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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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What is the safest way to collect $ for the sale of a car?
so I have the mustang on ebay for $45K
I set up an email account for people to ask me questions....
Someone is offering me asking price- but wants to give me a cashiers check
is that safe?
should I ask for a wire transfer?
I am so nervous...this is alot of money -
if I go to the bank with the check- before I sign over the title- will they be able to tell me if it's good?
any advice....I would love the sell the car for a profit....
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Posted 2/19/09 10:26 AM  |
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Long Island Weddings
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CouponKT
Our family is complete
Member since 6/06 16494 total posts
Name:
K
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Re: What is the safest way to collect $ for the sale of a car?
NO Cashiers checks!! They can be a scam! They appear to clear in your bank but then the bank realizes it's fake and you lose the $$.
Hands down, I always say go through PayPal. Yes, it takes a fee, but you have their protection to back you up!
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| Posted 2/19/09 10:30 AM |
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Lisa
I'm a PANK!!!
Member since 5/05 22334 total posts
Name:
Professional Aunts No Kids
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Re: What is the safest way to collect $ for the sale of a car?
Posted by BabyCote2006
NO Cashiers checks!! They can be a scam! They appear to clear in your bank but then the bank realizes it's fake and you lose the $$.
Hands down, I always say go through PayPal. Yes, it takes a fee, but you have their protection to back you up!
I agree!! NO Cashiers check
tell them a bank check or PayPal
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| Posted 2/19/09 10:31 AM |
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MrsPJB2007
MBA at your service!
Member since 7/06 12020 total posts
Name:
MJ
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Re: What is the safest way to collect $ for the sale of a car?
NO WAY JOSE!! Since they are going for asking price--and not trying to haggle at all--that is a bad sign to me.
Go thru Paypal ONLY and don't let them try and convince you otherwise. Many times you don't find out the cashier's check is bogus until weeks later in those scams
ETA: even if you go to the bank to verify the check--they might check it and it says its 'legit' and then weeks later they find out its not. its a VERY common scam
Message edited 2/19/2009 10:33:12 AM.
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| Posted 2/19/09 10:32 AM |
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Re: What is the safest way to collect $ for the sale of a car?
I agree! I recently was trying to sell one of my husbands cars on craigs list and there were so many scams !!!!! People were contacting me with all sorts of crazy things. I agree with the above poster PAYPAL ONLY.
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| Posted 2/19/09 10:32 AM |
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danielleandscott
My new 71 Super Beetle
Member since 5/05 13476 total posts
Name:
Scott
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Re: What is the safest way to collect $ for the sale of a car?
Bank check - Paypal or cash in person.
Are they picking the car up or are you shipping it?
I just sold my 66 Beetle last summer on Ebay and I told him I wanted a bank check.
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| Posted 2/19/09 10:34 AM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: What is the safest way to collect $ for the sale of a car?
ok- so paypal or wire transfer only
(the guy at the dealership told me wire transfer)
asking price on this car isn't that shocking to me- it's not your average car- I told the guy to call me....
what's the difference between a bank check and cashier's check?
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| Posted 2/19/09 10:36 AM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: What is the safest way to collect $ for the sale of a car?
Posted by danielleandscott
Bank check - Paypal or cash in person.
Are they picking the car up or are you shipping it?
I just sold my 66 Beetle last summer on Ebay and I told him I wanted a bank check.
we haven't gotten that far right- so I would be safe with a bank check?
I don't feel safe with $45K in cash either- unless I have my uncle come with his gun (retired NYPD)
unless the guy meets me at the bank with the cash.....
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| Posted 2/19/09 10:38 AM |
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danielleandscott
My new 71 Super Beetle
Member since 5/05 13476 total posts
Name:
Scott
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Re: What is the safest way to collect $ for the sale of a car?
Thats a good idea. Have the guy meet you at the bank. Bring your uncle just in case.
Is this guy local? Make sure you talk on the phone and get his full information.
I only had to deal with $4500 so its a big difference.
The guy brought a bank check with him and trailered the car home
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| Posted 2/19/09 10:44 AM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: What is the safest way to collect $ for the sale of a car?
I am emailing him back wire transfer or cash only- if he is a scammer- he wont even call me
I took cashier's check off my listing
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| Posted 2/19/09 10:54 AM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: What is the safest way to collect $ for the sale of a car?
Posted by Lisa
Posted by BabyCote2006
NO Cashiers checks!! They can be a scam! They appear to clear in your bank but then the bank realizes it's fake and you lose the $$.
Hands down, I always say go through PayPal. Yes, it takes a fee, but you have their protection to back you up!
I agree!! NO Cashiers check
tell them a bank check or PayPal
This is a tricky situation. Paypal for deposit is fine. But you really can't accept paypal on a 45k purchase. The buyer can just file a chargeback at any time.
