guy wants to buy my '65 A Code... with Capitol One Blank Check?

[plainsmen]

So I'm selling my mustang if this guy's offer is legit. My mustang is a '65 A Code... pictured here
http://s36.photobucket.com/albums/e11/plainsmouse/1965%20Mustang/ 2 Pages

He's been emailing me for a couple days asking questions.

I bought the vehicle earlier this year from the original owner. I would like to "make it mine" by changing the color and interior but I just can't bring myself to do it because of the originality. Soaring, others, and I had a few thread debates on this earlier this year.

He's agreed to pay the asking price and asked if I'd be willing to let him pay with a Capitol One Blank Check.

Here's the page he referred me to for FAQ

http://www.capitalone.com/autoloans/blank-check/faq.php?linkid=WWW_Z_Z_Z_BCHW_H2_03_T_BCFAQ

I remember looking at these guys when I was shopping for my mustang, but I found their rates weren't the best I could get so I didn't use them.

If it's legit I'm willing to do it, but how should I go about it so I don't get scammed? I currently still owe around 5k for the vehicle from a credit union. So he wouldn't get the title right away, but a bill of sale and he and I could go down to the dmv and get a temp permit.

Anyone familiar with any type of scam using capitol one blank checks? How should I go about making the transfer? Should I have him leave me the check and then make him wait to take the vehicle a couple days to make absolutely sure it clears? He's about 4 hours away so I'm sure when he comes to test drive he'll want to take it right then. Also.. I'd want him to take it right then as well as I know about "buyers remorse" and the NOW is when you want someone to take stuff they're financing while the "stuff" factor is fully on.

What do you guys think?

 

[mstngjoe]

I would not release the car or the title until a check cleared. ANY CHECK!

And I would guess if your bank holds the title.....they won't either.

An honest and reasonable buyer will realize this.

 

[StangDreamin']

If the Credit Union holds the lien on your car; you don't get much choice in the matter. If the check doesn't clear, your payoff of the loan is gonna bounce. If you can't come up with the remainder (plus the service fees on a hot check), the CU can repo the car based on your bad check to payoff the loan.

The upside of this is that the other guy doesn't get the car; the downside is that you don't, either. The credit union will be the proud new owner of a '65 a-code coupe.

Of course, you can always explain that to the buyer.....

 

[plainsmen]

I would not release the car or the title until a check cleared. ANY CHECK!

And I would guess if your bank holds the title.....they won't either.

An honest and reasonable buyer will realize this.

Here's what I just replied to him:

I think we could do the Capital One Blank check. Would you be willing to allow 5 days for it to clear before you took possession of the mustang? Or could you cash the "blank check" for the amount and give me cash? That way you could maybe right it over for $200 or and pay for your license/registration and you wouldn't have to wait the time for the check to clear and take the vehicle right then?

I do ok ya think?

 

[plainsmen]

If the Credit Union holds the lien on your car; you don't get much choice in the matter. If the check doesn't clear, your payoff of the loan is gonna bounce. If you can't come up with the remainder (plus the service fees on a hot check), the CU can repo the car based on your bad check to payoff the loan.

The upside of this is that the other guy doesn't get the car; the downside is that you don't, either. The credit union will be the proud new owner of a '65 a-code coupe.

Of course, you can always explain that to the buyer.....

That makes a lot of sense. I'll explain that to the guy as well. He's seems to be chomping at the bit so I'm hoping he won't have a problem with waiting.

 

[BB1966]

You may want to check with your bank on that 5 days, the last one I did took 11 days!!!!!!!!

 

[plainsmen]

Uh oh

Hrmm... after reading some stuff online I don't know if the Capital One Blank Check will even work for us. Here's the reasons why:

went to an out-of-state Capital One approved independent dealer with my Blank Check, and was flat out turned down. Capital One requires proof that the vehicle has been re-titled with them as the sole lienholder PRIOR to paying the dealer. In practice, this means that the dealer must give the buyer the title before money has changed hands so they can have the title transferred into their name. My dealer refused to do this, and I don't blame them as it's an absurd requirement and potentially puts them at risk.

Also READ THIS: http://www.epinions.com/content_184950951556

That really sheds some light on the situation. I don't know how it would work if I don't even have a clear title until after I pay off my current loan.

 

[Max Power]

He can write a check to himself and get you cash or another type of check with the money. I get Descover card checks in the mail all the time. They are meant for buying off other cards, and quite often the rate is 4.9% for the life of the balance.

 

[65fastback2+2]

i got my mach with the capitol one blank check....everything worked out fine except they sent me a "for dealer" check first instead of one for "private seller"

The check number can be punched into their (capitol one) phone system and it will tell you the verified amount the check can be written up to.

To get money, you need to have drivers licenses, bill of sale and copy of title faxed to capitol one.

Verify the check amount...if it passes, take the check, give him the car and keep the title.

Just always make sure you have half of the car until the transaction is complete....either have the title, or the car.

 

[347Fastback]

I just used the Capitol One Blank Check program to purchase my 66 Fstback. Very nice loan program and they did not trip when I paid it off early. I also just used them to buy my wife's 04GT at 5.9 percent so they are good in my book!