selling NSX - BoA wants title before cutting a check

[Vega$ NSX]

Not to get off topic too much but BoA is such a pain in the ass! They have the strictest rules and are the most inflexible institution out there.

Just today I tried to secure funds for a $100k check deposit and they would not release the hold because it was too large. I have to wait two weeks to be able to even touch money that is technically mine. So then I go to an actual BoA to cash the check. They wouldn't even cash the check, despite the fact they are the ones that issued it! So get this, I take a check that BoA cut, and has BoA written all over it, to a BoA branch, and they wouldn't even cash it. Ridiculous!

 

[Ncturnal]

Not to get off topic too much but BoA is such a pain in the ass! They have the strictest rules and are the most inflexible institution out there.

Just today I tried to secure funds for a $100k check deposit and they would not release the hold because it was too large. I have to wait two weeks to be able to even touch money that is technically mine. So then I go to an actual BoA to cash the check. They wouldn't even cash the check, despite the fact they are the ones that issued it! So get this, I take a check that BoA cut, and has BoA written all over it, to a BoA branch, and they wouldn't even cash it. Ridiculous!

I can't stand BofA. The exact same thing happened to me and I ended up making a big scene and got my money and then I closed every account I had with them right then and there and made them pay me out cash, and lots of it at the time. Who's ever heard of a banking not cashing their own check? I know tons of other stories about them too and the internet is littered with complaints about them. I'm amazed they are still around.

 

[Vega$ NSX]

I can't stand BofA. The exact same thing happened to me and I ended up making a big scene and got my money and then I closed every account I had with them right then and there and made them pay me out cash, and lots of it at the time. Who's ever heard of a banking not cashing their own check? I know tons of other stories about them too and the internet is littered with complaints about them. I'm amazed they are still around.

Worst Bank Ever!

 

[NSX-GUY]

These are nice requests and you are on the right track...

But ALL of that can be easily achieved by 1) A stolen wallet or 2) total assumption of other person's identity.

Obviously your attorney has never been the victim of ID theft or dealt with people who have left their real name behind long ago. These guys will make up (or assume) a new ID, then they will give this new name a power of attorney over their old name and transfer all their assets. The old name just disappears and the new name is good to go! Darn there impossible to figure out.

LE databases are nice, but you're still indexing on a NAME. Unless you can match the warm body's fingerprints in front of you to the original source person's fingerprints...that is all you have: a name. And anybody can give any name they want.

It all comes down to a confidence game, and if you are not confident: don't do it.

Drew

What ARE you talking about ?

IF the car currently has a lien on it then the 2 financial institutions put their heads together and work out the details to each other's satisfaction.

If the car currently has NO lien on it the seller confirms with BoA that ALL the funds for the car are in their grubby little hands awaiting receipt of the title properly filed in. It is up to the BoA to ensure they are lending the money to a properly identified buyer. He is THEIR customer !!!

The attorney (or our seller) sends the title properly endorsed to the BANK OF AMERICA (a forture 500 company), NOT to the seller.

The bank ensures ALL the money is sent to the seller. End of story.

Now what ISN'T clear, and I realize not one person on this thread is concerned about it, is what protects the BUYER'S interest ???

So far the title and money has changed hands. How does the buyer actually GET HIS CAR ???

 

[NSX-GUY]

be careful of scammers and why dont you call BofA yourself and ask them their policy to check that he's not lying to you. Just sounds fuzzy to me:wink:

No wonder you wear a flame retardant suit...... :biggrin: :biggrin:

 

[robr]

That's not exactly how BofA does it. Seller signs over title and sends it to BofA first, BofA cuts check in the name of both buyer and seller and sends the check to the **BUYER**. Buyer is then responsible for endorsing it and getting the check to the seller.

 

[Ncturnal]

That's not exactly how BofA does it. Seller signs over title and sends it to BofA first, BofA cuts check in the name of both buyer and seller and sends the check to the **BUYER**. Buyer is then responsible for endorsing it and getting the check to the seller.

So basically you give your car to the bank, and give all the money for it to whoever is supposed to be buying your car and hope the buyer does the right thing and send the check to you. I'm reminded of that scene in The Matrix where Neo says:

"Wow, that sounds like a really good deal. But I have a better idea. How about I give you the finger..."

 

[robr]

So basically you give your car to the bank, and give all the money for it to whoever is supposed to be buying your car and hope the buyer does the right thing and send the check to you. I'm reminded of that scene in The Matrix where Neo says:

"Wow, that sounds like a really good deal. But I have a better idea. How about I give you the finger..."

Yes, you understand completely. This is the ONLY WAY BofA will do it for an out of state, private party sale.

 

[Matt_337]

If that's the way BoA wants it, then it would definitely be a no-go for me.

Again, no $$$, then no car

 

[drew]

What ARE you talking about ?

The bank ensures ALL the money is sent to the seller. End of story.

Now what ISN'T clear, and I realize not one person on this thread is concerned about it, is what protects the BUYER'S interest ???

Slowly reread the thread: The bank is the actual BUYER and they *are* protecting themselves 100%. The bank is also putting the entire risk of the transaction on the seller and they are "ensuring" nothing but themselves.

A scamster using this process can take the seller for the entire value of the asset.

Drew

 

[brahtw8]

Robr-

Check your PM, and empty your mailbox. I tried to send you a second PM with some additional questions, but it was full.

I would like a copy of the PPI, if possible.

Do you know anything about this shop that your previous buyer chose?

Who is the NSX guru in your neck of the woods? Who does the work on your car?

Send me a PM with your email address and we can talk more.

I am not relying on BoA . . .