Whatever happened to just agreeing on a price and giving them a cashiers check made out to them?
Price on 2004 Cobra
- Thread starter noeleven
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I needed a signed Bill of Sale to get the title work done, that's why I mentioned it. Easier to get it done all at once when you are swapping check for title than hunting for the seller later.
IIRC, the PenFed check also has a section to fill out for the car, i.e. VIN, make, model. It might be a blank check, but once it is filled out and signed, it becomes a legal document that pretty much starts your loan. I understand your fear though. I was the same way, and I was buying from out of state.
Meet him at his bank, and talk to PenFed to see what your options are. You should be able to schedule it so that the transaction takes place where he gets the funds into his account, and then he can sign the car over to you.
IIRC, the PenFed check also has a section to fill out for the car, i.e. VIN, make, model. It might be a blank check, but once it is filled out and signed, it becomes a legal document that pretty much starts your loan. I understand your fear though. I was the same way, and I was buying from out of state.
Meet him at his bank, and talk to PenFed to see what your options are. You should be able to schedule it so that the transaction takes place where he gets the funds into his account, and then he can sign the car over to you.
I had to produce a bill of sale too for the loan, which I think is absolutely silly. You haven't bought the car yet and you're requesting the bill of sale?
I made up a fake one and turned it into my bank. Had my buddy sign it in as the seller. Lol
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I made up a fake one and turned it into my bank. Had my buddy sign it in as the seller. Lol
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I just talked to Penfed and asked about the situation where I give the check to seller, wait until check gets cleared and than get the title and car from seller.
What they said is once check is cleared and deposited to seller's bank account, there is no way to reverse the payment as I knew.
They said giving check equals to giving payment so I need to get what I pay for at the time I give the check to seller.
Even me and seller fill out official document such as bill of sales, there is nothing I can do with Penfed and I am still responsible to make payments for what I borrowed even when I don't have the car.
Only thing I can do with legal document of proof of sales is taking it to the court which not going help getting the car since it is buyer's fault giving money away for nothing.
So complicated...
What they said is once check is cleared and deposited to seller's bank account, there is no way to reverse the payment as I knew.
They said giving check equals to giving payment so I need to get what I pay for at the time I give the check to seller.
Even me and seller fill out official document such as bill of sales, there is nothing I can do with Penfed and I am still responsible to make payments for what I borrowed even when I don't have the car.
Only thing I can do with legal document of proof of sales is taking it to the court which not going help getting the car since it is buyer's fault giving money away for nothing.
So complicated...
If your bank issues a check it's as good as cash. You should take the car upon delivery of the check.
That's how I did it with my Cobra.
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That's how I did it with my Cobra.
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hold a conversation with seller...... you will feel if it's LEGIT !!!!!!!!!!! Someone gotta TRUST the other or just move on to another seller .... PERIOD !!!!!!
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Yup.
If it is personal check it is more risky but check from bank/credit union is more safer.
But people hear terrible stories about fraud check/fake check makes them hard to trust.
They seller could always meet you at your bank if he's concerned on funds.
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Yea, that's one of the way too but there is no Penfed branch in California
Look into using an escrow service. If you are this worried, then you probably won't have a problem with spending a little more money for security. I didn't use one, as I trusted the seller (hell, I mailed him the signed check and a cashier's check in his name a few days before driving to Florida to pick it up).
Yep, that's what I did. Had my bank mail the check to his bank. His bank made the deposit and he still made me wait until the check cleared. About four days later he told me it cleared and I drove to Phoenix and picked the car up.
Granted the guy was a known member on this site, but waiting for 4 days to hear the check cleared was a little nerve racking, but he responded to my texts, so we were in communication.
So, since he was a member and communicating with me I was a little at ease. Glad I have the car and that's all behind me now LOL.
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Yup. That works too
Lawman0905
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Were you able to strike a deal?
I just picked up a 03 Cobra and I met the seller at his bank with a cashier's check from my credit union. His bank called my credit union to verify the funds and off I drove in the car.
It is an interesting position to be in because everyone is looking out for their best interest and doesn't want to get F'ed over.
I just picked up a 03 Cobra and I met the seller at his bank with a cashier's check from my credit union. His bank called my credit union to verify the funds and off I drove in the car.
It is an interesting position to be in because everyone is looking out for their best interest and doesn't want to get F'ed over.
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No, I was going to call the seller to discuss about how we are going to transaction but amount I can barrow and his asking price was not met so no point to discuss..
As of last time I talked to the seller, he won't hand over the car until check gets cleared.
Congrats on your purchase!
I have excellent credit and I probably should have shopped around but I had been trying to buy the car off the individual for like 3 months so when he said can you come this week I called the first credit union in town I could think of, they told me 5% for 60 months on 100% of the NADA so I said just run it. I ended up financing for a shorter term but I was still short 5 grand which I had but the value of the car was only 16k per their resources.
The weird part about the buying for me was I met him at the bank that had his loan, and I had a check from my credit union made to him for the difference of what he owed, vs what I was buying it for and my credit union was going to overnight the check to payoff his loan from there. My credit union had already signed papers along with him that they were going to pay off his loan, but my thing to my CU was what if I don't want the car, then I wouldn't want them to pay it off, and they said just call us, and we won't send a payoff check to pay it off if you don't purchase the car.
So, I met the guy at his Bank, we walked into the lobby and he goes to me "hey man I don't even have an account here to deposit these checks (only had the loan there), and if I let you drive off in my car how do I know your bank is going to pay off my loan if you tell them you didn't buy it?" Touche my friend.
We'd already somewhat discussed this but we ended up taking pictures of each others drivers license, did a handshake and said just let me know if there are any problems, and off I went in the car. Btw I had all kinds of hassle dealing with my credit union with the paperwork for the out of state title etc and it really helps if the person you are working with is cool
The weird part about the buying for me was I met him at the bank that had his loan, and I had a check from my credit union made to him for the difference of what he owed, vs what I was buying it for and my credit union was going to overnight the check to payoff his loan from there. My credit union had already signed papers along with him that they were going to pay off his loan, but my thing to my CU was what if I don't want the car, then I wouldn't want them to pay it off, and they said just call us, and we won't send a payoff check to pay it off if you don't purchase the car.
So, I met the guy at his Bank, we walked into the lobby and he goes to me "hey man I don't even have an account here to deposit these checks (only had the loan there), and if I let you drive off in my car how do I know your bank is going to pay off my loan if you tell them you didn't buy it?" Touche my friend.
We'd already somewhat discussed this but we ended up taking pictures of each others drivers license, did a handshake and said just let me know if there are any problems, and off I went in the car. Btw I had all kinds of hassle dealing with my credit union with the paperwork for the out of state title etc and it really helps if the person you are working with is cool
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You are approaching 10-12 GT500 prices with comparable mileage. Nothing beats the classic looks and stance of a clean terminator, but for those prices Shelbys may be worth a look at. I wish I could have both honestly.
Maybe a 10 I've seen a few for that. 11-12 no way unless it has high miles. Looking about 35k for one of those.
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