Collecting payment for a car

[BE911SC]

Sold a car and buyer wants an account number to send money to me. He already sent a Western Union cash deposit of 1K and wants to direct deposit the rest. I have a routing number and the account number with my bank's physical address as well to provide to the buyer.

Any problems with this method?

Obviously car does not leave until all payments are made and cleared.

[craigster59]

Not good. Has scam written all over it.

[BE911SC]

Bank clerk didn't seem opposed to this method when I went to get the routing number and any advice for doing it this way. I bought a car this way a few years ago and sent registered cashier's check via UPS with seller's account number and routing number on the check and it went smoothly.

[genrex]

BE.... you're joking with us, right?

The western union check will bounce, and your bank account will not only be cleaned out but you'll have "total nightmare" identity theft problems and credit problems for the rest of your life.

_

[BE911SC]

Not joking. The buyer sent a WU money transfer which I easily cashed (1,000 bucks in my hand) on Saturday. I have not provided any bank information yet and I am still collecting info, such as within this thread, so I am not past a point of no return yet.

Buyer is a friend of a friend but lives in another city. Has a good reputation and is a car collector. I have been talking to the buyer on the phone every day and he does not sound scammy to me but I guess the good ones can fool people.

Keep the advice coming. Any other way to get payment in a secure way?

[BE911SC]

Found this and I think this is what buyer wants to do?

1. Contact your bank by phone or via the Internet and provide the following information: the name of the person or firm you are wiring money to, the bank's American Banking Association (ABA) routing number (which can be obtained from the recipient's bank), the recipient's account number, the address and phone number of the bank, and the name of the person to whom questions can be addressed.

2. Determine the amount of money you wish to wire and when it needs to be in the recipient's account.

3. Complete the transaction through your bank. Some banks allow you to initiate the transaction via the Internet, while others require you to contact them by phone or fax.

4. Confirm that the transaction took place. Ask for a faxed or e-mailed transfer confirmation or contact the receiving bank to confirm receipt of funds.

[rusnak]

It sounds as if the buyer is going to wire transfer, but if he doesn't have the bank's aba number, then he can't do it.

I'd have him WU the balance or send a cashier's check. If someone has your account number, they can start emptying the account.

[imcarthur]

Bank to bank wire transfer is safe & easy imho. That's how I bought my car cross-border. No, they can't withdraw from your account & you can get verification from your bank on receipt of funds.

Ian

[BE911SC]

Just got off the phone with my bank's information line. Sounds normal to provide an account number, bank routing number and address to the buyer for the wire transfer. I established a new, separate account that will have only the money from the buyer and if he did try a scam the bank would prevent it.

--BTW, what Ian said.

[Mike80911]

Many people buy and sell cars this way it is a legit way to do it. If you are worried about your bank info just open another account with the minimum deposit in it and then close it once the transaction is done. This way you are not giving out your primary bank info and still getting your money. I have done this before and it gives you a better peace of mind.

[rusnak]

btdt with identity theft fraud.

All they need is your account number. I'm not saying the wire transfer can be done without your approval, I'm saying a separate transaction can be done.

[BE911SC]

Originally Posted by Mike80911

If you are worried about your bank info just open another account with the minimum deposit in it and then close it once the transaction is done.

This is what the bank advisor just did for me over the phone. She opened a new account with one dollar in it xferred from another of my accounts and will xfer that dollar back when payment from buyer arrives.

[stealthn]

I just did this for a Cayman in Florida. My friend is a US dealer so I gave him a draft, he wired it bank to bank in the US. No real issues or concerns.

One of the better ways to send money in my opinion.


Bob James

[ben parrish]

No issue..he simply wires it to your bank. Bought and sold a few cars as well as a sailboat this way.

[trekkor]

If disclosing account/routing numbers was a security compromise, no one would pay by check, as that info is on each one...



KT

[techweenie]

Originally Posted by BE911SC

Just got off the phone with my bank's information line. Sounds normal to provide an account number, bank routing number and address to the buyer for the wire transfer. I established a new, separate account that will have only the money from the buyer and if he did try a scam the bank would prevent it.

--BTW, what Ian said.

I don't know of a better way to do it. I've moved about 6 figures through my bank account on behalf of distant buyers in the last 1/2 year or so. Sometimes the sellers want cash, sometimes a cashiers check, but most often, they want it transferred (EFT) to their account, so I get their account number & do it. For smaller amounts sent to me, I'll give my account # and name and they'll fill out a deposit slip and put money directly into my account. There may be some way to pull a scam, but I doubt it.

[porwolf]

How about just setting up a new bank account for just that transaction. Settin up an account is easy. Seems to be the safest way to me.

[red-beard]

Actually, if you talk to the bank, they will setup a temporary account number for the transaction. Since we do this all the time, we have a "sweep" account where we receive wires.

[kaisen]

Some of you are seriously WORRIED about a wire transfer? Really?

Are you also the types to worry about taking cash, assuming it is all counterfeit?

You SHOULD worry about cashier's checks, as they are the most likely to be fraudulent.

EFT/wire is the safest way to transfer large amounts of money

[rusnak]

I transfer large amounts often. A sweep account, what Red Beard says, is the best way. We use cashier's checks almost 99% of the time. I went through some identity theft w Wells Fargo checking a few years ago. It took me several months to get 15K back that was stolen. Unless you want to learn the hard way, don't write paper checks (why do you think people steal mail?), and don't give out yout acct numbers. I change mine every few years. Someone can order checks with your number, cash it and be gone.

The issue is not the wire transfer, the issue is giving out your personal numbers and account info. Kaisen , I don't have any idea where you get such fairy tales.