| T O P I C R E V I E W |
| elambeth | I've been half-heartedly debating whether to sell my Prowler. (I'm in Dallas, it's a stock 2001 Mulholland 7k mi if anyone local wants to talk to me about it.) 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. So with bank wires and cashier's checks out... what do I do? I'm not comfortable accepting a suitcase full of small bills... I suppose I could go sell the car to carmax or a dealer I know to be reputable, but obviously then I wouldn't get a good price for it. |
| tangled up in BLUE | most of the time I get references to check out, or I give refernces to sellers for them to check me out... 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 ... |
| TOY4TWO | I have used Paypal to buy as well as sell, it cost me a small fee, but I was covered, it was safe and I transfered the money instantly into my bank account. Corri ------------------
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| toys | I've done the same as tuib suggested.
I sell a lot of stuff here and overseas i have one bank Acct that i keep just for bank transfers. and i have the sender let me know when he sends the transfer or have my bank notify me as soon as transfer arrives and then pull the money out of it.Toys |
| Piddler | Let them send you a US Post Office money order.
A person can get $10,000 a day in money orders.
All they need is a little help,
Themself $10,000
Wife $10,000
Brother $10,000
Sister $10,000
4 people, 1 day = $40,000 |
| Kevin A | quote:
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 #
Isn't this information on EVERY check I write? I hope the checks I am mailing out couldn't be used to rip me off! Anyone have conformation of this? I have actually wondered if this could be true. Feedback on this is appreciated.
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| ed monahan | You can accept a Cashiers check and deposit and than not deliver the car or title until the Cashier check clears. I sold a Prowler last fall, received some in cash, the rest in Cashiers check and had to wait a week or 10 days until the check cleared. I was shocked. They can use fake money orders, but probably not Post Office money orders.
I doubt if they can get into an account by having the routing number and account number. I can transfer funds over the phone but I can't get into someone else's account without their password. If they pull that fraud I would think the bank would have to eat that one. I am not saying it has never been done and I am not an expert at it but I doubt it seriously.
You can have your bank call their bank to see if there is enough in the account to cover a check. They won't divulge the balance in an account but will tell you if there is enough to cover a check. This message has been edited by ed monahan on 01-24-2006 at 05:36 PM |
| ALLEY CAT | quote by TUIB:
"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..."Nowadays,,,,only way to go! |
| Gene | I have bought and sold a lot of high dollar vehicles and never seen the person or vehicle,I know I hear about it each time from wife.I believe the only way to go is a bank wire which only cost very little.As for giving out your acct.number,think about it you give it out each time you write a check to someone.Even tho you have given out the acct.#what could they do with it since you didn't send them extra checks to use and if you walk into a bank with someones acct.#do you think they would just hand over your money because you had the number.A cashier check is now no better than a personal check since they are treated same at bank,3-5 day hold. |
| onecatnodog | Gene has picked up two cars from me and used the wire system to a special account that was set up for car deals only. Money is they're the same day but I always wait three working days. Then check again with the bank on the four day then air mail the title extra keys and anything else that should go with the car. Transfer the money to my normal bank and account and wait for a call from the shipper or the buyer to say the car is there and ask him what he thinks. Call him again in three days from the time the shipper dropped the car to make sure he is happy to complete the deal calling or E mailing him to keep him informed on what is going on. Then the money is mine ...the car is his and on with life.... |
| texasprowler | quote:
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]
this is what I did...except I deposited $25... not $10
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| YellowFever | Best bet, involve your bank. Don't try to handle it yourself. They can check the sending source or wire. 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. Best of luck.... |
| 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.So once money is wired and deposited there is no backing out of the deal by either party.And if you do open a account just for wire transfers why close the account just leave in the min.amount and acct.stays active.The cost at my bank to send money is $25.00 and to recieve is $15.00.I purchased a car in Miami rec.and the owner says cash only and it was on a Sat.and bank was closed.I took out the money on Fri.and headed south Sat.morning and guess what,I was stopped for speeding and I must have looked like a drug dealer and was ask if I was caring drugs,money,weapons.I tell officer I have large amount cash in trunk and what I was doing with it.Long story short we had to go back from where we were to Naples FL and wait while they contact the person I was meeting and that wasn't end of it when we finally arrived at his home the police were there to be sure I was buying a car.So never again a deal like that. |
| Bcoffman Gray Ghost | Years ago, we just stapled the title to the check. If the check bounced then the title just came back with the bad check. If the check was good then the buyer had the title. Years ago tho. Banks probably wouldn't do that now tho. |
| Kala | I just bought a Viper that was on the East Coast... It needed to be transported to the West Coast. 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. Simple Process... |
| YellowFever | quote:
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.
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. |
| Gene | I would disagree with bank recinding the wire since the money is send by Federal Reserve system and collected thru bank and customers account.As to finaly decidison of best way to send money is up to each person involded. |
| Danderson | Cold hard cash... at least that's how we got our Prowler.  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 -Dan
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| ed monahan | Dan, that story sounds as good today as the day you wrote it. What a memory. |
| ALLEY CAT | Dan - I read the story again,,,,great fun wasn't it?,,except the snow! Sounded similar to the trip I had bringing the Alley Cat back from Nebraska to Phx, in Jan of 2000 - sounds like we traveled the same road, with people still excited to see a Prowler. MEMORIES |
| RED5 | I also opened up a small checking account at a local bank with $25.... I have not bought or sold anything as expensive as a car but it has worked well so far. You can also use the help discussion forums on ebaY and post your question and other more knowledgeable ebaYers that have dealt with the same situation can get you the answers. |
| Danderson | Thanks Ed and AC. 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. -Dan |
