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Registered User
Join Date: Aug 2011
Posts: 55
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Transfer of funds
I bought a car across the country and soliciting opinions about the best way to pay i.e. Cashiers check, wire transfer etc.
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10-15-2011, 05:18 AM
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Registered
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I have used wire transfers for sale of Webers to Australia and a 3.2 engine to Arizona from NY. I think the fee is around $15. For other sales I use Paypal.
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Ed 1973.5 T |
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10-15-2011, 06:26 AM
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Platinum Member
Join Date: Jul 2001
Location: Leave the gun. Take the cannoli.
Posts: 20,886
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Good luck. For large amounts I'll only take cash, wire transfer, or a trust check from an attorney that I know.
What does the seller want/need? what are your options? |
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10-15-2011, 10:22 AM
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Registered User
Join Date: Aug 2011
Posts: 55
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Seller is flexible. I was wondering what way best to protect my interests. I'm leaning toward cashier's check but I 'm vulnerable no matter how I slice it.
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10-15-2011, 10:58 AM
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Registered
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The concern that I as a seller tend to have with cashier's checks is that they can be and have been known to be forged.
But if your seller might be willing to take one that's probably the simplest way to get them the money. |
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10-15-2011, 12:01 PM
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Registered User
Join Date: Jul 2011
Posts: 6
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The quickest way is via wire transfer from your bank.
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10-15-2011, 01:08 PM
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Registered
Join Date: Mar 2010
Location: Los Angeles
Posts: 555
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Best way,fly out there negotiate as much as you can, pay the guy cash and go home.
Best way to cover your s
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Lets go for a drive. |
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10-15-2011, 01:22 PM
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Registered
Join Date: Jan 2006
Location: Florida
Posts: 606
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I feel compelled to chime into this one. I was recently informed by my Bank, that even wired fund take up to seven business days to clear. Although the funds may appear in your account, the sending bank has the right to take them back if a dispute is filed... Cash is King. All other forms of payment have to wait. Bill of sale signed by both parties to cover your arse. A good document to have in the event of a dispute or title problems.
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Formerly owned 70 911S, 73 911S. Wish I had pickled them! had a 75 930 #17. now in museum in Canada. 81 930 , 84 911 Cpe. 74 Carrera cpe. , 72 BMW 3.0 cs, 91 M3, memory foggy on some of the rest. Current toy car 86 911 cpe. |
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10-16-2011, 09:03 AM
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Registered
Join Date: Aug 2010
Posts: 68
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I have to disagree with last post. I do a lot of wire transfers and have researched this. I think their may be some misinformation out there. EFT is reversible but a wire transfer is not, in fact if the bank or someone makes a typographical error or deposits into wrong account, they will ask you for a signed authorization prior to "refunding" from your account. Someone in the banking industry may chime in here. My information and experience has been that a wire transfer is basically irreversible.
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10-18-2011, 02:42 PM
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The Other Woman
