I’m selling my car as I’m relocating and plan to upgrade in the new location. I offered the car for a deep discount due to short turn around time. I had multiple offers and went with the buyer (X) who had best offer. Mr. X’s loan application is delayed due to address verification issues. It May take 2-3 weeks before it is sorted. I need to leave in 4 days. Mr. X is suggesting that he will pay me in cash, by borrowing from friend, and take the car before I leave. But, (a) He will continue to pursue loan from bank. Once approved, he will deposit that as well in my account and I should transfer back cash to him. (b) He will take his own insurance policy on the car (c) He seems to be fine with me submitting a vehicle transfer notice to DMV as he would then have 30 days for transfer of ownership. He can then pursue his loan application during this period. (d) He wants my number plates until he is able to transfer ownership. The number plates are registered to me, so I'm ideally supposed to distroy them after the transfer. (e) His driving license expires in 6 days as his VISA expires as well. He expects to receive VISA extension in around 10 days, post which he will renew his license. Is this a risky scenario or is it a reasonable deal ? Other points to note: (f) Mr. X is extremely interested in my car and the deal. He already paid $500 advance to me, post which I marked the car as sold (g) He is fairly honest but obviously not very sincere in terms of following rules (h) I now have other buyers who are willing to pay almost the same price in whole cash. It's smart to sell to those buyers but Mr. X was literally begging to give it to him. So, I am being kind and patient with him .
I have never seen so many complications in a car selling process. You are making a terrible mistake. You are already selling the car for a deep discount. Accept the highest CASH offer. Don't let someone drive on your plates. Especially someone who might have to leave the country at any time, has no cash and is obviously trying to get what he wants by saying please. Return his $500, apologize but explain that this is too much of a hassle. Accept the next highest CASH bid.
Just go sell it at carmax or carvana and be done with it
Nope. Nope. Nope. Nope. Nope.
Scam.
Yeah go through CarMax or Carvana. If you owe on the car, they’ll pay majority of the loan and you just pay a less portion and you’ll be free. You won’t make money off of it, but it’ll be free of your name and credit score will go up. I still owe on my car and Carvana was gonna pay $14k and I just had to pay $3.8k. I have a New Jeep model. Buddy in the story sounds sketchy.
Why don’t you search with the sentences from his exact texts/email on the internet and am sure you will find them somewhere else as well. Looks like a scam. The more complicated a transaction looks - like first give cash, then apply for loan, once loan approved, send cash back...blah blah blah...it’s obviously a scam!
You fell for a scam Good job amazon 😂😂😂
It takes maybe 2 hours to get a car loan.
The guy is 419. Run. Run. Run.
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Dude, selling a house is not that complicated.