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Sold my 64, Advice on payment is needed!!

 
Old 12-15-2007, 02:12 PM
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red70stingray
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Default Sold my 64, Advice on payment is needed!!

Hi,
I sold my 64 roadster to someone in the US, but clear across the country and even thow we talked on the phone and such I am VERY nervouse about getting paid... I'm hoping someone here went threw this or is in the banking field to give advice. I feel like even a cleared bank check can bounce 4-6 weeks later.. ???
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Old 12-15-2007, 02:18 PM
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firstgear
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how is the car getting picked up?

that makes a difference.....

1 - you could open an account and have the money wired to you and then take it out and move to another account.

2 - I sold a car to a guy that was picking it up.....he sent me a bank check 10 days before coming to pick up the car and brought CASH with him for the balance. I always take a counterfit pen and check all bills to be sure.

3 - if he is financing it through a bank, you can call and talk to the bank and have them sent the money to your bank.

4 - CASH

I appreciate your nevervousness, I dont trust anyone either....caution is the right way to go and only after the money has cleared and you are sure do I even give up the car never mind the title......good luck....
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Old 12-15-2007, 02:28 PM
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Default Wire is the only way!

I sold a car to a gentleman in Ca two years ago. We used a wire transfer from his bank to mine. Once it goes through the federal reserve, its no backing up, period. I had my money within two hours of the transaction. Check with your banker and let him/her know and they can watch out for you. If your buyer has the dough a transfer is no problemo!


Earl
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Old 12-15-2007, 02:34 PM
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In wire transfers.. wouldn't i have to give the seller my name and banking info? Is it possible to have the buyer fly to me and we can do the wire transfer at my local bank? This way he would give his info to the banker and my info would still be private... ???
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Old 12-15-2007, 02:38 PM
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Do the wire transfer. Contact you bank and have then open a "new account" just for the sale of the Corvette. Once the money lands in this new account, transfer the funds to your primary account and close-out the new account. At this point, the money is 100% yours and you can let go of the Vette and title

Here's hoping you have a smooth transaction, most of the time they are
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Old 12-15-2007, 02:50 PM
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TopLess62
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Originally Posted by red70stingray View Post
In wire transfers.. wouldn't i have to give the seller my name and banking info? Is it possible to have the buyer fly to me and we can do the wire transfer at my local bank? This way he would give his info to the banker and my info would still be private... ???
It's called an escrow account. All banks have them - most lawyers do too if you have one. They will charge you a fee to use it but its nominal.

Or, have him send you certified funds and make sure its cleared before you give up the car or the title.
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Old 12-15-2007, 02:51 PM
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A certified check or bank draft is paid for by the buyer when it is certified or issued in the case of a bank draft. A wire transfer is also a sure thing once the money is deposited in your account.

I went through this from the buyers perspective and I have to tell you that I was VERY NERVOUS when I had wired my money and the seller had my money, his car and his title all at the same time. It worked out fine but at some point someone is going to be in a position to potentially be screwed and when there is so little trust in the world it is a difficult position to be in.
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Old 12-15-2007, 02:59 PM
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THE PROBLEM WITH A CERTIFIED CHECK IS, IT CAN TAKE UP TO 3 WEEKS TO COME BACK AS FAKE, PHONY, RUBBER, CALL IT WHAT YOU WANT. YOUR CARS GONE AND YOU ARE OUT OF THE CASH. THE CAR IS ALREADY SOLD OR ON THE WAY OVERSEAS WITH A LEGIT TITLE. I DO BANKDRAFTS OR CERTIFIED ONLY DRAWN ON MY OWN BANK,(THEY CAN CALL AND VERIFY) THEY CANT WITH OTHER BANKS. THE BEST WAY IS TO OPEN A NEW ACCOUNT AND WIRE IT THAT ONE, AS SOON AS YOU GET THE WIRE MOVE IT TO ANOTHER ACCOUNT. iT TAKES TRUST ON THE BUYERS SIDE. I WOULD RATHER HAVE A CAR THAN A WORTHLESS PIECE OF PAPER.
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Old 12-15-2007, 03:00 PM
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a certified check, or cashiers check, can be forged; i suggest you have a wire transfer to your bank and have the bank verify receipt of funds before turning loose of the car.
Bill
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Old 12-15-2007, 03:49 PM
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Nev Williams
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Originally Posted by red70stingray View Post
Hi,
I sold my 64 roadster to someone in the US, but clear across the country and even thow we talked on the phone and such I am VERY nervouse about getting paid... I'm hoping someone here went threw this or is in the banking field to give advice. I feel like even a cleared bank check can bounce 4-6 weeks later.. ???
I'm in New Zealand so when I paid for mine I used an Escrow Service.

https://www.escrow.com/solutions/escrow/process.asp

Site is very well laid out and has a big frequently asked question section (FAQ) here is the link
(https://www.escrow.com/support/faq/index.asp )

I thought it was about the most measured process and worked very well for me. As I was so far away I was a little more nervous that you I can assure you !! The guy I dealt with was upfront and honest and that helped too.
Above all else communicate often and keep the lines of comunication open. This prevent misunderstandings.

