Doing a deal with a guy across country. He is flying in next Thursday. He is financing my truck and i'm wondering if anyone has done this before? They make one check out with both our names on it. He signs it over to me then I can cash it/deposit it. I am going to take it into my bank to verify it before the truck leaves. Anything else I should do or know of? Thanks in advance.
Take a look at this. They may be able to answer the questions you have too. http://www.jjbest.com/ I'd call the number listed and ask what their standard way of payment and what steps they expect you to take as a seller.
I wouldnt let the truck out of your sight until you have cash in your hand or in the bank that he cannot in any way get access to.
We used to deal with a company that operated the same way at the motorcycle dealership I used to manage. No problems woked real well.
bank cannot clear a check for sure for seven days,what they told me i sold mine with a money order luckily it took longer than that for the car to be picked up
i sold a cutl*** to a guy that was going to bring a jj best check it had both of our names on it,and my bank told me they wouldnt take it. you better make sure your bank will take a two party check.
As a semi-retired independent auto dealer I can tell you that J.J. Best Banc may sound like a f**** but it is not. J.J.B.B. has been around for quite awhile. They specialize in collector cars and exotics so they can be trusted. That's the good! Now the bad. No bank will CASH a check unless YOU have enough funds in YOUR account to cover it. You have to deposit it in your account and it will sit there from 3 to as many as 7 days for it to clear, this is a Federal Law as well as bank policy. Obviously once it clears you are free to do with it what you want. Also be advised that ANY cash transaction, deposit or withdrawl over $9,999.00 has to be reported to the Federal Government and forms MUST be filled out explaining where the money came from and what it is for. Your bank will automaticly make you do this. As far as the check having both the sellers (your) name as well as the buyers name on it. This is to protect both parties from a scam or a fraud. If you need any more input shoot me an email.
F.Y.I. Before you sign over the ***le check with J.J.B.B. to be certain that they issued the check and be certain that the buyer signs the back of the check!
my two cents...pro85...has it right on the head...I have done business with them in the past...very good to deal with. Back in the day....they used to go out and review the car before they sent money...that way you knew the car was worthy.
they sent some dumb*** out to verify condition,take pics, and verify the vin#. he told me the radio in the car was worth $1000. i told him id take the mf'er out right now,and let him have it for $500 you know,i hear that all the time,but when i deposit a big check,my bank doesn't ask me to fill out ****,and they didnt care where the money came from. i think that law only applies to this mf'er :
I've had great luck with them on both buying and selling, very easy to do deal with, I don't remember the check being a two party check though. I do agree that they don't send out the most intelligent people to inspect the car.
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