mark79,80

I am planning to sell my 1979 Corvette and would like any suggestions regarding avoiding accepting fraudulent funds and any other tips for a safe sale. I realize that cash is the safest (if you can detect counterfeits) but with a transaction over $10000 is normally not feasible.

I am also considering listing on e bay motors so any suggestions for that sale would be helpful. I noticed that some seller's require a deposit within a few days but wonder how to keep yourself safe, as assuming it would be PayPal, PayPal does not protect you for local pick up transactions?

joewill

ask your banker.

A really good and thorough interview with your buyer will weed out most bad transactions.

have your buyer pay cash, consummate the transaction at your bank. your banker knows what to look for regarding counterfeit money.

an ebay deposit via paypal is pretty solid. keep it minimal and cash for the rest.

have a good strong well written bill of sale that states as is and absolves you of any and all future mechanical breakdown or discovery. you will have to guarantee the title though. do not lie on the price written on the bill of sale. The one with unclean hands will usually lose in a court battle.

anything under 20K is ok for cash.. don't let any other paranoia say otherwise.

if it is local pickup there is no reason to do paypal at all.

if cashiers check, then call issuing bank to validate.

if anything smells fishy, walk out......

if buyer pays by cashiers check, have him draw it from a bank that is in his locale and your locale, and go to that bank to finish the transaction.

insist on showing drivers license ID to each other.

do a background check on your buyer ( lots of apps on your phone for that)

if ebay, then insist on a deposit to weed out non paying bidders so you can relist immediately ( it will happen ).

69Vett

would never sell on Ebay, to many flakes non paying bidders,
your setting up for a bad experience.
sell certified check when it clears, deliver title.
I would select local targeted events/car shows, any large crowd event.
and display it polished with a for sale sign on it.
and a reference web link for the car with full pictures and documentation.

rberman999

My advice, cash only with transfer of cash at your bank. With today's lack of "float" time a bank or post office or credit union will pay on a bad certified check, tellers check, money order, etc. Once the offending bad check or money order is discovered the funds are removed from your account and you become the victim of a crime, not the bank or post office. Remember, you are the person accepting the bad check or money order for payment, not the bank or post office. It may not sound fair but it is the way it is. Best of luck, Russ.

REELAV8R

Cash or local cashiers check is all I accept when selling vehicles. If the buyer gets a personal loan they can get it in cash.

I recently bought a car for $17,500 cash from a dealer. They were a bit taken aback. doesn't bother me, other than uncle sam gets notified of such large cash transactions. What else you gonna do late on a Saturday or a Sunday and you're not in your home town and don't have time or the inclination to drive back on Monday to finish the deal?

Richard Daugird

Might be a good idea to have some "protection" handy when handling that much cash if you are not in a public place, even if it is just a large friend.

REELAV8R

You know it. Honestly I've never had to even consider using such "protection" though. Just don't put myself in those situations. That and rural America is a bit different than big cities.

Driving a 96 multicolored Corolla does not exactly scream money.

hotmotorsports

You can say it... A LOADED GUN!!!

mark79,80

Thanks for the tips.

cv67

Do not take ful payment through paypal for a car deposit only

Cash in bank so they can count in their machine make sure its not counterfeigt. Just got rooked selling a very expensive item...100s.
Nice guy (most the bills were bad didnt see it coming)
Even some checks can "clear" initially but when found to be fraudulent its too late they come after you not him.

Wire transfer in bank ideal esp if they are not local. No checks or goofy stuff, too many scammers these days
Almost got robbed last yr looking at a car close call.

MISTERZ06

CASH-CASH - only way to go
have a gun and a friend with a gun - have a ultra-violet light and a pen
check every bill - take your time counting & checking - TRUST NO-ONE
OR go to your local friendly bank and have them use their money counting machine


........................................ ... tom


http://www.officeworld.com/Worlds-Bi...RI351TRI/14Q1/

PRNDL

Under no circumstances give any cash back, or forward cash on (to a "shipper") to anyone. In many cases a scammer doesn't want your car - he wants your money. There are many variations on the counterfeit cashier's check scam, but most involve you giving cash back to the buyer after he gives you a bogus cashier's check. (Nice Westies! )

pws69

Here is my rule: Meet me at the [local] Police Station and bring cash.

Richard Daugird

That is the best advice I have heard yet.

bj1k

And when he says he wants to say less for the purpose of taxes , say sure why not !

Tiger Joe

If you go the eBay/PayPal route use caution.

PayPal does not protect the purchase of automobiles in ANY way. I almost got burned by a shady car dealer thinking I was safe usuing PayPal for the deposit.

Scottd

Mark, if you sell it in the greater Syracuse area, let me know. Id gladly show up as 'armed security'. (I know you guys in Ithaca are all liberal and hate guns and stuff though. )

But honestly, if you sell it up my way, Ill be glad to provide overwatch.

mark79,80

Thanks. Not all of us in Ithaca are liberal and hate guns!

I have been doing some more reading on cashier's checks. As long as the check is not a counterfeit and you cash it within 90 days it will be honored. That is, the buyer would not be able to have a stop payment issued for any reason.
The key seems to be contacting the issuing bank to make sure the check is good. I am also going to contact a manager at my local bank to get their thoughts.

Cash would be safe as long as you meet the buyer at your bank so they can run it thru a currency counter that can detect counterfeit bills.
Being able to hand check 100 or more bills with a counterfeit marker or a special light would be impractical for me.

Z06LMB

I have personally sold over 200 cars and trucks and with the exception of one guy taking his good 'ol time taking the car after it was paid, I never had a problem and only half the time did I get cash.
If someone didn't have cash I would still let them take the car with a written receipt and contract. The contract would stipulate that I will hold the title until the bank tells me all funds have cleared and cannot be retracted, also that this car is sold "as is that day. Stolen, wrecked, vandalized or unsatisfied, they are still reponsible for the full price as stated if the check does not clear. Repossession and legal costs are their responsibility. I also get the buyer's thumbprint on the check and the contract. If they don't like the terms they can walk. I have had several buyers say they'll return with cash and I've never seen or heard from them again (I take that as a good sign).

Note: Never take a post dated check. Post dated checks change the way most states allow you to pursue recovery in the legal system. Repeat after me "Never take any post dated checks for anything from anybody!"

Sunracer

Police stations and guns really not needed, I second the advice here:

Meet at your bank, let them count it for you

Cashiers Check or money order, have them verify

Wire to your account, then move funds to another one as soon as it arrives