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ej20_ftw

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I am selling my car right now, and the buyer resides in CT. He's planning to finance the car partly (not full amount) through BOA. He told me that BOA would not give him my check. I have to send in the title to BOA and sign some paperworks before I get the check.

 

The problem is he wants to pick up the car before I get the check from BOA. He will be flying to Columbus, OH this coming Saturday. He will give me $5000 in cashiers check (the part that is not financed) on Sat. He will also bring the loan docs that I need to sign on the same day. I will then have to send the loan docs and the title to BOA. It's going to take about 1 week before I get the check from BOA.

 

Is it safe for me? What if the amount of money that the bank is willing to finance is way less than he expected? Doesn't that mean that he'll have to return the car to Ohio?

 

Any help would be much appreciated.

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Seems fishy... super fishy.... cashiers check? Why not cash an I'm sorry but there's no way I'm handing over my car an title with out payment in full. Sounds scam to me.....

 

Yes b/c its much safer to carry 5 grand in cash rather than in a cashier's check.

 

I say call the BOA, and if you can do some research on the BOA just to make sure they're legit. But i still agree with jerrodh, the full amount in hand before handing over the title.

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Yes b/c its much safer to carry 5 grand in cash rather than in a cashier's check.

 

I say call the BOA, and if you can do some research on the BOA just to make sure they're legit. But i still agree with jerrodh, the full amount in hand before handing over the title.

 

Make sure bank of america is legit? Lol. You realize theyre one of the largest banks in the country, right?

 

I'd call someone at the branch he went through that is familiar with the deal...see if they can send you something legally binding that youll get a check...if you want, take it to an attorney to make sure you cant get screwed.

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I say call the BOA, and if you can do some research on the BOA just to make sure they're legit. But i still agree with jerrodh, the full amount in hand before handing over the title.

 

Did you really just say to make sure that Bank of America is legit?

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LOL at BOA being legit.

 

As for the transaction, it's not an entirely uncommon practice, but still a pain in the butt. You should be able to call and talk to his loan officer and get proof of his loan and financed amount. If you get those then it's not a scam, just a pain.

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not sure what type of car it is and how hard a time you have had selling it but I would wait for a better less risk deal. How do you know he will be approved for the loan, tell him to come up with the cash or cashiers check through cash advance on a credit card, relative, or a home equity line loan or something and then he can figure out getting reimbursed from the bank once he has the title himself...

 

a week to get your money, no wire transfer option, fedex overnight mail- sounds fishy to me... BOA=bank of america- never would have guessed.

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Make sure bank of america is legit? Lol. You realize theyre one of the largest banks in the country, right?

 

So are US Bank and JP Morgan Chase. Guess what? The larger banks "official checks" are targeted for fraud ALL the time. I deal with fraud checks all too often. Just b/c BOA is printed on the check doesn't mean it's a good check. Official checks aren't guaranteed as they once were. They're no longer "good as cash" so to speak.

 

To the OP, take the others advice and call and get some sort of proof faxed. If you cash a $5K check against your account it could take up to a week to come back fraud. At that time the guys got your car and you owe your bank $5K.

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When i bought my notch i gave the guy a cashiers check and he looked at me like what is this?? I told him it was the same as cash but it didnt turn out that way. His bank made me be present to cash this check.So i had to drive 3 hours again to cash that check.It was a pain. I will always give cash now and thats what i would want in return.
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I'd say fuck that.

 

But what do I know

 

 

+1.

 

 

BOA "SHOULD" Provide you with a document called a Letter of Guarantee. Essentially this letter states that once you have provided a LEIN free title to them they will give you a check.

 

As a Business I will not mail my titles to a company. When I get a letter of guarantee I take the title to the bank personally and they dont get the title until I am handed my check.

 

As car whore said fuck that. Money in hand.

 

There are multiple BOA locations in Columbus. The deal can be done there or not be done at all. My 2 cents.

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Unfortunately there aren't any banking centers in all of Ohio and won't be for quite some time. There are a few ATM's out there, but that won't do him any good.

 

Thats what i thought...i talk to people every day doing collections that have boa but never are they in OH

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I called BOA earlier today, and I guess that's how it works. But the good news is they are going to mail all the docs to me tomorrow. That said, I should be getting my check within four days.

 

When I sold my car two years ago, the bank (Chase on Hilliard Rome) refused to notarize the bill of sale. Should I go to another branch this time?

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