3:5 does work. The ratio is 1 : 1 2/3.
Let's speak of the track as two loops.
When slow car reaches the intersection first time, the fast car has gone 2/3 around the next loop, so he's ahead of the slow car, in the same loop.
WHen slow reaches the second time, the fast guy has gone 3 1/3 times, so he's in the other loop
When slow reaches the third time, the fast guy just overtakes him.
As far as I can tell, any successful ratio, reduced to lowest terms, must be one of:
2n : 2n + 1
2n : 2n - 1
2n -1 : 2n + 1
In the last case, the fast car overtakes the slow car at the intersection, in the other cases, the fast car crosses the slow car at the intersection (both drivers closing their eyes, I'm sure)