Safe Payment

[Jay Wolf]

I have question about a safe payment.

With all the stuff going around today.

How can you safely get paid for a car you’re selling?

According to my bank the safe way is have to buyer come in to the bank with me and do a money transfer. (Buyer must be at bank) I should not give my Account number to the buyer.

The bank said they can only guarantee a Cashiers Check written on their bank and then there is a 24 hour waiting period.

They said it is not safe to take large amounts of cash, if you take cash take only bank bundled cash and then there is still a waiting period to confirm all the cash is legitimate.

Plus 30-50K is a large chunk of $100s.

I don’t want to seem paranoid but how do you sell a car to someone who can’t come to you?

I know most the offers I get a scams but I hate to blow off a real buyer.

[Bob Kinker]

I've had good luck with wire transfers. In fact, I have an account set up just for this. As soon as the payment is received, I transfer it to another, probably not necessary, but it makes me feel better.

[Jay Wolf]

I got another email for the (purchaser) requesting my Bank Account number and routing number.(so he could send me the money)

I called the bank, both of those numbers are necessary to wire funds in to the account. But with both of those numbers you can also take money out and make purchases.

Don't send them!!!!!

[Jay Wolf]

I ask the bank about opening a separate account and was told the money in the account is not what they are usually after, they are after your identity.

They will request Credit Cards and open accounts using your bank # number as a reference. When the account checks out a legitimate they get the card or whatever.

I miss the good old days.

[Guffin]

You can not take out money from somebody's bank account only knowing the account and routing number. I have made many payments direct to a bank account when buying cars in the USA. The bank has to check that the person who tries to take out money from an account, has the right to do so (show that he is the owner of the account). If the bank is so stupied to let an unknown person take out mone from your accout, the bank has to refound your money.

At least here in Europe, the most common way of transffering money is from one person's account o another person's account. To do this you have to know the other persons IBAN (International Bank Account Number). This number contains your bank account number, information about your bank and country.

Jan

[trimacar]

Hi- my two cents, the wire transfer is the safest and easiest. Worried about giving them your account number and routing number? You give this information to everyone who you write a check to, it is right there on the bottom of your check. I too, though, have a separate account for wire transfers and Ebay purchases, and keep little spare money in it.

best David

[Jay Wolf]

I am just telling you what “Old National Bank” told me.

I do know to pay with and electronic check on line all you need is the account number and routing number. So, I guess if you have somebody’s check you can make online purchase with the information contained on the check.

When I ask her about a separate account, and she said about identify theft, I said if the account only has $20 buck in how could it help some get an account? She the account would just be a reference account the line on the account would be based on your credit rating, not related to the one account.

Maybe I am just being paranoid but the last 3 offers I have had on my car have be type in all caps and wanting me to cash a check for more that I am asking and give the the difference. To Quote:

“HELLO ,

THANKS FOR THE MAIL U SENT TO ME...I REALLY DO APPRECIATE IT.....AS FOR THE SHIPPING THAT'LL NOT BE A PROBLEM ..I HAVE CONTACTED A SHIPPING COMPANY THAT WILL HANDLE THE SHIPPING...SO THAT'LL NOT BE A PROBLEM...

I WANT U TO KNOW THAT I'LL BE SENDING YOU A CHECK IN WHICH U'LL DEDUCT UR $43k AND SEND THE REMAINING BALANCE TO THE SHIPPING COMPANY THAT 'LL BE COMING FOR THE PICK UP AT UR PLACE...TO SEND IT OUT I'LL NEED UR FULL NAME AND ADDRESS”

I know I can just blow off most of these scammer but you hate to before you’re sure they are a scammer and not just someone new to typing.

I am just trying to figure out what to tell these “potential buyers “that will not run off a legitimate buyer but not open myself up at all to a scammers.

I am sure the thread can help other having the same problem.

The last one was buying the car but sending a check for the agreed price plus $8000 to cover the shipping, I was to take the check and give the car and $8000 to his agent/shipper, who would be bring the check and picking up the car.

It just takes a few to screw up the whole process.

[MCHinson]

All of those sound like a scam.

The best advice that I could give you would be to accept only the amount of money that you are asking for your vehicle. Any shipping should be arranged by the buyer with the buyer paying the shipping company direct. You should also require the buyer to call you and talk about the details of the deal by telephone with you to make sure they can speak to you in a language that you can understand and with an accent that you can understand. You can then tell them that you have to hold the vehicle for 14 days after any sort of payment to make sure that the money is really in the bank before you will release the vehicle to their shipper. If the shipper has been paid for shipping the car before they pick it up, and you have talked to your buyer, and the bank has 14 days to catch any scam, you will have a much better chance of not being swindled.