Might have a buyer for my Speed3, but buyer wants a copy of the title first?

Hank3

Hank3

Asian Persuasion <><
Contributor
:
2010 Mazda5 GT
I have a potential buyer who is two hours away and wants to come see the car this Friday. He's selling his '04 Mustang tmrow and then will be able to proceed with buying the Speed3. He says he's driven the Speed3s and has been looking for a while. He really likes mine since it's clean and well-kept. He says he'll buy mine if it checks out in person...and says he doesn't see why it wouldn't since I took a lot of pics and it all looks good to him.

The only thing that I found a little odd is that he wants me to fax him the title so that he can send it to his bank if he decides to pick it up all they have to do is send the money. I did some real quick research on this and it seems like some people do this so the bank can see that the car doesn't have a lien on it, not a salvage title, and other potential red flags? Are there any negatives to this? I was thinking I can put in BIG letters that it's a copy, cross out the title number maybe? Or even most of the VIN number? BTW - the car was purchased with cash...so no lien.

Thoughts? Is this safe to do? Can it be used against me even if I make sure to mark it properly?
 
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Hank3 said:
I have a potential buyer who is two hours away and wants to come see the car this Friday. He's selling his '04 Mustang tmrow and then will be able to proceed with buying the Speed3. He says he's driven the Speed3s and has been looking for a while. He really likes mine since it's clean and well-kept. He says he'll buy mine if it checks out in person...and says he doesn't see why it wouldn't since I took a lot of pics and it all looks good to him.

The only thing that I found a little odd is that he wants me to fax him the title so that he can send it to his bank if he decides to pick it up all they have to do is send the money. I did some real quick reasearch on this and it seems like some people do this so the bank can see that the car doesn't have a lien on it, not a salvage title, and other potential red flags? Are there any negatives to this? I was thinking I can put in BIG letters that it's a copy, cross out the title number maybe? Or even most of the VIN number?

Thoughts?
Click to expand...

They can look up the VIN to find out that information... It does seem a little odd to me but not saying its fishy or anything. Have you talked with your bank on this matter? See what they have to say
 
I can call my bank tomorrow I suppose, but they didn't finance the car at all as I purchased it with cash.
 
Don't know...it's all new to me. Cut me some slack! :)
 
I'll call the bank tmrow morning before I do anything.
 
I don't see why his bank would need to see the title. His bank should be able to give him a loan and cut him a check that he can bring with him, and if he decides to go through with the purchase, he gives you the check and you give him the title. If he decides he doesn't want to buy, then he takes the check back to the bank.

I just went through this recently, except on the buying end. I did have info on the car in advance though that I took to my bank, including the VIN of the car.
 
My Name Is Alfred Mugabe. I Know Of 10 Millions U.S. Dollars In A Nigerian Bank And Must Find An Account Into Which To Transfer The Monies.
 
I just made a copy of the title and the copy came out with a bunch of VOIDS on it.
 
i'd give them the copy with the voids. i'd even black out some of the info if there's anything important on the title. never give someone the origional title to show someone.
 
Kain said:
My Name Is Alfred Mugabe. I Know Of 10 Millions U.S. Dollars In A Nigerian Bank And Must Find An Account Into Which To Transfer The Monies.
Click to expand...

rofl!
i dont think this is a scam, my bank wanted all kinds of weird papers and i didnt get scammed
 
OK, cool. Thanks for everybody's feedback...both funny and helpful.

I just called my bank also just to make sure, and they said it's not uncommon for some banks to require a copy of the title to start the lien process, make sure the title is clean, and etc. I mentioned to the seller that I was a little leary about it and he understood. He agreed to have his bank receive the fax instead of him. If all goes according to plan, it looks like he'll be over on Friday or Saturday with the check to purchase the car. He said as long as the car is as clean as they are in my CL ad and drives well, he'll be buying it. We shall see. I've had too many CL deals fall through even though someone promised they would come look at something or buy it.

He asked if the price was negotiable and I told him that there's some wiggle room and that we can negotiate a firm price once he has seen it in person and likes it. So I guess he'll come with an empty check with a certain amount approved from his bank. I have the price advertised at $17,300. Just lowered it earlier this week from $17,800. What are your guys' thoughts on how much lower I should go? I'm really horrible at this stuff. I have a personality where I can't seem to separate business from personal feelings. Meaning I'm too sympathetic to the buyer I think. As a side note, the local Mazda dealer has offered to purchase it for $15,500.

Here's the CL ad:

http://tallahassee.craigslist.org/cto/1748494847.html
 
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what would it be

i guess it depends on you. how bad do you want to sell the car.

if you are not in a hurry, then be firm with your intended price and leave it @ that.

if you need the dough now, then i would go as low as $17000.00 since you already lowered the price from your initial sale price.
 
Just heard from the buyer and he offered $17K as he needs to give an amount to the bank. I accepted. I've got until Saturday before I have to put insurance on it. State Farm has a 14-day grace period when you purchase a new/used car. I just want to get rid of it and move on. I'm not desperate, but am pretty eager to sell. He'll be getting a great deal on a car that's been really well-taken care of IMO :)
 
He'll definitely be getting a great deal on the car and congrats on your potential sale, Hank!
 
rmgedon69 said:
i guess it depends on you. how bad do you want to sell the car.

if you are not in a hurry, then be firm with your intended price and leave it @ that.

if you need the dough now, then i would go as low as $17000.00 since you already lowered the price from your initial sale price.
Click to expand...
Listen to the buyers words
if they are hesitant because of specific issues about the product features, (color, for example) then rolling over on price is irrelevant, if, on the other hand they are refering to condition, age, etc. then a phrase like" can we wrap this up if I take off $xx is appropriate
 
I just faxed over the documents his bank was requesting. He'll get the check tomorrow and then either come Friday or Saturday. All he needs to do is test drive and make sure all checks out before he drives away with it.

I'm hoping this will go smoothly and that nothing comes up where he flakes out.
 
17K it is

good luck on the test drive. i'm pretty sure the guy is serious about the sale and most likely he'll buy it off from you.
 
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