Hey Everyone, I'm in the process of helping my grandpa sell his F-100. Have a potential out of state buyer lined up. But they want to finance the truck through a place called JJ Best Banc. I have no problem with the guy financing the purchase. But I have some concerns on payment on my end. They are wanting to fly up purchase the truck with a check from JJ Best Banc and drive it home. I'm not comfortable with taking a check from this place and letting someone go in the truck without having proof the funds are actually in my account. I would definitely hold the truck until funds clear. But I'm looking for advise on this issue going forward. I've sold some vehicles before with a bank wire transfer and cash deals but this one is making me feel a little uncomfortable. Does any one have any opinions of JJ Best Banc or advice on this? Thanks! Mitch
I'm with you, they are probably a very reputable company,tell them you will be more than happy to accompany them to your bank and make sure the money is in your account before you hand them the title. I too feel very confident with a wire transfer. HRP
JJ Best banc specializes in vintage and classic car loans, been doing it for a long time. If you google them there are both good and bad reviews. I would do as Danny said and go with them to my bank and deposit it right there. I'm not sure if there is a way to stop payment on that type of check but iwould certainly be a bit wary. Mick
That's another issue. They are supposedly flying up on Sunday and want to take care of it all then. Wouldn't be a big deal if banks were open. Might see if they can come up during the week.
That's a valid point about the stop payment. What is stopping them from getting half way home and realize they don't want the truck? Can they stop payment at that point? I've done some searches on JJ Best Banc. But wanted to refresh the conversation as the last thread was 10 years ago.
No problem with the bank financing for your end, but there's absolutely no reason they can't just do a bank wire transfer. No way I'd let them hand you a paper check and leave with the car over a Sunday when no banks are open. Anybody can make a check that looks official, but you can't fake or stop-payment on a wire transfer. Plus, your bank WILL take the check and deposit it and the money will show in your account and when the check bounces a month from now they WILL take it back. The ability to cash or deposit the check proves absolutely nothing.
The buyers are financing the truck. I talked with the financing company which is JJ Best Banc and they will not do a wire transfer. Only check. Which I thought was odd. Sent from my SM-G960U using The H.A.M.B. mobile app
Back in 1976 I flew out to the LARS with a friend to look for a car. Prior to leaving I set up a wire transfer at my bank, the branch manager was concerned but I allayed his fears with a password that only he knew. I didn’t find a car then but AFAIC a wire transfer is the best way other than cash on the barrel head.
Cash is king. I get it though. The financing company wants some sort of recoverable asset. I always do the deal at my bank. The title transfer, notary and deposit. The bank sometimes can verify the check is real and money is actually there. I believe they can even put a hold on it to prevent someone pulling the old "stop the check" trick, but don't quote me on that. Call your bank and talk with them, they have good input usually.
Go with your feeling. If the deal feels bad to you, walk away, you are probably right. Listen to yourself.
Thanks everyone for your input. I guess what bothers me the most is that we had a deal for cash on day of sale. And they decided last minute to finance it (which is fine). But it sure would have been nice to have the potential buyers tell me that instead of a guy calling me out of the blue from the financing company wanting the pictures of the title, vin number, etc. Looks like it is back on the market!
I have dealt with JJBEST BANC 2013-2018 on car Financing. They were 1st. Class handling the purchase of my car. They sent a representative to inspect the car at former owners before purchase was completed. Complete documentation and very professional. I would use them again, but you do what feels right for you.
Depositing a check in your own bank doesnt help you at all. If your bank finds out the check is bad after a few days, You will lose your car and have to pay a bank fee for the bad check
I don't like that it is on a Sunday. Gives them too much of a head start if it isn't on the up and up. I suppose you could let them take the truck but keep the paperwork until everything clears. Then, it's a stolen vehicle if it doesn't.
Why not tell them how it needs to work for you. Money in your account before they get the truck. How they accomplish that is their problem.
Used jjbest on auction purchases, with their check. Was happy with them, they make money from it, but made it easy for me.
