Re: How to take payment for a car sale ?
[Re: hemienvy]
#2931680
06/09/21 03:41 PM
06/09/21 03:41 PM
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Joined: Mar 2007
Posts: 447 Knoxville, TN
YGBSM
mopar
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mopar
Joined: Mar 2007
Posts: 447
Knoxville, TN
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For that much money I would want a wire transfer straight to my bank. Or a certified check, and you do not release the car until the funds clear your account.
1968 Charger R/T 2015 Charger R/T Scat Pack 2017 Durango Citadel
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Re: How to take payment for a car sale ?
[Re: YGBSM]
#2931685
06/09/21 03:53 PM
06/09/21 03:53 PM
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Joined: Jan 2011
Posts: 15,879 Central Florida
larrymopar360
Stud Muffin
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Stud Muffin
Joined: Jan 2011
Posts: 15,879
Central Florida
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I have no problem with bank check/cashiers check but I go straight to the bank or meet the buyer at the bank named on the check. If you do not have a branch in your area I would take it to your bank to deposit and they should be able to verify it's authenticity immediately. I just did that. Then release vehicle.
Personally I would not accept cash unless you are able to verify it is not counterfeit. That's just me.
Facts are stubborn things.
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Re: How to take payment for a car sale ?
[Re: hemienvy]
#2931705
06/09/21 04:40 PM
06/09/21 04:40 PM
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Joined: Jan 2005
Posts: 8,341 Crook County, ILL
Mastershake340
master
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master
Joined: Jan 2005
Posts: 8,341
Crook County, ILL
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Thanks guys.
How can the bank clear the damn check and then come back 30 days later and claim OOPS ? There’s a federal law requiring banks to cash checks promptly, but the process of verifying the check is legitimate takes longer than the time the regulation requires. So the bank cashes the check and weeks later if they find it’s bad, you are on the hook. Here is an article about methods to help verify a check is good. https://www.thebalance.com/how-to-check-a-check-315428
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Re: How to take payment for a car sale ?
[Re: Mastershake340]
#2931717
06/09/21 05:20 PM
06/09/21 05:20 PM
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Joined: Jan 2011
Posts: 15,879 Central Florida
larrymopar360
Stud Muffin
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Stud Muffin
Joined: Jan 2011
Posts: 15,879
Central Florida
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When I brought a bank check to my bank they did tell me 3-4 days. I told them I needed to release car now and that's when they took a few minutes to verify (probably contacting bank named on check) and then told me check was cleared/money available. I released car. If you cannot go to bank named on check and cash it that's how I'd do it at my bank.
I would say wire transfer is better though just a lot more rigmarole and that's why people prefer the bank check.
Facts are stubborn things.
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Re: How to take payment for a car sale ?
[Re: hemienvy]
#2931779
06/09/21 08:28 PM
06/09/21 08:28 PM
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Joined: May 2007
Posts: 701 Northern California
lilcuda
super stock
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super stock
Joined: May 2007
Posts: 701
Northern California
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Wire transfer ONLY!
Here's what you do - go to your bank and open a separate account, put the minimum amount in there to keep you from being charged fees. Then you give the buyer THAT account number, not your regular one. Once the wire goes through, you transfer the funds over to your regular account. This way, you are only risking the small amount that's left. In my case, it's $300 minimum. Keep that separate account open in case you buy or sell another car.
I've done this a couple of times, most recently a few weeks ago when I wired money to a guy for a car I bought.
I sold a car on Bring A Trailer in late February. The guy was old school and sent me a cashier's check from his bank. My bank was very suspicious of it since they have seen an uptick in fraudulent cashier's checks.They actually keep a database of pictures of cashier's checks and the buyer's bank had recently changed their checks, so my bank was very suspicious. They ended up holding half the funds back for 10 days (7 business days). The buyer was bent, but what could I do?
Bottom line is, if you are remote from the buyer, the only way to do it is a wire.
'67 is an abbreviation of 1967 67' is an abbreviation of 67 feet They are not interchangeable.
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Re: How to take payment for a car sale ?
[Re: VITC_GTX]
#2931789
06/09/21 08:43 PM
06/09/21 08:43 PM
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Joined: Jan 2003
Posts: 11,713 Portage,michigan
B3422W5
I Live Here
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I Live Here
Joined: Jan 2003
Posts: 11,713
Portage,michigan
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Passing a bogus check of that size is a felony. A guy would have to want to risk pretty much everything to do that. Just call bank and verify funds, exchange title when funds are cleared to you. I have sold literally hundreds and hundreds, actually thousands of cars, never had an issue with a check.
