Im in the middle of working a deal out on my shoebox and would like to find out the safest way for funds to change hands for BOTH me, and the buyer. Since my buyer is on the West Coast and im on the East, i want to make sure both of us are protected and have a sense of security in the transaction so that neither of us has any issues. My bank told me the safest way is through Wire transfer or Certified check. Would doing a buy it now eBay auction help? Just trying to get this deal worked out the best way possible for both of us and get this car to a new owner. Thanks.
When I sold my car it went from here in Detroit to Norway!!! I had the buyer wire the money into my account. I had heard stories of fkae cdertified checks and cashier checks so I strayed from that method. Once the wired money hits your account its yours! When I sold my car I gave the future ownere tons of information, pictures, etc. I was nervous but everything went smoothly. I would say keep a VERY open line of communication. $$$ are hard to come by and bothe parties need to feel good about the deal. Good Luck
Send him an invoice through paypal. When he gets it he can wire you the money from there and then it will be directly deposited into you bank account. DO NOT LET THAT CAR GO UNTIL IT IS PAID FOR. I would just try to exchange as much information possible so that you know who each other is on paper.
Is the other guy a HAMBer? That would take a lot of the stress out of it. I bought a CA car, delivered to NJ. From a fellow HAMBer. We followed the banks advice on funds and everything went well except using UPS next day for the do***ents. They screwed that up. Frank
Obviously, I would not let the car leave my possession without the funds securely in my account, which i made clear in the beginning. I all for security for both of us. I have talked to him everyday for the last week as well as his family on the phone. I mainly am interested in making sure there's records of everything, such as an invoice through Paypal, stating that i requested payment, and they agreed. Im ***uming i can just use paypal for record keeping and not the actual transfer of funds. The Fees would be a few hundred on my end. Im am in no way out to screw anyone and in no way want it to happen to me. Yes it is for a HAMBer
One thing to be aware of is that if your bank has you in good standings , it will post the money to your account before they actually get it from the buyers bank. So you can ask them to hold it , or verify that its in there before you spend it, just cause the a.t.m. says your rich doesnt mean its really yours.
I think that you being the seller has less risk than the buyer. He needs to worry that the car is actually gonna be delivered after you have both the funds and the car. I would stick with the bank's advice. Between you and the buyer come to a mutual agreement as to when the funds will be good and arrange shipment after that date. And use a reputable shipper. I used "Horseless" and was VERY pleased with the service. I'm thinking PayPal is not such a good idea for the bulk of the payment, it's too easy for a buyer to dispute the charge, and then you get stuck. I did my deposit, down payment, with PayPal, for quickness. But then let the bank handle the payment for the balance. I trusted the telephone handshake with a fellow HAMBer and was not disapointed. Trust and honesty are a traditional value that we share. THAT sets us apart from the m***es. Frank
tell the buyer to stick a "certified" check made out to you, in a courior pack and send it you'll have it in 2-3 days.. worked for me. 1939fiat
PayPal has never let me down. Then again, the most expensive thing I've bought or sold on PayPal was around $400. Money orders/Cashiers checks are usually my second choice, if the person I'm selling to/buying from doesn't have PayPal.
i figured giving my account number to someone i don't know is asking for trouble. i opened a seperate account at a different bank than my normal one. we did the wire transfer and i took the money out. pretty painless and not linked to any of my "real" money just in case someone's pulling a scam.
zacanger: I use Paypal for some stuff..I don't like their handling charge fees for anything to expensive..But yes, Pypal works fine. 1939fiat
Alot of people also don't relize that you can stop payment on a certified check. I just sold a truck to a fellow HAMBer everything went very well, I was sent a certified check, but I made sure my bank cleared the funds before the truck was released. As the seller, as long as you hold the car untill your bank gives you the OK there is no way to be for sure about anything. This is why I like cash.
Certified Bankdraft. I have purchased 5 vehicles in the past 10 years and its the best form of payment.
I'd do a wire transfer. His bank can't send the money to you unless he has it in his account to send you. Period. Worse comes to it, open an account just to recieve the money from him and then empty it, and close it.
Every time you send someone a check to pay for something, you are giving him your bank routing number and account number. It's printed on your check. Duh! Don't sweat it. Go for a wire transfer.
The Jalopy Journal
