vehicle sale- send us the title then we'll send funds???

Discussion in 'Archived Threads 2001-2004' started by Philip_G, Mar 4, 2003.

  1. Philip_G

    Philip_G Producer

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    has anyone seen this before?

    I sold my motorcycle to a guy in georigia, he's financing and his bank needed some info from me so I gave them a call.

    they want me to sign over, and mail the title to them before they release the funds for the vehicle.

    is it just me, or is that the dumbest thing you've ever heard? it's like "here, blindly mail ownership to your vehicle to some people you don't know, and hope you get paid"

    maybe I'm on crack and this is common?
     
  2. DavidQc

    DavidQc Stunt Coordinator

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    Philip,
    That is a crock of sh*t.
    I would not stand for that.

    I always prefer local sales, with the exchange of
    merchandise and payment.

    Since you're conducting this long distance sales...
    I would demand payment prior to delivery of your motorcycle.

    Isn't that how ebay works?
    You pay before you get the merchandise.

    Same with any other type of internet sales.

    I would trust your instincts... as I would be
    nervous sending ownership papers before I get paid.

    Good luck.
    -David
     
  3. Philip_G

    Philip_G Producer

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    Ok, just wanted a second opinion removed from the situation.

    I bought a car from out of state, my bank simply faxed a power of attourney form to the seller, he signed it over to my bank so they could act as the "seller" of the vehicle, removing him from the loop more or less, but he had a leinholder, and I do not so I don't think that works in my case.

    I'm still shocked they even suggest it, let alone demand I send the title in order to get paid. It's also a small bank, which makes me even more wary.
     
  4. Leila Dougan

    Leila Dougan Screenwriter

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    Maybe this is the time to use an escrow service?
     
  5. Philip_G

    Philip_G Producer

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    we may have to leila, the cost would be pretty high though

    edit: actually it's less than 25 bucks... I'll offer that as a suggestion
     
  6. MickeS

    MickeS Producer

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    Sounds like standard procedure to me.
     
  7. Steve Ridges

    Steve Ridges Stunt Coordinator

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    I sold my ATV's to a guy in Alaska via ebay. He was also financing it thru a bank. The way we did it was for me to take the title and ATVs's to a local branch of his bank near my house. They cut me the check and kept the titles. I then drove them to a freight yard where they were shipped. Maybe you can do something similar. Good Luck!
     
  8. KyleS

    KyleS Screenwriter

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  9. Philip_G

    Philip_G Producer

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    it's not a national bank, which makes me even more nervous
     
  10. Jason_Els

    Jason_Els Screenwriter

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    Escrow or nothing. Even if the bank is honest there is nothing to protect you from the little foibles and unexpected mishaps which could occur.

    "I'm sure we sent you a check. Our records show you have it."
     
  11. ollie_k

    ollie_k Stunt Coordinator

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    We just sold a car to a guy in Missisippi (or however the hell you spell it [​IMG] ) . His kids lived near us so it was a little easier. They gave us a check for downpayment, and when a cashiers check showed up in the mail we signed the title over to them. At first the guy wanted us to send him the title then pick up the car. I dont think so bub. Get the money first, then sign the title.
     
  12. Ashley Seymour

    Ashley Seymour Supporting Actor

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    We just sold a car to a guy in Missisippi (or however the hell you spell it ) . His kids lived near us so it was a little easier. They gave us a check for downpayment, and when a cashiers check showed up in the mail we signed the title over to them. At first the guy wanted us to send him the title then pick up the car. I dont think so bub. Get the money first, then sign the title.

    And if I were buying a car I would never think of sending money unless I had the title.

    The purchase of a car is the classic case of a need for an escrow service.

    is it just me, or is that the dumbest thing you've ever heard? it's like "here, blindly mail ownership to your vehicle to some people you don't know, and hope you get paid"

    You are about half right on this one. I worked at a bank and made hundreds of car loans. It would not be unusual to have the new buyer sign and have the bank hold the cashiers check till the seller and the title came in. You have made it a bit more complicated and more expensive because you have clear title and live away from the financing bank.

    Call up a local escrow company, your bank's escrow department, a Savings and Loan's escrow department or your attorney. In our state these are the four entities - only - that can legally act as escrow agents. I would not consider the bank loan department as performing an escrow service, but you could research that and find out for sure. If you choose to send the title, make a copy of it and send it certified return receipt requrested and even put the name of the bank officer that needs to sign for it. Include your return envelope or open an account and give him a deposit slip.

    It may seem simple to simply wait and sell it direct to someome you meet locally. The process should still be the same. You agree to meet and you bring your title and the other party brings a bag of cash or a cashiers check. Who give over the goodies first? Do you give the title and he hands you the check? Or do you request the cash first and then hand over the title? Or do you both simultaneously hold onto the title and the cashiers checkd and on the count of three let go?

    What if this was dope you were selling, err buying, err hypothetically. Do people get ripped of in these deals? Would they ever wise up and go to an attorney to hold the dope and the cash and avoid the problem. Err no they couldn't.

    If you are concerned, get an escrow agent in the banks town and have the title and the money meet up there.
     

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