Selling a car.
Thread Starter
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Joined: Aug 2017
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Selling a car.
I have a question I hope you folks can give me some advice. I have one of my cars a gentleman in New Zealand wants to purchase the price is $15,000.00 He has a broker in the USA that will handle the transfer of funds. My bank gave me the routing number and an account number that is for bank use only. (123456) so I would not need to give out my account number. His broker says they need my actual bank account number to do an electronic funds transfer. This guy is legit, I have checked him out, my bank says do not give out my account number. I agree, how are you ladies and gentlemen handling this type of transaction?
Drifting
Joined: Nov 2013
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From: Loud, Raw and Dangerous 1968 327 4S in Southern California
If I were to do this I would set up a separate new bank account solely for this purpose. Then when he sends you $17K in funds and wants the $2K overage refunded you can have a good laugh.
Pro
Joined: Dec 2018
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From: In the doghouse
Safety Car
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From: Indianapolis IN
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I have a question I hope you folks can give me some advice. I have one of my cars a gentleman in New Zealand wants to purchase the price is $15,000.00 He has a broker in the USA that will handle the transfer of funds. My bank gave me the routing number and an account number that is for bank use only. (123456) so I would not need to give out my account number. His broker says they need my actual bank account number to do an electronic funds transfer. This guy is legit, I have checked him out, my bank says do not give out my account number. I agree, how are you ladies and gentlemen handling this type of transaction?
Your bank should be more than happy to assist and advise you as necessary throughout the entire process. This method is really the only safe way to accept a wire transfer without divulging your other active accounts to anyone.
Thread Starter
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Joined: Aug 2017
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I have done this numerous times. Go to your bank and open up a new account specifically to receive the funds. Explain to your bank what your intentions are and exactly why you are doing this. Banks have separate routing transit numbers designed specifically for wire transfers. You give the wire transfer routing number given to you by your bank along with the account number YOU set up to receive the funds. Once the funds arrive, let them sit in the account for 24 hours, after which time you can transfer them internally (online) to one of your other accounts. After the money is transferred, IMMEDIATELY close the account set up to receive the funds.
Your bank should be more than happy to assist and advise you as necessary throughout the entire process. This method is really the only safe way to accept a wire transfer without divulging your other active accounts to anyone.
Your bank should be more than happy to assist and advise you as necessary throughout the entire process. This method is really the only safe way to accept a wire transfer without divulging your other active accounts to anyone.
i tried this. Because of government regulations on money laundering ( so I was told) any new account must be open for 30 days before any electronic transfers can take place. His broker in the USA refuses to talk to my bank. Strange yes. Thinking this is scam?? No he has purchased $ close to $2000.00 in new parts and had them shipped to me. I was to place the new parts in the car, when it arrived in New Zealand he would say that those parts were included with the car purchase to avoid taxes. He refuses any certified bank checks. He says he will use PayPal but I pay all fees. Not going to happen. What a mess I have gotten into.
my bank has informed me that they no longer wish to be involved in this. Interesting....
Last edited by Bigguyinmo; Jan 8, 2019 at 08:53 PM.
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Drifting
Joined: Sep 2005
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From: Manalapan New Jersey
Did this one time selling a jetski to Poland. One thing to be aware of is that international wires can be reversed if I recall within 10 business days. I didn’t like that since he had the jetski set up for shipping in less than ten days. I asked if he had any friends in the USA and he did. He wired the money to his friends account in California. His friend then deposited cash into my Wells Fargo account that I created. I could’ve screwed him but I’m not that type of person. He too was using a broker/shipping agent. I did have to bring the jetski to the shipping agent which was located in a large yard in Elizabeth NJ. The jetski was on a ship the following day. Hey, it worked! Guy loves the jetski too!
Melting Slicks
Joined: Dec 2016
Posts: 3,193
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From: Central Bucks County, Pennsylvania
I’ve sold more cars shipped to Brussels to Sweden and a half dozen countries inbetween with never any problems.
They all work the same way. The buyer retains the services of a Triple A rated shipper, pick is at my place and as the trucker is examining my car before loading and taking off to the shipping depot, I get a receipt for the electronic money transfer or certified funds. The money was already collected by the shipper so once they verify the car is what the buyer expects thy simply pay me from their account.
These shippers are too big to screw around and risk trouble over $20,000 or $30,000.
