Listing a car for sale on ebay

[Buckeye]

The buyer is using an internet-based loan company called Road Loans. It all looks on the up and up at their website, www.roadloans.com. Would be nice to just go to a local credit union and get it done but I guess we are going web all the way here. 12 hours to sell, but three weeks to finish the deal! She is a Saturn owner who is passing her current Saturn that just hit 100k to her kid and she is taking the 'new' one.

I interpret the directions (below in italics) as I am sending the original title (I'm assuming signed over to the purchaser with the mileage and purchase price noted) off to Road Loans (and then they send to VINtek) before I get my money. Should I be concerned or does this all sound normal? The seller has agreed to put down a deposit and she acknowledges she is paying for the inspection. The car will still be in my possession until funds exchange hands so I guess that's what counts.

Congratulations on your loan approval, and thank you for choosing RoadLoans! We have a specialized team to work with our customers that are purchasing from a private party. This team works Monday-Friday from 8am-6pm CST. You may email us at p2p@roadloans.com or contact us toll free at 855-897-9700 or directly.

This process may take 10 to 15 business days to complete.

In order to complete the process purchasing from a private party, we will need the following information from the Buyer and the Seller.

The Buyer:
1. Vehicle year, make, model, Vehicle Identification Number and exact mileage and the selling price agreed upon by buyer and seller.
2. Vehicle needs to be a 2001 or newer. We will finance a vehicle with up to 100K miles; however, the higher mileage vehicles will reduce the term of the loan.
· under 60k miles = 72 months
· 60k-70k miles = 60 months
· 70k-90k miles = 48 months
· 90k-100k miles = 36 months

The Seller:
1. We will need complete vehicle information and confirmation of the selling price for the vehicle.
2 We will also need the following document from the seller.
· Copy of the title if there is no lien on the vehicle
· If there is a lien on the title, please send the lienholders name, contact info, the account # in order to get the payoff (the account must be current)
· Copy or current Drivers License for all parties on title.
· Copy of Registration
· If the title if free and clear, the Seller must include the Original Title with the paperwork that will be sent into VINtek (our title processing company) to transfer the title. In the event that the loan is not processed, the title will be returned to the Seller.

All vehicles will require an inspection by InspectMyRide - If the Buyer and Seller are in agreement of the pricing and vehicle, the vehicle will require an inspection. The cost on inspection is $179.00 and must be paid by the Seller or Buyer.

Leandra Peter
Roadloans
Santander Consumer USA Inc.​

 

[Buckeye]

Took the car to the buyer to see. She loved it. She is a Saturn fanatic and has been looking for awhile. All is good. We should be able to get the deal done without too much hair pulling.

She is a cat owner so I know she's okay!

I generated a Bill of Sale for all to sign (a copy for her and a copy for me) so we can formally kick off the deal with the finance company Monday morning. She got a 4.99% loan for the car. I don't think anyone local would touch the deal for that rate given the age of the car.

 

[Buckeye]

Deal fell through. Basically, the buyer got cold feet when she was going to have to use more of her savings (rather than financing) to do the deal.

I had a signed Bill of Sale but not making a big deal out of it. Just a few days delay. I have re-posted it for sale on all the usual places.

She may still buy the car. I know she will be dreaming about it!

 

[NC 57]

I purchased a late model Airstream trailer on eBay from a seller in New Jersey over 500 miles away. It turned out the seller and I both banked at Wells Fargo. We went to a branch near his home, I had a cashiers check cut, the bank manager notarized the bill of sale and title, he deposited his money, then we went to the DMV and completed the transfer. It was an easy process.

 

[Buckeye]

The car is sold (for real this time!) but the buyer came from Cars dot com. His name, phone number, and zip code were sent over last night. I googled the phone number this morning and it came up with the same name as was on the email notification and an address.

I used Zillow to look up the house at the address. $1.4 million on the water in St. Pete. Yep, he can afford the car! He and his partner and I went for a test drive. They loved the car and decided to buy it (for his niece). We agreed on a price and stopped at Chase and transferred the money from his account to my account. We did the title when we got back to the apartment. They were a hoot!

Glad that's done.