This is what my late wife suggested to her customers when selling a car or bike. The last car I bought I did a wire transfer, totally safe and painless at least in my case. Not the way to go perhaps if you don't have confidence in the deal.
Never sold a car online, but I like bank drafts or bank money orders. Preferably from the same bank I deal with ( they can check immediately if funds are true) and deposit Cash works also Up here you have to buy a used vehicle package from the mot Basically shows all past owners , if the car was ever totaled, leans etc. I make out a bill of sale with both our names and drivers license numbers for the sold amount And if they guy seems nice wasn’t a pain in the ass etc. On the used vehicle package there is a spot to make a bill of sale where we both sign and date and I may “ forget” to put in the sold amount .
I have gotten fake certified bank checks and counterfeit hundred dollar bills. I had told him I wanted cash, but he said he was having someone else pickup vehicle and he didn’t trust him. The check was deposited in my bank and it took two weeks to be returned as modified. The amount was washed off and new amount printed. It looked real except it was not stamped. I told buyer that if I took a check of any kind that I would hold for 30 days. I maded sure it would sit in my account for 30 days before I would release vehicle. My bank told me that check was good and had cleared, but I waited and was glad I did, because it came back as modified and was voided. The buyer was having a hissy fit but shut up soon. The bank was embarrassed. Cash is best.
Also makes it handy to just deposit the cash in your bank account, too. That way you don't have to worry about getting rolled on the way home.
Sorry about the time lag. Sale went off w/out a hitch. Deposit thru PayPal, the rest was wired to my bank into a savings account that i closed after transferring money to my checking acct. About a week later I noticed a '29 roadster sitting in my garage that wasn't there before and my money was gone. How did that happen?
When I was in business a few years ago, I routinely got $5000+ checks from customers. I had a cousin that worked at the bank and I would always ask for her as, she could verify when my bank received the money for the check. Usullsy in 2/3 days.Once my bank got their/ money she said it was good. She had to take extra steps to verify this. Other tellers said they didn’t know how. Never had a problem. I needed to know quickly, so I could pay for the product early and get the discount. If the customers check bounced... my check would bounce! I know that was a few years ago and in Oklahoma, not Connecticut and bank rules differ. But, having a good banker who will go the extra mile, is golden. Bones
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