Selling my car, worried about possible scam? | FerrariChat
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Selling my car, worried about possible scam?

Discussion in 'Ferrari Discussion (not model specific)' started by Tim1137, Sep 5, 2013.

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  1. Tim1137

    Tim1137 Formula Junior

    Aug 16, 2011
    817
    Providence - Boston
    Full Name:
    Tim
    #1 Tim1137, Sep 5, 2013
    So I am selling my car in order to fund other things. I have struck a deal with someone who is not local. Now I am curious what others think of the process his lender ( Bank of America) is having me go through.

    I am bringing my title to my local Bank of America branch, and handing it over to them, along with signing a Power or Attourney for the Bank to transfer ownership of the car to the new owner. Now here is where I get a little worried. I do not get the check for my car right then and there. I am supposed to wait 1-2 days for the bank's funding department to send a check.

    Now, this is Bank of America after all.. seems legit right? I confirmed the Phone #'s that called me are from Bank of America etc. but I my concern, is after I hand over my title and Power of Attourney, I still have no payment? ( Granted this is a long distance sale, and I wont be shipping the car until my payment clears) But after I hand over my title and power of attourney, the buyer can now decide to cancel the loan, or pay the wrong amount, register the car in his name and come after it legally, or something like that... and then It will be a long and costly legal battle to keep my car.

    What do others think of this arrangement? Has anyone else had to sell a car like this?
     
  2. cheesey

    cheesey Formula 3

    Jun 23, 2011
    1,921
    #2 cheesey, Sep 5, 2013
    SCAM... even if it isn't, I wouldn't do it

    Banks are used to doing business COD... in banking terms they call this transaction "Delivery vs Payment"

    You want "cash" when you deliver the car and documents... at a minimum you want to convert how ever you are paid to an instrument that is from the bank to you... someone can attach a cashier's drawn on the purchaser's account...
     
  3. ZINGARA 250GTL

    ZINGARA 250GTL F1 World Champ
    Owner

    Jun 21, 2002
    17,499
    PA
    Full Name:
    Ken
    #3 ZINGARA 250GTL, Sep 5, 2013
    I've sold cars even out of the country. They send a certified check which I deposit. When the check clears, I deliver the car and the documents. Period.
     
  4. texasmr2

    texasmr2 Two Time F1 World Champ
    BANNED

    Oct 22, 2007
    22,232
    Houston
    Full Name:
    Gregg
    #4 texasmr2, Sep 5, 2013
    +1
     
  5. vrsurgeon

    vrsurgeon F1 World Champ
    Silver Subscribed

    Dec 13, 2009
    16,549
    Charleston, SC
    Full Name:
    Curt
    #5 vrsurgeon, Sep 5, 2013
    Dude when I bought the 360, PenFed sent me a check for the full amount. I signed it and then sent it down to them overnight delivery after I photocopied it and all other documentation. Only then did they send me the car. Title was sent to the lender respectively.

    NO WAY IN H3LL I'd sign over a car without payment in hand or maybe.. maybe an official purchase order...

    On second thought... yeah, no payment.. no car.
     
  6. Graz

    Graz Formula 3

    Oct 15, 2012
    2,329
    New Jersey and Florida
    Full Name:
    Graziano
    #6 Graz, Sep 5, 2013
    This is a scam. Do not under any circumstances sign over anything to your so-called prospective buyer until he/she wires or sends certified bank check to you.
     
  7. Testacojones

    Testacojones F1 Veteran

    Nov 3, 2003
    5,198
    Florida
    Full Name:
    Luix Lecusay
    #7 Testacojones, Sep 5, 2013
    There was a member here who tried this scam on me, but I didn't fall for it. He tried not only once, but twice. Second time around I called him out and told him that I remember his voice and previous name.
     
  8. SonomaRik

    SonomaRik F1 Veteran

    Dec 15, 2006
    6,904
    Folsom, CA (formerly Sonoma)
    #8 SonomaRik, Sep 5, 2013
    Scam. Not correct way to do it. Stop the transaction now.
     
  9. Tim1137

    Tim1137 Formula Junior

    Aug 16, 2011
    817
    Providence - Boston
    Full Name:
    Tim
    #9 Tim1137, Sep 5, 2013
    Thanks for the input guys. Looks like Ill be finding a new buyer
     
  10. M. Brandon Motorcars

    M. Brandon Motorcars Formula 3
    Sponsor

    Sep 4, 2007
    1,836
    Houston, TX
    Full Name:
    Michael Foertsch
    #10 M. Brandon Motorcars, Sep 5, 2013
    You should have received all funds due before signing over the title or signing power of attorney, as has been stated above. Also make sure you have a bill of sale signed by both parties.

    Note that if you're on the other end (the buyer), even though you should get the car after payment, it may take some time to get the title to you, especially if there is a lien on the car where the lien needs to be paid before title is released. Some buyers don't understand this, but there is no "scam" involved.

    I realize this doesn't apply to your situation, but speaking as a dealer, I run into it often, especially with consigned cars. This is why Texas state law (and most other states are similar) give dealers a 20 day window to register and title a car in the buyer's name, or transfer title directly in the case of an out-of-state sale.
     

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