While there are some scams with cashier's checks... a cashier's check is really the way you want to go with accepting a payment. Just wait a few days after accepting the check to make sure it's "legit". I would also have them first send a paypal deposit. If they send a paypal deposit, at least they look more "legit".
Or have them use ebay's financing center located here.
http://pages.motors.ebay.com/buy/financing-center/
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| Posted 2/19/09 10:59 AM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: What is the safest way to collect $ for the sale of a car?
Also isn't a bank check the same as a cashier's check?
Banks call these checks different names. I've heard bank check, cashier's check, official check, all being used to call a certified check.
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| Posted 2/19/09 11:01 AM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: What is the safest way to collect $ for the sale of a car?
Posted by ave1024
Also isn't a bank check the same as a cashier's check?
Banks call these checks different names. I've heard bank check, cashier's check, official check, all being used to call a certified check.
from my research they seem to be...
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| Posted 2/19/09 11:06 AM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: What is the safest way to collect $ for the sale of a car?
cash or wire transfer only.
With cash though any transaction over $10K the bank will require you to fill out a form that basically tracks for money laundering.
So if he gives you cash and you deposit it, you will have to complete the form.
Even breaking up the payment in pieces could flag you.
That's not the end of the world. You are not a money launderer and have nothing to hide, it's just another way the govt watches you.
So many details right?
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| Posted 2/19/09 11:31 AM |
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nrthshgrl
It goes fast. Pay attention.
Member since 7/05 57538 total posts
Name:
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Re: What is the safest way to collect $ for the sale of a car?
I would opt for wire transfer or cash only too.
DMV forms for selling a vehicle
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| Posted 2/19/09 11:41 AM |
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zeta1996
YUMMY!
Member since 9/06 2365 total posts
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Re: What is the safest way to collect $ for the sale of a car?
But do you want to give this stranger your bank info? If you go the wire transfer route, maybe set up a new account just for this transfer and then as soon as it hits, you can withdraw it and put it to your regular account....
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| Posted 2/19/09 11:47 AM |
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Kara
Now Zagat Rated!
Member since 3/07 13217 total posts
Name:
They call me "Tater Salad"
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Re: What is the safest way to collect $ for the sale of a car?
Honestly, in this situation, you should go through an escrow company. Buyer pays the escrow company. When payment clears, the escrow company tells you to release the car to him. When he gets the car, the escrow company releases the funds to you.
Any high dollar sale I've done has gone this way. It's the safest bet next to cash for BOTH parties.
Message edited 2/19/2009 12:25:31 PM.
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| Posted 2/19/09 12:25 PM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: What is the safest way to collect $ for the sale of a car?
Posted by Kara
Honestly, in this situation, you should go through an escrow company. Buyer pays the escrow company. When payment clears, the escrow company tells you to release the car to him. When he gets the car, the escrow company releases the funds to you.
Any high dollar sale I've done has gone this way. It's the safest bet next to cash for BOTH parties.
I tend to agree with this. It's the safest way.
Again more crap than you need.
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| Posted 2/19/09 12:26 PM |
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Kara
Now Zagat Rated!
Member since 3/07 13217 total posts
Name:
They call me "Tater Salad"
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Re: What is the safest way to collect $ for the sale of a car?
oops. nm.
Message edited 2/19/2009 12:27:55 PM.
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| Posted 2/19/09 12:27 PM |
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Ophelia
she's baaccckkkk ;)
Member since 5/06 23378 total posts
Name:
remember, when Gulliver traveled....
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Re: What is the safest way to collect $ for the sale of a car?
Posted by Kara
Honestly, in this situation, you should go through an escrow company. Buyer pays the escrow company. When payment clears, the escrow company tells you to release the car to him. When he gets the car, the escrow company releases the funds to you.
Any high dollar sale I've done has gone this way. It's the safest bet next to cash for BOTH parties.
this is EXACTLY what I was going to suggest.
a middle person, to make sure ish is LEGIT all around.
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| Posted 2/19/09 12:33 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: What is the safest way to collect $ for the sale of a car?
Posted by Ophelia
Posted by Kara
Honestly, in this situation, you should go through an escrow company. Buyer pays the escrow company. When payment clears, the escrow company tells you to release the car to him. When he gets the car, the escrow company releases the funds to you.
Any high dollar sale I've done has gone this way. It's the safest bet next to cash for BOTH parties.
this is EXACTLY what I was going to suggest.
a middle person, to make sure ish is LEGIT all around.
how would I find a company like this? it sounds like a good idea- I pretty much owe most of the money to ford motor credit anyway....
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| Posted 2/19/09 1:26 PM |
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