/\ /\ /\ /\ What he said ! I know you and I butt heads in O/T but your car is one of my favorites as well. Hopefully you aren't getting out of Fiero's and bless us with another amazing project.
Nice car, well done and clean but I suggest looking on eBay, then Craigs list and price Corvettes and other sporty cars in the same era. This will give you a fair idea of the comparative value.
------------------ " THE BLACK PARALYZER" -87GT 3800SC Series III engine, custom ZZP /Frozen Boost Intercooler setup, 3.4" Pulley, Northstar TB, LS1 MAF, 3" Spintech/Hedman Exhaust, Autolite 104's, MSD wires, Custom CAI, 4T65eHD w. custom axles, HP Tuners VCM Suite. "THE COLUSSUS" 87GT - ALL OUT 3.4L Turbocharged engine, Garrett Hybrid Turbo, MSD ign., modified TH125H " ON THE LOOSE WITHOUT THE JUICE "
Nice car, well done and clean but I suggest looking on eBay, then Craigs list and price Corvettes and other sporty cars in the same era. This will give you a fair idea of the comparative value.
I'm not offering my Fiero on eBay, Autotrader or CL etc for the time being as I'm not in a hurry to sell and I'd much prefer it to go to a fellow Fiero enthusiast instead of a kid who'll just wreck it.
If I could afford this AND my build, I'd jump on it in a heartbeat. Always been one of my favorites. Hope it goes to a good home, with someone who can appreciate the work that has gone into it.
I have a question for you guys. There's a guy who seems pretty interested in the car. He needs a loan and says that he needs the VIN and a copy of the title for the application. Is that standard procedure and should I provide this?
Do not give him a copy of the title. VIN is ok, but NO copy of the title. The lending institution can determine enough about the car without a copy of the title. SCAM. THIEF. Use Caution. Don't let him out of your sight with the keys or the car.
Do not give him a copy of the title. VIN is ok, but NO copy of the title. The lending institution can determine enough about the car without a copy of the title. SCAM. THIEF. Use Caution. Don't let him out of your sight with the keys or the car.
The person is not local and has no access to the car. Still a problem? Could I do it with some precautions e.g. a downpayment and/or a copy of the drivers license?
I work at a bank, in some cases we ask for a copy of the title to provide documentation there are no liens, that the person the check is made out to is the name(s) on the title and that there actually is a title.
doesn't mean it's a scam. I would send it directly to loan officer.
I would ask for a loan approval letter from the bank for this purchase. This means he could get the needed $$, and gives you a bank to call/fax the info to.
It think Grantman has the right idea. Send a copy of the title to the loan officer. The bank should be able to verify leins just through the VIN. My garage can tell me everything about my car, including title number and my address just by entering the VIN. I've seen it on her computer screen.
Personally , I just wouldn't feel comfortable making a copy of the title and turning it over. With today's digital technology, it wouldn't take much for an experienced person to convert that to an official-looking title with their name on it. My brother lost a car when the buyer wanted to show the title to the bank. Even though they forged his signature, the police told him that possession was 9/10 of the law and if he went and got the car he would be arrested for theft of a motor vehicle. If you're over-cautious and the buyer is legit, he won't mind.
Also, if you do sell, make the hand-over at a police station. Tell them it's for your safety as well as theirs. Again, they shouldn't mind.
I have a question for you guys. There's a guy who seems pretty interested in the car. He needs a loan and says that he needs the VIN and a copy of the title for the application. Is that standard procedure and should I provide this?
IMHO, this doesn't pass the sniff test. I agree with others that the VIN can be sent w/o any issues, but not the title. Do you really want to take a chance that would cause you to have your car essentially stolen from you?
I also would not trust any information the guy gives you on who to contact at a bank.
