best way to get paid for car
 

I am likely going to sell one of my cars. I am selling it to the previous owner who I trust and respect. However, he is at the other coast.

I'd like to get the funds transferred safely and quickly. What do you recommend?

I'd like a wire transfer, but then I would have to send him my bank info which I do not like to do.

I have heard that Western Union works great for the person that receives the moolah? Is this true?

Since I know this person, I would have no trouble taking a cashiers's check from him. How do you send that? FedEx?

Thanks,

George

Western Union works great, if you don't mind paying for it. A few years ago, it cost almost $100.00 to send a $500.00 wire. :eek:

Randy

Re: best way to get paid for car
 

Out of curiosity, why is this? It's printed on the bottom of every check you've ever written...
If you're still overly concerned about this, maybe set up a new, temporary account for the wire transfer.

When I bought my car 3 years ago I was faced with the same situation. The PO & I agreed that a wire transfer would be the fastest & easiest way to exchange funds. He gave me his banks phone# & the name of an officer in his bank that would handle the transfer on his behalf. I then gave the info to my bank. We let the 2 banks handle the transfer of funds. I never had his account info, banks do transfers like this all the time & I dont think actually I dont remember if they charged for this transfer or not.

What about a certified check? Just a small fee, and you know the funds are there..

If the 2 parties are confident in the reliability of each other a certified check would be OK but if not the checks can also be fraudulant. It takes several days for a check to clear & the funds to be available. I used the wire transfer method mainly because my wife works at our bank & the transfer is done correctly the funds are available for the payee within a few hours. A bank wire transfer works good because you have 2 independent parties, the banks, looking out for their customers.

If you know him, and trust him, why not just a personal check?

Maybe time for a fun road trip. Drive the car there, and pick up the cash.

A certified bank check is one of the best in my opinion, have him overnight the check to you and upon deposit the car will ship to him.

Good point on the bank information being present on every check. I just don't like the idea of sending it over the www, I am not concerned about him having it or his bank having it.

I will suggest a certified check sent via express then.

I'd love to drive cross country, however, once we have a deal, I'll quit driving the car. The last thing I'd want to do is put it in a ditch! ;)

A personal check certainly would work, it would be a great way of showing my trust. But I'd be worried about things happening beyond the buyer's direct control. What if there is domestic problems, his wife cleans out the account and certainly that check bounces? Strange things happen all the time ...

Thanks all!

George

George, since you 'know' the previous owner, imo you are pretty safe with several of your options (vs. selling to a complete stranger via the Internet). As far as 'certified checks' go, that's how a lot of the scams are being pulled off these days. You deposit the 'certified check', release the car, and then literally weeks later when the 'certified check' is discovered to be bogus, YOU are out of the cash (and your car). Good luck...it's much better to be safe than sorry.

Send the information in two different emails.

Yeah, I agree on the wire. I do wires to my checking account, since that info is out there on every check anyways. And the balance in checking isn't usually substantial, just enough to cover the bills.

I don't wire into savings accounts since that info isn't out there and there is more money there.

I'd take a cashier's check or bank check from any major bank, if you know and trust the person. Have him send it Fed Ex or other way so that it can be tracked.

Take a look at any cashiers or bank check from a major bank these days. There are LOTS of security devices on them. I think it it would be really hard to pass a fake from a major bank.

Re: Re: best way to get paid for car
 

Yes, a voice of reason :)

I don't understand the reluctance to give out bank information. As you mention, it is printed on every check we use and circulated through the hands of many people. I have sold numerous large dollar items to people in Europe and always have them pay by wire transfer. You only need to give them your account & routing numbers (just like on a check). The funds arrive quickly at no cost to me and are guaranteed when they reach my account. I can't imagine an easier and less risky transaction.

I have had several bankers tell me it is not a problem to give out this information. Of course, I'm sure someone will speak up with a story about how their account was emptied after they did a wire transfer.