(Not available)For sale: 2020 CW type r. $38,000. Located in SoCal

[Tsong]

As far as Socal goes to his is a great price being at this mileage. Hope you get what you're asking. Beats the $5-10k more dealers are actually selling them here. When I was in the market a couple years ago it was hard to find one here used under $37k used and usually they had at least over 5k miles. Socal is even worse pricewise for the 2020s. High demand equals higher price. So GLWS. I would have bought it had I not had my current ride. I will pass this info on to people I know in the market for an R.

Thank you bro. I appreciate it.

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[chattanoogaR]

As I buy private party, and have done so several times, I would love the benefit of your knowledge and experience.

Perhaps instead of just stating my post is "invalid" (keeping in mind it is based on experience, COMPLETED private party transactions, both buying and selling), you could provide some real knowledge.

The ONLY way to mitigate the risk of buying a car private party where the title is not in hand, or if it is not a cash (direct customer to customer bank transaction) and requires financing, is to use an escrow service, which requires extra hassle and cost (the point I was making, that most people would like to avoid).

What you wrote was so off base that it did not really warrant responding to, but sure here you go:

The only thing that matters when buying a financed vehicle is that the lending institution is a legitimate one.

Once you verify this, receiving a signed bill of sale from said institution by mail or email is all that is needed to legally bind the agreement. (Before you ever send said institution a cent, you have the bill of sale in hand)

Where is the need for an escrow service? Where is the risk? There isn’t any more risk than any other transaction.

As someone who buys and sells 4-5 cars per year I can tell you it is extremely rare for someone to pay cash for a $30k+ vehicle, most people finance. Whether you are buying cars cash or financing them yourself, the risk of fraud is extremely low if you know what you are doing.

 

[turbociv910]

Pretty much none of this is valid but you are entitled to your opinion.

The vast majority of vehicles are financed, and there is absolutely zero risk in buying and selling financed vehicles.

yeah 100%. seller bank talks to buyers bank... the seller doesent own the car or ever see the title. their lein holder does all the work

 

['19Sport6Man]

What you wrote was so off base that it did not really warrant responding to, but sure here you go:

The only thing that matters when buying a financed vehicle is that the lending institution is a legitimate one.

Once you verify this, receiving a signed bill of sale from said institution by mail or email is all that is needed to legally bind the agreement. (Before you ever send said institution a cent, you have the bill of sale in hand)

Where is the need for an escrow service? Where is the risk? There isn’t any more risk than any other transaction.

As someone who buys and sells 4-5 cars per year I can tell you it is extremely rare for someone to pay cash for a $30k+ vehicle, most people finance. Whether you are buying cars cash or financing them yourself, the risk of fraud is extremely low if you know what you are doing.

Thanks for the snark.

If you sell 4-5 cars in year you are legally considered a dealer in many states, and the exemptions for sales tax don't apply in these states.


I tend to be very careful in transactions like this, so have done my due diligence, and what you said is incorrect. Perhaps you have been lucky.


Cashiers checks are easily forged, and WILL pass muster even if you meet the buyer at your bank - and will often not be caught until as much as two weeks later, at which time the buyer has had your car, a bill of sale, and a signed over title.

When I sold my 2017 Shelby GT350 I had several offers for buyers to show up with a cashiers check in hand. "Flashier cars like the Shelby, the Focus RS that I sold when I bought the Shelby, and the OP's CTR are the type of car that attract scammers - wouldn't expect as much when selling a 10 year old Camry.....
They were "ready to fly out and pick up the car as soon as tomorrow or this weekend". They all balked when asked to either do a direct bank transfer customer to customer (this is one of the safest methods for the seller, both parties need to have verified accounts at the same bank - not a problem for me in a half dozen transactions as I have accounts at 4 different banks). Once transferred the funds can NOT be reversed), or to have a cashiers check on a bank we are BOTH customers at, and to have it waiting to be "drawn" or printed up at the branch we meet at - THIS way the branch manager is verifying the funds, drawing the check, and depositing it in the sellers account (same protections apply to a bank draft or loan, if drawn AT the bank you are meeting at, and not just a nice looking check/draft brought by the seller in an envelope. Bank to bank wire transfers can also be reversed by the drawing party, within a several day period.

My transactional requests are not unusual, as I do the same thing for sellers, when I buy a car, and if they aren't aware of the risk of fake cashiers checks or reversed wire transfers, I recommend they consult with THEIR banks' manager - it has always worked out well with the selling party thanking me for showing them how to protect themselves from fraud.

