Question about a sale....

[ugharin]

So I got an offer for my wrecked qx4 sitting in the yard....

Dollarsforcars (?) will be paying me for it and they are going to have Copart pick the car up.

At first they said to leave the title open. I didnt want to do that.

So now they say to put down 'dollarsforcars' in the buyer section of the title.
So,

Bill of sale - from me to Dollarsforcars.
Title - from me to Dollarsforcars
Pickup - by Copart
Payment - By Copart (A Bank of America check from Copart to me)

Im not sure with these transactions and want to absolve myself of any responsibility with the truck. It was registered down south in Alabama...doest look like they have a release form or something of that sort..Just dont understand why the check would be issued by Copart and not Dollarsforcars. Cant find any information whatsoever on the web about dollarsforcars let alone on BBB. So not sure and thought Id ask somebody.

Any of you guys know something about these guys. Or find this transaction risky?

Thanks for your help..

[Encryptshun]

Transaction is only risky if the check bounces. So, before the guy loads up your car, and before you amend the title, call Bank of America and validate the funds.

[ugharin]

Thanks for the reply and the tip. I will definitely do that.

So the risk is only involved with the check?

I was also concerned with the liability. I mean, my bill of sale and title will show that I sold the vehicle to X and the check is being issued by Y. No grey area there? Ideally, since Copart is issuing me the check, Id like to list their name as the buyer on the title and bill of sale.

And there are no release forms with AL State. So what if something happens. I mean, if the truck piles up parking tickets or is confiscated or something like that....I cant find any information about the buyer other than their website which doesn't say much...I wont have any proof of sale other than my bill of sale (with no signature from X) ..no receipt for the check from X etc.

[300ZXttZMAN]

Copart is a legit business.. Im in the salvage business I buy from copart regularly.. However i have never heard of dollarsforcars I am kinda wiery about that..

But what I do know is that copart along with other salvage auction pools have feeder companys such as Insurance auto (iaa, salvage direct, copart, eagle, ect.. ect...)

Easy solution: all you have to do is get intouch with Copart and tell them your situation. Tell them exactly what you told us then see what they say that way your automatically scott free... Bingo easy as that..

[300ZXttZMAN]

Thanks for the reply and the tip. I will definitely do that.

So the risk is only involved with the check?

I was also concerned with the liability. I mean, my bill of sale and title will show that I sold the vehicle to X and the check is being issued by Y. No grey area there? Ideally, since Copart is issuing me the check, Id like to list their name as the buyer on the title and bill of sale.

And there are no release forms with AL State. So what if something happens. I mean, if the truck piles up parking tickets or is confiscated or something like that....I cant find any information about the buyer other than their website which doesn't say much...I wont have any proof of sale other than my bill of sale (with no signature from X) ..no receipt for the check from X etc.

Exactly why you need to contact copart.. They will be able to tell you all you need to know..
Let us know with what you find and if you have any other questions... GOOD LUCK

[ugharin]

Thanks.

Yep. Copart appeared legit. In fact thats the only reason Im considering this as otherwise I have no clue about this dollarsforcars entity. So Ive been speaking to Copart as well. They said that a BOA check would be issued by Copart but they dont want me put down their name on the bill of sale or title. That I dont have to worry about how they will get paid by Dollarsforcars and that its all ok. which to me sounded a little weird.

So when you buy vehicles from Copart, you receive a title thats already on your name/business name? When Copart buys salvage vehicles on your behalf, do they sign the Bill of sale for you (power of attorney) and have u listed as a buyer on the bill of sale and title even though they are issuing the check and will later collect from you?

[300ZXttZMAN]

^ Yea like i said im a salvage yard. They never buy from me I only buy from them. When I buy vehicles I get the titles with all my company information (location, type of business, tax info) on the title already filled out. As far as payment goes they just charge it to the end of the month then I send them a check at the end of the month.. The transaction is extremely easy for salvage yards with a superior credit score ..


BUT like I said they know im a salvage yard and that the vehicles will never be on the road again.. So since that< is the case its much different for someone else that is buying to fix then resale.

Copart does have its own notarys i would imagine

I am not sure how the rebuilders (used car dealers) get their titles..

[300ZXttZMAN]

Good luck!

[ugharin]

Cool! ..So this transaction does sound legit then....Copart will get paid once a month or something depending upon their agreement with their buyers.

So when they come to pick my truck up, they will give me a bill of sale which I have to have notarized? How can I verify the check that hey pay me with has funds?

- There is no Bank of America here in Dubuque, Iowa.
- Copart will pay me with a BOA check
- BOA will not do a phone verification
- All the offers for me have been with a BOA check which is making me suspect that it could be so since the bank is not present here. Even if I call the Bank and have the funds verified, I would have to deposit the check in my local US Bank and it could take a couple of days and anything could happen in between....

Any advice?

Thanks again for all your help.

[missjade]

ugharin-did you end up selling? And was the Bank of America check legit? I am contemplating a similar transaction but with a company called Global Auto. The check will also come from Copart. Any info would be helpful. Thanx.