Selling a car

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Model T Ford Forum: Forum 2013: Selling a car
Top of pagePrevious messageNext messageBottom of page Link to this message  By Richard Wolf on Saturday, November 09, 2013 - 09:19 am:

There was a discussion here on the forum, before, about selling a car. What is the proper way to receive the funds without getting burned. Cashiers checks were a no no. Other than cash, what is the best way to have the buyer pay for the car.


Top of pagePrevious messageNext messageBottom of page Link to this message  By Tim Wrenn on Saturday, November 09, 2013 - 09:27 am:

Rich...to me, absolutely, unequivacobly-I know it's spelled wrong...transactions should be done strictly by electronic transfer. All the banks do it. Banks are all electronic based anyway, so this is the safest way to be sure your money goes DIRECTLY into your account. Usually is done within the same day, if it is started preferrably before noon. I've done it twice with no problems whatsoever. Just call your bank and tell them what you want to do, and they'll walk you through the process. There's usually a small fee, I think the last time it cost $18 but worth every penny of it.


Top of pagePrevious messageNext messageBottom of page Link to this message  By Royce in Dallas TX on Saturday, November 09, 2013 - 09:36 am:

I've done the wire transfer method several times when selling cars on eBay. The bank never charged me anything.


Top of pagePrevious messageNext messageBottom of page Link to this message  By Richard Wolf on Saturday, November 09, 2013 - 09:51 am:

Well, can't do anything now till Tuesday. Just finalize a deal when the banks are open.
Thanks


Top of pagePrevious messageNext messageBottom of page Link to this message  By Bill in Adelaida Calif on Saturday, November 09, 2013 - 10:40 am:

How do you a wire transfer without fees? The company I work for used to accept wire transfers, but between the originating bank and the receiving bank (and sometimes intermediate banks that somehow got involved) we were being charged 10-15%.
When we asked it was NEVER our bank that was charging the fee. (Yea right).
I will admit that it was usually overseas transactions and it took 3-4 days to complete.

Bill


Top of pagePrevious messageNext messageBottom of page Link to this message  By Craig Anderson, central Wisconsin on Saturday, November 09, 2013 - 01:10 pm:

I pay $20 for wire transfers whether the money is coming or going and it's worth every penny!....... :-)


Top of pagePrevious messageNext messageBottom of page Link to this message  By Royce in Dallas TX on Saturday, November 09, 2013 - 01:29 pm:

None of mine have been overseas transactions. I've been receiving money, not sending it. No fees.


Top of pagePrevious messageNext messageBottom of page Link to this message  By Colin Comollatti - Queensland, Australia on Saturday, November 09, 2013 - 04:16 pm:

Hello Bill

As a person usually paying the bills from overseas, I am charged a Foreign Transaction Fee. This fee includes the currency transfer charge, $AUS TO $US. Happy to pay the fee for a safe transaction.

Maybe your bank is charging you the "Buyers Currency" to $US.

Colin


Top of pagePrevious messageNext messageBottom of page Link to this message  By Danial - Veneta OR US Earth Solar System on Saturday, November 09, 2013 - 05:06 pm:

I have sold a number of cars and motorcycles over the years online and have never been burned. Just takes a little foresight.

Go ahead and accept a check - just don't release the vehicle or title until the funds clear.

I have never used a pen to confirm currency when accepting cash. It's only marginally effective. I have always recorded the buyers vehicle and license plate number and matched the information on the bill of sale with their driver's license.

Also, if it is a modern car, I meet them at the DMV and have them pay for and do the title transfer right then.

Don't recommend PayPal or credit cards as the buyer can have your funds held on a whim for an indeterminate length of time.

Do not use Western Union for your wire transfers.

And last but not least, I never close a sale through email. In fact, I demand a phone number before I will even release more pics or answer questions. This weeds out a lot of scammers.

When I get the phone number I use various tools on the net to perform due-diligence on the buyer before I call them. Sometimes I know quite a lot about a buyer before first verbal contact is made - where they work, what they do, ads they have up on CL, etc etc. It's amazing what's out there and you can get a pretty good feel for who you are dealing with.


