Does this car sale sound legitimate?

Question

I'm selling my car, but it's the first car I've ever sold that is still financed.  They buyer just emailed and tells me this:
"This is just an outline to see if we can agree on the plan of action. 
 
If possible, I would apply for a loan with Capitol One and use that loan to pay-off your car. 
That way a Capital One check pays off the loan, which Capital One can easily verify. 
The bill of sale is written for the amount of the Capital One Pay-Off, to keep paperwork simple. 
 
I pay you the $11K via a Bank Check as a private transaction.
You will get a scan of the check in advance, so you can verify it's authenticity.  Alternatively, we can use an escrow service for the $11K, but the fees are on you for that."

It sounds good to me, but I don't know about the "bill of sale is written for the amount of the Capital One Pay-Off, to keep paperwork simple" part.  
How can we come to agreement on price securely??

zayde4@sbcglobal.net · Accepted Answer

Your car is selling for 23,000,Yes?
1.Have your buyer apply for a loan to capitol for $12,000 
2.Have your buyer give his $11,000 to capitol.
3.Have your buyer have capitol send $23,000 to your bank
    to pay off your loan and your bank will mark your loan paid   
   and  deduct what you owe and give you the difference and 
  have you come in to sign title and they will forward to capitol
  one.
4.You can then give a bill-of-sale to your buyer.Simple
                                 JoelHH

cerial0411 · Answer

sounds like a good deal 
just rember that the bank will need the total amount paid before they will give you the title without a lean a scan of a check will not work here
call your bank and see what they have to say

also you dont sound like a dealer and therefore you should sell the cas as is no matter what the condition get this in writing with your and the buyers printed names and siginatures on two copies one for each party
goodluck

Anonymous · Answer

Zayde4 gave the best plan of action here. Better safe than sorry and better to have the check from capitol one to be even safer.

? · Answer

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Anonymous · Answer

Wouldn't know. i refuse to pay with anything but cash. **** computers.

thedtbmister · Answer

it sounds fishy

Does this car sale sound legitimate?

6 Answers