Last edited by B3422W5; 06/09/21 08:44 PM.
69 Dart GTS A4 Silver All steel, flat factory hood, 3360race weight 418 BPE factory replacement headed stroker, 565 lift solid cam Best so far, 10.40 @127 1/4 1.41 best 60 foot 6.60 at 103.90 1/8
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Re: How to take payment for a car sale ?
[Re: hemienvy]
#2931790
06/09/21 08:48 PM
06/09/21 08:48 PM
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Joined: Jan 2003
Posts: 18,423 UPPER MICHIGAN, MARQUETTE COUN...
NITROUSN
I Live Here
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I Live Here
Joined: Jan 2003
Posts: 18,423
UPPER MICHIGAN, MARQUETTE COUN...
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I'm selling a project car for $22,000.
I've been offered a "bank check via courier service" as payment.
Then, "I will handle the shipping myself".
Admittedly, it's a lot of money to expect cash. How easy is it to fake a bank check, and is that the same as a cashier's check ? I have been paid that way many times. Take the check to your bank and deposit it. They can verify the funds are available from the buyers bank. Once it clears you are good. You can ask the manager at your bank the questions that you are worried about and they will give you the answers. You keep the car until your bank says the funds are yours. If someone was charged back there was more to the story.
Last edited by NITROUSN; 06/09/21 08:49 PM.
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Re: How to take payment for a car sale ?
[Re: NITROUSN]
#2931796
06/09/21 09:01 PM
06/09/21 09:01 PM
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Joined: Oct 2005
Posts: 8,873 Ontario, Canada
Stanton
Don't question me!
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Don't question me!
Joined: Oct 2005
Posts: 8,873
Ontario, Canada
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I just sent $9K to someone (not for a car). I went to my local bank, told them I wanted to wire $9K to someone. It took about 10 minutes and they charged me $25 for the transfer. This is funny! In Canada we log into our bank account on our computer, tablet, phone or whatever and do an online transfer Takes about a minute. The transfer is instant. It costs the sender $1.50 regardless of the amount being sent. It costs the receiver nothing. Its 100% foolproof for the individual receiving the money.
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Re: How to take payment for a car sale ?
[Re: Stanton]
#2931802
06/09/21 09:32 PM
06/09/21 09:32 PM
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Joined: Jan 2003
Posts: 11,713 Portage,michigan
B3422W5
I Live Here
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I Live Here
Joined: Jan 2003
Posts: 11,713
Portage,michigan
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I just sent $9K to someone (not for a car). I went to my local bank, told them I wanted to wire $9K to someone. It took about 10 minutes and they charged me $25 for the transfer. This is funny! In Canada we log into our bank account on our computer, tablet, phone or whatever and do an online transfer Takes about a minute. The transfer is instant. It costs the sender $1.50 regardless of the amount being sent. It costs the receiver nothing. Its 100% foolproof for the individual receiving the money. There are way cheaper ways than 25 bucks here in the US In the meantime I will keep paying my current 21% business tax, about half what Canadians pay, same with gas, about 1/2 as much because of all the Canadian taxes... not to mention 13% Ontario sales tax.
Last edited by B3422W5; 06/09/21 09:40 PM.
69 Dart GTS A4 Silver All steel, flat factory hood, 3360race weight 418 BPE factory replacement headed stroker, 565 lift solid cam Best so far, 10.40 @127 1/4 1.41 best 60 foot 6.60 at 103.90 1/8
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Re: How to take payment for a car sale ?
[Re: hemienvy]
#2931861
06/10/21 06:31 AM
06/10/21 06:31 AM
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Joined: Jan 2003
Posts: 11,077 Berlin, N.J.
abodyjoe
I Live Here
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I Live Here
Joined: Jan 2003
Posts: 11,077
Berlin, N.J.
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. How easy is it to fake a bank check, too easy.. i'd only do wire transfer.. anything on paper can and is easily faked.
Last edited by abodyjoe; 06/10/21 06:32 AM.
It's better to keep your mouth shut and give the impression that you're stupid than to open it and remove all doubt. www.MoparMisfits.com
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