car payment question

[blown9746]

I'm selling a car and with the high number of counterfeit checks, fraud, etc, I was wondering other than cash what would you consider the safest form of payment?

[dropit69]

cash..only way i deal unless i go to bank with them and have a bank manager verify funds..

[68sixspeed]

I've done bank check, but only take it during business hours when you can call the bank and verify the check is good. Also get a photocopy of the drivers license of the person you are selling the car to for good measure.

[danbob67]

certified check from a known bank and call them to verify when you receive the check in your hands to call it good or not. or a wire transfer from there bank to yours.

[BonzoHansen]

Cash is safest. Or certified check.

[Damn True]

A CERTIFIED NOT a cashiers check or cash.

[69TAPoser]

I have my dealer's license and have sold over 28 cars on eBay. My preferred method for receiving payment is via BANK wire transfer (no, not western union). A bank wire transfer provides a full electronic record of the transaction (both parties). It is the safest, easiest, fastest and most documented way of doing a transaction (for both parties), that I have found.

People will confuse a money wire (western union, etc.) with bank-to-bank wire transfer and there is a big difference and the hardest part is getting the buyer to understand this. For example, with Western Union, I can receive money as "Joe Blow" with no address, etc. and the sender has no recourse. With a real bank wire, the banks actually communicate and validate the accounts and the account owners.

So, the first time you mention wire transfer, your buyer will say "eBay says that is not good" or "I have heard about scams..." This is all due to the wire transfer via a Western Union vs. a real bank.

Nearly all of my transactions have been done via bank transfer. Some have been cash and a few have been Capital One Auto Finance (there is an 800# you can call to validate the check). I would absolutely stay away from bank checks. They can be reproduced easily with a copy machine. Bank of America has told me that it takes them AT LEAST 3 business days to validate a bank check. By this time, if you have turned over the title and car, and the bank comes back with a bounced check....you are in major doo doo.

Phil

[bochnak]

A CERTIFIED NOT a cashiers check or cash.

I got screwed with a certified check.

I would go to the buyer's bank and open an account, or accept cash.

[Damn True]

How?

[69TAPoser]

How?

Any paper document can be falsely replicated.

I am guessing this was how?

Phil

[bochnak]

How?

The check was fake. It was a "certified check" from a large bank in the area.

I have accepted these in the past with no problem. I'll never do it again. The police said this is getting more common, so beware!

[blown9746]

A common scam that I'm familiar with (and have investigated) is you will get a check (cashiers or certified) from someone. The check clears your bank three or so days later. Three weeks later the bank comes back and wants the money back. Turns out checks were counterfeit, but drawn on real accounts (usually of a large corporation that doesn't figure out the discrepency for a few weeks).

[Chad-1stGen]

the last few certified checks I've used have had a watermark in them you have to hold up to the light to see. The sellers have looked for it too. So if you are taking a certified check look for a watermark.

[Boesch]

Exactly what Phil said. Go open up a new additional account (lots of banks will allow you to open another savings account for free) and do a bank to bank wire transfer. Use the new bank account you opened to do this so they don't have any bank information about you other than an empty account. Once the money arrives, call your bank and transfer it to your other account. Just be careful to not close the new account too soon, my bank has a minimum of 6 months or they charge you a small fee. I just left it open for 6 months with $100 in it and then closed it later. It's the safest way I know to receive money for a car.

Dustin