Mocoondo wrote:
darin338 wrote:
Ok, I'm really confused now. I'm the original poster here. I am indeed purchasing this coach from out of state. So I should definitely get the title in hand when I leave? Also, I'm paying via a cashiers check drawn on Bank of America. He can verify funds.
After reading a the post here, I'm seriously confused! I think I've already pissed off the seller with all these questions, but personally I want that title. The seller, since he also is from ebay can delay title pending my feedback, or who knows what else.
The bill of sale is also alarming. He sent me a copy after the fact. It's more of a legal agreement explaining that basically I can't seek legal action or restitution for anything. It nullifies any and all said promises implied in the eBay add. It states that if I were to seek legal action against the seller, I am responsible for paying his legal costs. It's absurd.
So about half you folks say it's ok to leave without the title and the other half say its not.
OK, to start, cashiers checks are currently the #1 most counterfeited negotiable instrument. BofA and USBank are at the top. We treat cashiers checks the same as if you wrote us an IOU on the back of a cocktail napkin. So, you're not exactly showing up with gold bonded funds here.
Most dealerships adhere to a set of "best practices". Current best practices with respect to cashiers checks are as follows: The dealership will treat it essentially as a finance transaction. First, we will run your credit. If you have excellent credit, you get to take possession of the coach on the basis of a cashiers check. We make you sign what the industry calls a "one pay" which is a Retail Installment Contract (finance document) which obliges you to make ONE payment of the FULL BALANCE. This way, in the event that your negotiable instrument proves to be counterfeit and you choose not to pay us, we have legal authority to repossess. Any legitimate dealer will protect themselves in this way.
Now, if your credit is shaky, we don't even go this far because we will not allow the rubber to hit the highway until the cashier check clears the bank...8-10 banking days.
As to the title, again, it is not at all realistic for you to leave with the actual title document in hand, primarily for the reason stated above. Your cashiers check is worthless until such time as it proves to be worth the value stamped on the front. No dealer in his right mind would surrender the vehicle AND the title on the basis of a BofA cashiers check presented by an out of state buyer.
In the event of an out of state transaction, you can expect for the dealer to prepare the title and mail it to you upon your funds successfully clearing the bank.
Now if you really insist on taking possession of the title, call the dealer first and verify that he actually has possession of the title document. There are hundreds of reasons why he may not. If he has possession of the title, explain to him that you will be bringing CASH MONEY to the closing and you will need to leave with the title in order for the transaction to close. If the dealer is presented with CASH, there is no reason for him NOT to surrender title at closing, so long as he has it. The trouble is, since RV's in general are high dollar items, they are almost always encumbered in one way or the other. The average dealer rarely holds physical title. Usually, the dealership has a floorplan (financing for the units on his lot) and his bank holds physical title. It may take 7-10 days for your funds to clear the bank so he has the money to get the title out of hock. Now, most dealers usually have enough working capital so that they can get the title out of hock with their own money, but that is not always the case. Say the coach is a $2m coach. The dealership probably doesn't have $2m in cash sitting around in checking to get the title. The only way he gets the title is when the vehicle is sold and the buyers funds clear, then the dealers bank releases. That's just how the business works.
As long as you are doing business with a reputable dealership, there is no reason why you would absolutely have to leave the store with the physical title. His title clerk will process the paperwork during the course of their normal business and the properly endorsed title will be mailed to you in due time.
Edit: There is, of course, exceptions to all of the above. One of those exceptions would be to a long standing good customer of ours. If we have personal knowledge of the client on the basis of past good business dealings, and they are local, we happily roll a vehicle on a handshake, just because that is good business.
Put yourself in the dealers shoes. Some stray cat rolling in from out of state with a BofA cashiers check sends up a cornucopia of red flags, so don't be entirely surprised if the dealership has a few hoops for you to jump through, including retaining physical possession of the title document until such time as your funds prove valid.
couldnt you just pick up a phone and call the Buyers bank manager and Confirm that his check is good?
