My husband found a buyer for his motorcycle. The guy says he works at Halibirton, just down the road, as a fracker. (Someone who works on the has wells around here.) Anyway, he said his credit union needed a copy of the title in order to process the loan, and then they would cut the check to us. Naturally, we still have the bike, and I aim to keep it until I find out whether or not the check is good. Thing is, we really don't know anything about the guy, and my instinct is, having had a gas well worker rent and trash my rent house, that these guys are kinda fly-by-night types. I don't want us to get screwed. I haven't belonged to a credit union for years, and I have never gotten a loan to buy a vehicle from one. Does this sound on th e up and up? How careful should we be?
I have a question about titles
- Thread starter Lammie
- Start date
Huh? Can't you just give him a Xerox copy of the title? But don't judge all oil field workers by one bad experience. We live near the home of Halliburton and a good number of our neighbors and friends work there. They're good people. Here's the phone number for the Halliburton Credit Union. Give them a call and ask about their requirements and maybe about the guy wanting to give you a check.
580-255-3550
580-255-3550
Mahoney Pursley Ranch
Well-known member
I would go to the credit union with the buyer,process the title on the spot,get the check and cash it right there before either party leaves. ;-)
Frankie":87mzp6v8 said:
I know some good folks that work the wells, too. We just have so many wells around here right now that people are swooping in from everywhere and they aren't always the most reputable folks around. Not just Haliburton. There are a gazillion companies drilling around here.
We just gave him a copy of the title. I just have never done business like that and I wanted to know if it was standard practice. When we bought the bike originally, we just paid cash for it. I just never believed in getting loans for toys like that. If you need it for working, then yea. Boats, bikes and the like, save your money and pay in cash.
Oh, and thanks for the number. That is extremely helpful.
Carlos D.
Well-known member
I dont know about the U.S. but in canada the banks have kind of a blanket agreement on everything you own ---credit unions only have the piece of equipment they loan you the money for as collateral
carl
carl
Jogeephus
Well-known member
Sounds like the credit union wanted to be sure you owned the bike. If the cut you a check for the bike and you owed money on it to a bank - the buyer would be screwed. By you showing them you had the title and the bank didn't - they can run a quick check and cover themselves as well as their customer. This is just good business. But don't give up the original until you have the funds in hand.
