Am I being too paranoid?

[SonicK20Z]

Selling my vehicle to a buyer in Biloxi, Mississippi (I live in Lexington, KY). Before I begin, note that I have sold 3 previous vehicles privately, and to out of state buyers, and this is a completely new one to me.

The guy purchasing my car is going through his credit union for financing. However the credit union said they had to fax me documents to sign, notarize, and mail back to them before they will issue a check made payable to me (that the buyer will bring with them when they come to get the car and exchange for my car and the physical title). I said, okay, send the paperwork.

They want me to sign a bill of sale, saying that I have basically agreed to sell my car for x amount of dollars, yadda yadda. Well, that's great and all, except it hasn't sold yet... I mean it's pending, but until they come and get it and I have a check in my hand, I don't consider it sold.

The other document is better... Power of Attorney to Transfer Motor Vehicle. These are the papers you normally fill out if you trade in your car at a dealership to ensure that everything transfers out of your name and they can retitle it to the next guy later without having to come back to you. It basically signs away and and all rights of ownership of your car to the institution (in this case, this credit union), so that they can take care of all my title work on my behalf.

I called the credit union and flat out said, I am uncomfortable signing over the rights to my vehicle and sending them through the mail prior to me being paid, or even meeting my buyer in person. I said I have no problem signing these documents and giving them to the buyer when they come to buy the car from me, but I do not want to sign away my car before I know that I'm getting paid. For all I know, you get these papers, and can do whatever you please with my car, and I may never even see these people or my money until my own car is no longer in my name and there is some other problem. I'm looking out for me, while they state they are looking for them. They're not willing to budge, so I wonder if I'm being too paranoid.

Thoughts, input and suggestions?

[Type X]

Tell the credit union just that...

that you will fax the paperwork when the buyer is in your presence.

OR... tell them to F off and keep the si

[junkcheung1]

Trust your spider sense.

[boost1320]

Originally Posted by Type X

OR... tell them to F off and keep the si

thats what you need to do mike

[NIGHTHAWKSI]

your not being any more paranoid than anyone else would. dont sign the title of ownership until you are paid.

[Jester FPS]

Wait for the guy to hand you the check, then wait for it to clear, then sign the paperwork over.

Make sure to get the deal notarized on the day you receive the check, that most likely means meeting in person to go down to a authorized notary for both of you to sign and cement the deal.

[NIGHTHAWKSI]

^chances are the check will not have to clear because it is a loan from a bank...it will be a certified check from the bank...not from the buyer.

but even so....whos to say you dont sign some paperwork and never even get a check. he could show up with a tow truck and take your car away claiming it is theirs since he would have a proof of sale and ownership.

[NitrousG35]

Be very wary of signing anything before you see a Cashier's check. I would not send anything through the mail.

[SonicK20Z]

well I've spoken with the credit union down there for about 20 minutes, and even had the loan officers here at the bank I work for look it all over... even had our bank's attorney check out the papers. all of them were at least somewhat reluctant.

the thing that the credit union is saying, is that the document that signs over my power of attorney to them is NOT in effect until I receive funds. well, that's great and all and my mind would be at 100% ease except the document does NOT say that. All it says is they can do whatever they want pretty much, as my acting attorney. If it said this document is invalid until I have claimed my funds, then no prob.

Other thing, they will only cut a check payable to me, and will not mail it to me directly, they will only give it to the seller to bring to me to hand me in exchange for the vehicle... well my problem is what if the guy was shady, and frauds the check and deposits the check with a fake ID using my name... then there is documentation out there that I have basically given my vehicle to the credit union, their customer cashes the check, and the only thing the credit unions has as recourse/collateral is the paperwork to my vehicle. unlikely, sure... but coming from me, a guy who has worked the last 5 years in BSA/AML, fraud, and other financial crimes; it's VERY likely and happens daily. so of course I'm paranoid.

[SonicK20Z]

Originally Posted by Type X

Tell the credit union just that...

that you will fax the paperwork when the buyer is in your presence.

the thing they keep saying is that they are covering THEIR asses by not cutting the check to give to the buyer for payment to me, until I send the credit union these documents.

Originally Posted by Type X

OR... tell them to F off and keep the si

Originally Posted by boost1320

thats what you need to do mike

SHHHHHH!