Top of pagePrevious messageNext messageBottom of page Link to this message  By Tim Wrenn on Sunday, November 10, 2013 - 06:40 am:

Danial- (and Rich)....I would only have to say that when you do accept a check of ANY kind, and yes even Cashiers Checks...nowadays you have to wait at a minimum, two weeks to make sure it clears. No buyer would wait that long, trust me. This was told to me by my banker, prior to making the decision to go the electronic transfer. Note, the word ELECTRONIC, not Wire. There's a difference. And yes, Royce, you're right, only the "sender" pays the fee. ANd as I said, it's usually only around $20 bucks or so.


Top of pagePrevious messageNext messageBottom of page Link to this message  By David Kriegel Mishawaka Indiana on Sunday, November 10, 2013 - 07:51 am:

I learn more stuff on this Forum. I have always used wire transfers on cars never know i could use an electronic transfer. I will check with my bank Monday. Here is an article on the differences.

The Difference Between a Bank Wire & a Bank Transfer
By Sarah Frobisher, eHow Contributor
A bank wire is an electronic money transfer transaction from one financial institution to another, either foreign or domestic. A bank transfer is an electronic money transfer that is domestic only. Both transactions can be completed in a bank branch or online, and a domestic bank wire is often completed faster than a bank transfer. Bank wires are more secure than bank transfers; however, bank transfers cost less.
1. Methods
o A bank wire can be completed at the financial institution, online or via telephone with a preset PIN. The PIN is assigned after completing a telephone wire transfer application. The application is account specific, and needs to be completed for each account a wire transfer will be withdrawn from.
Bank transfers can only be completed at the financial institution or online.
2. Time Frame
o In most cases, domestic wire transfers completed before 5:00 p.m. EST will be available the same day. International wire transfers typically take five business days to complete; however, some will take up to 10 days.
Bank transfer times are less predictable because they have to run through an Automated Clearing House (ACH). This allows the sending bank to send transfers at their convenience rather than at the time of the request.
3. Fees
o Wire transfer fees are charged to both the sending and receiving accounts. These fees range from $20 to $45 for the initiating account and $10 to $15 for the receiving account. International transfers cost more than domestic transfers. It is important to check with the bank when the wire transfer is initiated, as some banks will waive fees depending on account status.
Bank transfer fees are often less than wire transfer fees. Some banks offer free bank transfers while others charge up to $10. The receiving account does not pay any fee for the transaction.
4. Security
o Wire transfers are more secure than bank transfers. A wire transfer requires the account numbers of the sending and receiving accounts and either the ABA number for domestic accounts, or the SWIFT number or IBAN for foreign accounts. The initiator of a wire transfer also needs the full account name, bank name, and location of the receiving bank. In contrast, a bank transfer needs only the account number and routing number of the receiving account. The minimal amount of information required leaves open a higher possibility for errors.
Problems and Solutions
o When a wire transfer is unsuccessful, funds are automatically returned to the originating account, usually within one business day for domestic transactions and 14 business days for foreign transactions. When a bank transfer is unsuccessful, funds are automatically returned to the originating account, typically within one business day.
In case of a bank error, the originator of the transaction must file a dispute with the bank. The bank will research the transaction and refund the funds to the originating account if it is found at fault. The bank has a range of 10 to 20 days after receiving the dispute to complete the investigation, and can request and extension of 45 to 90 days. The bank then has three days to report the findings to the consumer.


wires can be either foreign or domestic, while bank transfers are solely domestic.
A bank wire is an electronic money transfer transaction from one financial institution to another, either foreign or domestic. A bank transfer is an electronic money transfer that is domestic only. Both transactions can be completed in a bank branch or online, and a domestic bank wire is often completed faster than a bank transfer. Bank wires are more secure than bank transfers; however, bank transfers cost less.


Top of pagePrevious messageNext messageBottom of page Link to this message  By Danial - Veneta OR US Earth Solar System on Sunday, November 10, 2013 - 10:54 am:

Tim, I've had buyers wait that long. Definitely not unheard of. Most old/special interest car buyers are cognizant of issues surrounding checks and understand the reasons for safety these days. I recall only one a buyer balk at waiting.

Did have one decide that he didn't want to wait on a pinball table he was buying for his wife's birthday so he Fed-X'd cash he had borrowed from a friend.

