What's the best and safest method of accepting payment for a car sold on Pelican?

[p911dad]

Hi all, we are thinking of letting our 1984 Carrera coupe go and doing something else. I would first try on Pelican. In your opinion and experience, what is the best and safest way to get paid and deliver title to the car? I figure the choices are cash, check, bank draft, cashiers check, etc. We don't want to deal with the car driving away and having a problem with the payment. We haven't done this in so many years that we are unsure of how to proceed. Thanks for any input.

[Canine64]

Bank wire. Do not accept anything else

[Bob Kontak]

I have to agree. Sold my brother's car to a guy right down the street. Personal check. Lien involved. Took my bother's bank six days to clear the funds only because they could drag their feet by law. PITA.

Bank wire confirms funds right now. $25 or so fee. Hell, you can pay it for the comfort factor.

[gt3racerich]

Many scams involved with wire transfers. The money can be taken back after a surprisingly long time. I recently sold a car for the most money of any car I have owned.
When I went to the bank they strongly urged me not to accept a wire transfer. I would only accept a bank check and not let the car go until your bank verifies that the check has cleared.
Rich

[bhmkv]

Cash. Sold my last car this way and bought my recent car this way.

[bhmkv]

If you deposit the money bring it in smaller amounts.

[cabmandone]

Cash is king. Having said that, I sell construction equipment long distance and rely almost solely on wire transfer for the method of payment. I would ask your banker but I'm not aware that a wire can be reversed without some act of God to do it.

If I take any form of check, I always stipulate funds must clear prior to pick up or delivery. You can request the buyers bank send a bank letter guaranteeing funds for checks that also states no stop payments will be placed on the check written. Many auctions handle checks in that way.

[Michael T]

First have a binding bill of sale to document the contract for sale. This is in addition to the title and should reference that the seller has good title free. I had a very good friend accept a cashiers check that was fraudulent. He got the car back after a lot of hassle and a month.

A wire is good funds. Beware of a deposit made to your account that can be reversed for non sufficient funds. I do not understand the comments about wires being an issue.

[dicklague]

I just did a sale and the buyer wanted use a company bank check. My banker suggested meeting at the buyer's bank and have them cash the check right there. They checked the balance in the account and cashed the check and handed me the cash.

If the buyer is local this is a great way to go....you walk away with cash.

Remember that the bank has to report transactions of $10k or more.

[JAR0023]

I did a wire transfer. Flew out, decided, yes, this the car. Called my bank with seller's routing info. Drank coffee for half hour, then his bank called to confirm reciept of money. Easy, peasy and I didnt have to explain a wad of cash and a pistol to TSA. -J

[Arne2]

When I sold my 240Z to a buyer in Norway, I talked with my bank (credit union, actually) about wires, and they said there was no way to reverse or pull one back after the fact. I'd have no qualms about doing it again, was super simple.

[m110]

Some good info in this thread:

Long distance sale?

I have used this from the thread several times and it makes sense:

Originally Posted by dtxscott

Here's how I've handled my long distances sales/purchases.

1. Write a bill of sale will all terms and instructions clearly spelled out including payment and shipping. Both sign and agree
2. Receive a $500 deposit via Paypal, etc.
3. Have PPI done
4. Receive buyer's funds
5. Ship car, etc.
6. Wait for check to clear
7. Fed-Ex title to buyer after check clears.

This protects both parties in case of fraud. He can take the car with a bill of sale and insurance. If his check bounces, then you file the car as stolen.

[afterburn 549]

U.S post office money order .
AFAIK is a big deal to screw with that ! (fraud, )

[Elombard]

I did the go to the buyers bank and have his bank hand me the cash. Even if there is not a local branch maybe he could open an account temporarily or something.

You have to be a little careful - if its not a really special car and its too much of a hassle to buy some folks would probably walk away.

[JohnJL]

Wire transfer is a final payment. Whoever told a previous poster that wires can be revoked wasn't following the rules and would be liable. Swift wire MT100 payments (commonly referred to a "wiring") have strict rules and are the easiest/quickest form f final payment available aside from Cash (which isn't usually practical or safe.) I do this for a living.

I've bought a car from a Pelican where the car is in PA and I was in Australia. I've also sold to a Pelican where I was in CT and he was in TX. Also bought from another Pelican from MA when I was in Toronto. Draw up and a short bill of sale describing the car, the owners' details and your details. Sign and exchange copies in person or electronically. Require the funds to be wired to your account and speak to your banker first to get the form they want. Send that form with your bill of sale exchange. The seller can use that form with their banker to input the correct account and routing information. Require the funds in your account before shipping the car.

I did once use an escrow service for a car I bought on Ebay, that worked OK too. They take the funds from the buyer, wait for an OK from the buyer and then release the funds to the seller. If they don't get the OK, the funds are returned to the buyer, along with some mediation process.

[JohnJL]

Originally Posted by gt3racerich

Many scams involved with wire transfers. The money can be taken back after a surprisingly long time.
When I went to the bank they strongly urged me not to accept a wire transfer. Rich

You need a new Banker.

[keynsham1]

In the UK there are only two safe ways to sell a car.

1. Cash but only after it has been paid into a bank. If the bank accept it, and they almost invariably do, then you are safe. Unless it has been paid into a bank, it could be forged which is quite common for larger bills in the UK. The bank does not connect money paid in with a specific account so if they subsequently find forged notes, tough on them!...they should have checked better.

2. Electronic money transfer. This can only happen if the funds exist in the buyers account and once it shows in your account, the transfer is done.

No paperwork is safe as it can all be forged and likelyhood is that you will not find out for weeks when the bank decides it is not right.

I prefer the cash and paying in to the bank as it is a physical process.

[al lkosmal]

I've sold 3 911s cars to buyers in France and Germany. Bank wire transfers worked well.

regards,
Al

[Va_Powerman]

Cash, local sale at your/a reputable bank that can check the cash for counterfeit bills.

My bank (USAA) told me enough horror stories about wire transfers, checks, etc., to persuade me to follow their recommendations.

Tried to sell my 911, had a number of folks interested, but ended up keeping the car due to sketchiness of requested transactions.

Oh, btw, I used to be an exporter, and am very familiar with a number of international payment methods - and used them; but those buyers had real addresses, and I had recourse in the event of non payment...

Good luck with your sale!

[1990C4S]

Anything other than cash you have to retain the car and the ownership the bank confirms the funds are in your account.

There is mo restriction on cash deposits, and no need to deposit the money in small chunks. The bank has to report the transaction. You have a legitimate reason to have the cash. It's not a crime.

If you have other reasons to avoid scrutiny then don't deposit over $10k at once.