------------------ -Chris '85 V6 SE 4sp (SOLD) '88 GT - Series 3 SC3800 w/ 3.5" pulley, 1.8" rockers, 3" exhaust, 3.5" intake, 3.29 gearing. Installed and tuned by Sinister Performance '99 Kawasaki Vulcan 500, owned since new '09 G37x Sedan w/ Premium & Nav (wife's car) '13 G37xS Sedan (new daily driver) '14 Yamaha FJR - 0-60 in 2.8s w/ 34MPG!!!
I think it's OK. I told the person that I'd send the title to the bank and he forwarded me an email from SunTrust/LightStream with a toll free fax number and a reference number. I faxed the title directly to them.
Even with a cashiers or bank check, I'd go to SunTrust with him, sign over the title and cash the check. You should be able to sit down before the loan officer with the buyer and make the transaction. The reason is that if it turns out to be a bogus check and you deposit it to your account, it may not be denied for a length of time. By that time your car is gone, put in a shipping container and sent to Germany and you're on the hook to return the money to the bank.
I'm just guessing here but I'm thinking fierofool you had a transaction go sour? Don't know if the buyer is close to seller for distance or it's being done via mail. Yellowstone could take the money via wire from the bank or with bank money order in hand verify it to be bona fide by calling the bank.
I personally haven't had a bad deal, but news stories around Atlanta are rampant with robberies, test drives where the car never comes back, cars stolen after someone test drove but didn't buy. A former employer had a truck for sale. Two men came from Alabama, drove the truck but didn't buy. That night it was stolen and never recovered. The police surmised the men duplicated a key while test driving it.
Another man whom we built a Kelmark GT for lost the car when a kid came to test drive it. He was caught with the car 4 days later, planning to take it with him to his Air Force assignment.
The closest personal experience is with my brother's car that I mentioned above.
Nationally syndicted consumer advocate and adviser Clark Howard strongly suggests making major transactions such as private car sales, at a secure location such as a bank or police station and never bring them to your home or tell them your home address or home phone number.
Yellowstone's car is a big part of this community and I'm sure many feel a smidgen of ownership. I'd hate to see it Gone In 60 Seconds.
No form of electronic payment is foolproof. Days or weeks later the payment can be reversed for any reason and your car has just been stolen. The fax number, bank officer all could be part of the scam. I hope I'm wrong, but I wouldn't sell my car to someone unless I met them face to face and did the deal at my bank.
Banks don't usually make secured loans on 20+ year old cars anyway. Maybe SunTrust does , but usually they don't value the car as highly as the selling price and they insist on an unsecured loan which means they don't need the title.
Even better to have the money go into Escrow and then after a couple of weeks if the check hasn't bounced then I would sign the title over. But that's just me.
I really am nervous about this deal.
[This message has been edited by jscott1 (edited 10-01-2015).]
I will meet the buyer face to face when he comes down to Miami to look at the car in person. He ended up getting a loan approval from another lender, specializing in in collector/classic cars (Woodside Credit). I got the contact details of the loan officer and have spoken to them today to verify. They said that the loan approval is accurate and that once the deal is done, they will wire transfer the funds to me and, upon receipt, I will mail the title to them. They seem like a legit company to me... http://www.woodsidecredit.com/
quote
Originally posted by jscott1:
I hope this deal goes through without any issues.
No form of electronic payment is foolproof. Days or weeks later the payment can be reversed for any reason and your car has just been stolen. The fax number, bank officer all could be part of the scam. I hope I'm wrong, but I wouldn't sell my car to someone unless I met them face to face and did the deal at my bank.
Banks don't usually make secured loans on 20+ year old cars anyway. Maybe SunTrust does , but usually they don't value the car as highly as the selling price and they insist on an unsecured loan which means they don't need the title.
Even better to have the money go into Escrow and then after a couple of weeks if the check hasn't bounced then I would sign the title over. But that's just me.
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Their website has only been registered since 2013...so it is fairly new.
Call Barrett-Jackson and verify...just to be safe!
[This message has been edited by TXOPIE (edited 10-01-2015).]
