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For Sale: Need Some Advice
#1
Three Wheelin'
Thread Starter
Need Some Advice
I'm about to sell my car to someone from out of State.
How do I protect myself and make sure I don't get scammed?
Is there a 'better way' to receive payment? I'm guessing that Certified Checks can be as fake as anything today. So, how do I guarantee the validity of a check?
It sounds equally scary to give out my bank account info for wire transfer, right?
So, how is it safely done?
How do I protect myself and make sure I don't get scammed?
Is there a 'better way' to receive payment? I'm guessing that Certified Checks can be as fake as anything today. So, how do I guarantee the validity of a check?
It sounds equally scary to give out my bank account info for wire transfer, right?
So, how is it safely done?
#4
Addict
Lifetime Rennlist
Member
Lifetime Rennlist
Member
Certified check, cashiers check, or money order, and wait until the check clears the bank before signing over the title or handing over the car. This is what banks do these days to protect themselves from bad checks, so it seems reasonable that you should do the same. You might also pose the question to your bank for advice.
#6
Burning Brakes
Cash...if at all possable..Trying to sell my Ducati I had all sorts...people wanting to pay with paypal cheque ect..If you dont know them best to get cash or wait for someone closer. Better than loosing your whole car for nothing
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#8
Three Wheelin'
Wire is the best for out of state. The Buyer is probably weary of you as well so that is always the challenge.
When I bought my car via ebay from local seller. I invited him to my bank and I got the check in front of him, gave it to him and drove away with the car.
When I bought my car via ebay from local seller. I invited him to my bank and I got the check in front of him, gave it to him and drove away with the car.
#9
to the OP, cash is best. Has the prospective buyer sent you a deposit? IF he can send personal paypal for additional funds, you can avoid fees and paypal clears the funds like any other bank, so you can move those funds to your personal accounts or leave them in your paypal, the less cash the buyer has to bring to the final transaction.
But if you have communicated with the prospective buyer and he can wire transfer, what you have to specify to your bank that it's for incoming funds ONLY. They should have your approval before any funds are wired out.
Another to do item is a BILL OF SALE that you and the buyer sign with all pertinent information; i.e. names, dates, item sold, VIN, mileage, price, etc. that the buyer will have to carry with him until he gets the title in his /her name.
IF you have the title in hand, there is the section that you have to sign and date and turn it over to him ONLY when you have 100% cleared funds.
Remember, the buyer has to also protect himself in some ways if he thinks he may get scammed, so the transaction can get awkward for both sides when funds, paperwork and your car are exchanged.
GL.
But if you have communicated with the prospective buyer and he can wire transfer, what you have to specify to your bank that it's for incoming funds ONLY. They should have your approval before any funds are wired out.
Another to do item is a BILL OF SALE that you and the buyer sign with all pertinent information; i.e. names, dates, item sold, VIN, mileage, price, etc. that the buyer will have to carry with him until he gets the title in his /her name.
IF you have the title in hand, there is the section that you have to sign and date and turn it over to him ONLY when you have 100% cleared funds.
Remember, the buyer has to also protect himself in some ways if he thinks he may get scammed, so the transaction can get awkward for both sides when funds, paperwork and your car are exchanged.
GL.
#10
Have the buyer give you the cashier's check number or money order and bank location where he/she bought it. Call the bank to verify the cashier check number is valid.
Best way if the buyer has a bank branch where you live. Walk with him/her into the bank. Buyer gets the cashier check and you sign over the title. Best way I find to transfer the money/title.
Best way if the buyer has a bank branch where you live. Walk with him/her into the bank. Buyer gets the cashier check and you sign over the title. Best way I find to transfer the money/title.
#11
cant a wire transfer be canceled? I read on the other forum that someone sold a watch and the wire transfer was canceled - never heard of that before.
Last time I sold a car, buyer and I met at my bank and he gave me a pile of cash which I deposited in front of him... When I bought that same car, I wired the money to the seller who was away, and went to pick up the car and title that evening (Car was local, transaction handled by his relative).
Last time I sold a car, buyer and I met at my bank and he gave me a pile of cash which I deposited in front of him... When I bought that same car, I wired the money to the seller who was away, and went to pick up the car and title that evening (Car was local, transaction handled by his relative).
#12
I've done this many times...on both sides of the fence. Forget cash; it is too "messy" and unless it's a small amount and both parties are local, it's not worth the hassle. If you had done this before, I'd say a bank check would be fine. Remember, you'll have the check before they have the car; so no risk for you. But in your case a bank to bank wire transfer is the best and only route I would suggest. If you are confident enough to sell this party your car, then you should be confident enough to give out your account number and ABA (routing) number. They both appear on your personal checks. Any time you write a check, someone has access to that information; I would not be concerned. If the buyer is comfortable simply wiring you the money on good faith, then great. It should take only 1 or 2 business days to clear. When your bank tells you the money has cleared, then release the car. If the buyer doesn't want to simply send the money to a "stranger," I would suggest leaving the car at a dealer/ shop (ideally where the PPI was done) and suggest to the buyer that you will release the car upon finalization of payment. I would also agree to send the title (make a copy) in advance of payment, if the buyer requests; this way he has something tangible before sending the funds.
#13
Drifting
Jason, Are you selling the "Red Beast"? B-B wire transfer is the safest method to receive cash. I've sold and purchased a few cars this way without any issues. GLWS.
#14
Rennlist Member
If you bank with a nationwide chain bank (Citi, Bank of America, Chase.. etc.) you could ask that he deposit the funds as cash into your bank account (give him your bank account number and information). You can verify by calling the bank that cash (not check) has been deposited at which point you can ship the car/title/etc.
#15
Pro
Well companies do international business every day with wire transfers, i dont see what the big issue is. Get a wire to your bank, wait for it to clear, confirm with your bank that it has cleared and then complete the transaction. What country is the counter party in? If Canada you should be very safe, if over seas take more precautions.