Craigslist scam buyer? - Chevelle Tech
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post #1 of 42 (permalink) Old Jul 16th, 20, 5:11 AM Thread Starter
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Gene
 
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Craigslist scam buyer?

Have a car up for sale on CL, have this potential buyer from 100's of miles away who says he will pay the asking price. First off that's a bit odd, usually buyers offer what they will pay after actually seeing the car. Wants to pay for the car with what works out to be ~54% cash and the rest a Classic car loan. I assume with a bank check from one of these classic car loan lenders. Says he has already secured the loan and griping that I will accept cash only. It sounds like a scam to me. Guy gives some cash to make it look like he's serious, also gives me a bogus bank check and then expects me to sign over the car, then I wait weeks for this check to clear only to find out my bank tells me it's a fraudulent check...

Question: Has anyone ever sold a car where the buyer partially pays with a classic car loan? Do these lenders not give the potential buyer cash? they only hand out a bank check?

I'm not moving off my cash only stance, just wondering if this is a legit way of selling cars these days, and how the whole private seller/classic car loan is supposed to work.

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post #2 of 42 (permalink) Old Jul 16th, 20, 6:46 AM
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Re: Craigslist scam buyer?

You can call you bank and run through the soecificas of the offer and see if there is a way for them to verify the check and guarantee the money won’t be reversed out of your account.

Ultimately, it’s your car, you set the terms.

Steve R
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post #3 of 42 (permalink) Old Jul 16th, 20, 6:51 AM
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Re: Craigslist scam buyer?

Gene,
I have never sold a car that I didn’t get cash. I’m thinking it’s a scam. How could he get a pre approved check? Who would that check be made out to? The lender is not going to hand out cash. Most lenders would hold the title till the loan is repaid therefore information to a particular vehicle would need to be provided to the lender ahead of time.
Of course never having done so I am assuming all the above. One thing I do know is Craigslist is a playground for scammers and those with nothing better to do.
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post #4 of 42 (permalink) Old Jul 16th, 20, 6:55 AM Thread Starter
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Gene
 
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Re: Craigslist scam buyer?

Yeah he never asked for any information, just said "hey I got the money from a classic car lender, I'm good to go".

Seems like a scam to me...
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post #5 of 42 (permalink) Old Jul 16th, 20, 7:52 AM
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Re: Craigslist scam buyer?

Quote:
Originally Posted by ETD66SS View Post
Question: Has anyone ever sold a car where the buyer partially pays with a classic car loan? Do these lenders not give the potential buyer cash? they only hand out a bank check?

I'm not moving off my cash only stance, just wondering if this is a legit way of selling cars these days, and how the whole private seller/classic car loan is supposed to work.
I did that once several years ago with a very nice 1965 Malibu SS convertible but the car did not get shipped until the check cleared. The lender did call me requesting certain information (and assurance they would be the lien holder on the title) about the car which I provided so all went smoothly. Wish I had the car back now!

Your potential buyer certainly seems deceptive. Beware!!!

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post #6 of 42 (permalink) Old Jul 16th, 20, 8:03 AM
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Re: Craigslist scam buyer?

What (or who) is issuing the classic car loan? When selling cars in the past I deal in only cash transactions if I don't know the buyer or a cashiers check/money order if I know the buyer. Don't deviate from your stance.
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post #7 of 42 (permalink) Old Jul 16th, 20, 8:19 AM
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Re: Craigslist scam buyer?

A real lender would be wanting to make sure they were lien holder on the title. There would have to be a way to ensure their position would be protected. I've seen drafts used for that purpose.

That said, I smell a rat. I have never personally sold a car for anything but cash. This guy hasn't even seen the car, right? I suspect you are not selling a cheap parts car or a rolling project. There's a lot of money involved (yours). Protect yourself.

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post #8 of 42 (permalink) Old Jul 16th, 20, 8:59 AM Thread Starter
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Gene
 
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Re: Craigslist scam buyer?

