1. Join the Community!

    DSMtuners is a massive archive of DSM information - but more importantly, it's a COMMUNITY! Join in and participate with other DSMers, and invite all of your DSM friends to make this place their home. Chat with others, create a build thread, post questions and answers. Get involved! Logging in will also remove many of the advertisements, along with this notice. ;)

eloan.com legit?

Posted by Blk95gs, Jul 26, 2006

Please Support ExtremePSI
Please Support ExtremePSI
  1. Blk95gs

    Blk95gs Proven Member

    711
    4
    Joined Apr 18, 2002
    Havre De Grace, Maryland
    Just wanted to know if anyone here has ever SOLD a car to someone paying with a check from eloan.com? I am certain that Capital One Auto Finance will do the same thing for a person obtaining a loan, just to make the entire process easier for a buyer, but what about the seller?

    I know of the scams out there, and I am very wary of this situation, so I wanted to hear any feedback that others may have. I met the buyer in person, it seems legitimate, but then again I have no way of knowing.

    Anyone?
     
  2. housegsx

    housegsx Moderator

    2,455
    30
    Joined May 28, 2004
    Greensburg, Pennsylvania
    You're not selling your car just because you hit a power washer and are fed up with it??? Tell me no... it's another car.
     
  3. Blk95gs

    Blk95gs Proven Member

    711
    4
    Joined Apr 18, 2002
    Havre De Grace, Maryland
    Haha it is the same car, I'm not fed up with it I love it to death.

    But after tinkering with such old cars for so long, I have to move on. New job opportunities + farther travel = stock car with warranty, only to come back to the DSM game when I can build a little beast :)
     
  4. mcpcola

    mcpcola Proven Member

    41
    0
    Joined Feb 3, 2004
    Billings, Montana
    I have a 2003 Lancer that I bought new and i used eloan to buy it work out really nice. Plus my interest rate is only 4.5 and i have bad credit. I would call eloan before taking the check to verify that it is legit as its not hard to fake something like this.
     
  5. 4BangR-x

    4BangR-x Proven Member

    2,765
    6
    Joined Sep 12, 2005
    Sandwich, Illinois
    Why eloan? why cant the buyer deposit the eloan check in his bank, and then give you cash?
     
  6. mcpcola

    mcpcola Proven Member

    41
    0
    Joined Feb 3, 2004
    Billings, Montana
    Now think about that how many people would get the check cash it and never buy a car they have no way of taking it back it you got the cash and no car. You really do need to call eloan cause they have to approve the price on the car.

    basicly E-Loan loans you the money then they sell your account to some other finiace company.
     
  7. sho-off

    sho-off Probationary Member

    201
    0
    Joined Mar 15, 2004
    akron, Ohio
    e-loan is legit my wife and i financed both of our cars through them. when i bought my car they overnighted the check to me and i made it out to the exact amount to the stealership and they mailed the title to e-loan. the finance company they use is called sst or systems services technollogies, we have had very good dealings with them and will use them again in the future. as far as a private buyer using one of their checks i would have no problem taking it but if you are still unsure get on the e-loan web site and/or call the customer service number and ask some questions.
     
  8. Blk95gs

    Blk95gs Proven Member

    711
    4
    Joined Apr 18, 2002
    Havre De Grace, Maryland
    I got his loan approval number, called eloan, and they verified that all is well. Further steps I am taking to ensure that both parties are satisfied are:

    Depositing the check into my bank, waiting until it clears, during which time the car will still be in my possession. We are drawing up paperwork to protect both parties in this case, basically stating that when the check clears I sign ownership over to him, if the car is wrecked/damaged/stolen while in my possession I am liable for it, etc. Just to make sure he gets a car, and I get money.

    I felt bad when I basically accused him of trying to scam me, but I'd rather wait it out then be in the hole almost $6,000 and without a car.

    :thumb:
     
  9. a_scobel

    a_scobel Proven Member

    5,408
    23
    Joined Jun 6, 2003
    Alexandria, Virginia
    I purchased my Sentra through Eloan. The dude who sold it to me was a little skeptical about it too. E-loan gave me a blank check good up to $5k. Car cost $2k. So I gave him a check for $5k & he gave me back $3k in cash. It all went towards my GSX .:sneaky:
     

    815  0

    1996 Mitsubishi Eclipse GSX
    manual · 2G DSM
    Loading...
  10. Blk95gs

    Blk95gs Proven Member

    711
    4
    Joined Apr 18, 2002
    Havre De Grace, Maryland
    Well I deposited the check into my bank account today, and my friend that works at my bank put a 7 day hold on it for me, just to be on the safe side. I can't spend it, and I'll know if it bounces, hopefully.

    Sad to say that I'll be out of the DSM game for a while now, I am either purchasing an 01+ is300 or an 04+ Audi A4 1.8t Quattro. Leaning more toward the IS though, Toyotas are reliable cars, plus the 2jzge in there doesn't sound too bad to me ;) A guy local to me put out 700+whp in one, that's baaaaad ass.
     

Share This Page

Support Vendors who Support the DSM Community
Boosted Fabrication ECM Tuning ExtremePSI Feal Suspension Fuel Injector Clinic Jacks Transmissions JNZ Tuning Kiggly Racing Morrison Fabrications OHM Racing Raven Fabrication RixRacing RockAuto RTM Racing SouthBay Fuel Injectors STM Tuned Track Decals Track Sculptures VR Speed Factory