard of in a while, not only because there is no way anyone in their right mind would do this, but also because the TTL should not be signed over to the Financial institution, they'll be listed as a lien holder, but not owners, so unless I misunderstand when you sign "Sign over to", that sounds fishy as well.
That's the sketchiest sounding deal I've heard of in a while, not only because there is no way anyone in their right mind would do this, but also because the TTL should not be signed over to the Financial institution, they'll be listed as a lien holder, but not owners, so unless I misunderstand when you sign "Sign over to", that sounds fishy as well.
They were basically wanting us to complete the title like the car was sold, with the owners name. I agree, it sounded fishy to me but again, I called a big credit union in town and they kinda of confirmed that it does indeed happen that way when they provide a loan on a car that is paid off and the payment is going directly to the seller. I've bought several cars out-of-state and my CU handled the transaction but I've never sold a car to someone with an out-of-state bank so I'm not sure if this is the norm or not.
All I know is it sounded like we were taking a huge risk and basically told that buyer we were not comfortable with that arrangement and sold the car to someone else.
We had this EXACT situation occur a few months ago when selling my wife's Lexus. A lady came to look at it and arranged financing through her credit union in another state. She had just moved here and was a higher up at a big Oil-Co...
A higher-up at a big oil company does not need to finance a used car. Something else was going on there.
Some of these scammers are extremely sophisticated.
A higher-up at a big oil company does not need to finance a used car. Something else was going on there.
Some of these scammers are extremely sophisticated.
Plenty of them still do, people with high income are generally well educated and know how the credit score "game" work.
They finance cars, not because they have to, but because it makes long term sense. You hardly pay any interest on an auto loan, but it helps build your credit file a lot, which then helps you get lower interest on other, far more expensive purchases, such as mortgages, you also get more favorable treatment from banks, better deals on insurance so on and so forth.
I've had customers in the past who could've easily bought 10 cars outright, but they choose to finance, because there's no reason not to when you make more money borrowing low and making money of your finances.
Highest income anyone ever reported to me when I worked in sales was $450k and that was not reporting in additional income from investments, bonuses etc, just his base income.
My wife underwrites, and her largest income seen was just under 1 million.
A higher-up at a big oil company does not need to finance a used car. Something else was going on there.
Some of these scammers are extremely sophisticated.
My thoughts were, a why is a higher up at a Big name Oil company buying a "used" car from a private party.. Heck they almost always have company cars so they do not need to buy one for their own use....
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
