I just bought a GTS on BAT and seller wants me to wire the funds. Is this typical? Seller has had many BAT sales and seems totally legit. BAT FAQ recommends wire transfer but I'd prefer to hand over a cashiers check at delivery. Wanted to ask if any of you might know what's typical. Thx

 

I would not have a problem wiring the funds. Sounds like that is how it's usually done over there. As a seller I sure would rather have funds wired than receive a cashiers check that I then need to verify somehow.

 

Are you taking delivery in person? If so, then maybe a cashier's check is okay, but still creates risk for the seller (who knows if the check is legit?).

If you're shipping the car, then they're going to need you to own the vehicle before they put it on a truck for you.

If this guy is a regular seller on BAT, then there's very little risk wiring the funds. I wired the full amount for my car to an established dealer and it worked out just fine.

I'd do it his way to make for a smoother transaction.

 

Wiring the funds is very common. Enjoy the new car! I watched it on BAT. Looks like a great spec.

 

I would not accept a cashiers check as a seller unless I knew you personally. They can easily be forged. Wiring funds is generally the custom in these deals. Good luck with the car. Post pictures!

 

You could ask for a bill of sale. A dealership would typically send one before you wire the funds.

 

You could ask for a bill of sale. A dealership would typically send one before you wire the funds.

And welcome to the GTS club!

 

Typical protocol is for the seller to send you a bill of sale (contigent upon receipt of full payment) and a scan of the title showing it free and clear and that its in his/her possession (I recommend executing the bill of sale before sending payment as this makes it a mutually binding contract). Seller should send you the title immediately following payment (and make sure the title travels separately from the car if you are having it shipped). Sellers typically prefer wire transfers as they are the safest for the seller (i.e., virtually impossible to reverse after its complete). Cashiers or bank checks are cancelable based on the rules of the bank. Major banks, like Wells Fargo (note I didnt say popular), dont allow cashiers checks to be canceled once they have cleared, but they can if they havent. Also, Wells Fargo certifies and withdraws funds from the issuer's account when the check is issued (different banks have different policies). So based on my understanding, I prefer wire transfers. Regardless, getting payment back on a major purchase, regardless of how you paid, can be a major challenge. All that said, there is no substitute for due diligence: is the seller a real person and legit (past BaT history is a major plus and probably mitigates that). I always talk to people on the buyer (sellers and buyers) to try to get a sense of who they are and whether I want to deal with them (of course with BaT, you dont have that option before the sale ends). But you can always fly out and make the payment in person if you are nervous about the seller or the car, but frankly, anyone selling repeatedly on BaT should be concerned about maintaining a good reputation. Hope this helps.

 

Wiring is the safest option for the seller because once you send it you cannot get the money back no matter what. I would set up an escrow account until you can see the car in person.

 

Since its on BAT, I would trust that wiring the funds is a safe thing to do. Another option is to use an escrow account to make sure both title and funds are changed safely. I bought an old BMW this way years ago and used escrow.com to do the exchange. Admittedly I am not sure what the norm is on BAT but still an option to think about.

 

I just sold my 911 on the Marketplace. Buyer and I are new to this and weren’t sure of the best protocol. We agreed that the buyer would fedex a cashiers check to Intercity who would give it to me when the car was loaded. I would then FedEx the title to the buyer. All good until I deposited the check and my bank put a 7 business day hold on the funds. I’m ok as I don’t need the funds but a wire would have cleared a lot quicker. If I had a do over, I would only do a wire. My buyer’s a good guy so no issues but a wire is the way to go. YMMV.

 

Had a similar situation but being the buyer. I was fine with the wire transfer and made the transaction very easy. Seller appreciated it as said cashiers check could take over a week to clear. Wire took 24 hours.

 

1. Wiring can be recalled for fraud within 24-48 hours
2. Safest for Buyer is wire to escrow service (or local lawyer). Wire is released when you or shipper gets car, bill of sale and title transfer

I can help anyone doing this in South Florida for example