Selling car need advice

[Gud T.B. Blown]

Got a serious offer on the car and now I need advice on how to collect the funds. The buyer is 3000 miles away so cash isn't going to work. What do you guys suggest?

 

[zookeeper]

If I were you, I'd not let that car out of my sight until money was in my bank account. Talk to your local bank and ask them what the safest way to go forward with this is. I know cashiers checks can be faked, but your bank will know for sure.

 

[Gud T.B. Blown]

Thanks, that is great advice.

 

[2nd Mustang]

Yes, I'd be cautious too. Three thousand miles away means the buyer is not in this country, or at least the 48 state block. There are too many scams going on from foreign soil. Be careful.

I once sold a rolling chassis of a 55 Chevy with no engine or trans. The buyer knew he was getting a good deal so he drove a couple of hundred miles to pick it up.

My GF's brother sold a boat trailer to a guy who drove down to Southern Cal from Northern Cal to pick it up on a two day trip.

If they truly want it, cash talks.

 

[Calponycarsmike]

Watch out for cahiers checks the banks will accept them if the fake is good, and it can take upto two weeks to for the bank to find out it was a bad check, by the the car is in a container and out of the country.

 

[rwood126]

Watch out for cahiers checks the banks will accept them if the fake is good, and it can take upto two weeks to for the bank to find out it was a bad check, by the the car is in a container and out of the country.

+1
Do not let it go till you have cash in hand. If he says he's paying freight and wants to give you more money than your asking and wants you send the difference western union. It's a scam!!

 

[voipguy]

Be careful of scams. Especially if the person says "I'm gonna send you a check for $1,000 over the amount because my bank screwed up. Just cash the check and send me the $1,000."
Complete scam! I've seen it happen to a friend.

 

[runawayabc123]

If you settle on a cashiers check of some sort, your best proection is to call the bank that issued it to make sure it is valid. Even if the fake check has a valid transaction id, it won't likely be for your amount. (If they guy is good enough to get the transaction id of a check that matches your dollar amount, he is good enough that it won't matter.)

Like others said, the Bank can come get you for fraud funds after you have cash in hand if the check is fake. (It does have like a 30 day limit, but I don't know if it is 30, 60 or 90 days.)

Ideally, have them come to you with a check, have them cash it at your bank and then hand you the cash to do with as you please.

If they really want it, make them come face to face to get it.

Bottom line, does the other guy feel trust worthy?

 

[runawayabc123]

I forgot, also make sure that the issuing bank is real and not that you are talking to this guy's best friend on some fake setup cell phone or something.

Also, beware fake escrow companies that are really working with the seller to scam you. If you go with escrow, make sure they are legit. (This may be your best option for a long distant move. Also, make the other guy cover the escrow costs and he will if he really wants the car.)

 

[Gud T.B. Blown]

I'm going with a bank wire. Talked to the bank and it's a one way one time only transaction and cannot be reversed. So far the guy seems to be on the level, I've talked to him at work and his house and he even paid to have an inspector come out and check the car out before making an offer.

 

[palerider94]

Paypal - can be another option. They can deposit thier personel check into paypal using routing number and once it clear their bank will be availble to you. That's the route I would go. That's how I bought my 70 stang of ebay.

 

[Calponycarsmike]

bank wire is a good way I have sold a few cars via bank wire, Paypal you have fees.

 

[4MuscleMachines]

I'm going with a bank wire. Talked to the bank and it's a one way one time only transaction and cannot be reversed. So far the guy seems to be on the level, I've talked to him at work and his house and he even paid to have an inspector come out and check the car out before making an offer.

Bank wire is the only method I use to transfer funds. As they said, it's irreversable. If you are leery of giving out your personal banking info, just open up a new account specifically for this transaction, receive the wire, then close the account.

 

[justford]

Wire transfer is the only way to go as it is done usually in one business day or two if is coming from some countries.

 

[Gud T.B. Blown]

Thanks for the advice guys. Money in, car going next Saturday on a transporter.

 

[AllStangs]

Glad it worked out for you pushrod. Yes, wire transfer is the best way for the seller, but can be not so good for the buyer. On another forum is a recent tale of someone (out of country) who bought a car from a seller in the states. He wired the money and then....nothing. Seller was a scammer and didn't even own the car he was selling. And because the wire transfer is not reversible he's got a serious uphill battle to get his money back.

But as others have said, for the seller wire transfers are a good option.

 

[jerry S]

for future reference, consider escrow with a lawyer or CPA

when doing an out of state sale. The money goes into the escrow account with the lawyer/CPA who also will be holding the title. Buyer and seller define their conditions precedent to closing (car is as described, seller has valid title with no liens, etc) and once those will have occurred, the transaction closes. You might pay $500 for this service but the piece of mind is worth it