Like I said, I’ve done this many times and I never sweat it.
Rich
They all work the same way. The buyer retains the services of a Triple A rated shipper, pick is at my place and as the trucker is examining my car before loading and taking off to the shipping depot, I get a receipt for the electronic money transfer or certified funds. The money was already collected by the shipper so once they verify the car is what the buyer expects thy simply pay me from their account.
These shippers are too big to screw around and risk trouble over $20,000 or $30,000.
Like I said, I’ve done this many times and I never sweat it.
Rich
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Interesting...I have never heard of a bank doing this before. I would definitely look for another financial institution to do business with. The right bank will bend over backwards to work with their customers...especially when they stand to receive a substantial deposit and you're taking all of the necessary steps and precautions to ensure the transaction is legitimate and secure.
It won't hurt to pay some visits to other banks...I would definitely recommend it. You might be pleasantly surprised what you find. Some banks really do appreciate and work with their customers, especially ones as diligent as you!
Good luck Bigguy!
Dave
Drifting
Joined: Apr 2017
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From: Bedford New York
I’ve given buyers my checking account number and the bank routing number. They send wire transfers and they come pick up the cars. I always immediately transfer the funds out of my checking account into another account. Never had a problem.
Is my vette stock?? HAHA
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Open a new account in a new bank. Tell the Nigerian Prince he can send the money 35 days after the new account is opened. Then you can close it immediately after the sale.
ALSO.....I have a bridge project in Las Vegas , are you interested in becoming a partner. It will be a toll bridge and you will make your investment back in 6 months, I promise. And we have a new bitcoin mine we are about to open in Alaska. Lots of bitcoin in those mountains up there.
Lol.
God luck in this situation. Hopefully it can be resolved easily
ALSO.....I have a bridge project in Las Vegas , are you interested in becoming a partner. It will be a toll bridge and you will make your investment back in 6 months, I promise. And we have a new bitcoin mine we are about to open in Alaska. Lots of bitcoin in those mountains up there.
Lol.
God luck in this situation. Hopefully it can be resolved easily
Last edited by Rescue Rogers; Jan 9, 2019 at 09:10 AM.
Drifting
Joined: Oct 2012
Posts: 1,422
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From: Wolcott CT.
I sold a car where a broker was involved, I was told by the actual car owner and the broker that I needed to wire the funds to the broker. Broker would take care of everything. Owner calls me up a month after the purchase stating that he never got paid from the broker. 6 months later sheriff knocks on the door with a subpoena for court. What a mess. Broker long gone owner no cash no car. Never dealing with a broker again.
Safety Car
Joined: Sep 2007
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From: Indy Indiana
setup an account ( existing or new) that will allow inbound wires or inbound ACH only.
all outbound wires are disabled. no one can query your account to suck money out... now or ever....
other than that, I agree, find a banker that will work with you.
all outbound wires are disabled. no one can query your account to suck money out... now or ever....
other than that, I agree, find a banker that will work with you.
Melting Slicks
Joined: Sep 2010
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That parts thing would be making my spidey senses raise up a bit. Make sure when they do a bill lading they list the included parts or he may get taxed separately for them. Also wire transfers can only be done Mon-Fri during regular business hours. And not after 4 PM on Fridays. We set up a separate account years ago for things like this. We keep a few hundred dollars in it. I've sold a half dozen cars via wire transfers and all have gone well. I would not even consider any type of bank or certified check.
Race Director
Joined: Mar 2016
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From: Napa Valley California
I sold a boat to a guy in Canada.
He had a driver with a truck show up at my house to inspect the boat prior to taking delivery.
When the driver was satisfied he handed me cash, I signed the bill of sale, the pink slip, helped him hook up the trailer and he took delivery.
No issues, no hassles.
He had a driver with a truck show up at my house to inspect the boat prior to taking delivery.
When the driver was satisfied he handed me cash, I signed the bill of sale, the pink slip, helped him hook up the trailer and he took delivery.
No issues, no hassles.
Race Director
Joined: Jul 2015
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From: SW Florida.
I also would be leery of a pile of cash. I would rather take a certified check to the bank and have the person in the bank hand me the same pile of cash. cuz it would really suck to go to your bank and go to deposit 10 or 12 or 15 k and find out most of it is not real.