It really rubs me the wrong way when someone tells me how i'll be paid for something. I would never take a check from anyone for an expensive part, let alone a car. Too many risks there. Like said above, wire transfer or cash in hand. Like others have said, depositing it at your bank doesn't protect you at all. Find out who JJ Best banks with. If its a national bank, and you have a branch near you, you could go with them and cash the check there. You then leave with cash. That other bank will treat you like a criminal in the meantime...for daring to cash one of their checks at their own bank..but its worth it. Peace of mind is priceless. No Sunday deals...unless they have cash money.
You go w/the buyer & their JJBank check to *one of the buyer's banks' branch, or an affiliate of JJBankings' bank & ***have the buyer cash the check*** *, hand the cash to you, which you can then deposit if & where you wish. That way, you don't get hit w/the check-hold/recovery fees, etc. Stops the buyers' regret & stop-payment issues, too. BTW, same deal & reasons if buyer wanted to use a CC. Nowadays, w/all the govt-finance-interference-tracking BS(don't get me started - I'm not writing a book on this, as the background reasons would be off-topic, but sale/cash/check issue(s) isn't), I would make sure everything is lined-up ahead of time, making sure the buyers' bank will have the cash on hand(You don't think the bank actually has that much cash on hand, do you. Not anymore, unless you're very, very, lucky) for the transaction. Maybe notify your bank it's coming in, & the reason you'll have that much cash. you may have to fill out some paperwork if the amt is at/over 10k. Last I heard, it was a lot less than that, but easy to prove where/why you got the cash. Phooey, I type slow... . Oh, & I'd probably do the title swap there, too. May as well have them notarize it on buyers'/banks' dime... . Marcus...
Had a similar situation on an off topic car sale. Guy was flying in on the weekend to buy it and drive it back home. Told him he needed to bring cash and his own plate or the car wasn't going anywhere. He overnighted his plate and his insurance info to me in advance and brought cash with him on a Sun. morning. I took the cash, signed the title over to him, and sent him on his way back to Nashville. Good kid by the way.
I think I've told this story before but it's worth retelling. In 1992, I sold the engine out of the dragster for a lot of money. I received a grand for a deposit and agreed to meet the buyer, 750 miles away in Flagstaff Az. He gave me a cashiers check for the balance drawn on Bank of America. I have a friend with me and I tell him, were going to see what a briefcase full of money looks like. We run down the street to the 1st bank, stand in line for 10 minutes and the clerk says she can't cash it. She informs me there is a BOA branch down the street about a mile. Down the road I go and walk up to a teller. I open the case and hand her the check and ask to cash it. She turns around and walks off. In just a minute, I'm greeted with the head teller who looks angry. She informs me that they won't cash it. She acts like I have done something wrong. I asked why and she won't give me an answer. I said "you mean you have no recourse on this". She nodded her head in agreement. I got home and told a vp in a bank the story and she said "they can't do that". Well they did. Wire transfer is the safest. Once it's in the correct account, there is no retreval. With cash, we all are concerned with funny money and who's got the gun. There are many good people in this world. How trusting you are is usually judged by how good you are. There's more good stories than bad but why take a chance?
Bank of America is especially bad about treating you like a criminal if you try to cash one of their account holders checks. They don't give a shit about you. A few times over the years when I've gotten a Bof A check and cashed it at one of their banks, they literally told me...go sit in that chair over there, this might take a while. I answered back...dont you have computers?
I didn't understand why they couldn't do a wire transfer either. I called the buyer and explained my concerns and that we would only feel comfortable with a wire transfer or cash. They were nice about it. I have another potential buyer looking at it tonight. I guess it all works out. Thanks everyone for the advice!
When you write your book, you're going to need more back-slashes. A couple of your sentences don't have any at all!
If you have a legit phone number and contact person for JJ Best Banc, he/she should be able to confirm that the check has been cut and tell you the document number on the check. Apparently, the check will be mailed to the buyer days ahead of the Sunday trip. You can find the JJBB phone number yourself on the internet. If they call you and you don't have 'Caller I.D.', tell him you will hang up and call him right back using the number you know is kosher. That can instill a degree of trust in the deal but if it's not enough for you then you dictate how and what will make you comfortable. Maybe the buyer can adjust to your terms or meet them halfway, or whatever. If you will only take gold coins and the buyer doesn't have gold coins then it's up to the buyer to get gold coins to give to you.
I don't see why they can't deposit it their account, and do a wire transfer...unless the lender doesn't trust the buyer, either.
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