So, I have a buyer for my 2011 2SS/RS at a good price but the bank is killing the deal. The buyer is several hours away from me and got a loan through his Credit Union. They said they would fund the loan if I came in and signed over the title in person. When I said that I didn't have 5 hours to kill or anyone that I would drag on that round trip, the CU said I could send them the signed title and THEN they would give the buyer a check...
Uh, no.
So, I told the buyer to go through a bigger bank - the one we both use as I figured that it would make the process easier. I THOUGHT that we could just go in together and do it all in the branch. That's the way I've sold countless cars in the past. He applied and was approved online. They needed a few things from me so, I've faxed them copies of the title and the registration. They are now telling him they will fed-ex him a check once I send them the signed title...
Uh... no.
I'm calling them in the am, but what gives? Has this become common practice when selling a car? Everything I've ever been told about selling a car says NEVER turn over a title to anyone until the funds clear. What if I send the title in and he decides otherwise... or falls down a flight of stairs, has a heart attack, or bumped off by the NSA? Are they trying to kill private party sales? How would they fund a loan from ebay or out of state?
Is this crazy or am I just paranoid?
TIA,
Matt