Spidey 993

I have found myself in the scenario and I'm asking what you think about it. The answer isn't "just wire the funds". I either will go through with it or tell him no.

Scenario: I am selling my Hummer H3 for $20k to a guy i Iowa

- I got a call from a dealer today, asking to buy it for his daughter (admitted he was a dealer, but still said it was for his daughter). I verified him, and his business via Google.

- He is 6 hours away, so he and his daughter want to drive here on Sunday, pick up the car and drive back to Iowa.

- He wants to pay via cashiers check because:
If he wires the funds, drives here and the H3 isn't what I said it was, I could stiff him for the funds. He holds no cards. This way, he inspects the car, gives me the CC, and drives away. He says he will call me from the bank tomorrow and I can talk to the bank to verify him and the funds.

- I tell him I would hold the title until the check is verified cleared, and then I overnight the title. He agrees. He says that is the best compromise.

What is the downside here?
A. The guy is an American, not Nigerian
B. I know his place of business, home address
C. I hold the title until check clears (what if he wrecks it?)
D. He wants to do this on the weekend, so do I

I need an easy button

Coltranes

Use Escrow.com

slickster85

Sounds like a good plan you have worked out. I am buying one tomorrow and I'm just bringing a bank check. Gut feeling goes a long way.

Slow Guy

Sounds like a reasonable arrangement for both sides. Not everyone is a crook.

Arena993

I've used this arrangement many times in the past. Seems reasonable to me as well

Mike

NC TRACKRAT

If you and he sign a Bill of Sale and both sign the title, even though you still have physical possession of the title, and he were to wreck the vehicle, it's his vehicle, not yours. I'd say "git 'er done". Just be sure to put the statement on the Bill of Sale "Sold as is. No warranties expressed or implied".

bw993

Get the information from the buyer as to the bank information where the CC is drawn from. Call the bank and if the bank confirms the CC, then you are good to go.

wolfturbo

Keep in mind that a cashiers check can be stopped.

Not saying the buyer is going to stop the CC.

But after a purchaser drives away he can call the phone number on the CC and stop it..

You too can call the number on the CC and check the staus of the check to see if it's good or has been stopped.

I would do the deal on Monday when the banks are open and cash the CC with the buyer there with you..

Spidey 993

Ok, I feel like it's legitimate and the best case scenario given we have to do this on the weekend.

Thanks for all the of the responses.

He is going to call me when he gets the cashiers check from the bank, let me talk to the bank officer to
verify the funds verbally. When he shows up on Sunday AM, he will inspect the car, give me the cashiers
check, drive away. I will hold title for the 4 days until the check is 100% cleared. When it does, I will overnight the title.

I will ensure to put together a Bill of Sale, with the No Warranty clause mentioned here. Excellent advice all, thank you.

Cemoto

Tony,

When he calls from the bank, get the name of the bank and it's address, google it to get their phone number, then you call the bank officer back.

Spidey 993

Good idea and easy to verify that way.

Thanks!

nile13

I see absolutely no problem with this scenario. What is the absolutely worst thing that could happen? The money order could be fake, right? At this point you would report the truck stolen (which it is) and collect insurance.

But even that is very unlikely. You know the guy's business, you've googled him. Seems pretty straight forward transaction. Just don't o for any weird "we'll pay you more you give us cash back for the gas for this long trip" stuff.

Rialas

I just cannot understand why a dealer (or anyone for that matter), would commit to buying a car without seeing it first.
Hope it works out.

Spidey 993

That's essentially the issue, he isnt going to buy it before seeing it. He isn't wiring funds. He will see the car, inspect it, before handing me payment in form of a cashiers check.

mjsporsche

When I recently sold one of my cars for $28K, the buyer came with cash.

As they say....."Cash is King".

Mark