Needs some advice please..selling a car - Page 2

GWN7 · 03-20-2014, 10:23 AM

A bank transfer is about the safest way to move money besides someone handing you a pile of cash. I've bought vehicles both ways. For me crossing the border with over $10K you just have to tell Customs you have that much money with you. Once they filled out a form, other two times I just told them I was buying car and they didn't seem to care.

I can't see how a bank transfer could be a fraud. The bank by virtue of giving the other bank their inter bank account number guarantees to the other bank the money is there. The transfer is between the banks, not between individuals even though a individual ends up with it.

speeder · speeder's Garage

Just use common sense. If it's a large amount, meet at the bank and exchange cash or have them purchase a cashiers check from the teller right in front of you. Anyone who has problems with that method is not legit.

asphaltgambler · 03-21-2014, 06:11 AM

Quote:

Originally Posted by 911SauCy

CASH... The ONLY Secure Way.

Sold my wife's car last fall for cash...guy told me he was nervous, I told him I wouldn't do the deal otherwise.

We met at a police station to do the deal.

My police buddies see some incredibly real, fake cashiers and certified checks.

My uncle's business partner did the $ transfer thing for a $48k Lexus SUV. Everything went well, guy took the car, he was happy. 3 weeks later the bank called saying the fund transfer was not legit and the account it initially drew from was fraudulent... He was out the $, took a year to get the insurance company to agree upon a "stolen" claim.

^^^^^^^^^^^^ Which is why I only accept all cash, but for a few transactions I do wire transfer and I only have $25 balance^^^^^^^^^^^^^^^

rwest · rwest's Garage

Just a thought about the cash, now you have a ton of money on you and you don't know much about the buyer or how many of his "friends" he told that he was giving you all that cash. Anyone think this could be a dangerous spot to be in? Even worse if it was a weekend.

911boost · 911boost's Garage

When I sold my 911 we met in the middle of Kansas to do the deal. I had him send me a PDF of the cashiers check and I went into my bank before and they called his bank and verified everything.

It all worked out just fine.

Bill

GWN7 · 03-21-2014, 05:58 PM

So I called my Credit Union today to ask about Bank Transfers (I'm selling my 69 in a month or so). As I have bought vehicles and sent money this way without a problem I wanted to know if there could be any problems doing it the other way (collecting).

How money is transferred depends on which currency is being sent. Why? Because each country has different banking systems.

For example when I bought my truck from a company in Minneapolis my Credit Union sent a notification to Credit Union Central (which is in Vancouver) that funds from me were being sent to a bank in Minnesota to the account of the XYZ Company. There are various routing codes to do this. Credit Union Central sent the same notification to the Bank of Canada. Bank of Canada sent this information to The US Federal Reserve who passed the information on to the District of the Federal Reserve (Federal Reserve Bank of Minnesota 9th district) who passed this information on to the Automated Clearing House group the seller of the trucks bank belongs to, then it arrives at the sellers bank.

If the money comes from a different country they system works basically works the same. The head bank of the country the money is coming from sends a electronic notification to the head bank of the country where the money is going to and it is shuffled down the chain.

I asked if there was anyway someone could fake the amount and then have the bank want to claim the money back as it being fraudulent. She said the sending bank guarantee's the funds at the beginning of the transfer chain. There is no way it could claim the money wasn't there.

She did say that some people were stung with fake Western Union wire transfers and fake US Postal Service money orders a few years ago. People would deposit those into there own bank account and a week or so later it was found out they were fake and the persons own bank would take back the amount of the deposit but that had nothing to do with a bank money transfer.