Does this sound legit?
12-06-2022 | 10:51 AM
#16
Thread Starter
Racer
Joined: Mar 2021
Posts: 285
Likes: 108
wrong, that’s not how it works with a lien. As explained before he just needs the dealer to create a contract/bill of sale that states the dealer has 10 days to pay the lien off and when lien is released he will get the balance to previous agreed upon sales price paid back. When they pick up the car he also should have a signed document that he handed the car over and best would be some pictures documenting the condition, that 2 keys are included etc. The dealer simply does not pay you until a) he has the title, and b) can confirm the pay off. It’s standard practice. If you demand they give you cash first how is that supposed to work… you can hand them the key and car but no title. Nobody will do that.
12-06-2022 | 11:25 AM
#17
Rennlist Member
Joined: Nov 2019
Posts: 3,195
Likes: 3,346
From: Buffalo, NY
wrong, that’s not how it works with a lien. As explained before he just needs the dealer to create a contract/bill of sale that states the dealer has 10 days to pay the lien off and when lien is released he will get the balance to previous agreed upon sales price paid back. When they pick up the car he also should have a signed document that he handed the car over and best would be some pictures documenting the condition, that 2 keys are included etc. The dealer simply does not pay you until a) he has the title, and b) can confirm the pay off. It’s standard practice. If you demand they give you cash first how is that supposed to work… you can hand them the key and car but no title. Nobody will do that.
12-06-2022 | 11:28 AM
#18
Pro
Joined: Nov 2007
Posts: 656
Likes: 333
Hello,
Didn't know who to ask, so posting here.
I have a 911 that I want to sell. I put up the add and get contacted by a person (in another city, about 250 miles away), who says he works for this dealership ! I called the dealership (it is a exotic car used dealership) and they say yeah he buys cars for us!
The person sends Lemon Squad for inspection and wants to schedule transport. The car has a lien, and the person says they will send wire confirmation later in the night.
Being a dealer doesn't sound shady, but getting payment after the car is on the transport and paper are signed, is that normal?
Didn't know who to ask, so posting here.
I have a 911 that I want to sell. I put up the add and get contacted by a person (in another city, about 250 miles away), who says he works for this dealership ! I called the dealership (it is a exotic car used dealership) and they say yeah he buys cars for us!
The person sends Lemon Squad for inspection and wants to schedule transport. The car has a lien, and the person says they will send wire confirmation later in the night.
Being a dealer doesn't sound shady, but getting payment after the car is on the transport and paper are signed, is that normal?
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jack_carls0n (12-06-2022)
12-06-2022 | 11:33 AM
#19
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Joined: Jun 2015
Posts: 8,180
Likes: 6,515
Some observations
- This could still be a scam because you don't know that the guy that called you is the actual buyer for the dealership. How do you know you weren't speaking with someone that just stole their identity?
- I have even had dealerships try and pull this crap with me. They want to hold on to the car for the month it takes them to receive the title from the DMV once the lienholder releases it. No way, I'm not doing that. If Carmax can give you a check the same day (or I think they give you a bank draft, or whatever they call it) then you shouldn't have to wait for anyone else who can't follow the same procedure. Carmax verifies the amount owed on the lien, gives you the difference (assuming you're selling for a profit) and then you walk with a check - it's not hard for other companies to do a similar process.
I do agree though - no way would I wait on the dealer to get the physical title before getting my money. You never want the dealer to have the money, the car and the title all at the same time.
Like I previously posted - on a direct sale, I will never again do it with an outstanding lien. It's so much easier just selling the car, getting your check and calling it a day - for both parties.
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jack_carls0n (12-06-2022)
12-06-2022 | 11:39 AM
#20
Drifting
Joined: Jun 2021
Posts: 2,000
Likes: 1,658
From: Westchester NY
People seem focussed on you getting your money, but I would be as - or more - worried about the lienholder getting the loan repayment. You remain on the hook for that amount and in many cases that is more than the "equity" you have in the car. There is no way the title leaves my hands unless I have simultaneous confirmation of the loan payoff and my payment. Worst case, use a third party escrow.
Also, just because you called the dealership to confirm does not mean its not still a scam. You really have no idea who is on the other end of that call.
Also, just because you called the dealership to confirm does not mean its not still a scam. You really have no idea who is on the other end of that call.
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jack_carls0n (12-06-2022)
12-06-2022 | 02:11 PM
#21
Thread Starter
Racer
Joined: Mar 2021
Posts: 285
Likes: 108
Thank you all for sharing the info. Good learning experience and get to know how to protect your self. A deal like this can be go either ways. As my SO said, maybe I would get the money and it is all good and fair. But this was a deal selling the car to a buyer in another city. Lien or no lien, the bank said, always wait for payment to clear or can always do a wire transfer, which can be confirmed.
Besides that need the right paper work too. Lot of liability issues in today's day and age and lastly.
Appreciate it again.
Besides that need the right paper work too. Lot of liability issues in today's day and age and lastly.
Appreciate it again.