Quote:
Originally posted by pwd72s
Duh! Put whatever funds are delivered into your bank account...once they say okay? It's known as "collected funds". Then you turn over the pink & the car...simple enough? Hope so!
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Unfortunately, that's not safe enough these days. As Chris mentioned, most current scams involve fake money orders drawn on legitimate banks. The check/MO is deposited and "clears", but will come back as fraudulent a week or two later. Then you will be stuck owing your bank the amount of the money order, and will have lost your car. There is another scam going around where the thieves will not even take the car, but over-pay, and ask for you to send the difference (usually a couple thousand). Then they tell you once they receive the difference they will have a representative pick the car up. Once you send the difference, they disappear, and the money order comes back as fraudulent.
IMO, the safest way to accept payment when selling a car is via bank wire transfer. It might cost a few extra bucks to accept a wire, but once deposited, funds are guaranteed, and cannot be withdrawn by anyone but the account holder. Also, giving out bank info (account and routing #) is safe, and is the same info that is on the bottom of your checks.
I'm no financial expert, that is just what my bank told me recently when I inquired about the same thing (sold my car last month).
