I've been emailing this person back and forth since he has seen my Jeep for sale on yahoo autos. He asked me some general questions about mileage, condition, whatnot. Now he says he needs a photocopy of the title before the bank will issue him a loan for the car. Is this a normal requirement of banks before they loan money, or is this another online scam?
2007-11-28 04:31:40 · 6 answers · asked by BigDaddy 2 in Cars & Transportation ➔ Buying & Selling
Most likely the bank wants to be sure that the seller is the actual owner of the vehicle, and will only issue a check for purchase to the owner. They may also want to be sure that the title is clear!
What I would do is tell the prospective buyer that you will fax the title copy to his bank. That way they will have the copy, and if it is an attept to get personal information (ID Theft) you will be protected! You can do a reverse lookup on the fax number to be sure it is actually the bank!
2007-11-28 05:00:34 · answer #1 · answered by fire4511 7 · 2⤊ 1⤋
Check with your bank ,but the banks wants to see if you have a CLEAR title,meaning without any leans,its for their and your potential buyers protection ,make a photocopy of the front of the title,this is where the title will show the lean(s) if any....
2007-11-28 04:39:08 · answer #2 · answered by sirmrmagic 6 · 2⤊ 1⤋
Tell him you want CASH. How he gets it is HIS problem.
If you accept a check of ANY kind, you may be sorry.
There are a lot of people getting ripped off by fake bank checks. You can deposit it today, and maybe find out two weeks later it's no good, but your car is already gone.
www.msnbc.msn.com/id/21452928/
2007-11-28 04:59:17 · answer #3 · answered by Trump 2020 7 · 1⤊ 2⤋
I would call your bank and ask because I have not heard of that.
2007-11-28 04:35:18 · answer #4 · answered by ryankneale 6 · 2⤊ 2⤋
No, it is not normal. All they need is the VIN for the paperwork. I would discontinue any dealing with this person.
2007-11-28 07:32:42 · answer #5 · answered by Otto 7 · 0⤊ 2⤋
JUST STOP !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
DON'T SEND HIM ANYTHING LIKE THIS, PROTECT YOURSELF.
IF THE PERSON IS TRULY INTERESTED IN YOUR VEHICLE ALL THEY WILL NEED IS THE VIN AND THEIR BANK CAN DO THE REST.
THIS SOUNDS LIKE JUST ANOTHER SCAM.
2007-11-28 04:55:49 · answer #6 · answered by Anonymous · 1⤊ 3⤋