(Closed) Selling our truck tomorrow, red flag on buyer?

posted 8 years ago in The Lounge
Post # 3
Member
41 posts
Newbee
  • Wedding: August 2010

My Fiance sold his car last year to a buyer from craigslist. If your Fiance still owes money that means he doesn’t have the pink slip. If he doesn’t have a pink slip I believe the creditors do need his info to verify that your Fiance is the rightful owner of the vehicle. Just make sure his social security number is not involved then you guys should be fine. 

 

As far as the price goes, have you checked the kbb price? Maybe you guys listed it under it’s value. Maybe he’s just a newbie. Maybe he’s going to discuss the pricing at the meeting tomorrow.  Just keep your social security number away from all transaction and make sure EVERYTHING is in writing. Make sure you have a contract that frees you from all responsibilities after the transaction. 

Post # 4
Member
3041 posts
Sugar bee
  • Wedding: May 2010

Did you use kbb? Or nada? Most credit unions use nada now instead of kbb.

Maybe the guy was ok with the price. Usually people will try to negotiate pricing, but some people HATE doing that. I’m fine with negotiating prices but I know friends who don’t like that at all. The credit union will probably run a report on the value of the truck so he probably knows the value already.

Since you’re meeting at the credit union, it doesn’t seem fishy. Sometimes credit unions require that info to verify that the car is your FI’s. Since he’s getting a loan, the credit union will own the truck until the buyer pays it off. So they just need you to prove its your truck so they pay off the right people & check the truck’s vin #.

Now, if you were saying he wanted your personal info outside of the bank, that would be a red flag. Just don’t give out your SS# cause they shouldn’t need that at all.

Post # 5
Hostess
18643 posts
Honey Beekeeper
  • Wedding: June 2009

I agree with the others that it doesn’t really seem weird to me.  You are going to have to go through the banks to sell it since you don’t have the official title to the car.  I would check with your bank to make sure this is how it is done but it makes sense that the new bank would get the title from the old one instead of having the buyer or seller do that.

Post # 6
Member
3041 posts
Sugar bee
  • Wedding: May 2010

Also, I did a dealer trade in a few years ago on my old car & they told me they’d pay off my old car. It sounded strange to me too. I assumed they’d give me the money to pay off the car. However, they explained it to me if that happened:

Lets say your buyer’s bank gives you the $9k to pay off your truck loan. But you take the $9k & spend it on something else. So now your bank still needs to be paid the $9k so they can release the title. But the new buyer’s bank will have already paid the $9k to you, so they paid for the truck in full but your bank still holds the title. That make sense?

Buying cars can be confusing, my guess is he owned cheapo cars in the past & so this is kinda new to him too.

Post # 7
Member
555 posts
Busy bee
  • Wedding: September 2010

Why not just call your bank or where ever you currently have the car financed through and ask them how this kind of situation usually works, they deal with fraud every day and should know if something seems weird or not. Also do a search on the possible buyers credit union. Verify that it’s legit and everything. I agree with some of the previous posters, if your Fiance doesn’t have the pink slip yet then they’re gunna need all sorts of info regarding that. Also if this guy buying the car is only 20, maybe he just doesn’t really know what he’s doing yet as far as haggling goes. I wouldn’t be concerned about the fact that he hasn’t talked money yet, maybe even be ready to have him talk about it when you guys meet up.

Post # 8
Member
7173 posts
Busy Beekeeper

It doesn’t sound weird to me – but has your Fiance talked to his creditor to find out what needs to happen for them to release the pink slip?  They buyer’s credit union will likely be writing two checks – one to payoff FI’s loan and the other to Fiance.  Just make sure that FI’s loan is able to be paid off that way – that’s the part that can get sometimes tricky.

Post # 9
Member
3041 posts
Sugar bee
  • Wedding: May 2010

Sorry for another post… just be sure that the credit union gives you some type of paper that states they’re paying off your loan directly to your car loan company. Your insurance info should have the name/address/info of your loan right on the card. I’d bring a copy of your loan payment stub with you in case the address isn’t on the insurance card. Bring their phone number & your account number with you as well.

Also, you may want to call your car loan office & give them the heads up that you’re selling your car & ask for the exact payoff amount. The credit union will probably do that on their own.

Post # 11
Member
2867 posts
Sugar bee

My uncle had a old toyota truck (early 90s), it was plain and had a manual transmission.  It went like 500,000 miles.  I’m glad everything worked out!

Post # 12
Member
3762 posts
Honey bee
  • Wedding: May 2010

Congratulations on getting out of debt and using a paid off vehicle.  As long as they safely get you from point A to point B there is no reason to have something fancy.

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