Soothe my Paranoid Mind
July 19, 2010 7:19 PM Subscribe
Selling my car privately: Do I HAVE to mail Bank of America my blank pink slip?
As you just read, I'm selling my car privately. I found a buyer, but he's getting a loan from Bank of America to pay me for it. According to him, and to the loan officer, I am supposed to mail my blank title (aka pink slip) to the B of A loan office BEFORE they cut me the check, bundled with the other loan documents. Supposedly, this is so the bank can fill out the transfer form themselves.
I have been searching online for a way to verify that this is in fact the process they use. Google has been totally useless, so I thought I'd ask you all before going through with it.
First, do any of you know for a fact that this is their process for giving auto loans in private-party sales? They say it's because private sellers have repeatedly failed to provide the title. I detest being preemptively regarded as a schmuck, but there you have it.
To verify this, I plan on calling the auto loan office tomorrow morning during business hours. However, my dim view of humanity gives me a nagging feeling that the yutz on the phone won't have a clue what I'm talking about, out of sheer ineptitude.
Second, if I mail my title form off, without a signature or anything on it, is there any way that could be used against me by malicious entities?
And lastly, how do I make sure that when we mail off these documents, they're actually going to B of A and not some phony address that goes right back to the buyer (if the buyer is indeed a flim-flammer)?
As you can see, I'm highly paranoid about this. All was roses until I heard I'd have to mail the pink slip.
Just a few other small notes:
I googled the buyer's name and his work homepage came up, with a picture that matched.
He gave me the number of his loan officer. It reached the Bank of America E-lending center. She backed up the story, so that at least checked out. The only thing there is that when I went to this page:
http://www.bankofamerica.com/contact/?statecheck=CA
it provided a different number. Probably means nothing.
Anyway, thanks for reading my paranoid ramblings.
As you just read, I'm selling my car privately. I found a buyer, but he's getting a loan from Bank of America to pay me for it. According to him, and to the loan officer, I am supposed to mail my blank title (aka pink slip) to the B of A loan office BEFORE they cut me the check, bundled with the other loan documents. Supposedly, this is so the bank can fill out the transfer form themselves.
I have been searching online for a way to verify that this is in fact the process they use. Google has been totally useless, so I thought I'd ask you all before going through with it.
First, do any of you know for a fact that this is their process for giving auto loans in private-party sales? They say it's because private sellers have repeatedly failed to provide the title. I detest being preemptively regarded as a schmuck, but there you have it.
To verify this, I plan on calling the auto loan office tomorrow morning during business hours. However, my dim view of humanity gives me a nagging feeling that the yutz on the phone won't have a clue what I'm talking about, out of sheer ineptitude.
Second, if I mail my title form off, without a signature or anything on it, is there any way that could be used against me by malicious entities?
And lastly, how do I make sure that when we mail off these documents, they're actually going to B of A and not some phony address that goes right back to the buyer (if the buyer is indeed a flim-flammer)?
As you can see, I'm highly paranoid about this. All was roses until I heard I'd have to mail the pink slip.
Just a few other small notes:
I googled the buyer's name and his work homepage came up, with a picture that matched.
He gave me the number of his loan officer. It reached the Bank of America E-lending center. She backed up the story, so that at least checked out. The only thing there is that when I went to this page:
http://www.bankofamerica.com/contact/?statecheck=CA
it provided a different number. Probably means nothing.
Anyway, thanks for reading my paranoid ramblings.
Well, I've never dealt with B of A. But last year, when we almost bought a car off a friend of ours and financed it through our credit union, the loan rep said that we all needed to come in to the office together to sign the paperwork.
So it doesn't surprise me, I guess. Could you check and see if you can go into a local branch rather than mail the title somewhere?
posted by cabingirl at 7:44 PM on July 19, 2010
So it doesn't surprise me, I guess. Could you check and see if you can go into a local branch rather than mail the title somewhere?
posted by cabingirl at 7:44 PM on July 19, 2010
Best answer: I don't have an answer for you, and I'm not speaking on behalf of BofA. But if you want to avoid any fraud issues, be sure to go to www.bankofamerica.com, call the number there, and get a mailing address that way. Send it FedEx Overnight (or something similarly trustworthy) to the address that BofA gives you.
The worst case is that BofA ends up with paperwork they don't need, and they send it back to you.
(The general rule for authenticating financial institutions is to call them, instead of having them call you. It will take a bit of navigation through the phone tree, but it ensures that you end up talking to someone that at least works there. Those people will probably not be trying to steal your car from you.)
posted by jrockway at 8:25 PM on July 19, 2010
The worst case is that BofA ends up with paperwork they don't need, and they send it back to you.
(The general rule for authenticating financial institutions is to call them, instead of having them call you. It will take a bit of navigation through the phone tree, but it ensures that you end up talking to someone that at least works there. Those people will probably not be trying to steal your car from you.)
posted by jrockway at 8:25 PM on July 19, 2010
First off, if you're uncomfortable, find another buyer. You don't have to sell to this person. If not a little fishy, it's certainly a hassle.
If you do go through with it, don't give the car or the keys to the buyer until you get your check. They'll have to trust you not to swindle them... just like you're trusting them.
Good luck!
posted by herrtodd at 8:51 PM on July 19, 2010
If you do go through with it, don't give the car or the keys to the buyer until you get your check. They'll have to trust you not to swindle them... just like you're trusting them.
Good luck!
posted by herrtodd at 8:51 PM on July 19, 2010
Could you arrange to meet the loan officer in person with the buyer and take care of everything at that meeting? That way the documents don't leave your possession until the time of sale.
