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How have you guys handle the money transaction of selling your car?
I have a car for sale and the buyer keeps asking me if I got a cash app.. I dont trust those apps
I told him I want a certified bank check or no deal.
He said he'd get a check from his credit union.
I've always done cash deals but I don't wanna have that kind cash hanging around the house
Cash, then deposit if you don't want it at home.
Certified bank check, call bank to verify.
Gold/silver verified at a jeweler
I won't accept anything else these days
Yea and go meet at the police station.
I've weeded out a few scammers by doing this. If they aren't willing to meet you there then it's not a good signQuote:
Originally Posted by YLWFVR
I have never been burned on a car deal or any other sale.
I only accept cash, anything else & you're welcoming the
possibility of trouble & great disappointment.
Why do you think Craigslist and Michigan Auto & RV
say NOT to accept any kind of checks.
Note: banks treat "certified bank checks" and "money
orders" the same as personal checks. They are no better,
no safer. They can take up to 6 weeks to determine they
are no good - and you're on the hook for the money, NOT
the bank.
Meet him at his credit union. I have done that a couple times. If he gives you excuses, then you know he is lying.
-Geoff
The guys in Muskegon and coming down today with an Appraiser to look at the car..Quote:
Originally Posted by WhiteHawk
I'm asking $30k for the car, not too many banks would even dish out that kind of cash..
I'll call Bob here on motown, I think he runs a credit union up the street from me...
It's true about checks ... I had a moving company crack a fairing on my motorcycle.. after several threats they wouldn't drop my bike unless I gave them a money order.. I stopped the money order 2 minutes after getting my bike and was refunded a week later..
Can't trust anything or anybody nowadays!
Cash, open an account at the credit union he's at and transfer money on the spot or wire transfer only(open an account only for this transaction since you'll have to give him/her your account #). Haven't talked to Bob in forever but I'm sure he'll tell you something similar, my 24th year in the same industry as him was this year :-). Man I'm getting old!
Congrats! Yea haven heard from him in a whe too.Quote:
Originally Posted by CMYZ28
BOB YOU OUT THERE?!
Hey Nick, are wire transfers like that reversible? I mean, without committing some kind of fraud? Like Sal said, one phone call and a money order is cancelled, I would think it is much harder to do that for a wire transfer. I was just wondering because it seems like a pretty good idea. Get an intermediate account, and just pass the money through it to your real checking at a different institution.
It's crazy how hard it is to buy and sell expensive stuff.
-Geoff
I have sold a few on ebay, unfortunately the buyer is not always able to get them I have not been burned yet. They do not leave till funds are clear I have had cars sit here 4 to 6 weeks. Are you able to meet him at his bank and able to cash that type of check? if you call the bank ahead of time and explain the situation i know it sounds weird, they are able to have the money on hand, I have done that a few times also. hope that helps
I’ve dealt with this a few times. Not at the 30k level you mention, but still for several thousands. I make them meet at a bank. If everything is agreeable we walk in together and they can hand the cash to the bank. Verified and deposited, and then title signed over and we walk out and part ways. I do not trust anything else as I’ve caught people trying to burn be in the past(thankfully before being out money or vehicle/item)
Wire transfer or cash.
It is fairly rare, but a wire transfer is not 100%. Banks have been
fooled, there are a few ways it can be done.
30K is not too much for a cash sale, happens all the time.
I'm gonna verify through his credit union and then open another account in my bank.. have him transfer the money into that account and pull thw cash out right away and shut that account.Quote:
Originally Posted by WhiteHawk
Even not to happy about taking $100 bills.. a few could be fake
Going with a wire transferQuote:
Originally Posted by loosenut
Andy only gets his advice from me! Lol jk sort of haha.Quote:
Originally Posted by Wizeguy
Wire transfer is better than cash, I agree. Only guaranteed funds can be released to SEND the wire and the recipient is the only one who can release them for return.
Some banks use different routing # for wires vs ACH/checks so just make sure you've got the correct routing #.
So if I'm reading that correctly, once the funds are wired, he cannot take the money back... only I can send it back..Quote:
Originally Posted by CMYZ28
I go meet them at their bank and have them withdraw the amount of cash and hand it to me. I'd rather no one know how much I bought or sold a car for.
Good luck with the 1099!
Yep, once your banks shows it accepted/pending there's no way to recall the wire on their end.Quote:
Originally Posted by Wizeguy
Wire or cash.... checks all kind of suck.