Yeah, I've had it happen a number of tyimes over the years.

But then I have probably bought and sold 15-20 large items long distance over the web. And another 50 cars just through Auto Trader and regular classifieds before the internet.


Top of pagePrevious messageNext messageBottom of page Link to this message  By Richard Wolf on Monday, November 11, 2013 - 12:15 pm:

OK, so it is Veteran's Day and the banks are closed. The buyer is coming today. What should I do, tell him if he wants it, he will have to wait till tomorrow when the banks are open, to finalize the deal even though he has a Cashiers Check or personal check. So I guess, if he really wants the car, he will have to wait to pickup the car and title.
I don't want to run him off nor do I want the vehicle to vantage.


Top of pagePrevious messageNext messageBottom of page Link to this message  By Charlie B actually in Toms River N.J. on Monday, November 11, 2013 - 12:20 pm:

Ball's in your court Rich. Want to chance it? I only bring it up because you seem suspicious.


Top of pagePrevious messageNext messageBottom of page Link to this message  By Tim Wrenn on Monday, November 11, 2013 - 02:47 pm:

Well, if like Danial says, he's willing to wait, he'll have to just wait! I ABSOLUTELY would not let that car out of my sight for at least two weeks if you take a personal check. And I still remember my banker telling me you can't even trust a Cashiers Check anymore, and cripes, THEY issue the things!!! What in the heck is this world coming to?


Top of pagePrevious messageNext messageBottom of page Link to this message  By Bill Everett on Monday, November 11, 2013 - 04:00 pm:

Tim;

I once was selling my '79 F-350. A buyer came by on a Sunday with twenty five $100.00 bills. Most of them, probably twenty, looked unbelievably good, almost too good.

The other five, not back-to-back, were interspersed in the "deck".

I got suspicious, and told the buyer that I had to wait 'til tomorrow (Monday) to hear from a guy who had earlier promised to come get the truck.

When the buyer left (with his money), I called the Secret Service. I actually got to speak to an agent who told me, "There are no reports of any counterfeit $100.00 bills floating around in Memphis." Small comfort, but I waited anyway.

The guy who had earlier promised to come did indeed show up the next day and bought the truck.

Later that week, the buyer (with the too-good $100.00 bills) called and asked if I still had the truck. "No, it sold", I was relieved to tell him.

In less than two weeks, the news carried a story about counterfeit $100.00 bills in Memphis.

Assuming the guy with the too-good $100.00 bills actually had twenty counterfeit ones, his approach was excellent. Have some obviously authentic, wrinkled bills scattered through a deck of counterfeits, and who would be the wiser. I would've sold the truck for $500.00 genuine dollars, and $2,000 in counterfeit. We all know that if you take counterfeit to a bank, you "don't get credit" for them, which means you're out in the cold.

Regardless, I've found the best way (for me) to sell a car to an individual for cash is to ride with him to my bank and have him buy a certified check from a teller, then give it to you.

I understand the desire to sell; protect yourself.

I did, however, once buy two 1931 Chevrolet's from whom I later believed was Dana Mecum in DeKalb, IL. He let me take both cars; all I gave him was a personal check. When I asked him about this, he said, "I'll mail you the titles when your check clears"; they arrived in a couple of weeks.


Top of pagePrevious messageNext messageBottom of page Link to this message  By Richard Wolf on Monday, November 11, 2013 - 04:05 pm:

Tim;
The guy was here and looked at it and was really interested. It needs a couple things and he was going to check the price to fix and get back to me.
He called yesterday and said he would be here today(Monday) thinking the banks would be open and after I hung up, I realized it was Veteran's Day and nobody is open. He was suppose to be here between 1:00 and 3:00 He just came at 3:45, made me an offer which I took. Suppose to come tomorrow with the cash. I hope. Will let U know the outcome.
Thanks for the help and input.


Top of pagePrevious messageNext messageBottom of page Link to this message  By R.V. Anderson on Monday, November 11, 2013 - 04:26 pm:

I have a good friend high up in the banking business. He told me that he is required to study US currency so closely that he can memorize every detail, so that he will instantly be able to spot a fake. With that in mind, it would seem that including some genuine notes in a bunch of fakes could be dangerous (to the counterfeiter).


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