phiaceko

Hi All,

I was wondering if you could help my friend out a bit. He's selling his car and has a buyer for it is in another state state. What is the best way transfer money in this situation? The car will be shipped.

Thanks!

mosesbotbol

Bank transfer. Schedule auto shipper pick up for after the transfer. Call bank before loading car to make sure the money is cleared.

Chuck S

Shipped? Sight unseen? Your "friend" can't speak for himself? Illiterate? In a coma? There's a funny smell here.

The classic scam (that still works) is for the "buyer" to send a "bank" or "cashiers" check for more money than the cost. For some reason. The seller then sends a check for the difference and waits for the car hauler to show up. Car hauler is a phantom. Cashier's check bounces a couple of weeks down the road. Seller's check has been cashed and the money is gone. At least the car is still there. If the car actually ships the check can still bounce weeks down the road...

Needless to say I'd not touch this transaction... Unless I'm dealing with a business I want cash face to face.

I'd certainly not buy a car I've never seen so the buyer seems to be taking a suspicious risk.

-- Chuck

rob-2

The scam is also giving out your bank info and it's used by scammer.

If it's a decent amount, set up a temp account with bank and have a wire done. Once funds are in account, transfer out.

rwheelz

I would be very careful. There are a lot of horror stories. Do not simply accept a cashier's check and hand over the keys. In this situation, for any significant amount of money, I would go to my personal bank, deal only with the manager, and be absolutely clear that I want to be certain that the payment is clear before handing over the car and title.

mosesbotbol

Sound advice. Tell the bank what you are doing and ask them to facilitate the transaction on your behalf. Could be a temp account, it could be just sitting on the money until they give the OK. This partly what you pay a bank for...

Driven

I've used escrow.com twice now... one for buying a car sight-unseen, and for selling one.

No issues here so far.

CosmosMpower

Fly there and look at it/load it up yourself.

Legal Bill

I think (but am not sure) that the OP is asking for advice from the seller's point of view.

Anyway, to the OP, I've sold cars and other things to people from out of state. Get the funds and make sure they clear before you release the vehicle. Wire transfers are fine. Just tell your bank that you want to be sure that the person wiring the money cannot use the wiring instructions to commit fraud on your account. If they can't give you any assurance then tell the seller you want a cashier's check or the use of an escrow service as mentioned above. Here is a nice paper on wire transfer fraud for your reading enjoyment:

https://www.google.com/url?sa=t&rct=...2UetycdDrQpJPg

mosesbotbol

That was a good article.