I had a similar situation last year. I sold a Trailblazer to someone several hours away. Seemed like his credit union needed a photocopy of the title. He put me in touch with the lender. Once I had a phone number, I Googled it and verified that it actually did belong to a lending institution. Then I Googled the name of the lending institution to make sure there were a couple of entries in the search engine (and at least one working website) and no outstanding complaints. A valid web presence is (IMHO) more trouble than most scammers are likely going to go to, or be capable of.
Good luck with your sale.
[This message has been edited by Raydar (edited 10-01-2015).]
Woodside Credit is exclusively endorsed by Barrett-Jackson to provide collector car financing. The Barrett-Jackson team recognizes the powerful benefits their customers can enjoy with the Woodside program. Today, every Barrett-Jackson auction highlights Woodside’s lowest payment live on the block! With each bid the Woodside payment is instantly updated. View the demo below. You will find us in person at each auction (Scottsdale, West Palm Beach, Reno, Las Vegas) or at www.barrett-jackson.com. The next step is easy. Get Pre-Approved Today!
Their website has only been registered since 2013...so it is fairly new.
Call Barrett-Jackson and verify...just to be safe!
The Barrett-Jackson also links to Woodside under "Finance"...
I also googled the buyer (he said he's a lurker here on PFF so maybe I should say "hi" :-) and there are LinkedIn, Facebook, Twitter profiles and lots of info including pictures and other corroborating information.
I will meet the buyer face to face when he comes down to Miami to look at the car in person. He ended up getting a loan approval from another lender, specializing in in collector/classic cars (Woodside Credit). I got the contact details of the loan officer and have spoken to them today to verify. They said that the loan approval is accurate and that once the deal is done, they will wire transfer the funds to me and, upon receipt, I will mail the title to them. They seem like a legit company to me... http://www.woodsidecredit.com/
Glad that everything is checking out. It shows you how much we care that we are nervous about the deal. We don't want to see anyone be taken advantage of, but it's sounding like it's a legitimate deal. I did expect financing would be an issue, because the value of a classic car is not easily determined but sounds like that was worked out as well.
As I'm meeting the buyer next week, I'm preparing the paperwork.
I'd like to include some wording in the sales contract that the vehicle has been highly modified with non-stock parts including major modifications to engine, exhaust, brakes, suspension, body, emission control systems, ECM etc. and that the car may not be compliant with regulations in some jurisdictions or even street legal and that there's no representation of warranty or proper functionality beyond what the buyer sees when inspecting the vehicle (as-is). Also, that I'm not liable for any injury or other loss that may be the result of any of those modifications failing or not functioning as intended.
Does someone have (or know of) a sample legal text that says that and that I could use?
Thanks!
[This message has been edited by yellowstone (edited 10-07-2015).]
I'd like to include some wording... that I'm not liable for any injury or other loss that may be the result of any of those modifications failing or not functioning as intended.
I'm not a lawyer either but if you write up a bill of sales just put in big letters, "AS-IS" Most jurisdictions would recognize that a private sale auto sold as-is would not have a warranty of any kind and could turn to dust 5 seconds after the sale and you are not liable.
I'm not connected with this site but a google search turned up some free examples
If I was purchasing the car I would back out with that detailed of a disclaimer. If it just said, vehicle being sold as-is, is licensable in Florida, but modifications not guaranteed to meet other state standards, then I would still buy it. Because that Instills some level of integrity with what you have done and just clarifies you did it according to FL standards. The larger disclaimer eliminates my expectation of integrity. Anyone buying a 30 year old highly modified vehicle already comes with certain expectations of potential issues.
It's a great car, don't make the disclaimer sound like it isn't.
Just my opinion.
[This message has been edited by alcazar88 (edited 10-07-2015).]
Considering that Florida doesn't have annual vehicle inspections, a lot of stuff that is legal in Florida won't pass in stricter states. Mostly emissions stuff. This is hypothetical, but most buyers would understand that if your e-brake is missing, no cat converter, no ERG valve, etc that the car won't be street legal in other states. Yeah I would just say "as-is" and if they want to take it to another state they are on their own.