Quote:
Originally Posted by busterwivell View Post
A real lender would be wanting to make sure they were lien holder on the title. There would have to be a way to ensure their position would be protected. I've seen drafts used for that purpose.

That said, I smell a rat. I have never personally sold a car for anything but cash. This guy hasn't even seen the car, right? I suspect you are not selling a cheap parts car or a rolling project. There's a lot of money involved (yours). Protect yourself.
Yeah, from my research, the lender would have gotten ahold of me before issuing the loan to get the cars' information. That never happened. I believe this guy is thinking he can stiff me with a bogus loan check.

My take on it is, a serious buyer will have cash, so that's all I will accept.
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post #9 of 42 (permalink) Old Jul 16th, 20, 9:10 AM
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Re: Craigslist scam buyer?

Well, I’ve financed a couple of cars through Navy Federal CU where they have sent me a check for an amount not to exceed and I’ve filled in the payee and amount info.

Granted these have been on new car purchases, but it’s not unheard of to get a pre-approved check. There’s always been followup paperwork though.

It’s a nice negotiating tool to walk into a dealer with a check not to exceed $80K...


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post #10 of 42 (permalink) Old Jul 16th, 20, 9:24 AM
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Re: Craigslist scam buyer?

Did it once. Guy flew in. Had a bank check. Took it and him to the bank. Once there the bank made phone calls and told me it was good to go.
All paperwork was handled there.


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post #11 of 42 (permalink) Old Jul 16th, 20, 10:01 AM
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Re: Craigslist scam buyer?

I wouldnt even start to get into a potential mess.
Or, tell him cash only. I dont care how you are borrowing money, but its 100% cash in my hand only, if the car leaves my possession.
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post #12 of 42 (permalink) Old Jul 16th, 20, 10:06 AM
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Re: Craigslist scam buyer?

I bought my '71 with a classic car loan. I had to pay a certain amount down in cash to the seller, which I did. The seller had to provide a receipt for that amount to the lender, who then provided a check for the rest. I'm not sure I ever actually saw the check. I wish I could remember the details better, but I know the lender required me to have one of those quickie car inspections done, basically to verify the car wasn't a pile of junk, started and went into gear, didn't smoke a ton, etc. The transaction went very smoothly.

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post #13 of 42 (permalink) Old Jul 16th, 20, 10:21 AM
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Re: Craigslist scam buyer?

I agree with the comments stating that if it was a classic car loan, the bank would be involved. They would want the title and wouldn’t hand out a loan check without it.
I sold a Harley to a guy who was getting a loan and we went to bank together. No big deal.

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post #14 of 42 (permalink) Old Jul 16th, 20, 10:29 AM
Matthew
 
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Re: Craigslist scam buyer?

Quote:
Originally Posted by Slick87gn View Post
Did it once. Guy flew in. Had a bank check. Took it and him to the bank. Once there the bank made phone calls and told me it was good to go.
All paperwork was handled there.
This right here. You can call the lending agency yourself to verify the validity of the bank check, but it would be a lot easier and safer to have you take him to your bank with you and have your bank verify the validity. If there is a bank phone number on the check, don't call that one. The check, the phone number, and the person on the other end of the phone can all be fraudulent. Google the agency, find that number, and then call that number. With that said, cash is always king. So if you're not comfortable with the deal he wants, then you're not comfortable, and there's no harm in waiting for an all-cash buyer.
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post #15 of 42 (permalink) Old Jul 16th, 20, 12:41 PM
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Re: Craigslist scam buyer?

I'd be careful even with the guy carrying a stack of $100 bills... The last one I sold the buyer gave me a stack of $100's and I started to count them... He kept talking to me as I was counting them. He stopped and said, are you going to count them? I said yep... he turned to his wife who never got out of the truck they drove and said you better give me that $100... he's counting them.
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