Selling my car - is this a scam?

[artieg30]

So i found a buyer for my car off Kijiji, we agreed upon a price and everything so we're in the process of getting the paper work for the sale completed.

There is some complexity to the transaction as the buyer wants to ship the car to Vancouver as it's his second home. I met the buyer in person here in Calgary, everything seems to check out, no weird vibes etc.

Essentially what he wants to do is to lease the car through a BMW dealer from Vancouver as that is his preferred dealer, this will also help with tax write offs etc. What is supposed to happen is the BMW dealer will cut me a cheque for the car, which in turn they'll be "buying" the car back from me. No big issue on this, i just received the bill of sale (from New Car Dealers Association of BC) and everything seems to check out.

There is a minor mathematical error with the lien balance (a small $13 difference) but i'm anal with details so i've asked them to correct the details prior to signing.

The cheque from the dealer is being couriered as we speak, the buyer was confident that the cheque would be here today however it looks like it won't be here until Tues or Wed. The question is, should i sign anything prior to seeing this check or should i hold off? What are your guys thoughts? Am i missing anything? Maybe i'm just a little skeptical being this is a kijiji ad but i just wanted to make sure all my bases were covered. Thanks!

[shakalaka]

Why would you even think about signing anything prior to actually getting the cheque and verifying it with your bank first?

[artieg30]

Originally posted by shakalaka
Why would you even think about signing anything prior to actually getting the cheque and verifying it with your bank first?

That's what I was getting at, i'm a bit un-easy at signing prior to verification of funds. I figure with it being a big name dealer i wouldn't worry but the thing that set off a red flag was the fact that the buyer promised that the cheque would be here by today and then pushing it out a few days later.

[Zhariak]

Originally posted by artieg30
So i found a buyer for my car off Kijiji, we agreed upon a price and everything so we're in the process of getting the paper work for the sale completed.

There is some complexity to the transaction as the buyer wants to ship the car to Vancouver as it's his second home. I met the buyer in person here in Calgary, everything seems to check out, no weird vibes etc.

Essentially what he wants to do is to lease the car through a BMW dealer from Vancouver as that is his preferred dealer, this will also help with tax write offs etc. What is supposed to happen is the BMW dealer will cut me a cheque for the car, which in turn they'll be "buying" the car back from me. No big issue on this, i just received the bill of sale (from New Car Dealers Association of BC) and everything seems to check out.

There is a minor mathematical error with the lien balance (a small $13 difference) but i'm anal with details so i've asked them to correct the details prior to signing.

The cheque from the dealer is being couriered as we speak, the buyer was confident that the cheque would be here today however it looks like it won't be here until Tues or Wed. The question is, should i sign anything prior to seeing this check or should i hold off? What are your guys thoughts? Am i missing anything? Maybe i'm just a little skeptical being this is a kijiji ad but i just wanted to make sure all my bases were covered. Thanks!


I have no experience with this type of transaction, and cannot vouch if it's legit or not but just a few notes if you decide to proceed:

-Research dealer, confirm they are real, check online for stories like this.
-DO NOT ask for a normal cheque. Get a draft, or a certified cheque. If you can, ask them if it's alright if you wait for it to clear before signing anything.
-If you put the certified cheque/draft in your bank, ask the bank how long until it clears, or if it can be reversed by the sending party.
-DO NOT SIGN anything until you get your $$$

But seriously, get a bank draft or certified cheque if you go down this road.

[shakalaka]

Big dealer or not, it's not worth the even 5% risk. I mean IF it is a scam the scammer could just be planning it really well. Although dealers do buy and forward lease/finance vehicles like that all the time so I don't think that's a big deal in itself.

Regardless, there is no way I would be signing anything until you you have the money in your hands and have positively confirmed with your bank that everything is legit. End of story.

[redblack]

Sounds scammy. I would not do that deal

[nytrydr89]

Very simple. Which dealer is it? Have you called the dealer and spoken to a Sales, General Sales, or General manager to verify that they are actually buying the car? The cheque you receive will not be a draft but be a business cheque and should obviously have the dealers name at the top. I buy cars for customers all the time and they finance through the dealer but I always have direct contact with the seller. So if you haven't spoken to the dealership my interpretation is its sketchy and I do this kind of stuff for a living.

[artieg30]

Thanks for the input guys, with so many moving variables in this sale it kind of threw me off. I've privately sold several vehicles in my life, like I said i never really had much experience selling to someone outside of the province. I like your idea nytrydr89, i'll reach out to the dealer directly to confirm such a transaction.

[Sugarphreak]

...

[A790]

Nothing gets signed until the funds are in your account, including any time the funds will be held.

Absolutely do not sign anything prior to that.

[shakalaka]

I was commenting under the assumption that you were in talks with the dealer already. Most definitely do that first and speak to someone. That should have been your first step. Anyway, once you get the money just make sure that it's actually there after your bank verifies it.

