Is it ok to share the title and registration photo to a online buyer for auto loan?

[popi528]

Hey guys, sorry if this post is not allowed here. If so I’ll remove it right the way.
So I’m selling my 2022 Model S and got a potential buyer, but he needs to apply for auto loan.
He send me the email from BOA which asks for seller’s title and registration photo in order to get approved.
Is it safe for me to do so? I would really appreciate your reply, thank you!

 

[Tam]

Hey guys, sorry if this post is not allowed here. If so I’ll remove it right the way.
So I’m selling my 2022 Model S and got a potential buyer, but he needs to apply for auto loan.
He send me the email from BOA which asks for seller’s title and registration photo in order to get approved.
Is it safe for me to do so? I would really appreciate your reply, thank you!

Once you got the money, then it's safe but otherwise, I would not.

 

[popi528]

Once you got the money, then it's safe but otherwise, I would not.

The thing is he need photos to get loan approved . And this is actually listed on BOA website… BOA asked me to judge it by myself lol

 

[thesmokingman]

Shouldn't he get a pre-approved loan? I dunno, been a while since I bought used...

 

[popi528]

Shouldn't he get a pre-approved loan? I dunno, been a while since I bought used...

Right, he said he got pre-approved noticed by phone. I’m asking for the actual letter.

 

[Ostrichsak]

Lending institutions these days often require a picture of the front and back of the title. You can share this as there's really no risk of fraud with the image of a title that still shows your name and info (I would imagine if things are this serious you understand the buyer probably already knows your address) and being unsigned. I mean, it's your car so you can choose to not share any of this info but you will decrease your potential buyer pool dramatically.

 

[popi528]

Lending institutions these days often require a picture of the front and back of the title. You can share this as there's really no risk of fraud with the image of a title that still shows your name and info (I would imagine if things are this serious you understand the buyer probably already knows your address) and being unsigned. I mean, it's your car so you can choose to not share any of this info but you will decrease your potential buyer pool dramatically.

Thank you so much for the info!

 

[DerbyDave]

I agree. If you want more security, ask the buyer who to contact at the bank, verify it is a bank, contact them with your concerns, and then send the images directly to them. That is very safe.

 

[demundus]

Theres nothing regularly dangerous about sharing photos of titles, people knowing your VINs etc (outside of personal address info). The fear is fraud and duplication of vins, things reported "stolen", etc; in the end you hold the paper, you also hold the vehicle, and can legally prove it all in court should someone REALLY go the distance to try to defraud you using this method. If you're especially unsure, ask who their loan officer is at the bank and email it to the bank directly.

 

[popi528]

I agree. If you want more security, ask the buyer who to contact at the bank, verify it is a bank, contact them with your concerns, and then send the images directly to them. That is very safe.

Thank you. He have had the bank person contacted me, I’m gonna send photos directly to him.

 

[popi528]

Theres nothing regularly dangerous about sharing photos of titles, people knowing your VINs etc (outside of personal address info). The fear is fraud and duplication of vins, things reported "stolen", etc; in the end you hold the paper, you also hold the vehicle, and can legally prove it all in court should someone REALLY go the distance to try to defraud you using this method. If you're especially unsure, ask who their loan officer is at the bank and email it to the bank directly.

Thank you. I will contact the loaner officer directly.