Car Sold - Easy way to Finish Transaction

[FrankBarba]

I have a purchase order for one of my cars. Both Buyer & Seller are at a standoff regarding payment.
I have asked for the funds to be wired to my account, or to my attorneys escrow account. Cash works
all other must wait until their funds clear...

Each time i ask him about cleared funds he insists on a certified check. I asked my local bank about this.
They stated that they can not verify funds with the other banks like they use to. All someone will tell you
is they have done business with them.

I've also asked about opening an account BOA so he could wire the funds, he wants to give certified check to a driver,
then the driver hands me the check and the car goes on its merry way.

I've countered with CASH at my bank or the Local Police Department to do a cash transaction....

Am i out of my mind ??

 

[broomrider]

Frank, I would just walk away. It seems he might be trying to be shady. As a seller demand wire transfer or no deal. Its the best way. Everybody ends up happy
and you don't have to worry. Either he has the money or not. Good luck hope all goes well. If it's not resolved it may make you loose your mind. Lol

 

[diamond head]

Just tell him cash only. Otherwise just walk away.

 

[Sam Goldfarb]

And get a counterfeit pen at an office supply store to check the cash!

 

[ViperJeff]

Yea, this just doesn't pass the smell test

 

[denniskgb]

something fishy....certified check can bounce a week later. Wire transfer is not a big deal for someone who is buying the car and means business. He can have funds wired the day the car is picked up. something does not add up. I would pass on the deal unless the money is wired in or cash in hand but do check the bank notes with a pen. keep us posted

 

[FrankBarba]

Thanks for all the info here. This is the first time that i have had this type of problem with a car either
buying for selling. I've asked to have the funds wired on a Thursday and Delivery on Friday. He is set
on having his bank wire funds on a Saturday (Fed is closed). I have canceled our verbal agreement since we
can not agree on how payment is to be made.

 

[Fatboy 18]

Bank Transfer or No Deal...Period!

 

[AZTVR]

If your bank says that they can not verify funds for a certified check, Don't take it !!!!!!! A check can be counterfeited. In my case, I called the issuing bank, and they told me that the check with that number was issued in the amount of $5.00. The buyer tried many ways to maneuver the transaction to when the banks would be closed. b I only trust verified wire transfer, cash, or have the seller's bank officer personally give me a bank check.

 

[Burt G]

I've dealt with a similar situation with a cashiers check for means of payment. I held the title and released the car until funds cleared.
if the arrangement goes bad, report the vehicle stolen to the authorities.

 

[CWhiteRun]

Cash only. Protect yourself at all cost!!!

 

[FrankBarba]

I want to thank you all for your comments and help. I have put the squash on this transaction.
Last Email i rec'd was less than friendly from the prospect and he wants to put a guilt trip on me.
Thank You Viper Community.....Now if anyone is looking for a Nextel Cup Car set up for Road Racing

 

[denniskgb]

happens for the best. easier to do it the right way first time around. at least you spared yourself from writing a check back to the guy for $1 million for overage

 

[gb66gth]

Wire transfer or cash only.

 

[white out]

If he's getting a loan, the bank will issue a certified check.

 

[Dirk Pitt]

If he's getting a loan, the bank will issue a certified check.

This is my experience as well. I recently sold a car where the buyer purchased a car via bank loan and his bank (by policy) will not wire transfer money obtained via a loan for a vehicle purchase. In my case, I spoke with his bank to confirm the buyer was getting a loan. We then met at my bank and the certified check was cashed/deposited before he loaded up the car to take home. All went well and I trust the buyer is still enjoying the car as much as I did.

As a buyer, you are taking a risk wiring money so both parties are exposed to a degree regardless of the type of transaction. If the other party is reasonably well published on the internet (name, address, contact info, social media, etc.) you are less likely to get scammed as they are going to be pretty easy to find and likely have way more to lose than the current transaction. The best advice is to avoid the transaction if you have any reason to not trust the other party. To me, a certified check is not sufficient concern by itself but each person needs to assess the level of risk they are willing to assume.

 

[AZTVR]

I recently sold a car where the buyer purchased a car via bank loan and his bank (by policy) will not wire transfer money obtained via a loan for a vehicle purchase. In my case, I spoke with his bank to confirm the buyer was getting a loan. We then met at my bank and the certified check was cashed/deposited before he loaded up the car to take home.

Just as a clarification, the money from the certified check is not yours until the check clears through the Federal Banking system. The risk is greatly reduced with the above scenario; but, I wouldn't recommend spending the money until it is confirmed as deposited in your account.

From the Federal Trade Commission website:

Under federal law, banks generally must make funds available to you from U.S. Treasury checks, most other governmental checks, and official bank checks (cashier’s checks, certified checks, and teller’s checks), a business day after you deposit the check. For other checks, banks must make the first $200 available the day after you deposit the check, and the remaining funds must be made available on the second business day after the deposit.
However, just because funds are available on a check you’ve deposited doesn’t mean the check is good. It’s best not to rely on money from any type of check (cashier, business or personal check, or money order) unless you know and trust the person you’re dealing with or, better yet — until the bank confirms that the check has cleared. Forgeries can take weeks to be discovered and untangled. The bottom line is that until the bank confirms that the funds from the check have been deposited into your account, you are responsible for any funds you withdraw against that check.

 

[denniskgb]

you can have the buyer come look and inspect the car. if all good you can both go to the bank assuming the buyer has the branch in the area and have funds wired to the sellers account. it would take an hour for the funds to be confirmed in the account.

 

[Dirk Pitt]

Just as a clarification, the money from the certified check is not yours until the check clears through the Federal Banking system. The risk is greatly reduced with the above scenario; but, I wouldn't recommend spending the money until it is confirmed as deposited in your account.

From the Federal Trade Commission website:

Absolutely correct.

 

[VPRPWRD]

cash is and always will be king. I have accepted certified bank checks as well with no issues. However those transactions were for smaller $ amounts. I am in agreement with the group that something smells funny about this transcation and I'd walk at this point and find another buyer.

 

[johniew398]

Last vehicle I sold I accepted $4,500 in cash and the rest in a bank check (loan proceeds).

 

[FrankBarba]

After several weeks we still have not come to any agreement. I have asked him to move on.

Bill Elliots Nextel Cup Charger

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[ViperJeff]

Damn that's a small picture

 

[GRANGER73]

For future reference: cashier or certified check.

http://www.credittoday.net/public/1480.cfm

 

[AZTVR]

For future reference: cashier or certified check.

http://www.credittoday.net/public/1480.cfm

Sounds like the cashier's check is way safer than the certified check, although still susceptible to being counterfeited.

 

[Sybil TF]

I have gotten a fake cashier's check before. If they can't wire the money or purchase a cashier's check from the same bank you do business with then tell them bye bye...

 

[FinalEd357]

Sorry to hear Frank good luck with sale. Did you ever sell your GTS-R?