I'm selling my vehicle. I have a buyer who is willing to purchase it. He wants to take delivery of the car the day he sees it. He will send a Cahier's check to the lien holder then give me another cashier's check for the balance. I can call the bank and verify if the cashier's check is valid; However I have no control over when he mails out the 2nd cashiers check to the lien holder. And if the lien holder does not get that payoff check, then I'm left holding the bag.
Would any of you guys do this if you were me? He wants to do this all on one day because he leaves some distance away. Any tips would be appreciated.

 

go to the bank with the buyer and witness both checks are deposited and receipts made out.

 

Remember the lien holder check is sent to the lien holder not deposited at a local bank. how about a wire transfer. How fast can one verify if funds from a wire transfer is available? 24/7 or just business hours.

 

Agree.

The probability that this is a con is slim, but it does have two questionable characteristics: cashiers checks and haste. In other words, it must be done in one day. As mentioned, set up an appointment with the lien holder. You, the buyer and the lien holder can take car of the transaction including a simple purchase agreement.

 

Lien holder is NMAC so a face to face apointment is not possible.

 

Darn I knew that was too easy.

Will the finance person at your local Nissan dealership help you with the transaction?

 

There is nothing in it for the dealership so that's a resounding NO.

 

Go to an Escrow company; have NMAC put in a demand (I think they do this all the time) as well as release of lien & the buyer puts his check into escrow as well. Bingo, NMAC is paid & seller has release of lien.

You can meet him at escrow & get check & have him sign papers showing title being transferred.

 

By the way, under no set of circumstances would I part with the car until I knew with dead certainty the lien holder (NMAC) was paid off.

 

+1. The bank needs to handle all of that through the lein holder... They have done this before and you can trust them...

 

Are you crazy? I would never even consider this. "Give me the money then I will give you my car" is the policy I would always go by. Too many shady people out there.

 

the local credit union has always been the best lien holder, always meet the buyer at the credit union to take care of business....no ifs ands or buts...cash.. a$$ or grass only....lol

 

This is a scam. It has been tried for the past year at least. Auto Trader ads are a favorite. They always ask for a refund of the overage. I know one not to bright girl that got taken for 5k. I personally reported it to several agencies a few months back when I had a car on auto trader.

Who is ever going to pay you the asking price without negotiation? They play on greed and sorry no offense, ignorance, the two are synergistic creating a momentary fog.

KNOWN SCAM

 

Do not let him take that car until you hear or see with your OWN ears or eyes that it has been paid off!

 

If you have the money and the asking price is a great deal to begin with, no need to negotiate. I persoanlly have done exactly that when purchasing used cars in the past. I'm no fool, I'm quite aware of the scams where people offer you more than what the car is worth then ask for you to send them the balance.. This guy is not doing that. He's offering a cashier's check in person.
We're talking about different things. After speaking to my bank and his, I was advised by both banks to call a specified number to verify the cashier's check authenticity before I deposit it/hand over the car; And he's making out the entire amount to me via cashier's check in person. Problem resolved.
Not to mention I have his postal address and was able to verify the postal address he gave me through his bank (with his permission). He would have to be an idiot to give me all this info if he was a scam artist.

 

Well, then.... If you think it's legit, do it.

 

Sorry dude, I wasn't flaming you. You can be uninformed about subjects, it doesn't mean you're stupid. I didn't say I thought it was a scam, I said I KNOW it is a known scam. Do what you will.

 

I don't know if this would work or not, but can't he just give you the money for the car and the lien. Then you pay the lien off and he gets the car. Just wondering if he could just do this with one cashier's check and your time?