j.kenzie@sbcglobal.net

Hi Guys,
I'm sure some of you have knowledge or experience in the private sale of a car. My question is in general, if you sell your car to someone whose funds turn out to be phony, and he won't return my car, would I have a valid insurance claim on most policies?
I'm picturing me delivering the 928 and signed title after depositing his cashier's check, only to find out 10 days later that the check is phony.
Thanks,
Dave

LexVan

Call the police. Sounds like theft.

j.kenzie@sbcglobal.net

I agree. So if my car was stolen, I would ultimately have insurance against theft. That was my thinking.
Thanks,
Dave

XS29L9B

I suppose the car is technically stolen, but why risk the headache? When sell, the vehicle doesn't transfer until the funds clear.
Easiest way is a wire transfer. No BS on phony checks.

Adk46

That’s a good question. Read the policy. They normally begin with a blanket “will cover your loss”, then carve away exceptions, put them back partially with terms beginning with “notwithstanding...” and so on. Call your company, but note this is something you want in writing.

But you’re better off avoiding the situation, as noted above. A stranger with a piece of paper ... no security in that. My last two large transactions were completed at banks, in a manner leaving no doubt. (Note that a buyer still faces the uncertainty about the title to the car.)

Bigfoot928

These days I would require a cashier's check at the bank it's drawn on so I can cash it on the spot. Once I have cash in hand then I will sign over the title.

Bigfoot928

For a wire transfer they need your account and routing number. All they need to get the money back.

j.kenzie@sbcglobal.net

So it would be smart to go to the seller's bank and get cash? Wire transfer to my bank and wait for notice of funds received?
Thanks, guys, I haven't done this for a long time.
Dave

dr bob

Hmmm. As a buyer I like to complete the transaction at the DMV so there's no question on title or transfer. Now it seems as a seller I need to complete the transaction at the buyer's bank. A few years ago there was discussion about buyers showing up with big wads of cash, and why couldn't they just bring a cashier's check.

Dave, are you in the middle of something or is this still in the hypothetical? If it's real, get immediately to your local police and report the car stolen. That will be essential in any claim you make on insurance, and in theory can keep the car's title in limbo as you sort things out. It then turns into a court fight over title and payment. You probably want to consult an attorney to find legal options for re-possessing the car. My associate Large Louis (put him down, Louie...) has helped in some tricky situations, but at this point let the authorities do the recovery.

XS29L9B

That's not the case. Not how it works, sorry.

For business, I use this way of payments inbound, and have never - not once, had anyone able to get the process reversed. And even if they did try, once posted, it's in my account.

I just sold a car overseas - never met the person, yet had the money wired, posted, and once cleared, put the title in an envelope and sent... The car did not leave until I was funded.

And just bought a car this way, too. Wired the money, it was received, then the seller dropped the car to the port. Again, we never met one another. Your results may vary.

j.kenzie@sbcglobal.net

There is something weird about electronic checks though. If I give someone or a company my routing number and account number then they can remove funds from my bank. Can anyone with those numbers do the same?
Thanks,
Dave

hlee96

XS29L9B^^^Completely correct 100%^^^
Wire transfers are the safest way to sell a car. They can have all the info they need to put money into your account, but no one, not even you wife, family with IDs, that can take money out without you being there if their names are not on the account. Even wire transfers out for car buys requires a sh*tload of authentication in person to get money out.

If it was so easy, any joe smoe working behind the bank counter would be able to sell your account info to their friends in the alley way and take a cut of the money stolen.

Big myth that gets people all scared about selling their cars to people from far away (all 10 of my 928 purchases or done by wire transfers).

hlee96

No, they cannot remove money out of an account without secondary or tertiary method of authentications. Due to so much cyberthefts out their and the advance of the digital age, taking any money out of an account is both hard but convenient (if this makes sense).

Quicken and your bank needs multiple steps/passwords to ensure everytime you send money out or transferring money out its from you. Not someone with just the routing and account numbers.

The only glitch I heard about receiving electronic funds for car purchases is from Paypal. For some reason, receiving Paypal funds for car purchases does not ensure that you will keep the money in the Paypal account. The internet has stories about new buyers using paypal funds can have a way to void the payment/transfer of funds after the transaction of the purchase.

I don't trust cashier's checks, money orders. I trust only wire transfers or cash in hand obviously. Paypal is a maybe for me for parts cars.


Good luck-Hoi

j.kenzie@sbcglobal.net

Thanks again guys. I have a couple of cars to sell in the next year or so, and I wanted to see how it is done.
Dave

hlee96

Dave, when you are ready to sell, I will send a cashier's check in an amount that is MORE than your asking, and all I ask is for you to give the difference in cash to the transporter. Ok?


PS-the above is a typical fraudulent reply to car selling on Craigslist.