selling NSX - BoA wants title before cutting a check

robr

robr

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I know I saw a similar thread to this recently, but I can't find it. The buyer of my NSX is financing through BoA. They want me to send them the title, then they will cut a check in both my name and the buyers name, then the buyer has to fly up here, and then we go cash it together (2+ weeks later).

I'm not really comfortable with that. Has anyone had to deal with a similar situation before?
 
I remember that thread also.

Personally, no cash, no title.

And that was the general consensus of that thread you are referring to.
You can ask BoA if a fax of the title will suffice for their requirement.
 
The BofA will approve his loan and prepare the check based on a copy of the registration and the purchase price. He can bring the check to you and you can both go to your bank to complete the transaction. At that point, funds receipt will be verified and you can safely sign the title over to him. You complete the DMV paperwork to transfer the vehicle into his name.

It is even easier if you have AAA.
 
Just did exactly this deal from NJ to Calif.

My credit union (coincidentally BoA is MY bank) only asked the seller (leasing company) to send them a Purchase Order/Bill of sale and they sent them a bank check.

Private party's a bit different though. BoA is looking out for their money. Isn't there any way the deal can be done in person ? That way the buyer gets a bank check made out to himself AND the seller, brings the check to the seller, and at the seller's bank (assuming there's already a lien on the title, both parties sign the check, the bank releases their lien on the title by endorsing it properly along with the buyer's name and address, and the buyer takes all the paperwork back with him.

After all the buyer needs the title (at least here in NJ they do) to take to DMV with the rest of the paperwork and DMV will issue the new title with the new bank as lienholder (and usually send the title directly TO the new lienholder)
 
BofA is apparently inflexible on this requirement (for an out of state, private party sale), and there is no way to do it in person at a branch office (branch offices do not have the ability to provide this service).

I have spoken with my corporate attorney and he's going to look over the BofA paperwork and draft something between the buyer and myself and collect some additional information from the buyer to help cover my ass, but it appears there is simply no way around this with BofA in this particular situation.

I'm not super worried since everything so far seems absolutely legit. I've spoken with the buyer at his work several times, the place I had the PPI done knows him and his company, and I'm sure my attorney will make sure everything is legit BofA stuff. In addition the buyer will sign the check as soon as he receives it and will next-day it to me so I can confirm the funds prior to him picking up the car. I just don't like the fact these financial institutions are heading in this direction, removing protection from the seller making us have to be so much more careful in this world of ever growing internet based fraud.
 
Just make sure you have a photocopy of your title for backup purposes only.
 
No money, no title. Period! Fax them a copy of the title, and tell them when you have the check in hand that you will release the title to the buyer. Let him deal with his bank. I've done it this way in the past and it usually works out. If the bank is being stubborn, then let them wire the money into your attorney's escrow account and then he can release the title to the bank. There's no way I'd ever let a title leave my hands otherwise.

Good luck.
 
when i was selling my car i had somebody with BOA want it and i swear to everybody i will NEVER sell my car to anybody that approaches me with BOA financing... what a joke; they make the seller go through so many hoops its crazy, then on top of that they are so very slow to respond and act like YOU work for THEM. {end of rant}

i would also NEVER release the title to anybody without haiving been paid in full. that is just asking for trouble.
 
amen to that

no $ no title. With the title and the car, you can kiss ur ownership good bye...

what pervents the buyer from saying "this guy gave me the car!" .... nothing. There are always buyers out there. Wait long enough, there will be one that meets your price. Good luck:smile:
 
corporate attorney and he's going to look over the BofA paperwork and draft something between the buyer and
Click to expand...

Heh, you'll have great legal footing....but ZERO practicality.

Ask your attorney buddy: How much is this going to cost me to enforce it if the deal turns completely sour? Can you recover litigation costs? Better yet: How do I collect if the other party has zero resources?

If the guy has to get a loan just to buy the car, it is likely he has nothing to take. This is a very poor risk on your part. All the paperwork and agreements mean NOTHING if they can't be backed up with recoverable assets.

With Identity Theft prevalent: how do you even know who you are dealing with?? Some ID that has been faxed to you?? Even if this guy shows up in person with some sort of ID, how do you know it is even him???

You are going to have to wait for a real buyer. Or take a significant risk on losing your entire asset (in return you'll get a crime report that crosses state lines...which you can use to deduct the loss on your taxes).

The only real way to do this "deal" is to get BOA, the buyer and you to all agree upon a legitimate escrow company. They will take possession of the car and wait for the paperwork/money to clear before handing over title. Have the escrow cost added onto the cost of the vehicle, I would estimate at $1000

Drew
 
Tony Montoya said:
Only thing I know about cars in USA is give him the car but keep the title.
Click to expand...

Actually, that's a bad idea, too. If he smashes the car into something and disappears, they would come after you. :frown:
 
Talk to your Lawyer,
But I would send the buyer a complete Bill of sale including all payment details etc, have him sign it and fed-ex it back with a $250.00 check/ mo/ ?? as a non refundable deposit(to cover duplicate title costs if needed). Once you get it sign the title and send it. Worst thing that can happen is you have to go to DMV for another title and keep the $250.00
If he doesnt have the car and hasnt paid for it he has no claim to it, title or not.
 
some additional good advice here, thanks. also keep in mind, he will not have the title. he likely won't even see it until the vehicle is paid off, it's being sent to the bank (and it's easy enough to confirm the address i'm sending it to is actually the bank and not some drop-box somewhere).

my attorney has also requested copies of a drivers license, paycheck stub, ssn, home address, work info and in my line of work i have access to law enforcement databases and can easily verify any and all info.
 
No money, no title. Period, end of story. It's not worth the risk. BoA sucks, so I'm not suprised by that story, but there is no reason on earth to make that your problem.
 
Looks like this is now moot. The buyer bailed after I sent him a purchase agreement, odo disclosure and a list of personal info my attorney asked me to collect. I'm not all that sad, I wasn't looking forward to selling my car anyway and now the wife can't say that I'm not trying :).
 
Woohoo....You get to keep the NSX. And for all you know, the next buyer will probably have same problem with BoA. :rolleyes: :wink: :biggrin:
 
my attorney has also requested copies of a drivers license, paycheck stub, ssn, home address, work info and in my line of work i have access to law enforcement databases and can easily verify any and all info.
Click to expand...

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
 
I just sold a 996 to guy from DC. His Credit Union sent the check to him made out in both of our names. I went to my bank and deposited the check with no issues.
 
Alan C. said:
I just sold a 996 to guy from DC. His Credit Union sent the check to him made out in both of our names. I went to my bank and deposited the check with no issues.
Click to expand...

that's not really the issue at all. did you have to sign over and send the credit union the title to your car a couple of weeks before you received the check?
 
If I had to do that the 996 would still be in the garage with it's cousins.
 

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