If they wanted to do part of it on an app like cashapp or paypal I wouldn't be super worried about it. $5-10K gifted on venmo/paypal/cashapp would be fine...
That's what I did - met the buyer at his bank and was there while they drafted the check.Quote:
Originally Posted by WhiteHawk
And then he places a stop payment on it before it clears your bank (just because the funds are available doesn't mean it's cleared either since that's part of the funds availability laws) and drives off in the sunset with your vehicle :-).Quote:
Originally Posted by Atrus
I should include that when I do it, I walk out with cash. If you give them a couple days notice, they will get $30k for you. I bank with PNC, and half their branches don't even carry cash anymore (I guess it is Detroit branches but still). It is getting ridiculous. I went into the branch last Friday and asked for $2500 to pay a contractor and she said they had a $1500 cash limit plus whatever I could get out of the ATM. I ended up getting the $2500 after some sweet talking but I shouldn't have to!Quote:
Originally Posted by CMYZ28
-Geoff
As someone mentioned before I’m not sure I’d accept 30k in cash unless i was handed it by the bank teller. I’m not in the know enough to know what to look for when it comes to fake currency.
Of all the scams and people getting ripped off on car deals,Quote:
Originally Posted by wickettoby1
when was the last time you heard it happening from fake currency?
Those fancy pens that detect fake money aren't that hard to find either.
-Geoff
news article yesterdayQuote:
Originally Posted by 4Gas$
Correct lol.Quote:
Originally Posted by dave89iroc
Maybe I should "sell" my cash validity knowledge skills as a part time job haha
https://www.wxyz.com/news/spot-the-s...-metro-detroit
Totally understand there's still risk, just felt there was less risk being at the bank when they certified the funds were available and drafted the check.Quote:
Originally Posted by CMYZ28
I guess I stand corrected. One always needs to be vigilant.
Seems there is a risk in any form of payment, but cash is
still the best in my opinion.
From that news story:
"They paid $12,000 in counterfeit $100 bills. The seller only noticed
when he examined the fake money, and all the serial numbers were the same."
Gotta admit I usually don't check the serial numbers.Quote:
Originally Posted by 4Gas$
Thickness gauge pens for checking currency are really cheap.
More importantly is knowing WHO you sold the vehicle to.
I won't sell a vehicle without filling in the title and a valid Drivers License.
I take pictures of the filled in title, their drivers license and the person. I even snap a pic of the license plate of the car they arrive in.
If the seller is not good with that I will insist making the transfer at a sos branch.
I print those photos and keep that data in a file.
I do that for liability purposes.
Quote:
Originally Posted by Detroit Gearbox
:thumbsup:
All the time. Saw one recently.Quote:
Originally Posted by 4Gas$
https://www.fox2detroit.com/news/roc...nterfeit-bills
I had this happen before. Tried to pull $4,500 from my account for a vehicle, happened to be a holiday weekend so the one branch that was still open couldn't do that much. Fast forward to last year when I bought the Harley, pulled $8k out of my account without calling ahead. They simply asked a few "screening questions" to make sure everything was "OK".Quote:
Originally Posted by WhiteHawk
Usually my transactions are of a smaller amount, so I'm not as vigilant as I probably should be. But I tend to dig up any information on the person I'm doing a transaction with ahead of time. Facebook and other social media makes this a cakewalk in most cases. Aside from that I tend to meet at either parties bank, or the BMV. Depending on if I'm buying or selling. Makes things FAR easier to know the transaction is completed when the new title is printed. My Z1000 I had paid for, collected the bike, and when I went to transfer the title, both the seller and myself missed need the title notarized (when I was fairly new to Ohio and didn't know this was a necessary step in title transfers) I'd say Nick has ya on the right path with the amount of money involved and the potential buyer being from out of town. Should make for a pain free transaction.
Those pens don’t do anything if they wash a bunch of ones and print 100s on them. The paper is correct and that’s what the pens test for. You have to check the water marks and strips on them, even then it’s sometimes hard.Quote:
Originally Posted by WhiteHawk
Every pen I've ever ran across a newspaper turned gold as if it was a real bill. So I'd agree that they're not really worth using.Quote:
Originally Posted by ultradriver10000
Well, got the deal done... Buyer got a certified check through his PNC bank.
He didn't the car or the title till the check cleared.
Correct. The pens only detect the thickness of the paper.Quote:
Originally Posted by ultradriver10000
https://www.banknoteworld.com/blog/h...en-tests-work/Quote:
Originally Posted by Detroit Gearbox
It's an Iodine that reacts to the starch.