[CameronJr9]

Rob,
Can you get the buyer to go through a different credit union or bank? I'm sure there is another one where ever this guy lives. Otherwise, I don't think I'd make the deal. If your bank's attorney say the deal is no good, I'd trust him.

[xxhaimbondxx]

sounds fishy. Usually you bring the cash in your mouth, then you sign your papers, then you take your car home. But then again, it's a credit union, not the guy from the add. I guess there should be some trust involved. But look at it the other way. They mail you a check and never hear from you again.

[kingule]

Yeah,sounds fishy.Tell them your rules or back off the deal.

[4DoorWhore]

If they can't cut a check to the buyer, to bring to you, it sounds fishy to me. The only thing they should need is a purchace and sales agreement. I say cut and run. Don't sign the title until cash is in hand!!!!

[trogers8]

Is he going to Keesler Federal Credit Union? It's a local credit union with Keesler Air Force Base. Anyways, give me the guys name I'll scope him out for you lol.

Oh..and yah you can never be too careful these days, but remember, neither can the Credit Union. They are the ones giving a guy a 18,000 check to drive up to give it to someone they don't even know, for a car they never have seen. I dont know that's what you are selling it for, but just to make a point.

[mrgisriel]

If he wants the car bad enough he will play by your rules
=]

[lilwhitesi]

hey rob, this is Phong, the guy thats going to buy your car. I totally understand how you might be paranoid about the car, but I guarantee you that I MYSELF will be coming to pick it up! I'm paranoid about BUYING a car out of state but hey, you got to do what you gotta do. I was just browsing around the net looking for a good forum to join when I came upon this one which has a lot of activity. I saw your pics and I was like, "man those pics look a lot like the ones I saw on autotrader. So I look at your info and I see the name. So I'm like....okay this is getting really weird. So I check your posts and I came to this thread! I actually live in Ocean Springs, right next to Biloxi. Really, whats causing all the hassle is my Dad because he wants to actually want to SEE the car personally to make sure your not lying, but I insist that your telling the truth just from the way you take pride in your car. Why would you lie about the condition of your car? Its pretty much brand new! Well just thought I'd reassure you that I WILL be picking the car up. Don't fret, it should be soon.

In case your wondering, I'm getting the car for my second year of college because driving back and forth is taking its toll on the teg I used to drive.

I sold it here: http://www.l337jdm.com/forum/viewtopic.php?t=7024
Once again, I apologize this is taking so long. Its really out of my hands because my family has the funds

Thanks again for your patience.

[LoverOfCivics]

Originally Posted by lilwhitesi

hey rob, this is Phong, the guy thats going to buy your car. I totally understand how you might be paranoid about the car, but I guarantee you that I MYSELF will be coming to pick it up! I'm paranoid about BUYING a car out of state but hey, you got to do what you gotta do. I was just browsing around the net looking for a good forum to join when I came upon this one which has a lot of activity. I saw your pics and I was like, "man those pics look a lot like the ones I saw on autotrader. So I look at your info and I see the name. So I'm like....okay this is getting really weird. So I check your posts and I came to this thread! I actually live in Ocean Springs, right next to Biloxi. Really, whats causing all the hassle is my Dad because he wants to actually want to SEE the car personally to make sure your not lying, but I insist that your telling the truth just from the way your take pride in your car. Why would you lie about the condition of your car? Its pretty much brand new! Well just thought I'd reassure you that I WILL be picking the car up. Don't fret, it should be soon.

In case your wondering, I'm getting the car for my second year of college because driving back and forth is taking its toll on the teg I used to drive.

I sold it here: http://www.l337jdm.com/forum/viewtopic.php?t=7024
Once again, I apologize this is taking so long. Its really out of my hands because my family has the funds

Thanks again for your patience.

The ocho saved another member!! YEY

[lilwhitesi]

i really like this forum, its really active and there doesn't seem to be any jerks on here...unless I've spoken too soon. I guess I'll find out soon enough. I'm probably off-topic but I'm new so give me a break!

[mrJLIEU]

Interesting stuff. Good luck with the sale. I've done this twice previously, I just did the Bill of Sale...but did not complete the title transfer until the money was fully authorized and ok'ed.

One more Si to the Gulf Coast, lol.