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Old 09-09-2013, 11:18 PM   #1
SoCalThug

 
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Selling my car.. am i getting scammed?

so im selling my car and looking to upgrade. my car is not paid off yet (i owe 15k) i have a buyer who wants to buy it right now. i had if for sale for 25k and he told me his bank would lend him 20k and he would pay me 5k in cash. anyways, he wants to have his bank transfer the money to my bank. he asked for my bank name, bank address, and the account so his bank can pay off the loan. i have already met the guy and he seemed pretty normal but 15 min does not leave me any room for me to judge. my questions are,

1)since i only owe 15k and his bank is going to lend him 20k, how does that work?

2)is this even legit to sell a car this way? should i tell him i want a cashiers check or nothing?

3) what is the proper way in my situation to sell a car privately

sorry if i sound really dumb as this is my 1st time selling something worth this much money
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Old 09-09-2013, 11:30 PM   #2
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bump
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Old 09-09-2013, 11:32 PM   #3
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Never give your back account info out. That's a dead giveaway. Tell him to bring a back check with your 5 grabs. Even then go with him to cash it. Trust no strangers nowadays.
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Old 09-09-2013, 11:32 PM   #4
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Cash or bank check. I would be double checking that bank check too!!
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Old 09-09-2013, 11:32 PM   #5
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if im correct, his bank should just cut you a check, I almost sold my car last year and that's how I was going to do it. you going to upgrade to a SS?
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Old 09-09-2013, 11:33 PM   #6
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Go to his bank with your info and let his bank do the transaction and give you 10k
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Old 09-09-2013, 11:52 PM   #7
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Upgrading to an SS or a 14 base model silverado crew cab and putting a 12in lift on
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Old 09-10-2013, 12:38 AM   #8
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Go to his bank with your info and let his bank do the transaction and give you 10k
+1

Whatever you do go with them to their bank. But, giving out those pieces of information is not crazy, that is what you have to give to a bank to do a wife transfer. If he seemed normal when you meet him in person I would not worry about it. I know someone that had a counterfeit bank check that was so good the bank that it was counterfeited from cashed it and they got a knock on the door a week later by the FBI. That's why I always say to with them to their bank or if that really is not possible you can always call the bank and confirm the check is real before releasing the car. The crapy thing is if someone gets something like that over on you it's not even considered stolen its embezzled and you have to take them to civil court to get the car back.
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Old 09-10-2013, 12:45 AM   #9
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Personally, I would never give out that information.

Every time I have sold a car I have either gotten cash or a certified check. I absolutely would not do it any other way.

Sorry, I'm old school.
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Old 09-10-2013, 12:50 AM   #10
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Personally, I would never give out that information.

Every time I have sold a car I have either gotten cash or a certified check. I absolutely would not do it any other way.

Sorry, I'm old school.
That much cash is a pain in the butt to deal with and a certified check can be counterfeited if your dealing with someone that's a legit thief.

I'm new school, haha.
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Old 09-10-2013, 01:11 AM   #11
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Have his bank issue you a check. Its a scam.
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Old 09-10-2013, 11:38 AM   #12
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His bank is probably concerned because you still owe money on it. You would have to have his bank issue a check in both your and the Lein holders name. The bank will cash it and take what you owe and give you the balance.
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Old 09-10-2013, 11:45 AM   #13
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Can never go wrong with a certified bank and hell sometimes the actual buyers bank wants to do a 3 way converstation with the member who is selling the car. Also some banks require the seller to bring the car to the Actual bank who is Financing the car and complete the transaction and cut you a check for your equity in the car. Thats how I sold my last car. Met buyer at bank, bank verified the VIN an me, then cut me a check for what i didnt owe on it an send the rest to my bank to pay off the loan, my bank sent the title to their bank. Done deal.

Sounds like a bad scammer you got there......
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Old 09-10-2013, 11:56 AM   #14
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A cashiers check is fine, but you need to be at his bank with him when he gets it. That way you'll know that it's authentic.
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Old 09-10-2013, 12:11 PM   #15
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+1

Whatever you do go with them to their bank. But, giving out those pieces of information is not crazy, that is what you have to give to a bank to do a wife transfer.
Wife transfer! How do we get one of those?
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Old 09-10-2013, 12:13 PM   #16
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you guys do realise your bank account number and routing number along with name and adress is on every check you write.

A wire tranfer is just quicker than waiting for acertified check to be proccesed, mailed and clear.

Best avdise though....do what your comfortable with, its a lot of money

a wire tranfer is coming and the info he requested is typical. if he started askign for SSN or DOB you woudl have a real reason to worry. I would not hand title over until funds cleared.
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Old 09-10-2013, 12:14 PM   #17
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Quote:
Originally Posted by strych9 View Post
A cashiers check is fine, but you need to be at his bank with him when he gets it. That way you'll know that it's authentic.
You'll knwo it authentic when the funds clear. Prior to that dont hand over title
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Old 09-10-2013, 12:21 PM   #18
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You'll knwo it authentic when the funds clear. Prior to that dont hand over title
The title-holding bank can verify the cashier's check on the spot. I've done this myself. We go to buyer's bank, he draws a cashiers check in my presence. We go to my bank, cashiers check is verified, funds are exchanged, title released.
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Old 09-10-2013, 12:21 PM   #19
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Go to your bank, the one that holds your title, and ask them. Don't take financial advice from a bunch of people on a forum...
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Old 09-10-2013, 04:17 PM   #20
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i sold a car to a guy in canada and he needed basically the same info, my bank said with just my account number he couldnt do anything but add money to it, after he transferred them money i emptied my account (for a precaution). once i had the cash he got the title
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Old 09-10-2013, 04:34 PM   #21
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is he from nigeria? If so, I think I met the guy before...
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Old 09-10-2013, 05:25 PM   #22
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is he from nigeria? If so, I think I met the guy before...
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Old 09-10-2013, 09:22 PM   #23
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Well technically this is how it should work. You have a loan with a loan account number. You do not give him your bank account information. How it works is your bank has a general ledger account. His bank will wire what you owe to this account with a payoff note to your loan account number. The bank then releases the title to YOU.

He should then come with a bank certified check, cashiers check, or cash for the balance. Sign a bill of sale stating that the car is sold as is. Sign title take your cash and move on.
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