Never dealt in anything but cash.
Guy is purchasing my car with a loan. Bank requested my Name/Address/Phone #, Vehicle's Year/Make/Model, VIN, and a Scan of the Title.
Guy already knows where I live, that's not an issue. It just seems a bit odd. Possibly I am over-thinking the situation? I have only ever dealt in cash, so this is a new thing for me.
Not to mention, I think it's a bit odd taking out a loan for a $4000 car, but who am I to question a guy's financial situation?
When I was looking at a privately purchased car that would require financing a couple of years ago, that was pretty much what my local credit union wanted to see, too.
I guess one simple suggestion would be just to deal with the buyer's bank directly regarding the details and the documents.
I can't afford a $4000 car. Sounds about right. So their getting a view of the title? Sounds legit
I would always suggest over-thinking. Better than under-thinking. That's right. I over-thought what I was gonna say.
BoxheadTim wrote: I guess one simple suggestion would be just to deal with the buyer's bank directly regarding the details and the documents.
I asked for the bank's Fax #. Felt that would eliminate any headaches. If it's good enough for HIPAA, it's good enough for me.
I don't really question needing a loan on a $4000 car, but the bank's willingness to give such a loan on a 98 Neon. Weirder things have happened.
My CU wanted the same when I bought the Vic. The owner was nice enough to sign a couple papers and bring his documentation then drop the car off at my folks' house.
The bank is gonna make a killing on your neon. 
N Sperlo wrote: The bank is gonna make a killing on your neon.
If it get's repo'd, I want first shot at a buy back.
Actually, I'm starting to regret it (selling the car) a bit. That's for another thread, however.
Seems reasonable. The bank probably wants to run some checks to validate that they're not loaning this guy money to buy a stolen car.
Ran across the same situation when I was selling my IS300 earlier this year.
By the time the guy got approval and a check from his credit union the car was sold though. So if it was a scam, it's the new owner's problem
Mazda787b wrote:N Sperlo wrote: The bank is gonna make a killing on your neon.When it get's repo'd, I want first shot at a buy back.
FTFY
Wow, a bank that's going to loan $4K on a 15 year old car.....it's 2007 all over again.
Please give us the name of this bank, if they are making loans like this, they must be rolling in dough / have a great stock.
What's odd to me is taking out a CAR loan to pay for a $4k car. I took out a couple thousand dollar loan to cover the gap in available funds to buy a car once, and it worked out that a 9.9% unsecured personal loan was actually less that half the total cost compared to a 5.9% used car loan, because of the title and origination fees associated with the car loan. This was not even considering the cost to carry collision coverage on a car with an outstanding lien.
I once took out a $4k loan for a car, but that was in 1998, for a 1988 model year car. The bank treated it as an unsecured personal loan. I paid it off 6 months ahead of schedule, and financially it worked out well. The car itself, not so well....
It very well could be a personal loan for all I know, just using the car as collateral possibly?
I agree with you on the insurance thing. What's the point for a track car, especially a "disposable" one? It's not like you'd get your money out of it when the parts are worth significantly more than the vehicle itself.
The buyer is a pretty nice guy, I just wanted to see if this seemed legit. Doesn't matter, as long as I get the money. If anyone recalls my thread from a few weeks ago, this has been a lot less of a pain in the ass than the guy who wanted to come from Nova Scotia and pay via bank transfer.
Now the weather just needs to stay nice through the end of October so I can get some quality Z06 time in. 
Mazda787b wrote:N Sperlo wrote: The bank is gonna make a killing on your neon.If it get's repo'd, I want first shot at a buy back. Actually, I'm starting to regret it (selling the car) a bit. That's for another thread, however.
Tell him that you want first shot when/if he sells it, and you might if it does.
Call the bank, talk to a loan officer.
seems legit to me ... not everyone has $4000 just lying around ... the part that seems a bit hinky to me is getting the loan based on the car as opposed to a personal loan
like someone else mentioned, a car loan requires collision ins.
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