Neville

Last edited by Nev Williams; 12-15-2007 at 03:52 PM.
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Old 12-15-2007, 05:26 PM
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I bought my '64 off Ebay in May, 2005 from a seller in Arizona. At the time of purchase, I paid a nominal deposit via PayPal, then wired the remainder of the purchase price to the seller's account after I had received the title and bill of sale.

The seller had a pristine feedback record on EBay, with many sales and purchases, and seemed quite comfortable receiving his payment via wire transfer.

All went according to plan, thankfully.
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Old 12-15-2007, 05:29 PM
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Capt Roy
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I sold my TR3 to a guy in CT... I went to my credit union and they opened a seperate account for him to wire the money to... I had it in two hours and transfered to my account 10 minutes later. The credit union then closed the transfer account for me.. Buyer never had my actual account information.

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Old 12-15-2007, 06:32 PM
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Originally Posted by red70stingray View Post
In wire transfers.. wouldn't i have to give the seller my name and banking info? Is it possible to have the buyer fly to me and we can do the wire transfer at my local bank? This way he would give his info to the banker and my info would still be private... ???
Every time you write a check on the bottom of it, it has the same information on it, that it take to do a wire transfer
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Old 12-15-2007, 06:54 PM
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I bought a car recently, and the seller was a bit nervous as I was paying cash. He was willing to accept a cashiers check, which I was OK with, but suddenly he had heard of a scam involving them. I told him that I would bring cash, and I suggested he buy a couterfeit pen. Yes, it took a while to check and count the money, but we both felt good knowing it was good hard cash.
If possible, plan the meeting at a public place, your bank is a good spot, but a lawyer's office is also good. Sign the documents with witnesses, again a lawyer's office is preferred. Do the deal on a work day, during work hours, not late Saturday nite. Deposit the money immediately. And be sure to tell the buyer of your plans. If he has any ideas of being dishonest, he will likely cancel the deal if he knows he will be in a bank or lawyer's office.
Lastly, if you don't plan to meet at a bank or lawyer's office, be sure to have friends (big ones) and possibly additional friends like Smith & Wesson. It's a jungle out there.
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Old 12-15-2007, 09:10 PM
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ctjackster
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Originally Posted by piper View Post
Every time you write a check on the bottom of it, it has the same information on it, that it take to do a wire transfer
yeah, and that's why I get a laugh out of people saying "what, give someone my checking account number?"

did you ever actually write a check to someone? Poof, they have your checking account number, it's right there at the bottom of your check (as you know), along with all the routing info you need to accomplish a wire transfer. you can wire funds INTO my account knowing my account number and routing code, but that doesn't mean you can suck money OUT of it.

I wire tens of millions of dollars (at once) pretty often in my day job, it's pretty painless. My personal checking account is now set up (JP Morgan Chase) so that I can do a wire transfer on-line.
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Old 12-16-2007, 01:47 AM
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Originally Posted by red70stingray View Post
In wire transfers.. wouldn't i have to give the seller my name and banking info? Is it possible to have the buyer fly to me and we can do the wire transfer at my local bank? This way he would give his info to the banker and my info would still be private... ???
........yep, if he's coming. Meet him at the bank with the title in hand. Have his bank wire the money to your bank, it's easy and the best way. He will need tons of ID to prove who he is; your bank may be a little leery, but all they have to do is ID him and then contact his bank and begin the process. It's easy and the safest; I've done it before. It's a lot safer than cashier's checks, bank certified checks, or letters of credit or open checks, or even cash....you really wouldn't want to carry that much cash+your bank will scrutinize you if you make a big cash deposit.
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Old 12-16-2007, 07:57 AM
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When I purchased my 65 from a forum member, I had my bank wire the money to his credit union, then the credit union overnighted the title to me and I made arrangements to have the car shipped from Michigan to California. No problems at all.
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Old 12-16-2007, 08:15 AM
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BOB WINSKI
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Paul wire transfer best way to go.Bob w
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Old 12-16-2007, 08:25 AM
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scrutinize you if you make a big cash deposit? Don't want to get off topic but why will the bank care if you make a big cash drop?
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Old 12-16-2007, 08:27 AM
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Originally Posted by Kensmith View Post
When I purchased my 65 from a forum member, I had my bank wire the money to his credit union, then the credit union overnighted the title to me and I made arrangements to have the car shipped from Michigan to California. No problems at all.
If you don't trust the buyer than find another buyer.
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