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O/T Slightly - Safest way to sell a car, even locally

Discussion in 'The Hokey Ass Message Board' started by snelson57, Jan 20, 2009.

  1. snelson57
    Joined: Jun 3, 2008
    Posts: 544

    snelson57
    Member

    I presume that most are doing wire transfers to sell a car over long distance. In this time of fake cashiers checks and money orders, is it best to demand a wire transfer for even a local sale?

    If someone can send me a fake check that my bank apparently can't even verify (I think that this is inexcusable with today's technology, BTW), why can't a con just walk up and hand me one?

    Do you demand cash for a $20k car? Will requiring a wire transfer put off some buyers?

    Just wondering what everyone is doing to protect themselves.
     
  2. thunderbirdesq
    Joined: Feb 15, 2006
    Posts: 7,092

    thunderbirdesq
    Member

    Unless you set up a dedicated empty account for the particular transaction, a wire transfer would be the last thing I'd want to do if I was worried about fraud!

    "Here's my bank account # and routing information. Please withdraw all my funds!":D
     
  3. KreaturesCCaustin
    Joined: Sep 3, 2008
    Posts: 1,258

    KreaturesCCaustin
    Member
    from Austin, TX

    I once sold a home built trike to a guy. I insisted that we meet at his bank. I watched him go to the teller and get a cashier's check. We signed the paper work right there with the bank's notary signing everything. I immediately took the check to my bank and deposited it. I had the bank photocopy his ID as well, so if anything went goofy, I had a course of action. Worked well for me. If you did the same thing, but had them wire the money to your account right there in front of you, you'd be as safe as is possible. The buyer would never get your account number. Only the bank teller would see it.
     
  4. Shifty Shifterton
    Joined: Oct 1, 2006
    Posts: 4,964

    Shifty Shifterton
    Member

    Safest way is to have full coverage insurance when it's sold/stolen.
     

  5. czuch
    Joined: Sep 23, 2008
    Posts: 2,688

    czuch
    Member
    from vail az

    I sold a 59 caddie convertable one fine day to a guy who saw me at a stop light and wanted the car. I took him to HIS bank and opened an account with his money right then and there.
    My wife left me over that.
    Helluva good reason to sell that car I'll tell ya.
     
  6. wvenfield
    Joined: Nov 23, 2006
    Posts: 5,580

    wvenfield
    Member

    Last two cars I bought were "cash". Last two I sold were "cash".

    One of the cars I bought the guy still had me meet him at his bank where I handed the teller the cash to put in his account. He said in case the money was counterfeit. Whatever.
     
  7. Belchfire8
    Joined: Sep 18, 2005
    Posts: 1,540

    Belchfire8
    Member

    Cash is King...I have local people tell me they will write me a check, I tell them to write it to themselves and go cash it and give me the cash! :D
     
  8. dabirdguy
    Joined: Jun 23, 2005
    Posts: 2,404

    dabirdguy
    Member Emeritus

    Do the transaction at your local bank.
    Most Banks are friendly to this kind of thing and have a conference room you can use.
    They will be the BEST set of eyes to look over your docs and can validate funds on a check.
     
  9. 49ratfink
    Joined: Feb 8, 2004
    Posts: 18,828

    49ratfink
    Member
    from California

    I like cash, but the most expensive car I ever sold was $7500.00.

    I would talk to your bank about wire transfers. they are common overseas from what I hear. we are just behind the times in the US
     
  10. Racewriter
    Joined: Nov 14, 2008
    Posts: 780

    Racewriter
    Member

    I deal COB - Cash on the Barrelhead, anytime I deal with individuals.

    When I buy, I find a stack of cash becomes a nice negotiating technique. When I sell - cash spends.

    If someone doesn't have the cash on them, I'm happy to go to his bank to get it.
     
  11. go to the bank with them, if they're local. I'd paypal for the piece of mind also, if it were a far away deal.
    Beware of fake money also, a buddy just got dooped for about 1500 in counterfiet 100 bills, if you going to get a bunch of cash, invest in a 5 dollar marker to check cash.
     
