nkg

when I did a check on the phone #s he gave me there was a south dakota # and a S.D. fax machine. Ad # 1083819.

Scorpion1110

I keep reading this post and something is bothering me.

When I have financed an old car, the bank did indeed want to see the title, but that was after I had obtained ownership. At that point they applied for the lean on the car, and I received a title with the lienholder stated on the title.

So here's what you do; ask for the name of his bank, and the address. Look up the bank on the internet, call them and see if they require a title copy to finance a collectible car. Do not get the name of his banker and phone number from the prospective buyer, it could be a partner or friend posing as a banker.

If you decide to do a deal, set up an account in your name. Put a $100 in it to open it and use it as your wire transfer account, or a suspense/clearing account if you want to call it that. Have him wire to this account and when the money is there withdraw and move to another account. Your only risk of loss if he accesses the account somehow would be the $100.

Last question to the forum readers, what could you do with a title copy, access to a title recreation company like broadway title, and the ability to use a site like lawdepot.com to create a legal bill of sale. Could you create ownership of a car identity for DMV purposes, maybe for a race-car you have that doesn't have paperwork? Is that a possibility?

Just some thoughts.

Take care NKG, this one worries me for some reason.

mcracecars

I have a question.
In Ontario here where I live, we buy a car, we get an ownership paper, basicly, it has the vehicle vin, the owners name and information, and the sticker for the license plate renewal. We dont have titles.....

so what is the difference in the US , title and ownership??
just curious here...

shawnp

The bank does not require a copy of the title up front. That is what the purchase agreement is for. Once they have approved the deal, they will require that the title be turned over to them to file for Lien. You will then get a copy of the title with the funding bank as lienholder.

NO bank, with the exception of some small, local credit union will give you cash. The bank check will act as a paper trail for the bank and becomes an instrument of negotiation if they do not get the title from the buyer and/or seller.

Gimmethakick

Maybe the buyer wants to see the title just to make sure that you have one. I've seen lots of deals go down and that was brought up after the fact. Also may want to see if the title is branded. Just an idea.

greg3333

ASK FOR A NAME, STREET ADRESS, CITY, STATE, ZIP, then spend about 50 and do an online background check to see if that individual exsists where he says he is at.

good luck

nkg

Just an update. I asked the guy for his bank name and address and he gave it to me no problem, however the original fax # he gave me was the one at his job.( I found that out by going to white pages and looking it up. Then for 14.95 you can get the name and address of where the fax # is.) I also think that the buyer wants to make sure that I have the title of the car and I am not scamming him.
And I just wanted to reply to mcracecars. In Florida, we only have a title to prove ownership. I guess that would be the same as your ownership papers. Name..address..vin # etc is all on the title.
Also when I made a copy of the title, the words VOID were written all over it. I dont know how it happens but whenever you scan or make a copy of a title, that happens. Try it and see for yourself. Something in the watermark I think.
Well I appreciate everyones feedback and someone suggested to me that I do Western Union. Im going to look into that tomorrow.
Thanks again

topsportsman1

I'd be very careful using western union,I'd stick with the bank to bank wire transfer if I were you

shawnp

Western Union is costly. If it is a bank loan he is getting, they will send funds direct to your bank. Once they clear, you can release car and title.

hammertime

I've used western union one time, on a twin turbo motor a guy from sweden purchased. I was very up in the air about doing it, talked to western union people for awhile to make sure that this was all real money, the told me if its in the account # he gave me then the money is there. He has to pay them to have the money in there. I also had him pay the fees. The 2nd half of the money we did a bank transfer. Ended up being a straight up deal and he paid to ship it and all.