Selling car, part deux

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  #1  
Old 11-23-12, 09:21 AM
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Selling car, part deux

I likely know answer to the question, as I asked it before few years ago.

My kiddo thinks he has a potential buyer for his car. Looking roughly at $15 000.
Of course, buyer "has a loan" from his bank to buy one. My rule has always been - no loans, no papers, no checks. Cash.
One and only time I used cashier check was when I bought my Silverado, and seller and I shared same bank. Clerk cut the check in his presence, I handed it to seller, he re-deposited it into his account. So it was all good.

I am very hesitant to let him deal with any loan papers, etc. What is the safe way of selling a car then? Truly, there's none, but what the best course out of all evils possible?
 
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Old 11-23-12, 09:28 AM
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It's not likely that you'll get a buyer to offer you cash. From the sellers viewpoint, your son shouldn't have anything to with the buyer's loan. He should receive a cashiers check which you can then call the bank to verify it's authenticity.





Time warp mode: ON
 
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Old 11-23-12, 09:34 AM
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Last 2 cars I bought (from a dealer) I had a per-approved new car loan from our CU. Blank check attached to loan papers...fill in amount up to value of the loan, fill in Payee, sign and done. Of course I didn't tell the dealer that until we had finished the price negotiations.

If the buyer has a loan from a local bank then he could go with the buyer to the bank and cash it out right there. Don't go to just a teller...sit down with one of the bank officers so they can check the validity of the loan. If the buyer balks...walk away.
 
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Old 11-23-12, 09:48 AM
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Thanks, Vic

After quick scouting, the best course of action for him is to do it at his BECU. Reason being, they still hold title anyway. If buyer has legit loan, it will be up to BECU to check it out, and do title transfer right there. Hence, it takes any hassle off my son, and puts it onto the credit union.

And I totally agree with you - IF BUYER BALKS OUT OF THIS, DROP HIM. LIKELY A SCAMMER.
 
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Old 11-23-12, 10:02 AM
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Ohhh didn't realize son didn't have the title. Yes..I agree...go to the CU and let them do the checking out.
 
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Old 11-23-12, 10:12 AM
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Yeah, one and only other post here is about him not - yet - having title on hand, but having loan paid off. That's why I called this one part deux - part 2.
 
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