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- Adam
I’m selling my car and the buyer is financing from PSECU bank. We live a few hours away.
The buyer is willing to offer me $500 more than my asking price, and he is also telling me that he would like to take the car home since he lives far away, and once the check clears I can mail him the title to his house.
Is this safe and what would you do in this situation?
I only sold in cash before, first time dealing with check.
This buyer is also offering me $1,000 more than my previous offers, which is why it’s more tempting.
NandoYou can’t smell a scam?
AndersonAnytime they offer more it’s a little suspicious, but I would tell him to come check the car out and if he wants it, leave the check and once it clears drive it out to him or something. If the extra money is worth the time then I would do it.
BrentThen have him get the bank to wire the payment.
BrentThe bank can wire the payment.
The title doesn’t mean much when he steals your car and sends it across the border.DesIf he’s got an auto finance loan, then you will handle payment and title transfer directly with the bank. If it’s a personal loan, he can withdraw the cash and hand it to you, take car and title at the same time.
RickCash or wire transfer in hand before car goes anywhere. Otherwise, it’s not worth the risk for a few hundred more profit.
JasonSo no money at all and he drives off with the car? Make it make sense. First off that’s a bit old to even finance so most likely would be a personal loan which he shoulda done ahead of time and brought cash. No way I let a vehicle leave without being paid.
JamesAs someone who works for the bank, if he’s going to finance it, this makes total sense. Just played out wrong. Call his bank and ask for auto financing. He has a banker he’s working with.
ChaitanyaDon’t sell until you have money in hand. Don’t let him take the car. Someone bought my car on payments, gave the initial money as promised, then kept bailing on payments. Now the car is gone and haven’t got any money either, and he has blocked my number. I still have the title, though he was saying he doesn’t need title to sell the car forward. Learned from my mistake, never give empathy to their sob stories, and don’t let go of your car without having money in hand.
ScottToo much drama. Even with the theoretical 500 sweetener.
Keep marketing it. Someone closer, and WITH CASH, will find you.
If you really want to deal with all that, this buyer sounds sharp enough to get his loan. Get a the money in his account and wire it to you.
Once you know funds are in your a account free and clear…..then he can come get his car.
TeegenCall the bank phone number that comes up on Google, give them the check number and confirm that it’s legitimate. If they say it’s good, then it’s good.
ChrisYeah, buyer doesn’t receive the title the bank would own the car until it’s paid off of course. They would also want the vin and mileage and condition to have a estimated appraisal.
I bought my wife’s minivan through schools credit union, there’s a few requirements I can’t remember, I believe they also need a current smog cert. (depending on state).
JoshuaYou only release a car that you’ve received a check and your bank has alerted you that the funds are clear and legit.
I worked at a Toyota dealership. The only way we’d take a check is if I went to the bank with the customer and watched the teller print the check.
NEVER RELEASE A CAR WITHOUT CONFIRMATION THAT PAYMENT ISN’T A SCAM.
I’m surprised your buyer hasn’t told you that he’s a Nigerian prince and his uncle, a general in the army, confided in him on his death bed that you were the rightful heir to a fortune locked up in a trust, and he just needs your bank account to transfer your portion of the money.
JonathanThere are ways to protect yourself when accepting check payments from a buyer, as people have already said. HOWEVER, this is 100% a scam, and you should block and report this person immediately, there’ll be other trustworthy buyers.
HumbertoFor 1000 difference I wouldn’t deal with it.
But if you really want to sell it to him call the bank and verify. Better yet, meet at the branch and cash it out.
I once sold a jeep and buyer offered the same deal. First he drove to me to check out the jeep Then I drove three hours to meet at his credit union so we can cash the check and I walk away with cash.
He might be offering more because it’s cheaper than dealers and or really likes it and doesn’t want for it to slip his fingers.
BayleeI’ve bought multiple cars the same way he trying to. I understand both sides. You have to decide if the buyers character is good and trustworthy, but also do your best to verify payment.
If the bank he uses has an office near by you, meet him at that bank and have them verify it is a real check. You can also call his bank and speak to someone, give them the check info to verify authenticity.
AnthonyI’ve done this several times. Meet during business hours so you can call the bank the check is drawn from to verify funds.
Also draw up a bill of sale. Most banks won’t cut a check on a financed car unless the car is insured-
So you can use his ID to fill out the bill of sale and verify the information on his ID matches the information on his insurance for the car
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