Ok, You Sell Your Viper, So How Do They Pay?

[Tom and Vipers]

I just saw "Catch Me If You Can" and there is no way I would now take a cashier's check if I sold mine. Further, I just talked to a loan officer at my local bank that is a friend, and she said she's seen many bogus and forged cashiers checks.

Also, there is no way for my bank to verify a cashier's check which I think is ironic!

So that leaves wire?

And wires don't show up in the account until the day after they were sent.

And Western Union will send the wire for 4% and they want cash.

Yeah, right.

 

[SERPENT INDIANA]

Hold the title till you are sure the check is good...also helps if you know who you are dealing with on the sale(references)...I have sold many collector cars thru the years(many more expensive than Vipers) and have never been burned....

 

[Craig 201 MPH]

direct deposit? wire transfer?

 

[Tom and Vipers]

Direct Deposit? I haven't heard of that option.

 

[joe117]

Well, here's another question. Let's say you were given a fake cashiers check and you signed over the title and the guy drove away with the car. Since the deal was crooked, did you really sell the car? Could you call the cops and say it was stolen? If you still had insurance on the car could you claim it as a stolen car and get paid?

 

[1TONY1]

ah...CASH rules!!

 

[prohydro]

Small, unmarked nonequential bills for me, please.

 

[Tomer]

When I sold my 'Cuda (so I could afford the Viper) I had the buyer wire the money to my account, then waited for it to clear before I handed over the car and the title...

Now I must say, if I were the buyer, this would not make me 100% comfortable...In my case, I knew nothing about the buyer, nor did he know about me...Although, in the end we are both very nice honest people (they gave me wine as a token of appreciation and I picked them up at the airport at 8 am so they could drive the car home to LA from SF area)...

Tomere

 

[BlackACR]

Nothing but cash!!! I was burned for $8500 2 months ago for my R1. These guys stole 500 Real Bank of America checks off a Fedex truck. Here is what **** and why BMA is worthless. They verified that this check was good over the phone before I let the guys take off. Also, the checks where stolen a month before they took me on this scam. all I can do about it now is

 

[Bandit3]

Have the instrument deposited into an attorneys escrow account until it clears the institution from which it was written. This should make everyone feel comfortable. If not, the small bills suggestion works. The problem with cash is that once you have that much, what do you do with it. You can only wear one Rolex.

 

[Flexx91]

Always go with cash or direct deposit if dealing with a person-to-person sale. Otherwise, simply hold the title and vehicle until the funds clear. Once you sign the title over to the purchaser and give them a notorized Bill of Sale, they are legally "allowed" to title and register the car whether or not you actually received full payment. The only recourse after that would be to sue them in court. In the meantime, they are enjoying your "free car".

DON'T SIGN OVER THE TITLE AND RELEASE THE CAR UNTIL THE FUNDS HAVE CLEARED YOUR FINANCIAL INSTITUTION. Also, make sure a notarized Bill of Sale is retained by both parties once the funds are verified.

 

[picflight]

Every Honest buyer and seller will not have a problem waiting for the funds to clear and you can assure them that the car is not going to be driven and will sit where it is.

Funds clear, you sign off the title and they take delivery, if they have a problem then YOU are asking for it.

 

[Jerry Dobson]

When I bought my Viper I wrote a personal check. He signed over the title to me. I left the car until the funds cleared.

If the check was bad, he still had the car (made him feel good).

I was the one taking a chance. What if he had a duplicate title and sold the car a second time.

Selling a Viper: Don't accept a down payment. If it clears and then the big check fails, it can become a "Business Dispute" and not a theft.

 

[carguy07]

What I have done for local transactions that are large is have the buyer draw the check on a local bank. I can then go to that bank and have them cash/redraw the check for me (usually for a fee of like $5). If you go to the bank that it is drawn on and convert it to a new check you are pretty safe that the new check will be good. You can get the buyer to play along by using his bank to notarize your signature on the title, or just meet him at his bank and watch them draw the check and hand it to you. Obviously, this only works if you are dealing with local banks. One thing is for sure, con men hate to set foot in banks with all of the cameras going.

 

[picflight]

Banks is a good idea to do transactions in. I bought a Jeep GC for cash, went to the bank with the seller, wrote him a check which he cashed right there and handed me the paper work and car. Done deal.

Many of the certified bank checks can be for forged, like cashiers checks, so best way is to deal with your local bank or branch like carguy07 suggests or wire transfer and hand off the title and car when funds are clear.

Remember also, you can write all these arrangements on the bill of sale which both of you sign and becomes a contract which can be used in court of law.

 

[Toby]

3rd party attorney escrow account is the best way.

 

[Tom and Vipers]

Cash? You all don't mean $50k in cash in a briefcase do you?

