selling my car, the person buying it is getting a loan - how does this work?

[zixxer]

I'm selling my car, and the guy buying it is getting a loan for the car. How does this work? I'm assuming they send him (me?) some sort of cashiers check? Is there a way to 'verify' the check to make sure it's real?


He's put down a deposit (via paypal), and came in his own car, etc etc.. (it's not like he was dropped off by a car with no plate or something like that).

 

[dabuddha]

He gives you cash and takes your car. Dealing with the lender is his problem, not yours 🙂

 

[D1gger]

He gives you cash or a cashiers cheque or a certified cheque.

 

[Conky]

Originally posted by: zixxer
I'm selling my car, and the guy buying it is getting a loan for the car. How does this work? I'm assuming they send him (me?) some sort of cashiers check? Is there a way to 'verify' the check to make sure it's real?


He's put down a deposit (via paypal), and came in his own car, etc etc.. (it's not like he was dropped off by a car with no plate or something like that).

The way you verify the check is to send him the title after the check clears. 😉

 

[zixxer]

Originally posted by: Crazyfool

Originally posted by: zixxer
I'm selling my car, and the guy buying it is getting a loan for the car. How does this work? I'm assuming they send him (me?) some sort of cashiers check? Is there a way to 'verify' the check to make sure it's real?


He's put down a deposit (via paypal), and came in his own car, etc etc.. (it's not like he was dropped off by a car with no plate or something like that).

The way you verify the check is to send him the title after the check clears. 😉

hmm.. ok. So the bank isn't going to require the title at the same time, or anything like that?


It seems like I've heard about the nigerian scam checks, where it takes 3-4 weeks to clear.

 

[zixxer]

anyone else know

 

[Homerboy]

Nigerian's are scamming used cars now?!?!?!?

 

[RossMAN]

Call the issuing bank to confirm the monetary instrument is legitimate and funds are available?

Yeah that sounds like a good idea 🙂

 

[badmouse]

Cashier's checks are NOT the same as cash. They can bounce too. So, you have to wait until your bank says that absolutely the cashier's check has cleared and the money is really yours. That's the important thing to know about cashier's checks. (some Nigerian scams are based on you not being aware of this, hence the Nigerian scam reference)

As for the car selling, it's really your choice. If you want cash, make it clear that cash is all you'll accept. Coming up with the money is the buyer's problem. Otherwise, wait until the money is actually yours before you give over the goods.

The way to "verify" a check is to cash it and have the actual money in your hands.

Good luck.

 

[QED]

If the guy is getting an auto loan from a legitimate lender who does private-party lending (like CapitalOne), he should have an official bank check for you.

Unless you are a dealer, you shouldn't have to deal with his lender at all.

He should either have cash, or an official bank check.

 

[MattCo]

As everone above has told you, cashier's checks can bounce.

You might request a copy of his drivers' licence when you get the check. Then go to the bank and when you deposit it, have them call the issuing bank for verification. If all is good, wait a couple of days and mail the title to the addy on the drivers' license.

Thats how I do it since I was frauded by a bouncing Money Order.

-MC

 

[zixxer]

Originally posted by: MathMan
If the guy is getting an auto loan from a legitimate lender who does private-party lending (like CapitalOne), he should have an official bank check for you.

Unless you are a dealer, you shouldn't have to deal with his lender at all.

He should either have cash, or an official bank check.

yeah... I know... but what I'm asking is a sure-fire positive way to verify an 'official bank check'