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#2386780 - 10/13/17 10:01 AM BEST METHOD OF PAYMENT
Magnumguy Offline
master

Registered: 01/19/03
Posts: 9754
Loc: S.E.Ohio
Selling a car out of state, and was curious how is the best (and safest) method of being paid?

We both agreed money will be in my hand before car leaves my driveway.

Thanks
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#2386783 - 10/13/17 10:08 AM Re: BEST METHOD OF PAYMENT [Re: Magnumguy]
Challenger 1 Offline
Too Many Posts

Registered: 02/05/05
Posts: 27868
Loc: Cincinnati, Ohio
Wire transfer is the best and safest way.
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#2386788 - 10/13/17 10:11 AM Re: BEST METHOD OF PAYMENT [Re: Challenger 1]
Magnumguy Offline
master

Registered: 01/19/03
Posts: 9754
Loc: S.E.Ohio
Originally Posted By Challenger 1
Wire transfer is the best and safest way.


Bank to bank or Western Union?
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"Multiple Magnum owner since 1978!!"


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#2386789 - 10/13/17 10:11 AM Re: BEST METHOD OF PAYMENT [Re: Magnumguy]
Rhinodart Offline
Rhinotruck

Registered: 01/20/03
Posts: 34806
Loc: Round Lake Beach, Illinoisy
Wire transfer bank to bank, it is the ONLY way I buy and sell cars nowadays, there is ZERO risk. wave
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The funny thing about science is that if you change one miniscule parameter you change the entire outcome to the way you want it.

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#2386843 - 10/13/17 11:28 AM Re: BEST METHOD OF PAYMENT [Re: Magnumguy]
65pacecar Offline
master

Registered: 12/23/03
Posts: 4972
Loc: KY
Wire transfer to your bank, set up a new account first, have them transfer to that account number, then transfer it to your regular account immediately, its the safest way to do it. I have heard of fake or scammed events with Western Union in the past, not sure if it has been resolved.

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#2387296 - 10/14/17 10:27 AM Re: BEST METHOD OF PAYMENT [Re: Magnumguy]
gtx6970 Offline
I Live Here

Registered: 06/28/03
Posts: 16741
Loc: Land of Booze and Horses
Bank to bank. Ive never opened an account to do it. Honestly there is no need to its about as secure as you can get

Depending on your banks policy. You may not see it for 24 hours.
But for most its instant balance update

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#2387326 - 10/14/17 11:34 AM Re: BEST METHOD OF PAYMENT [Re: Magnumguy]
Stanton Offline
master

Registered: 10/13/05
Posts: 6256
Loc: Ontario, Canada
Bank to bank is great if you're on the receiving end but since there is no way to get the money back if the transaction goes sour it can be a risk for the buyer. A box filled with $100. bills works for me.

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#2387342 - 10/14/17 12:15 PM Re: BEST METHOD OF PAYMENT [Re: Stanton]
65pacecar Offline
master

Registered: 12/23/03
Posts: 4972
Loc: KY
Originally Posted By Stanton
Bank to bank is great if you're on the receiving end but since there is no way to get the money back if the transaction goes sour it can be a risk for the buyer. A box filled with $100. bills works for me.


If you do the box of money go to a bank so they can be checked to make sure they are all real.

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#2387355 - 10/14/17 12:46 PM Re: BEST METHOD OF PAYMENT [Re: Magnumguy]
topside Offline
I Live Here

Registered: 01/19/03
Posts: 11447
Loc: So Near, Yet So Far
I like cash, but for a large-dollar deal I've done the following: find out what bank the buyer uses, open an account at that bank's nearest branch to you, and take the buyer to that bank. Transfer happens pretty much immediately and the teller can confirm it right there.
I don't like cashier's checks much as I know of at least one instance where a car was bought with a counterfeit cashier's check.
Postal Money Orders have been good, too.

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#2387357 - 10/14/17 12:51 PM Re: BEST METHOD OF PAYMENT [Re: topside]
belv2vert66 Offline
pro stock

Registered: 05/13/04
Posts: 1296
Loc: Back In Iowa
Never Western Union money for anything other than sending money to a family member or friend. I know a guy that got taken for 10 K on some jet skis.

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#2387579 - 10/14/17 11:44 PM Re: BEST METHOD OF PAYMENT [Re: Magnumguy]
RoadRunnerJD Offline
master

Registered: 05/25/04
Posts: 4630
Loc: USA
Cash is a terrible way to do it unless it's less than $10,000 and even then, depositing a lot of cash raises questions even if you deposit only some of it at a time. A wire transfer is best or a cashier'/bank check is typically fine.

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#2387593 - 10/15/17 12:49 AM Re: BEST METHOD OF PAYMENT [Re: Magnumguy]
BloFish Offline


Registered: 11/20/04
Posts: 13427
Loc: In your rear view mirror.
Wire transfer.
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