As far as a bill of sale offering any protection? DA's have better things to do than go after someone who defrauds a private party out of a car, and the hassle and legal expenses to try to get your car back, which may either be thrashed or stripped, are nothing I would want to go through. "Legally binding" doesn't mean a lot in the real world, unless one IS an attorney and doesn't have to pay one to pursue or sue someone.

And you also either misunderstand how title transfers work, or your state DMV is different than mine.

When the lien is satisfied, the title goes to the person who was carrying the loan, NOT to the new buyer, and they must physically sign over the title to transfer it to the buyer. If the buyer has a loan/lien, is is then their responsiblity to send the title to their lien holder. This is no supposition. I thought I could circumvent this when buying the one used car that had a title in hand, and got a loan from my bank approved, and actually paid off the sellers lien with that loan, as there were some protections for me the buyer by doing it this way. But the title still went to the seller, who then met with me to sign it over (a month later). I sent it to my bank, and then paid off the loan in full, and the DMV generated a new title and mailed it to me.



My intent was to share my experience and knowledge, forum members, particularly the OP, are free to take from my posts what they may. Everything I have posted about these types of fund transfers is verifiable at their local bank branch, usually managers are more knowledgeable about these matters. Simply start the conversation with "what is the SAFEST way for me to do a funds transfer when selling private party"

 

['19Sport6Man]

yeah 100%. seller bank talks to buyers bank... the seller doesent own the car or ever see the title. their lein holder does all the work

Have you actually DONE this type of transaction?
Which state?
Details?

I assumed that would be the case, but it was not, at least not in my state. Was actually dismayed that the banks do not "talk to each other and handle the transaction". It is up to the individual to protect themselves, on either side of the transaction.

 

[chattanoogaR]

My intent was to share my experience and knowledge, forum members, particularly the OP, are free to take from my posts what they may.

No offense but you are extremely green, and have no idea what the hell you are talking about. Again, any legitimate financial institution handles 100's to 1000's of these cases per year, it is not rocket science to keep everyone protected. A bill of sale and documented proof of funds sent to said financial institution is all the protection one needs, any bank/lender in the world worth dealing with will send you both once a buyer and seller agree to the terms of a deal.

You have some sort of built up paranoia when it comes to purchasing vehicles and you are trying to pass your opinions/fears on as fact, they aren't.

The fact is the vast majority of vehicles especially the more expensive variety are financed, and it could not be easier to buy and sell them safely.

 

[Lostr]

Of course. The sellers mindset is that the buyer is being cheap. And the buyers mindset is that the seller is being too greedy. The fact that you can't sell it after a month should tell you something...

When i had it up for 34k.. i got lowballed 32500.. which was my minimum, Like i said at the beginning of my post, Father passed away and I'm having to take care of all the BS left behind.. (not that i can't afford this car) as its the cheapest car i actually own.. but I'm trying to get the rest of my extended family in a comfortable place...

now its 32500 because I'm just trying to chuck it... (mind you 92392 search within 500 miles on me) and you wont see a type R cheaper. in better or at same condition. You wont. point blank.

now because it's 32500 people have this mentality that its worth 32500 max without doing the research.. typical Craigslist / offer up scum.

I'll sell it to Vroom / carvana for 30500/31000 if I wanted what these 20 year old SI owning kids are offering me. less hassle, and they will pick it up from my driveway.

 

[Lostr]

What you wrote was so off base that it did not really warrant responding to,

you responded though? lol

 

['19Sport6Man]

No offense but you are extremely green, and have no idea what the hell you are talking about. Again, any legitimate financial institution handles 100's to 1000's of these cases per year, it is not rocket science to keep everyone protected. A bill of sale and documented proof of funds sent to said financial institution is all the protection one needs, any bank/lender in the world worth dealing with will send you both once a buyer and seller agree to the terms of a deal.

You have some sort of built up paranoia when it comes to purchasing vehicles and you are trying to pass your opinions/fears on as fact, they aren't.

The fact is the vast majority of vehicles especially the more expensive variety are financed, and it could not be easier to buy and sell them safely.

Again with the personal attacks.

Owning my own business for the last 2 decades, I have dealt with fraud and scammers, so I apply those lessons to automobile transactions.