  12. wire transfer is very safe. even if someone gets your account # and routing # they need id.,signature signed in front of a notary. your bank is responsable for those funds and they wont just send them that easy. their is always a fee for the service. most people want cash to dodge the tax man.
     
  13. You have'nt seen the latest crop of funny money. Now they bleach fivers and re-print them. The marker trick tells you that the paper is good - but the money is still fake. And you're still out of luck. Check the watermark, and never, ever take old hundreds.
    Cosmo
     
  14. GassersGarage
    Joined: Jul 1, 2007
    Posts: 4,727

    GassersGarage
    Member

    I prefer the transaction to take place in my bank with either a money order or cashiers check from my bank. Dealing with large sums of money in cash, the bank has to notify the Feds. Use to be amounts over 15K, then I heard it dropped to 10K and now I hear it's 5K. If I buy a car, I will use either a personal check and wait for it to clear, or a cashiers check.
     
  15. I have sold many cars and aircraft long distance where the money had to be sent. The best way to go for everyone's protection is Paypal. Once the transfer is made, Paypal directly deposits the money in your account, and if there is any monkey bussiness, fraud,etc on the buyer end, its Paypal's problem, not yours, because you've got your money. Paypal does charge more than a bank wire would, but you can always fold the fees back into the sale price.
     
  16. I bought my '56 out of CO. The deal was I sent a bank check. When the check cleared his bank I could get the car ...
     
  17. propwash
    Joined: Jul 25, 2005
    Posts: 3,857

    propwash
    Member
    from Las Vegas

    I use cash to purchase cars locally, and a bank wire transfer for anything else. The wire transfer is virtually foolproof, as only banks are involved. Nobody can 'drain' your account, as the banks monitor the account on both ends - the transaction itself is the account - where you direct the bank to deposit it (I have a special account for this sort of thing) is your own business. Five bucks or fifty-thousand - it's cash or a wire transfer. Paypal is fine, but a lot of folks don't have sufficient weight with Paypal to purchase a serious-business automobile. The most important thing for the seller to do is send a registered letter to your DMV with a photocopy of the title to the car you're selling, the buyer's name and address, and the actual date of transfer. I also keep my insurance on any car I sell for at least a month, just in case. Keep copies of all title transfer documents and anything pursuant to the transaction that a notary public has signed. If I sell something locally, I go right down to DMV with the buyer and complete the transaction there.

    Keep records - if he gets drunk and drives into the lobby of an old folks' home - you need to be able to prove that you were NOT the legal owner at that time. You cannot FORCE these buyers to properly handle the title transfer in their state, but you can document that you took all the steps necessary to effect the transfer from your side. Call you DMV or visit their website for guidance. Above all - in ANY transaction - PROTECT YOURSELF.

    dj
     
  18. DirtyDan
    Joined: Aug 23, 2005
    Posts: 883

    DirtyDan
    Member

    You give out that information any time you write a check... look at the bottom. Wire transfer is the absolute safest way of completing a sale. I have also taken bank checks but have personally and had the bank call to make sure the funds are on the check. Most bank checks have a 1800# w/ an automated system to call and check the validity of the check... not 100% fool proof like a wire, but next best thing.
     
  19. yoyodyne
    Joined: Nov 26, 2008
    Posts: 855

    yoyodyne
    Member

    On Paypal - If you accept a normal paypal payment it will cost you 3% in Paypal fees, that can be a lot. A Paypal e-check will only cost you $5 maximum, the difference is that it goes directly from his bank account to your bank account much the same as a wire transfer. It takes a few days for it to clear, unlike other Paypal payments, but Paypal will email you when it is safely in your account and cannot be stopped. Cheaper for the buyer than a wire transfer, cheaper for the seller too, and you don't have to drive to the bank. Even a wire transfer takes a day or two to take place it seems.
     

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