It is your car. Make the buyer do what you want. If he can't complete the sale in a way that makes you feel secure, then find another buyer.
posted by twblalock at 9:12 PM on July 19, 2010 [1 favorite]
It is your car. Make the buyer do what you want. If he can't complete the sale in a way that makes you feel secure, then find another buyer.
posted by twblalock at 9:12 PM on July 19, 2010 [1 favorite]
Response by poster: Thanks to all of you so far. Quick clarification:
I am naturally not going to give up the vehicle until the check is cashed. However, here is my question: In what way would I be exposed to harm by mailing off my title? Obviously, if it really is to the bank, none at all. But let's say hypothetically that a malefactor got ahold of the title form, what could they really do with it to harm my interests? Obviously, if I still have the car, and it was a scam, they can't legally challenge my ownership or extract any value from me, can they?
posted by Doctor Suarez at 9:34 PM on July 19, 2010
I am naturally not going to give up the vehicle until the check is cashed. However, here is my question: In what way would I be exposed to harm by mailing off my title? Obviously, if it really is to the bank, none at all. But let's say hypothetically that a malefactor got ahold of the title form, what could they really do with it to harm my interests? Obviously, if I still have the car, and it was a scam, they can't legally challenge my ownership or extract any value from me, can they?
posted by Doctor Suarez at 9:34 PM on July 19, 2010
If you do send it, don't use fedex, use USPS Registered Mail with return receipt. Registered Mail is pretty dang secure.
posted by An algorithmic dog at 11:27 PM on July 19, 2010
posted by An algorithmic dog at 11:27 PM on July 19, 2010
Also for whatever it is worth this is not necessarily scammy... BoA can do some pretty stupid, bureaucratic, and quite frankly insecure crap, and this wouldn't surprise me at all. I'd see if there was a way you could go in and do it together at the branch though. If you try to talk to Bank of America yourself over the phone tree you are walking into a special kind of hell. Definitely call their number from their website and verify that this is the procedure though.
posted by An algorithmic dog at 11:30 PM on July 19, 2010
posted by An algorithmic dog at 11:30 PM on July 19, 2010
Worst case scenario:
They forge your signature as seller, get a new title and registration from the DMV, and then steal/tow the car out of your driveway. Or they impersonate you and use the title as collateral on a loan in your name.
I'm surprised that BofA wants the pink slip in advance. I can think of one reason why they might, which is to ensure there aren't any outstanding liens on the vehicle. But if my local pick 'n pull shop has a DMV terminal for lien/title searches, BofA's auto loan department should have the same thing.
Let us know how it works out!
posted by herrtodd at 12:28 AM on July 20, 2010
They forge your signature as seller, get a new title and registration from the DMV, and then steal/tow the car out of your driveway. Or they impersonate you and use the title as collateral on a loan in your name.
I'm surprised that BofA wants the pink slip in advance. I can think of one reason why they might, which is to ensure there aren't any outstanding liens on the vehicle. But if my local pick 'n pull shop has a DMV terminal for lien/title searches, BofA's auto loan department should have the same thing.
Let us know how it works out!
posted by herrtodd at 12:28 AM on July 20, 2010
Having just bought a car, albeit from a dealer, this doesn't sound odd to me at all. If the buyer got a normal auto loan, i.e. a loan secured by the car itself, then you're not supposed to just sign the title over to the buyer the way you would if it were a cash sale. The buyer won't own the car until the loan is paid off. Until then, the bank keeps the title.
In the case of my recent car purchase, we first paid the dealer the cash down payment part of the price. The dealer then faxed the sales contract, showing the amount of the down payment, to my credit union. The CU then faxed back some sort of approval letter, and the dealer let us take the car. The letter told the dealer where they had to deliver the title in order to receive the remaining balance (our car loan money) they were owed. The letter faxed to the dealer by the credit union gave an address to which the title could be mailed / FedEx'ed / delivered by courier. The credit union officer who sold us our loan told me that most dealers just send a courier to deliver the title and pick up the check in person.
posted by jon1270 at 3:56 AM on July 20, 2010
In the case of my recent car purchase, we first paid the dealer the cash down payment part of the price. The dealer then faxed the sales contract, showing the amount of the down payment, to my credit union. The CU then faxed back some sort of approval letter, and the dealer let us take the car. The letter told the dealer where they had to deliver the title in order to receive the remaining balance (our car loan money) they were owed. The letter faxed to the dealer by the credit union gave an address to which the title could be mailed / FedEx'ed / delivered by courier. The credit union officer who sold us our loan told me that most dealers just send a courier to deliver the title and pick up the check in person.
posted by jon1270 at 3:56 AM on July 20, 2010
Response by poster: Quick update: I called Bank of America through my own channels and it appears that the buyer is legit. Bank of America had his file on hand and walked me through the process. They were shockingly competent about the whole thing, so for your future reference, this is how it goes.
As of now, my only regret is not going with a cash-in-hand buyer, because I'd already be buying my shiny new car by now, instead of having to wait for the cash. Still, he's a nice guy trying to do things the right way, so I shouldn't be too much of a grouch.
posted by Doctor Suarez at 9:03 AM on July 20, 2010
As of now, my only regret is not going with a cash-in-hand buyer, because I'd already be buying my shiny new car by now, instead of having to wait for the cash. Still, he's a nice guy trying to do things the right way, so I shouldn't be too much of a grouch.
posted by Doctor Suarez at 9:03 AM on July 20, 2010
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posted by 517 at 7:36 PM on July 19, 2010