Need some advice about selling a car

[Gary B.]

I have a question about selling a car and the safest way to receive payment. I'm selling a car (not my '66 Corvette thanks goodness) and I read in the newspaper this past week that one should be cautious about accepting a cashier's check, as counterfit cashier's checks are a distinct possibility in this day and age. But what other mode of payment is reasonable to ask of a buyer? It's nuts to ask for $20K in cash from someone. Can people tell me what are the safe options that aren't onerous for the buyer? I'm sure some of you have sold Corvettes for way more than $20K, so how do you do it so that you reduce the risk of being swindled by a bum cashier's check?

It is enough to ask that the buyer supply a cashiers check come from a major bank with a branch in my location? And in that case, is there any way that I can call the bank that issued the cashier's check and expect that bank branch to tell me if the check is legit?

Thanks,

Gary

[Michael H.]

Re: Need some advice about selling a car

Gary,

Many years ago, I purchased several Corvettes out of state. (usually Calif) In the last years of my travels, the amounts were getting too high to carry cash so I wired money to myself, to a bank very near the seller of the car. If the car turned out to be as described, I would go to the bank with the seller and transfer my funds to him. The same could work in reverse for you. Have your buyer wire $ to himself at a bank near you.

Using this method, the buyer would be able to physically hand you a check that the bank just made out to you. Or better yet, deposit the funds directly into your account. The liability would then be on the bank, not you because you're depositing THEIR check, not the buyers.

[Jay Garris]

Re: Need some advice about selling a car

Have the Buyer's bank officer wire the funds to your acct. Both your bank offcer and his/hers are in communication. All paper (title etc.) is then Fed-Ex next day to the buyer. Both parties are protected. Funds usually clear 1-2 days. Contracts should spell out ALL of the above in writing. Seller holds car and assists transport. Insist on an inspection whether buying or selling.

[don 42616]

Re: Need some advice about selling a car

Gary, The only $ transaction that CANNOT be reversed/stopped is to have buyer wire funds from his acct. to yours.Call your bank for routing #. Then call your bank & verify transfer. Only then release car/ docs. Too bad we have to be so mistrusting. Cashiers checks can be stopped.
Good Luck on sale. Don

[William V.]

Re: Need some advice about selling a car

Gary

I sent you an email with scam information that is posted on THE Hemmings web site.

After advertising my 64 Vette in Hemmings, Some scum waisted my time with emails saying that he represented someone that wants my car and will be sending me a bank check for $50K. I was to wire transfer the diffrence from the selling price to a shipper that is out of the country. Some scam, I get a bad check and he gets several thousand dollars. Fortunitly it only cost me some time in responding to emails.

Good luck

BV

[Gary B.]

Wiring funds to my account; follow-up question

Michael,

Am I being too paranoid by worrying that by telling the seller my acount number to wire funds into that I am giving away too much private information? Should I only give my account information to an official at his bank and not give the account number directly to the buyer?

Gary

[Roy B.]

Re: Wiring funds to my account; follow-up question

Open a new account and put $10.00 in it that he can tranfer to it

[Michael H.]

Re: Wiring funds to my account; follow-up question

Gary,

I don't know if there is such a thing as "too paranoid" these days with large sums of money. The crooks have really done their homework on this. I would think it would be a good idea to deal directly with his bank instead of the seller. Problem is, now he has to trust you because you will have the cash so it's likely he won't want any part of that.

If he does a money wire transfer from his bank to your bank, in his name, it sits in your bank until he arrives to claim it. No one has access to the money until he goes to your bank to claim it. Once you and the buyer accepts the conditions of the car and sale, he can withdraw the money/transfer and hand it directly to you, if you want cash. Or you can deposit it directly in your account. This way, no one is running around with $20,000 in their pocket and no one has to trust anyone. You're both covered. His money is in your bank but it's in his name until he turns it over to you.

If for some reason he decides he doesn't want the car, he can wire transfer the money right back to his bank. Pretty slick way to do it and no trust involved. I've done this many times.

[Mark Milner]

Roy's advice is one of the safest

We have done the same sort of thing. You could think of it as a "firewall" in that we can transfer money in and out (and do) and so can others (automatic bill paying - gas, electric, telephone, etc.), but by limiting the amount in there, we limit our exposure to theft.

If you have your regular accounts in a bank, they are not going to charge you on this one small account, unlike if it was a single small account.

If they do, find a new bank.

And tell your bank what you want to do. They will be helpful at getting you set up to get money from a buyer because they want to keep you as a customer. And if they let you lose several tens of thousands of dollars because of their mistake, you won't be a customer long.

[Jay Garris]

Re: Need some advice about selling a car

I Never respond to e-mails. Think logically, if your selling anything over let's say $500.00. I'd expect the buyer to pick up a phone. I would. Just to descern the product is what I need and want. If your buyer won't spend the time and money on a phone call, go on to the next qualified buyer.

[Gary B.]

Thanks to everyone; excellent advice I will follow *NM*

[William V.]

Re: Need some advice about selling a car

Jay

You are correct. If someone wants to purchase a classic car, they will call with numerous questions.

After receiving the first email, I responded with pictures and a request for them to call me. When the response was an email requesting the bottom line price, I became very suspicious. In the third email they said they wanted to send a $50,000 bank check. If I had a PO Box, for fun, I would have had them send the bum check rather than telling them to shove it where the "sun don't shine".

BV

[Jay Garris]

Re: Need some advice about selling a car

Bill, makes sense to me. Be wary of them attaching virus' to you e-mail adress as well. We all wish the infamous "NIGERIAN" scam artist well.