ej20_ftw Posted August 17, 2010 Report Share Posted August 17, 2010 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. Quote Link to comment Share on other sites More sharing options...
evan9381 Posted August 17, 2010 Report Share Posted August 17, 2010 have you called BOA? Quote Link to comment Share on other sites More sharing options...
ej20_ftw Posted August 17, 2010 Author Report Share Posted August 17, 2010 have you called BOA? I'm planning to call them tomorrow. Quote Link to comment Share on other sites More sharing options...
jerrodh Posted August 17, 2010 Report Share Posted August 17, 2010 I would say cash in hand/check cashed/etc. before I hand over the title. That is all. Quote Link to comment Share on other sites More sharing options...
SRTurbo04 Posted August 17, 2010 Report Share Posted August 17, 2010 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..... Quote Link to comment Share on other sites More sharing options...
HotCarl Posted August 17, 2010 Report Share Posted August 17, 2010 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. Quote Link to comment Share on other sites More sharing options...
evan9381 Posted August 17, 2010 Report Share Posted August 17, 2010 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. Quote Link to comment Share on other sites More sharing options...
John Bruh Posted August 17, 2010 Report Share Posted August 17, 2010 I'd say fuck that. But what do I know Quote Link to comment Share on other sites More sharing options...
Rally Pat Posted August 17, 2010 Report Share Posted August 17, 2010 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? Quote Link to comment Share on other sites More sharing options...
Smokey Posted August 17, 2010 Report Share Posted August 17, 2010 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. Quote Link to comment Share on other sites More sharing options...
hpfiend Posted August 17, 2010 Report Share Posted August 17, 2010 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. Quote Link to comment Share on other sites More sharing options...
Otis Nice Posted August 17, 2010 Report Share Posted August 17, 2010 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. Quote Link to comment Share on other sites More sharing options...
99BlownYellowGT Posted August 17, 2010 Report Share Posted August 17, 2010 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. Quote Link to comment Share on other sites More sharing options...
Drewhop Posted August 17, 2010 Report Share Posted August 17, 2010 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. Quote Link to comment Share on other sites More sharing options...
Hwilli1647545487 Posted August 17, 2010 Report Share Posted August 17, 2010 I have done this in the past as a buyer. I take the car, they keep the title until all checks/paperwork clears. Once that clears they send title. Risky though. Quote Link to comment Share on other sites More sharing options...
Smokey Posted August 17, 2010 Report Share Posted August 17, 2010 There are multiple BOA locations in Columbus. 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. Quote Link to comment Share on other sites More sharing options...
Twistedrx7 Posted August 17, 2010 Report Share Posted August 17, 2010 you do not have to hand over the title. you have 30 days to get the title over to them. This is common practice among dealers. Car is bought from Dealer A, Dealer A sells to customer, They have 30 days to get the customer the title. Quote Link to comment Share on other sites More sharing options...
evan9381 Posted August 17, 2010 Report Share Posted August 17, 2010 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 Quote Link to comment Share on other sites More sharing options...
John Bruh Posted August 17, 2010 Report Share Posted August 17, 2010 dealers have 40 days to release title Quote Link to comment Share on other sites More sharing options...
AWW$HEEET Posted August 17, 2010 Report Share Posted August 17, 2010 Cash in hand or no car. Cashiers check can be just as empty and fraudulent as a personal check. Quote Link to comment Share on other sites More sharing options...
Forrest Gump 9 Posted August 17, 2010 Report Share Posted August 17, 2010 Cash in hand or no car. Cashiers check can be just as empty and fraudulent as a personal check. yup, better be safe than sorry. Quote Link to comment Share on other sites More sharing options...
ej20_ftw Posted August 17, 2010 Author Report Share Posted August 17, 2010 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? Quote Link to comment Share on other sites More sharing options...
GilbWs6 Posted August 19, 2010 Report Share Posted August 19, 2010 No payment = no car Quote Link to comment Share on other sites More sharing options...
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