Since I almost became a victim of a scam, I'm being very cautious now about everything. I have a potential buyer that is flying to me this weekend. He already chase quickpay me a small deposit and booked a flight already. He never seen the car in person yet and he is not paying with cash. I've always sold my previous cars to cash buyers and never had to dealt with any one that needed financing. He said he's pre-approved for a loan and has a certified check from his credit union. I told him that we must do the transaction at one of the local credit unions so I can confirm that the check is legit and he has no problem with it.

Is there any thing I should look out for?? If the local credit union confirms that it's legit do I signed over the title right away? Would like to know how the process goes with some one who's paying with a certified check so I don't get scammed. Thanks

 

I would strongly suggest you do the deal only at his credit union. If he is getting a loan to finance the car, the credit union will want the title signed over to *them* and they hold it, not him.

I'm not saying he's doing it wrong or trying to scam you, but when I used my credit union for financing (even fully pre-approved) on a private party used vehicle, we had to do the deal there at the credit union since they had to cut the check to the seller and get the title on the spot.

You have every reason to be concerned.

 

Yes we're going to go to his credit union for the transaction. So I sign the title over to his credit union only not him right?

 

cash rules! good luck

 

Since they are technically the ones buying the car, not him. If I remember my transaction properly, you sign it over to him with the credit union listed as the lien holder.
You sign off on the title and the loan officer takes care of the rest. Do it at the credit union.

 

If you own the car you are selling outright once you have the check, sign it and cash it there on the spot. Sign the title over to the new owner plus whatever is required in your state and you are done.

 

When I buy a car with a cashiers check I always take the business card of the finance manager at the bank I'm getting it from, and I always do it from a reputable well know bank. That way there is no question on if the check is legitimate or not, and the receiving party can contact the person that issued it directly to verify.

If you are selling the vehicle at his credit union or bank you should be able to stand in line with him while they cut you a check. That way you know for sure it came from a legitimate source. After that, you sign the title over to whoever the lender wants you to.

 

Doing it at a credit union (it sounds like the buyer happens to use a CU in your location) especially one the buyer uses is very good. You know that the cashiers check that is given to you from the CU is legit and you can "take it to the bank".

It is possible to be given a "cashiers check" that may be non-legit and even though you cash it, it may come back in 10 days as an issue. If there is someway your CU can verify a cashiers check in that case, so much the better. Have your CU call the buyers CU and verify the buyer is legit and funds are present.

Recommend you make a copy of the buyers ID. May ask to see boarding pass or ask what flight he took to see if he is not really a local guy making something up. You should be able to see red flags if something is goofy. Trust your intuition.

Do not meet the buyer (unless you really trust him) at your home but rather in a public place. Good luck. You did not say how this sale was generated. If this was a CL sale, you need to have an abundance of caution.