Like I said, dealers buy vehicles like this all the time for private buyers and let them finance/lease, so that in itself doesn't sound like a scam to me.

[dirtsniffer]

Q: Is this a scam?
A: Yes

Did not read the thread. No need to.


EDIT.

After reading I would cold call the dealer to make sure, emails can be faked and pretending to be someone who works there is easy.

Still sticking with SCAM-O-RAMA

[bourge73]

are you that desperate to sell?
not worth the hassle....this is not the sale (droids)
you are looking for .... move along, move along

[nykz]

Talk to the dealer direct, and don't sign anything until money is in your bank.

[dirtsniffer]

How'd it turn out?

[artieg30]

I'm relieved to let everyone know that the sale turned out smoothly in the end! The buyer didn't have much experience buying a car from out of province, let alone having a car bought back by his dealer through a private seller so the communication and coordination of efforts was a bit lacking. We cleared it up with the dealership the next day about buying the car back and everything was good.

The same day I called up BMW FS and confirmed with them my loan was wiped out and the next day i received a cheque from the dealer with the remainder in equity on the car.

Super glad it worked out, the buyer is an all around nice guy, i guess the main issue was just we didn't have everything organized well so there was some suspicion on my end. Glad that it's finally done and there was nothing sinister.

[msommers]

Originally posted by Sugarphreak
Might be a good idea to pass on this... It sure sounds scammy as hell



Originally posted by A790
Nothing gets signed until the funds are in your account, including any time the funds will be held.

Absolutely do not sign anything prior to that.

Bingo.

[dirtsniffer]

Originally posted by artieg30
I'm relieved to let everyone know that the sale turned out smoothly in the end! The buyer didn't have much experience buying a car from out of province, let alone having a car bought back by his dealer through a private seller so the communication and coordination of efforts was a bit lacking. We cleared it up with the dealership the next day about buying the car back and everything was good.

The same day I called up BMW FS and confirmed with them my loan was wiped out and the next day i received a cheque from the dealer with the remainder in equity on the car.

Super glad it worked out, the buyer is an all around nice guy, i guess the main issue was just we didn't have everything organized well so there was some suspicion on my end. Glad that it's finally done and there was nothing sinister.

:thumbsup:

[shakalaka]

Originally posted by artieg30
I'm relieved to let everyone know that the sale turned out smoothly in the end! The buyer didn't have much experience buying a car from out of province, let alone having a car bought back by his dealer through a private seller so the communication and coordination of efforts was a bit lacking. We cleared it up with the dealership the next day about buying the car back and everything was good.

The same day I called up BMW FS and confirmed with them my loan was wiped out and the next day i received a cheque from the dealer with the remainder in equity on the car.

Super glad it worked out, the buyer is an all around nice guy, i guess the main issue was just we didn't have everything organized well so there was some suspicion on my end. Glad that it's finally done and there was nothing sinister.

As I thought. :thumbsup:

What's next?:D

[A790]

Originally posted by artieg30
I'm relieved to let everyone know that the sale turned out smoothly in the end! The buyer didn't have much experience buying a car from out of province, let alone having a car bought back by his dealer through a private seller so the communication and coordination of efforts was a bit lacking. We cleared it up with the dealership the next day about buying the car back and everything was good.

The same day I called up BMW FS and confirmed with them my loan was wiped out and the next day i received a cheque from the dealer with the remainder in equity on the car.

Super glad it worked out, the buyer is an all around nice guy, i guess the main issue was just we didn't have everything organized well so there was some suspicion on my end. Glad that it's finally done and there was nothing sinister.
Glad to hear it :thumbsup:

[max_boost]

Good thing it worked out. Scammers are sophisticated. Trust no one!

[artieg30]

Yes, totally glad it worked out! Not sure what's next, I sold the car to get my 3rd mortgage - i'd love to have another German car again but i don't think it's gonna work unless if I HELOC like all you beyond ballers haha...

You'll all probably laugh but i was thinking of a Toyota Avalon. I know it's nowhere even near in terms of performance of an M3 but i mainly want something practical and cheap on maintenance for the next couple years until i'm ready to buy something fun again!

[shakalaka]

Haha just Max_Boost as far as Heloc is concerned lol. But nothing wrong with an Avalon as long as it suits your needs and it is what you want at the moment. Sometimes smarter financial decisions have to take over.

I miss my m3 sometimes or just a sports car feeling in general. Dammit. lol.

[Dumbass17]

Originally posted by Zhariak



I have no experience with this type of transaction, and cannot vouch if it's legit or not but just a few notes if you decide to proceed:

-Research dealer, confirm they are real, check online for stories like this.
-DO NOT ask for a normal cheque. Get a draft, or a certified cheque. If you can, ask them if it's alright if you wait for it to clear before signing anything.
-If you put the certified cheque/draft in your bank, ask the bank how long until it clears, or if it can be reversed by the sending party.
-DO NOT SIGN anything until you get your $$$

But seriously, get a bank draft or certified cheque if you go down this road.
Why do you quote the op?