Selling procedures - nervous, need advice

expat · 11-14-2003, 06:01 PM

Anything I do seems to go wrong lately so I want some advice on this next 'incident' in my life.

My 1987 911 has been recently put up for sale.

I have not advertised it in any media other than here in my signature, and some word of mouth.

I have had three people looking, two are talking to there family (wife!) or bank.

One guy from Australia (a car dealer who has bought many cars from HK apparently) has confirmed this morning he will pay my price. I sent him over a dozen photos last week incuding any minor 'problems' so he knows what the condition of the car is. (The car has no major issues - its a lovely car! If I wasn't moving o/s I wouldnt sell it.)

He has asked for my bank details and he will organise a deposit next week.

Is giving bank details have any inherant risks?

Then in two weeks he will be flying to Hong Kong from Australia to take possession (I gather with some other cars too).

I have no reason to doubt his integrity and each conversation, either by phone or email, has been very professional and mutually acceptable.

Given that he will arrange a deposit into my bank account, what is the best way to ensure the balance is paid and there are no issues such as 'bounced cheques' etc.? Obviously he is unlikely to pay by cash. Should a payment into my bank account be made a day before and confirmation recieved before the transfer takes place?

What paper work should I ensure confirms the agreed condition of the car and sale price? Have any of you made your own paperwork of this nature or is there some form that I could download from somewhere?

I'm not a suspicious person by nature but over the years hanging out here I have read of more than a few deals go bad. Just want to cover my bases.

Any help for this doufuss (me) would be appreciated.

Cheers
Mark

KFC911 · 06:20 PM

Maybe it's just me, but under NO circumstances would I disclose my banking information to someone via a transaction over the Internet no matter how comfortable I was after a few conversations! I'd find another alternative (even if it was setting up a temporary bank account exclusively for this transaction). Once he has your banking info, how do you know you'll ever see him? I'd also be leary of 'certified checks' etc., as even after your bank accepts the check, if it's determined to be bogus later, guess who's going to be out of the $ (hint...it will not be the bank!). I'm not sure I have an answer, but be very careful with this type of transaction...there's just tons of attempted scams with this type of transaction via the Internet these days!

Eric Coffey · 11-14-2003, 06:16 PM

AFAIK, a bank wire is as good as cash, and is actually preferred to most, as you don't have to wait for a check to "clear". Although, it might take 2-3 days an international wire to go through. Once you can verify the balance in your account, you are good-to-go (transaction is essentially a deposit, and can't be "reversed"). The only time you really have to worry is when you are the one wiring funds. Also giving out bank info (account #, routing #, etc.) is safe. It is the same info that is on the bottom of checks. Obviously, you shouldn't give out PIN numbers, your SSN, or passwords though. Good luck!

KFC911 · 11-14-2003, 06:20 PM

Following up on what Eric's saying, why don't you get his banking info, and have YOUR bank initiate the wire transfer from his account? I guess I've read of too many scams lately...

expat · 11-14-2003, 09:22 PM

So how do bank wires work? Is he likely to baulk at this as I get a sense from Erics comment;

'The only time you really have to worry is when you are the one wiring funds'

that maybe he wont be too happy be this process.

Anyone with experience? Surely there's some of you who have actually done this?

If I were to give him my bank details, is there any way he could reverse this deposit? Once again I want to stress I have no reason to doubt his honesty...but....

Thanks Eric and KC for your comments so far.

Mark

rcwaldo · 11-14-2003, 09:32 PM

actually the safest thing to do is have the buyer wire the money into my account and I'll spend it for ya.... Joking..

Seriously, speak with your bank and explain the situation. They may have a way to open a very temporary account for these type of transactions..

Good kuck!

nostatic · nostatic's Garage

I recently did a wire transfer (recieve end), and the buyer gave me his bank routing number, which I gave to my bank along with contact info. His bank won't release funds until he approves it...that is the protection as far as I can tell.

No issues on this sale, although it took more than 24 hours since it was between Canada and the US (3rd world country and all).

aus930 · 11-14-2003, 10:50 PM

i do international transfers all the time to japan,very simple and safe,as already said giving him your account details is totally safe,im sure u use your credit card,cheques etc all the time,all your info is there for everyone to see.
once the funds are transferred into your account,he cannot withdraw provided that the funds are clear.
but u must make sure he puts cash into your account,then u can happily hand over the car.i do it once a week ,i provide the bank details to my bank and ask them to transfer funds to this account,this way can only be done with cash.
i understand your concerns,but they do these sort of transfers for a reason,as its totally safe and can only be in cash.

Speedy1 · Speedy1's Garage

open a new account at the bank of your choice and keep only a few bucks in it then give those account #'s to the buyer, be sure the account is at another bank other than your regular one good luck. This will minumize your risk.

expat · 11-14-2003, 11:17 PM

Thanks guys. I will speak to my bank about getting another account and organising the payment via wire transfer.

What about any paperwork on the sale? Besides the obvious registration documents, what about some form of bill of sale? Just a receipt from me to him listing buyer and seller names, vehicle identification information and maybe drivers licence numbers? Anything more detailed than this?

Thanks for your replies.

Mark

aus930 · 11-15-2003, 02:59 AM

he will need an invoice from u for shipping,with vin no and your details and a copy of registration papers.
if u dont mind me asking,how much did u get for your car,i was meaning to get in contact with you regarding the price.
guess im a bit slow.

expat · 11-15-2003, 06:59 AM

Hehehehe...I'll make that public once I have the money in the bank. I never count my eggs until they are hatched. I think he got an awesome deal and I'm satisfied. I started at a low price because I didnt want to negotiate, because Im not good at that. If I had to haggle, I'd give up and keep the car

jrdavid68 · 11-15-2003, 07:22 AM

If everything can be verified and all is legit - you probably won't have a problem.

I wrote a check to cover my wife's son's car insurance awhile back. Well, a month or two later, as I was checking on my account, there was an automatic withdrawl by the kid's insurance company. After scratching my head for a bit and looking at the history on the account, it turns out that the first check was taken electronically from my account - something I did not approve.

Since my account information was now associated with the kid's account and he was late on payment the ins. company just took it from my account - can you say FRAUD?

It took me multiple phone calls over the course of a week or so just to get a check sent to me to reimburse me for what they took.

I NEVER give out my bank information unless I am 100% sure that everything is legit.