Man, the trouble you could get into merely possessing that much of the stuff!

I've been told my a bank officer friend that there are so many new "things" afoot regarding fund transfers since 911.

The Terrorists have indeed won...

 

[King GTS]

All you have to do is go to the bank where the cashiers check was drawn from. You wanna sell, guy comes in town with a cashiers check from Chase Bank, you go to a local Chase Bank with him and verify that the check is valid/good. If it is good, you can actually cash it right then & there. Very simple & I've done it before.

 

[ewave]

<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by Tom and Vipers:
Cash? You all don't mean $50k in cash in a briefcase do you?

Man, the trouble you could get into merely possessing that much of the stuff!

I've been told my a bank officer friend that there are so many new "things" afoot regarding fund transfers since 911.

The Terrorists have indeed won...

<HR></BLOCKQUOTE>

When did it become a crime in this great country to posses cash? Next they'll be talking about taking away our assault rifles... err!

 

[RTTTTed]

I live in Canada and bought both my cars with "Bank Drafts" or certified cheques (us). The only problem I had, as a seller, is that during the 1st purchase the idiot teller told the seller that a Canadian Bankdraft was "just a cheque" and I could stop payment anytime I wanted. I gave the seller my Bank manager's phone number and he talked to her direct. Done deal.

Second purchase and the seller's bank holding the lien on the car wouldn't accept the Bank Draft because it had my name on it. We went to another bank and they took the Draft and handed over a cert. cheque to the other bank to clear the lien.

I'd suggest that someone ripping me off for $50-60,000 would be worth physical confrontation rather than bulls-it lawyers and maybe the law (because in law technicalities rule and right or wrong doesn't seem to have much to do with it).

It would make the world a better place if the criminals weren't able to do a rip a second time.

Ted

 

[IEATVETS]

I am going to cast a vote that this is the oldest thread ever dug up, who is with me?

 

[VENOMAHOLIC]

When I was shopping for my first Viper I had trouble with one young seller who had a red 01 RT/10. He said nothing about himself other than he was in the entertainment industry. I bought tickets to fly to go buy his Viper. I was planning on giving him a bank check. He was paranoid and needed constant verification of everything from my ticket flichts to everything else. He felt the need to call me too often and waste hours of my time on the phone. When the time came close to my flight, the issue came up on how my bank check would not go through till Tuesday because of a Labor Day weekend.

I didn't have an answer because even a bank wire transfer would also be dalayed. He drove me crazy and all but accused me of being a crook. I was fortunate that a 2000 went for sale 5 miles from my house. I took a pic of me with my new Viper and e-mailed it to the owner of the 01 and said I won't be getting on the plane. The local dealer was happy to take my bank check and I suggested he take medication for his nervous condition. His car was listed for at least 1 more month.

 

[ViperDude]

The best way is yes to get the money wired to you, as once it's in your bank then it's there, and usually initiating a wire involves someone going into their bank and showing ID etc so it's harder to fake on the sender's end.

HOWEVER, for a transaction this size, you do NOT want to give out your main account numbers to to whoever is sending the money. If it is someone fraudulent the last thing you want is for them to now have your checkng or savings account number.

Instead ask your bank if they have a general account to receive wires and then the sender can include a code or your name and that will get it to your account. Or, if they can't do that, simply open a new account just for thte purpose of receiving the wire. For $50k+ it's worth the hassle to be safe.

Then when the funds hit immediately transfer the funds into your main account and that way the only account numbers the other person has are to an account that has no use.

 

[FE 065]

I was just thinking the same thing about giving someone your main account number given all these Nigerian scams since 2002 !

 

[CANTDRIVE55]

Wold you accept a check of any form from an individual if you were buying a house, yacht, aircraft, etc? Use an escrow company as previously recommended. Both sides are protected.

 

[ViperJames]

This is the exact reason why buying private to private is a very risky way of doing business becuase there is a risk no matter which way you do it. This is why reputable dealers can get much more $$$ for cars. sometimes trading in isn't always so bad.

 

[T.C.z.]

Bank transfers show up immediately, so I'm not sure where you heard they take a day to clear. Also, if you have a good relationship with your bank, you can have your bank call the buyer's bank and verify that the cashier's check they give you is real. The wire is the best way to go, and unlike Western Union, banks won't charge you a percentage just to transfer the money.

 

[DrDJ]

I am going to cast a vote that this is the oldest thread ever dug up, who is with me?

I think that you are correct!

DrDJ

 

[banal]

true, it's old and dug up, but on the flip side everyone yells to use the search and this is what comes up.

 

[chitown]

I have sold several cars and motorcyles on eBay and I always bring the payment to my bank before releasing the vehicle. If they take it, then I'm good. One scam I have seen: Person pays in Canadian dollars (Canadian $ is less value than American $).