Anyone heard of this

[bugsyc]

As you may know,I'm trying to sell my Marauder.I have it on cars.com.I got a reply from a guy in Chesterfield SC.He wants me to bring the car to his bank for them to inspect it before they'll give him the cash..I told him no.Anyone ever heard of a bank inspecting a car before they loan the money?

[martyo]

It is not completely unheard if but as with every online transaction go into this with your eyes WIDE open.

So, for example, get the address of the bank where you are supposed to meet and Google the address to make sure that there is actually bank at that address and not a used car lot.

[03Merc]

My bank did not inspect mine in person. They did however pull a carfax on it and told Me how much they would give Me for the loan.


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[Ambitious1]

Banks don't usually care about the vehicle when making a loan to a person, although they don't like to loan money for cars older than 5 or 10 years old. (That's why many times banks and credit unions won't loan money for older cars). They care about the person's credit score, debt to income ratio, existing debt (like mortgage, home equity, existing car loans, student loans). If the person has good or excellent credit, the bank doesn't usually care what the person spends the money on.

I would call the bank itself (if it pulls up on Google as a valid bank address) and speak to the manager or lending officer and find out what their lending criteria is before even bothering to drive there.

[Shornaday]

My Credit Union generally wants to take a look at the vehicle. I think it also depends on the persons credit worthiness and how long a person has been dealing with the bank.

[martyo]

My Credit Union generally wants to take a look at the vehicle. I think it also depends on the persons credit worthiness and how long a person has been dealing with the bank.

When I sold my '03 Cobra last year I had to drive it to the borrower's bank.

Transaction went smooth as silk.

[Mr. Man]

When I sold my '03 Cobra last year I had to drive it to the borrower's bank.

Transaction went smooth as silk.
To do this IMO would only happen if I was desperate for cash. Otherwise it's up to the borrower to come up with the cash and not up to me to go out of my way. We're not talking about a serious amount of money here.

[Spectragod]

As you may know,I'm trying to sell my Marauder.I have it on cars.com.I got a reply from a guy in Chesterfield SC.He wants me to bring the car to his bank for them to inspect it before they'll give him the cash..I told him no.Anyone ever heard of a bank inspecting a car before they loan the money?

Sold a car to an out of state buyer this year, his CU tried the same thing, I dug my heels in, they sent the buyer with a check.

[Catfish]

Haven't heard of that before but I once sold a Chevy Prizm to a guy that asked me to meet him at his bank. After arriving I see this old codger slowly walking across the parking lot with $4k cash dangling from his hand. He handed it to me then asked if I could drive him to pick up the car which I had parked in another town. A bit of inconvenience but I obliged and heard some good war stories on that trip. He never even test drove the car, just drove off in it. I don't even know how he got to the bank. :confused:

[justbob]

So, for example, get the address of the bank where you are supposed to meet and Google the address to make sure that there is actually bank at that address and not a used car lot.

Or an adult book store..


Banks don't usually care about the vehicle when making a loan to a person, although they don't like to loan money for cars older than 5 or 10 years old. (That's why many times banks and credit unions won't loan money for older cars). They care about the person's credit score, debt to income ratio, existing debt (like mortgage, home equity, existing car loans, student loans). If the person has good or excellent credit, the bank doesn't usually care what the person spends the money on.



I would call the bank itself (if it pulls up on Google as a valid bank address) and speak to the manager or lending officer and find out what their lending criteria is before even bothering to drive there.



Of course they care.. They need to assess its value incase of a repossession and their loss at the auction.




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[fastblackmerc]

Is there a branch close to you?

[martyo]

To do this IMO would only happen if I was desperate for cash. Otherwise it's up to the borrower to come up with the cash and not up to me to go out of my way. We're not talking about a serious amount of money here.

I would consider myself desperate and I got top dollar for my car. The bank was halfway between the my home shop and my commercial shop. It was definitely worth my time.

Your results may vary. :P

[Shaijack]

A scammer tried that with me. Wanted me to drive the car to Texas.

[Mr. Man]

I would consider myself desperate and I got top dollar for my car. The bank was halfway between the my home shop and my commercial shop. It was definitely worth my time.

Your results may vary. :PMy comment was more general and I wasn't calling you out. Just thought your comment was a good lead in to what I was thinking. :)

[martyo]

My comment was more general and I wasn't calling you out. Just thought your comment was a good lead in to what I was thinking. :)

I didn't think you were calling me out.

I was just pointing out that this isn't terribly uncommon. I had to go to two hacks to sell two cars in the last year.

[bugsyc]

The way I understand it,The bank wanted to see the car and keep the title or put a lien on it.I said no to the deal.The bank was 110 miles away.No branches near me.Founders FCU.They guy sounded a little flakey.Oh Well.Still FOR SALE.

[Spectragod]

I wouldn't have drove 110 miles for someone to "see" what I was selling. I was selling another car about 6 years ago, had it on autotrader, ole boy wants to know if I could bring it by for him and his wife to see. It was local(17 miles) , and was on the way to where I was going, they proceeded to pick the car apart, every nick, chip, they even thought the silver on the tu-tone was different from side to side..... Yeah right. They had a driveway full of cars, they could have driven to me, but I figure it was some type of time wasting game they liked to play, so instead of leaving, I invited myself to stay for a while, I will say it was interesting, especially when the conversation turned to alien abductions. Lol

[lji372]

A scammer tried that with me. Wanted me to drive the car to Texas.

I told you Michigan you dyslexic ****.....


:rofl:

[sailsmen]

How does a Bank inspect a Car? Every person I know who works at a Bank couldn't inspect their own underwear to determine if it's soiled.

Is the Bank using a Car inspection service or a Car repair shop?

[guspech750]

I went through a loan process with a company that deals with collector car loans. One of their requirements was an inspection of the car I was interested in.


Sent from The White House on taxpayers dimes.

[Shornaday]

How does a Bank inspect a Car? Every person I know who works at a Bank couldn't inspect their own underwear to determine if it's soiled.

Is the Bank using a Car inspection service or a Car repair shop?

My Credit union just looks the car over to make sure that the car is worth the money they are providing. Compare it to what is in the NADA Guides. That way they know they might get there money back if someone defaults on a loan.

[Bondfreak13]

My bank saw a 13 year old car that was worth 2k over the loan amount. So I got the loan.

[71cyclone]

My bank did not inspect mine in person. They did however pull a carfax on it and told Me how much they would give Me for the loan.


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Yes Sir Sir... This is what is supposed to take place. unless -cash transaction takes place. . The last cars I personally sold , I guaranteed State Inspection [my state only].