I have read about incidents where sellers of vehicles got scammed (nefarious payments and subsequently losing their vehicle without recourse). Since many members of this board have a lot of experience selling and buying vehicles, I was hoping for some recommendations for a safe and secure transfer. I have sold parts, motorcycles, etc., but nothing in the higher priced sector. I have a vehicle (Non-Hamb friendly, but I am the original owner), that is worth about $25 -$30K). So I was hoping to get some advice on how to best handle the transfer of payment and vehicle. I find that most people, especially in this hobby/field of interest, are very honest and respectful. But since this is a large ticket item, and I still have a lot of attachment to it, I worry about the small percentage of people that only look to take advantage of others without conscience. Thanks, Don
Years ago when they would bring the money I built ans sold quite a few 6 figure deuces both in the USA and overseas. Always did a secure wire transfer to my bank and had the buyer handle the transportation. All the foreign buyers used some form of intermediary to handle the deal. I did have one sale to a man in Japan that had the agent deliver the cash personally. Always wondered how he got it thru the airport security? Never had any problems, just have all the paperwork in order.
Wire transfers, cashier checks, or any other certified funds transfer is the way to go. Showing up at your local bank with over $10K in cash sets off all sorts of alarm bells and tends to get multiple 3 lettered government agencies involved.
A couple methods to consider - half up front by cheque, half in cash upon delivery. - go to a branch of the buyers bank and get cash or some sort of equivalent draft from his bank in the bricks and mortar building.
Have him send me the money, I'll hold it for you until he gets the car.... (beware of scams like this)
Two people said checks? Geez. Anybody taking any type of check these days is none too smart. Those can be faked, they can have stop payments issued, even if it's a bank check. I wouldn't even take the initial deposit by something like PayPal, unless forced to like selling on eBay. I wouldn't choose to sell there anymore due to scammers. Wire transfer is safest and can't be reversed once it's been received in your account. Your bank can set up a one time use account to accept the transfer, then transfer it to your regular account. Certain types of very popular cars tend to bring out more risk of scammers trying to get you. I wouldn't take cash if large amounts like that, unless the entire deal is done right at your bank. The money can be checked and deposited, and now the buyer knows the money is not going in your house... if you get what I mean.
I've taken a check for a car, the guy had his bank make the check as I watched. That's the only way I'd do a check
Safest way to sell. I have sent a cars to Tokyo, Germany & Sweden and several here in the United States. HRP
I guess I am learning something too. It goes back a bunch of years, mailed the cheque 2 weeks before the car arrived, worked then, maybe a little naive now.
Once you have the money in YOUR account, you can then arrange for the car to be picked up. Cheques, transfers, or gold teeth, once it is in your account, only you can get it out. If in doubt, call your bank to check that the loot is all there and accounted for.
The safest way to do it for both parties is to use a reputable escrow service. There is zero chance I would send someone $25,000-30,000 and hope they sent me a car.
Many sellers are unwilling to provide bank details to enable transfers to be made into them. I understand the desire to not get scammed but I'm unclear as to how simply providing bank details entails risk, or are the banking systems that poor? Chris
Appropriate timing for me. I'm in a similar boat with a non OT car I'd like to sell. I've never dealt selling with anything this valuable. @corncobcoupe If ya don't mind could you PM me that info as well.
Ask for it in silver dollars.....no one is counterfeiting those. I live under a rock I guess I never would spend that much without being there (and then going to the bank with the seller).........or spend the much in general . Seriously it does sound like a wire transfer is your best bet.
Well, these so called sellers not wanting to give out account info..... they didn't bother to talk to their bank managers. A manager would offer the suggestion to set up a new account, only to be used for the initial sales transfer. As soon as the transfer is completed, then have the bank move the funds to your regular account. Then the account number you did give out, is now a discarded account with no funds to worry about. Yes, there is a short timespan where the money has not been transferred into your regular account. Ask your own manager if there is any "current" risks on that issue. Seems like scammers find ways around things. Ask your bank manager, not a clerk. The manager can call their main branch higher-ups for up to date advice. As far as general worries about allowing any sort of account info out, any time you mail a regular checking account check to some place, your entire checking account number and routing numbers are on that check. You are correct about being under a rock . Unfortunately, USA silver dollars are being counterfeited, apparently in China, and being sold on eBay. Search on YouTube for that term, and you'll find legit coin shops trying to warn the public about these fakes. I think smaller demonization coins are also being faked. Coin shops have a scanner that tests what metal, and also they weigh the coin as another test.
First,this has been hashed out many times. I'm sure you want current info, but many answers are going to be the same. Do a search For Buying or Selling. Drop in the word Safe and see what pops up. Second, talk to your bank about this. They will be the company and people handling this, unless you do the deal with a stuffed briefcase and stash it in your mattress. We have knowledge and experience, but you aren't going to come back and hold some random member liable if it goes sideways. They do this on a weekly if not daily basis. The MOST current info. This really applies when talking about 10K plus amounts. As said, banks are required to report transactions near and above this threshold. You want to have a clear understanding of this before it happens. Third, there are places and people who do this for a living. A few are members here. Don't expect them to work for free, however. This is more often used on amounts far higher than the typical new car, but if you are willing to pay for piece of mind, that's another route.
This is by far the safest way to transfer the funds. But talk to you banker and have them do a certified transfer of funds and ask your banker how they can verify the funds are transferred and final prior to you handing over the vehicle and the title.
I'd talk to my bank rather than random strangers on the internet. most expensive car I ever sold went for $7500.00. cash and carry.
Knowing someone's banking details can't get you any closer to getting their money, unless you know the rest of the details too (PIN, etc). If it really worries you, you can open an account just for incoming payments, which can be transferred out into another one of your accounts.
Asked my banker buddy. He had me set up a new account with only 20 bucks in it. They gave me a routing number to give buyer and as soon as money was wired we pulled money and closed account. All the risk was for the buyer not me. I guess I could have lost 20 bucks. Another time a found a great deal and I really wanted the truck. It was December 26 and the banks were closed so I couldn’t get enough cash. Me and another buyer showed up at the same time but I talked to guy first. I only had checks so it cost me an extra 500 bucks and I let him keep title till check cleared next day. He wanted 7500 and I had to pay 8k. The other guy had 7500 cash.
I don't know about Australia, but up here all you need are their bank details, a cheap check printing program, blank check stock and a printer. It's a felony, but it's not particularly difficult.
Easy! It's only about nine of these: It's up to you if you want to tell the Gubmint that you have them.
I have a separate bank and account that is totally separate from my primary finances. This account is only used for things I sell. I maintain a minimum balance and have no problem giving for wire transfers, Zelle, Venmo etc. This account is manages as a one way, external deposit activity only. Has worked well for me for more than a decade.
Many thanks for the great advice and experiences. I think I know what I will do (special incoming account at bank). This seems safe and easy. I'm glad I asked. Again thanks, don
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