Taking payment on 30K car safely...

I could use some assistance. I am helping someone sell a car on the internet. I have bought and sold many, many cars with success, but never anything priced higher than $10,000. I have felt comfortable with carefully accepting or paying cashiers checks or cash before, but am concerned with this situation as it will be a much higher price.

I thought there was a lengthy thread here with debate on the issue but have not had success finding it. If someone knows of that thread, could you point the way.

If not, and if you are experienced at this, could you provide some direction to satisfy both us as a seller of a fairly expensive car, and also the buyer who we want to take care of and make happy too?

 

I share your concerns and here is what I do.
If the sale is local I meet with the seller at a branch of my bank and do the transaction right there. He can decide if he wants cash or a cashier's check. Keeps everybody honest.
If it is long distance I do my due diligence and find out about my trading partner. I will gladly accept a cashier's check but will wait until it clears or have the funds wired into my account. I have a certain trust into people and the banking system and do not believe in opening accounts for a onetime transaction or all the other safety ideas floating around.

 

A little more difficult if someone is flying in to pick up a car. They want to arrive and somehow pay me for a vehicle and then drive away. They are not likely to fly or travel with 30 plus thousand cash, but are more likely to have a cashiers check.

Obviously I can meet them at MY bank and have the bank check out the cashiers check as well as possible before cashing it... Still makes me nervous as the funds don't really clear (without potential to bounce) for 7-14 days.

I do like the idea of doing a little googlemeistering on the purchaser and then maybe checking ID, etc.

Other thoughts?

 

30k cash is not really that much to carry. I wouldn't think of paying any other way.....

 

I would have the guy wire the money into your bank account before he picks
up the car. This would be the safe....

 

I prefer cash.



Marcy

 

$30,000 ,If buyers wants car bad enough and has funds,whats the hurry,cash in hand,car leaves the other hand ,there are too many dishonest scams these days to take the chance on cashiers check,fake paypal sites,western union crap,you are the seller,you set up payment on your terms,any buyers thats comes up with wanting to pay his way is bullshit,cash in hand,no problems.

 

The buyer can do a wire transfer on the spot. It will cause a minor delay of maybe 2hrs tops if it's done in the morning. Once the funds have cleared his acct to yours, shake his hand and say "Happy motoring. Drive safe!" For the buyer's end, he's out nothing until he can see exactly what he's buying. Smooth and simple, shows mutual respect.

 

^^^ditto

 

All very good ideas to contemplate...

Does anyone remember the multi page thread/debate on this topic?? I thought I had saved it.

 

I usually use bank wires. I used to carry cash all the time and have sort of gotten away from that because wires are so easy.

On the other hand, nothing helps more with negotiations than a handful of cash.

 

A bank to bank wire transfer is just as good as Ca$h... Once it's in your bank it's yours

 

I have always had them come to a local branch of a national bank they have an account in (no national bank account, then only cash will do). They fill out the cashiers check request right there and then the bank will ask me if I want cash or cashiers check. Funds are verified on the spot so I dont worry about the cashiers check.

 

I agree with the wire transfer scenario. Could maybe be done the day before he picks up the car?

I sold an engine/trans. to a HAMBer from Sweden, a couple years ago. He payed me via bank/wire transfer and it went very smoothly. Very easy and safe to do, you just need to exchange some bank informationt to make it happen.



Malcolm

 

Wire transfer and verify the funds are in or cash. Anything else and your taking a risk.

 

If this guy is sincere about buying a 30K automobile, he should find that it is worth investing a reasonable amount of time into the transaction.
Any time somebody tries to create time pressure over any kind of transaction, be suspicious.
Make him wire you the money after he sees the car and wait for the funds to clear before he drives off. Yes this means a M-F workday. Unless you are able to authenticate currency (I'm not) and the bank can do that too, I'd be suspicious of greenbacks.

 

No other payment method other than CASH clears the same day! None.

Not a wire transfer, a cashiers check, or anything other than cash...

With a wire transfer or a cashiers check, the buyer can stop payment within a certain amount of time. It's not likely but you could end up without a car or the money.

Tell him if he wants the car today, bring cash, otherwise do a wire transfer or a cashier's check and wait for your bank to tell you that the money is not going anywhere... It could take a week to 15 days from what my bank told me. A check takes up to a month after you deposit it.

 

Do the cash deal at the bank so they can run it through their machine. Once they do and give you a receipt, it is all good.

If you bring them the cash after the deal...... could be counterfeit money, and the seller might not even know. Your problem then.

 

I had a lengthy thread a month back maybe it will help

http://jalopyjournal.com/forum/showthread.php?t=474301&highlight=selling+car+long

 

make sure you get a counterfeits pen to make sure that cash is real! in case you take the cash!

 

The Wire Transfers have It !!! All in favor say I !!! >>>>.

 

I!!!

 

Hey Nick aka Malcolm. The motor sits fine in the Merc but it hasn't been started yet... I'm a lazy ass mechanics. The money wire thing works fine and i've been using it for a couple of times now. Safety first you know

 

Yep. Simple as that. Meet up with the buyer and go to your bank to get the ball rolling. Go have lunch with the buyer, then return to your bank.
My wife and I did this when we bought her daily driver. It made everyone involved happy, and didnt really hold things up at all.

 

BANK WIRE.Go to lunch maybe window shop at a mall, by the time you are done money will be there all is well.
DO NOT LET THE CAR GO UNLESS YOU HAVE BEEN PAID IN FULL!

 

I would have them draw a cashier check from any branch of my bank so I could verify it at my bank. My last transaction was done that way and the funds were available immediately.

 

I've used wire transfer to purchase a car and wire transfer to sell a car. Both went smoothly.

On the purchase of my high dollar '47 Chevy I wired the money from my credit union first thing in the morning and drove the 5 hours to his place in NY. He called his bank when I got there and the money was in his account. I drove away with the car.

On the flip side I just sold a car to a guy in Australia and he wired transfered me the money, everything went smooth.

I have sold a car to someone that wanted to pick the car up right away. It was much greater then $30K and I insisted on cash. He brought the cash and we sat at my kitchen table, counted it and used that fancy pen to make sure the bills were not counterfeit. Once it was counted I put the money in my Mom's car and she drove home (he didn't know she lived down the street). I signed the title and helped him load the car. I didn't want the cash inside the house with me with this dude still around. Not that I didn't trust him but ya never know.

Personally I wouldn't ever do check, cashiers check, money order, nothing like that. Bank wire transfer or cash no matter the amount.

 

All GOOD info!!!! Thank you.

And yes, Arrowhead, that is exactly the thread I was looking for!!!

Thanks!

 

Have him send the check now, then he can fly in and pick up the car after it clears.

Never give up the car to someone you don't know or trust until the check has cleared, plus seven business days. The bank can still take the money back 7 or 10 days after it clears, I'm not sure which.

 

Wire Transfer easy and safe, have your bank open a temp account once it is in their transfer over to reg account close the temp .. Done all info erased from buyer ..