posted 01-24-2006 11:33 AM                  

Anyway, in the "olden days", I was always raised on the idea that a cashier's check was the way to go for a large dollar cash sale like this. However, I've read lately that in the age of ebay, cashier's checks have become easy to forge and have resulted in all manner of fraud... resulting in at least a few cases of people selling their valuable collector cars, and then finding out that their cashier's check is worthless while the car is on a slow boat to Nigeria.

So, with cashier's checks out of the picture... what method do you use to ensure you're dealing with a legit buyer? What methods of payment protect everyone? I had my Prowler on ebay for a while (reserve of $40k was too optimistic, it didn't sell,) but I did get one blatantly obvious and inept fraudster promising to send me a foreign cashier's check if I would deliver the Prowler to a port for overseas shipping to Russia.

I also had 2 people try to perpetrate a different and smaller kind of scam, asking for my checking account # and bank routing # so they could "wire me a downpayment." This sounded fishy and when I asked around, I was informed that fraudsters can somehow siphon money out of your checking account if you provide this info.

posted 01-24-2006 12:58 PM                  

cashiers checks/bank checks....you can call the issuing bank and verify the check was issued to the buyer...

you could also start a checking account and just deposit $10. into it....then the buyer can wire the money to this account, there is nothing for them to steal out of the account...when the transaction is finished, close the account....most banks offer free checking accounts, so your cost is minimal...

best thing is to just try to find out as much about the buyer as possible....call him/her a few times....see if a spouse/kids answer the phone...get a feel for the person you are dealing with...

never sign the title over till you are 100% sure the $$$ are in your account to stay...talk to your bank, they can also offer you some good advice on how to deal with this....

...don't let the buyer pressure you into a fast deal you aren't comfortable with...take your time...better to lose the deal than lose your Kat ...

posted 01-24-2006 01:14 PM                  

Corri

posted 01-24-2006 03:49 PM                  

quote:

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Originally posted by elambeth:
I also had 2 people try to perpetrate a different and smaller kind of scam, asking for my checking account # and bank routing #

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posted 01-25-2006 12:06 AM                  

quote:

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Originally posted by tangled up in BLUE:

you could also start a checking account and just deposit $10. into it....then the buyer can wire the money to this account, there is nothing for them to steal out of the account...when the transaction is finished, close the account....most banks offer free checking accounts, so your cost is minimal...

[/B]

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posted 01-25-2006 12:31 PM                    

I've seen cases where even wired money can be pulled back from an account.

Check with your bank, have the money wired, then transfer it to another account.

Don't release a thing till you know the money is yours.

Of course, they could be thinking you are scamming them so you could have the bank hold the title, etc. and only on confirmation from you, release it.

For the most part, folks are honest, it's the odd one or two that get all the attention and make folks think everyone is out to screw you. Use your common sense and if it seems too good to be true or they want money back out of the deal (ie. I give you $55K for your car you are selling for $40K and you give me $10K back at closing and you keep the other $5K as profit) then walk away. Greed is what gets most folks in trouble. They think they are screwing someone else when in reality, they are the ones getting screwed.

posted 01-26-2006 09:19 AM                  

We used Escrow.com and it worked out great. Fees weren't too bad. The seller got their money after I got the car. I even had 48 hours to have the car checked out.

posted 01-26-2006 10:02 AM                    

quote:

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Originally posted by Gene:
I am told by my bank that once the money is deposited in a account from a wire transfer that the only person that can get the money out is the acccount holder.

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They are not correct. The other individual can't touch it but the sending bank can. If they suspect some type of fraud, they can recind the funds. I've seen this happen with wire transfers for homes so, I'm sure it can be done with vehicles too.

Best bet, just move the money from one accout to another.

posted 01-27-2006 03:36 AM                  

It's a hilarious story in hindsight, but a bit stressful at the time. It’s one of my fondest memories – Easter weekend 2004. In fact, my first post ever on POA tells the whole story (though it doesn’t translate as well written down).

If you want a laugh at our expense, or just need to read something to help sleep, here it is:
http://www.prowleronline.com/ubb/Forum1/HTML/010837.html

posted 01-27-2006 01:17 PM                  

I'll be the first to admit that the snow didn't help the anxiety level, especially considering that we were still getting used to the Prowler. However, looking back, I can't say it's an unpleasant memory. Given what happened with the money, the airport, and the broken plane, heck I should have expected. it. At least we didn't take I-70 past Vale.