Why am I apprehensive?

[SpidyJ]

So I have a potential buyer for my Interstate.

He lives in Texas and I live in SC.

He wants to drive out and pick it up.

He wants me to send him a copy of the title (both sides) so he can secure money from the bank.

Is this normal or even safe?

I am used to completing transactions with cash or a bank check....once cleared you get the keys and the title.
 
He says he will send me the check and once it clears, he will come out to pick it up.


 

[Rams]

Hmm, never done it that way but, I see no issues with sending just a copy.   Will he or the bank accept a picture of the title?

While fraud is obviously rampant on this rock we call home, I don't see this as much of a threat.   You will still have the original title and physical possession of the bike.

Rams

[da prez]

So far it sounds safe?  The check must clear his bank. It could take 7 to 10 days to do so. Have your bank contact you and then move the money out of where you deposited it. If you have a token savings account , that is a good place to start. I have one for just this kind of transactions. It is a dead end account , not attached to my other accounts.  It is a cash withdraw and a cash deposit into another account.  
 Send the copy of the title with a notary stamp and statement that the copy has nothing to do with the ownership of the bike.
  If he is willing to wait for the check to clear , it's probably ok.  I have done several similar.

                                               da prez

[RNFWP]

For a small fee the potential buyer can check the status and name on the title online with just the VIN.
That what I did back when I bought mine from a guy in NC. I could see that he was the second owner and it was originally titled in FL.
Don't know if that helps?
Ross

[Patrick]

I don't see much of a problem either.

How about just writing 'copy' across the title copy and accept only a bank or certified check.

[JimC]

I would only accept:
Cash,
Money order from US Post office, (they will need identification to get it, and it's federal if they lie)
Direct wire of funds from his bank to yours.

Sending a copy of title is ok as long as it sates it is a copy like mentioned above, but I doubt any bank would accept a copy unless they just want it for ID# ect.

Jim

[Andy Cote]

I would be suspicious as well..  Why finance a twenty year old bike? 

Have you spoken on the phone with the potential buyer or only e-mail?

How about a phone call to his bank for verification?  Look up the bank info yourself once he gives the name of the bank and the loan officer he is dealing with.  They will want you to send the title to them.

[trout dude]

99% of the banks now days will not loan money on something that old if it was me I would be very cautious about that   Just my opinion

[Dave Ritsema]

I sold my last bike in pretty much the same circumstances. It does require a certain amount of trust by both parties with a little shared risk but if he is legitimate he is bearing the majority of the risk. A copy of the title with COPY ONLY written on it and after he sent the bank check I deposited it and my banker confirmed in ten days that it had cleared and all was good. Only then did I release the bike and the transport company picked it up.

When I sold my F6B a gentleman from Ohio drove up with a trailer and paid me $12K in hundred dollar bills. Later that night a buddy stopped by and said "are you sure those bills are good?". I laughed it off at the time but admit it was a little hard to fall asleep that night thinking about what he said. Took the cash to the bank the next morning and all was good but I actually think the check transaction ultimately carried less risk.

[SpidyJ]

I would be suspicious as well..  Why finance a twenty year old bike? 

Have you spoken on the phone with the potential buyer or only e-mail?

How about a phone call to his bank for verification?  Look up the bank info yourself once he gives the name of the bank and the loan officer he is dealing with.  They will want you to send the title to them.

I have spoken to him on the phone twice and he gave me his bank's info... address, phone and contact name...I will be calling the bank tomorrow and tell them I will only accept a bank check.  I also don't understand the need for a copy of the title.....what bank uses a 22 year old bike for a loan.  He did say that he's rolling the cost of the bike into an existing loan?!

[Rams]

99% of the banks now days will not loan money on something that old if it was me I would be very cautious about that   Just my opinion

This I agree with but, one can always get a "Personal Loan".  
My own opinion is that if you have to borrow money to buy such a pleasure craft, you should consider another and cheaper passion.   But, that's just me.   I hate borrowing or owing.

  He did say that he's rolling the cost of the bike into an existing loan?!

Well, now it's starting to make more sense.   Yeah, I can see  that but, I agree that the bank doesn't really care about the Valkyrie, they are probably simply covering their butts.

Rams