RS 197

Wires wok great for me. The last car I sold. The buyer agreed to wire a nice deposit. I sent him a bill of sale and the copy of the title. He sent someone to look at the car. Then he wired the remaining funds. I sent the title to him overnight.... Very easy.
In your case I would talk to the bank that has the note. You can give them your info. Fax them a copy of the title and have them issue the cashiers check. Worst case keep the title until the cash clears your bank. Then send it to him.

Good luck, the guy is a Rennslister? you should be good to go.

1pcarnut

In 35 years, I've never had a bank ask me to provide the driver's license of the person to whom I am making out the check, sounds fishy.

jimbo3

As others have stated, no. And it doesn't matter how large or small the check is. I purchased my 993 with a cashier's check and there was no such request to have the ID of the other party. Might be his way of confirming who you are without asking you directly, but there are better ways to do that without beating around the bush.

You can call the buyer's bank to verify the check before releasing the title.

H.H.Chinn

Bank wired funds are the safest means of transfering large sums of money from one party to another. Open a separate account specifically for this purpose so that funds go in and out of like an escrow account if you're that affraid of giving away your swift/ABA codes. I'm quite certain that no one can conduct a wire transfer without your knowledge without your SS number and a signature.

Run a background check through law enforcement, the FBI.

Lay down the rules for your transaction so that you're protected. Carrying a large sum of cash isn't a wise thing especially going into a bank with anything over 10k, it would better be the main or larger branch as no one will have the time to count it all for you.

I've purchased cars in the past writing a personal check, but that's usually only after I've corresponded with the owner where both parties are comfortable with who we are, and those transactions have gone without a hitch.

My latest deal was out of state where the funds were wired and everyone one was happy, accept perhaps the seller as he parted with his 993.

jw97C2S

With just a little of the other parties info, you can determine the buyers employer, home value, amt of mortgage, federal/state tax liens and criminal convictions. OP can PM me for help.

rome

I hate to break it to you, but wire transfers-- even after they are sent-- are recalled (or charged back) all the time. Indeed, Citibank has a hotline to facilitate such recalls (although there are impediments, such as if the party to whom the funds were wired has already withdrawn them). https://web.da-us.citibank.com/cgi-b...d=HD_ST_054#10

You need to be very careful about money wired to you. The most common situation/scam for recalls is where a payor initiates a wire at one branch and then withdraws the funds (in cash) at another just before the wire is transmitted. When the bank learns that the funds were withdrawn (usually at the close of the Fed wiring deadline) it will recall the wire.

The safest route is a bank check (on which the bank itself is a payor), provide you independently verify that from the bank that the checkis valid.

993-C4S

Yes, a wire can be recalled. However, in my experience the receiving party must authorize the recall. I

n other words, the sending party may initiate a recall, but if the wire has been issued by the sending bank and it has made its way through the system, resulting in a FED confirmation number (can take anywhere from 30 minutes to six hours depending on how busy the wire room is) the wire can't just be taken back on a whim. The receiving account must allow the recall. At least this is how it works with my two banks.

rome

True, but if there is a fraud being perpetrated such that the sender has absconded with the funds, the wire will be recalled.

It sounded like the original poster wanted the safe way way to do this, so they should know that a wire is not necessarily iron-clad if a scam is afoot.

matt777

I have to question this whole rumor that wire transfers can be reversed. No reputable bank is going to take instructions over the phone or without verifying id. In fact I had to pre-arrange the transaction in person prior to traveling so that I could call them and request a wire. I also had to fax the bank showing them the required data. They also informed me that it was not reversible so I had better be sure!

mcpiaseczny

I've purchased from out of state a few times now and I don't use wires because they are very difficult to time properly and that makes it unfair for the buyer. I use cashier's checks but I talk to the buyer up front about what they need to feel comfortable with the check. Usually there's no problem because we had been conversing for so long that the trust is there and the check is accepted at face value.

The last time (when I bought our 993) I went to the seller's bank so that they could verify the check's authenticity and cash it right away. It was great because the seller felt good about it and I knew there wouldn't be any problems for him. The title changed hands immediately afterwards.

You can keep the title until the funds clear, but at the end of the day if he has your car and the check bounces, it doesn't really help you much that you're holding the title. It's much better to try to get the deal wrapped up properly all at once.

If you don't trust the guy, don't do it. If you think he's legit then you both need to invest a bit of trust to make this work because there is risk there for both of you, as there is with any car sale.

Slow Guy

I suspect the vast majority of transactions go fine no mater what form they take but the POTENTIAL for fraud exists in all of them, just use your head, trust your gut and check with your bank beforehand, not after the fact.

FWIW, I've purchased several cars using cash, personal check, bank draft (check) and wire transfer. My investment account is with Charles Schwab and I can initiate a wire xfer via the web through my account. They will call to verify it was me that initiated the wire but as someone else stated timing a wire xfer is harder to predict and most times I don't want my money in their account until I've taken possession of the vehicle.

As a buyer I just find it easier and more timely to get a bank check and give the seller the check info and the issuing bank's phone number before I leave to pick up the car. In addition, all my bank has ever asked about the seller is what name I want them to put on the check (no ID required).

slider172

When I bought my 993 I had the seller fax me a copy of the title.
A nice way to verify he has it. I scammer would not have the car so he would not have a title right.
I faxed him a copy of the check a couple days in advance so he could verify it was real. He didnt bother checking it. I would have!

1pcarnut

If it's a cashier's check, it will have a serial number, usually in red ink printed on it (usually in the top right corner). You can call the issuing bank, provide that number and they can tell you if it's a valid check.

Takes 5 minutes. Ask the buyer to obtain the phone number of their local branch manager to avoid getting the dumb automated system.

YA911Fan

If it's a scammer, he'll give you an accomplice's number who will convincingly tell you the check is good. Best to find out the bank's number independently and call on your own if you go this route.

Obviously, the vast majority of transactions happen without fraud but the scammers are out there and cars that are in high demand make excellent scamming targets because sellers assume they're dealing with fellow enthusiasts and let down their guard.

Slow Guy

Not true at AmSouth (now Regions). I've asked each time I've picked one up and each time they tell me the call would have to be made to the branch issuing the check. Believe me, I thought the main bank (800 number) should be able to confirm it but I'm told they can't.