Need some advice / help on a potential car sale

[absintheisfun]

I've had my Typhoon for sale for a while now, and put ads on several car sites (including this one) but never really got any real takers.

Fast forward to last week, and I get a random text ( I put my cell on all the ads) on my phone asking if the Typhoon for sale. After a few texts back and forth, he called me and we spoke for a while about it. I didn't give it much thought because that seems to be all that ever happens when I get a call about it...everyone wants to know about it, but when the reality sets in that it really isn't a good vehicle for a daily vehicle--daily fun, but not something I would rely on day in, day out to be in tip-top shape!

Well, a couple of days later, he calls me back and we talk some more and then some more and so on, and he is now saying he wants to buy it, and is flying into town on Thursday to pick it up. We are going to do a wire transfer from his bank to mine, and he is going to drive it back to his home (5-6 hours away).

Well, it all sounds almost too good to be true...and that makes me nervous that it could be some horrible scam.

Now the guy talks the talk, and knows what he's talking about when it comes to performance cars. I even threw some scewed info at him and he caught it real fast, so I know he is knowlegable...but I've never sold a high dollar vehicle to a stranger before, so I'm looking for any advice you guys can give me.

Thanks for reading my novel, and for any advice you can give!

Come Thursday, you may be gone, but not forgotten!
https://static1.pt-content.com/images/pt/2010/06/100_0549-1.jpg

[GeoffP]

I've got a couple suggestions in case you haven't thought to do them: First, call your bank to see if they will guarantee receipt of funds and who you specifically need to talk with to verify the money has been received. Also, I would ask if there's anything that could invalidate the transaction or reverse it after you hand over the title and keys. Cash is always best in my humble opinion, but I haven't sold a car in years so I don't really know what best practice is. I have to say I get a little wary when I read about any transaction where someone doesn't want to pay in cash.

I hope this helps!

[tylers88]

Maybe sign a contract of sorts that is a bill of sale until funds are in your account then you will tranfer the title, have it signed and ready on both parties sides so it just needs to be processed legaly.

[absintheisfun]

Cash is king, and we both have talked about it, and tried to come up with some ideas together on how to handle a wad of money in non-cash form since he is flying in, and carying that much cash is odd, and his bank is a local bank found only in his town.

Good advise on the verifying funds and making sure that there is no way to invalidate or reverse the money once the title and vehicle are gone.

[nvmyss]

Certified check
Have him give you the manager of his bank, verify the bank and the funds. He can verify that the check is good and whether it can be can-x'ed or not.
I would not let the vehicle go until the actual funds are in your bank account.
He could transfer the $$ to your bank direct.

[bhcustomdesigns]

I have sold alot of cars on the internet and read about scammers buying cars doing a wire transfer scam somehow they reverse the transaction or something people like that know all the little tricks to a scam but it may be a legit deal just becareful and check with your bank,but I would not transfer the title till the money was locked into your bank account.

[Rod]

banks have secured wire accounts for you to use, that way you don't expose you're account, just ask you're bank representative, once the money clears the bank will do the transfer to your account, and all that was exposed to the payee was a secured empty account

[vintageracer]

Millions and Millions of Dollars, Francs, Marks and Yen are transferred around the globe on a daily basis through bank wire transfer. It is easy, quick and most importantly a SAFE way to transfer money. You are worried about a wire transfer for $1000's of dollars albeit your $1000's of dollars when the rest of the world operates on wire transfers of millions and billions.

A direct electronic wire transfer to your bank from the buyer's bank is the ONLY way to go. When the money "hit's" your bank it will quickly be posted to your account. Once it hit's your bank it is your money! For the buyer to attempt to reverse the transfer in most jurisdictions they will have to claim fraud, file a bond in the amount of the wire transfer and then WAIT for the court date and trial to decide the case.

Cash yes! Verified Cashier's checks Maybe! Calling another bank to "verify" the check is good is fine and dandy however the funds deposited in your account are still not "good" until that Cashiers check clears the buyer's bank which may be 1 day to 5 days.

Direct wire transfer or Cash in hand is the ONLY way to sell a car in person or long distance! I have bought many cars all over the country with electronic wire transfers. That's the only way to go.

[chops101]

When he arrives, go to your bank, sign in and talk to the bank manager. Have the bank assure you that the money is there and cannot be withdrawn.

[dadto2jays]

i woud not be worried about a wire transfer as we get wire transfers on a daily basis for thousands of dollars, so nothing to worry about once it hits your bank money is yours..

[absintheisfun]

We are going to do a wire transfer. I'm going to talk with my bank tomorrow and make absolutely certain that once the money is moved, it can not be removed and it is secure in that the buyer does not have access to my account (no knowledge of account number, etc).

My biggest concern (outside of money) is just the fact that a complete stranger that I've only spoken to for a week is going to be buying my car. It would be different if he was an active member on a board that I frequented, but he isnt. I guess this is what most private car sales are like, but it is a little foreign to me. I usually know the folks that I sell a car to, or it is a business (trade in).

[dropit69]

here is what my buddy did on wire transfer ..open a new account give him that number be at bank as soon as it comes in transfer to your account and close that one..if bank wont do that find one that will..then hand keys over..