2012Coleman wrote:
RubyRV wrote:
TenOC wrote:
Many (Most) car dealers have you sign a POA when you trade in your old car. It is in all the other stack of papers. If the bank is going to give you the check within a few minutes of signing the POA, no problem. But if it is a few days?????????
yes, that's standard procedure when trading to a dealer AT CLOSING.
But, like I've said the lender wants the POA executed before issuing and sending the check out. I figure is will be at least a several days before I will see a check...
They are sendng the check to the buyer and in turn he will give it to me at wich time im required to give him the title
So what happens if the buyer all of the sudden decides he wants to buy something else with the check and sticks this financing company? They have POA over your title - you loose.
I googled this company - they don't lend any less than 15K so that's a big sum to be burning a hole in your pocket. and why don't THEY want possession of the title? Instead they are letting the seller posses the title?
I'd tell the guy to either deal with a bank that you can actually go to -or go somewhere else. Sure, you want to sell it - but don't get swindled.
The check is going to be made payable to the seller. It is sent to the buyer so they can exchange it for the RV. When a bank makes a loan for a vehicle they never, ever just give cash or a check payable to the borrower and hope they then complete the transaction.
With enough imagination, it is possible to concoct a wacky scenario were any transaction could be a fraud. Even "meet me at my bank and I will give you cash" could just be a trick to steal your RV when the buyer's accomplice is waiting outside to bop you over the head and steal back the money. In this case, it sure sounds like the OP has investigated it enough to know the transaction is legit and I think they would be walking away from a sale should they resist following the steps the bank is providing.
