Hello all, im in the process of selling my car and the buyer is going through an east coast credit union (hes from Maryland). I am from the west coast (california) and in order for me to get the money, the bank wants me to send the pink slip first before they give me money. my question is, how credable is this credit union? the credit union is APG Federal. http://www.apgfcu.com/ thats the website. hopefully some of you east coasters can give me some insight.

second question. even though i send them my pink slip, it still doesnt entitle them to my car unless i turn in my release form to the my DMV correct? what are some precautions that i can take?

thanks in advance

 

not sure how it works in cali, but i wouldn;t hand over anything until you get the $. protect yourself. if the buyer wants the car bad enough, they will figure out a way. good luck.

 

I have only heard of that union. I honestly know nothing about it. But they should only want the pink slip if there is a lean on the car is I am correct. Soo they should be able to find out without doin that if there is anyway.

Honesly I would talk to the guy some more, and tell him your not comfortable sending it, and if he wants it he needs to pay first. You will find another buyer fast enough.

 

thanks for the rely guys. anymore insight?

 

don't send anything until you get the money, unless you just want to give your car away.

 

When my GF's brother just recently bought a car and we had to give money before they could get the lean off the car. So in this case, tell him that he isn't getting the slip till you have at least a 50% downpayment.

I still wouldn't give mine up for thatmuch though. WAY to much at risk.

 

as long as you have the title, the car is still yours, even if the car is parked at the buyers house.

 

im not giving the pink slip directly to him. the pink slip is going straight to the credit union becuase he is taking out a loan. the bank wants the slip before they give me the cash

 

its up to you, i wouldnt deal with his bank directly, but through him instead. its his business if he wants the loan, why the heck are you involved?

 

thanks guys. anybody else have any experiences doing out of state transactions?

 

Never heard of such a thing. All three of my R's were either bought out of state, and all were definately sold to out of state buyers. In every case, money was presented before I gave anyone the title, including their respective credit unions/banks.

I know in some cases a credit union will require you to sign and have notorized a bill of sale/intent stating you are selling the vehicle for X amount with XYZ VIN to Z Buyer. So they are then able to issue the check and have the title handed over to the new buyer or sent directly to them (CU).

I would call and talk with both the loan officer and funding agent at the CU and see what their story is. Either get the info from the buyer, or have him/her use 3-way calling and get everybody on the line at the same time.

In no case would *I* hand over my title prior to getting payment in full.

BTW, I am located in Delaware. I haven't heard of the CU, but I dont spend much time in MD.

 

thanks for all the help guys. i worked something out with the loan company for them to send the money first