Everything I posted about how the DMV works with title transfers is in fact based on my experience.

What YOU are posting is how I assumed it would be handled, but as stated I discovered that banks do NOT "talk to each other" and handle the title transfer when it is a private party person to person sale, whether or not a bank loan is being used by the buyer.


You have not refuted anything I have stated, other than to simply claim to know it all.

Being "green" on a forum does not mean one is inexperienced in financial matters. My advice is worth just as much, or as little, as the next guys. Readers are free to take it or leave it.

 

[turbociv910]

Have you actually DONE this type of transaction?
Which state?
Details?

I assumed that would be the case, but it was not, at least not in my state. Was actually dismayed that the banks do not "talk to each other and handle the transaction". It is up to the individual to protect themselves, on either side of the transaction.

NC


Yes, a few times for used cars ive bought where the owner has a lein.

get pre approved by my bank up to x amount
find car for sale
contact seller, check it out, agree to price
Contact my bank again, telling them the vin and whats coming down the pipe
provide seller my info and my bank reps info too
seller contacts his bank, his bank calls my bank for transaction
vin match
pay off his loan and he gets remaining balance (if any)
his bank releases title to my bank


Something along those lines, i haven't bought a second hand car in a while from someone with a lein on it

as a buyer, Why would i pay your loan off and you get the title and i hope you mail it to me? thats dumb

 

[chattanoogaR]

Being "green" on a forum does not mean one is inexperienced in financial matters. My advice is worth just as much, or as little, as the next guys. Readers are free to take it or leave it.

You are being a little overly sensitive here, stating you are “green” is not a “personal attack”.

Again, everything you posted is centralized around your personal feeling and has absolutely nothing to do with facts.
Private party transactions of financed vehicles can be 100% safe if you have the slightest idea of what you are doing.

 

[chattanoogaR]

you responded though? lol

I felt obligated due to the fact he’s spreading misinformation and could potentially turn buyers off for no good reason.

 

['19Sport6Man]

NC


Yes, a few times for used cars ive bought where the owner has a lein.

get pre approved by my bank up to x amount
find car for sale
contact seller, check it out, agree to price
Contact my bank again, telling them the vin and whats coming down the pipe
provide seller my info and my bank reps info too
seller contacts his bank, his bank calls my bank for transaction
vin match
pay off his loan and he gets remaining balance (if any)
his bank releases title to my bank


Something along those lines, i haven't bought a second hand car in a while from someone with a lein on it

as a buyer, Why would i pay your loan off and you get the title and i hope you mail it to me? thats dumb

Agree. It IS dumb. But that is how NV DMV works.

It was a particularly good deal, and I verified the sellers identity and address etc, but I had to wait for the bank to mail HIM the title, and then we met and he signed it over. The car sat in my garage for 6-weeks undriveable, as there isn't even a way to get a temp tag from NV DMV if you pay the vehicle off yourself.

I wasn't particularly worried about being scammed as the buyer, as I had the car, the keys, and a bill of sale from a person with a verifiable local address and place of employment.

IMO, it is when selling (as the OP is) that one must protect themselves against scammers - there are certainly plenty out there. What I posted about the ease to counterfeit a very real looking "cashiers check", and that a bank wire transfer is reversible by the buyer within a several day period is verifiable fact.

 

['19Sport6Man]

I felt obligated due to the fact he’s spreading misinformation and could potentially turn buyers off for no good reason.

The guy who joined the same month I did, has 40 more posts, calling others "green", and who gets upset and snarky when anyone posts something he doesn't agree with, while posting NO actual information or examples, but just claiming to be an expert who “sells 4-5 cars a year “. But you’re not a dealer. Right.

I've seen enough here.

OP - GLWS - if you have any questions about how to verify a potential buyer or protect yourself financially, feel free to PM me - I have no dog in this fight and was just offering up what I thought would be useful information in your particular situation.

 

[chattanoogaR]

The guy who joined the same month I did, has 40 more posts, calling others "green", and who gets upset and snarky when anyone posts something he doesn't agree with.

I've seen enough here.

OP - GLWS - if you have any questions about how to verify a potential buyer or protect yourself financially, feel free to PM me - I have no dog in this fight and was just offering up what I thought would be useful information in your particular situation.

Yeah my number of posts here definitely holds a good deal of weight.

Coming from a guy who drives a basic civic who once purchased a financed vehicle your opinion means less than nothing.

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