Selling car to out of state buyer- funds

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jehovasfitness
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Selling car to out of state buyer- funds

Post by jehovasfitness » Fri Sep 14, 2018 6:49 pm

Will likely being selling a Vette for $23k to a buyer in VA. I'm in MD.

Spoke to him on the phone and he seems legit. No red flags popped up.

Seeing as most dont want to carry that much cash, he suggested a certified check from his credit union.

Is it suggested I take this to my bank to ensure it's legit? Is that something my bank can verify or would I need to call the issuing bank/credit union?

Thanks in advance.

sailaway
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Re: Selling car to out of state buyer- funds

Post by sailaway » Fri Sep 14, 2018 7:04 pm

jehovasfitness wrote:
Fri Sep 14, 2018 6:49 pm
Will likely being selling a Vette for $23k to a buyer in VA. I'm in MD.

Spoke to him on the phone and he seems legit. No red flags popped up.

Seeing as most dont want to carry that much cash, he suggested a certified check from his credit union.

Is it suggested I take this to my bank to ensure it's legit? Is that something my bank can verify or would I need to call the issuing bank/credit union?

Thanks in advance.
Is the buyer coming to get the car and bringing the check or having a third party pick it up?

jehovasfitness
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Re: Selling car to out of state buyer- funds

Post by jehovasfitness » Fri Sep 14, 2018 7:07 pm

Hes coming here.

sailaway
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Re: Selling car to out of state buyer- funds

Post by sailaway » Fri Sep 14, 2018 7:17 pm

jehovasfitness wrote:
Fri Sep 14, 2018 7:07 pm
Hes coming here.
Have him cash the check and you deposit the cash.

Or, if you get good vibes once you meet him, just have him go with you to the bank to deposit the check.

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Sasquatch
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Re: Selling car to out of state buyer- funds

Post by Sasquatch » Fri Sep 14, 2018 7:18 pm

I bought a Truck 2 states away. I went to pick up the truck in person. Me and seller both went to my banks local branch in their town. Seller saw me receive cashiers check as they were in the lobby.

We then both went to the sellers Credit union where he had the loan for the truck. Clerk came out I handed her the cashiers check. 20 min later I had a signed off title in my hand endorsed by bank and seller. Again, he was in the lobby at the CU so he saw every thing go down.

Took up a bit of time this way but it worked out good.

jehovasfitness
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Re: Selling car to out of state buyer- funds

Post by jehovasfitness » Fri Sep 14, 2018 7:23 pm

Sasquatch wrote:
Fri Sep 14, 2018 7:18 pm
I bought a Truck 2 states away. I went to pick up the truck in person. Me and seller both went to my banks local branch in their town. Seller saw me receive cashiers check as they were in the lobby.

We then both went to the sellers Credit union where he had the loan for the truck. Clerk came out I handed her the cashiers check. 20 min later I had a signed off title in my hand endorsed by bank and seller. Again, he was in the lobby at the CU so he saw every thing go down.

Took up a bit of time this way but it worked out good.
Yeah, that's why I asked what bank he used cause we could do that but since he has a credit union pretty sure there isn't one around me.

Maybe since hes not too far away maybe be best if I just meet him at his credit union for the added assurance

bubbadog
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Re: Selling car to out of state buyer- funds

Post by bubbadog » Fri Sep 14, 2018 7:53 pm

Have you considered asking the buyer to do a wire transfer instead?

He/she can call their bank while the two of you are at your bank and initiate the transfer.

You can confirm the funds have been received in your account by someone at your bank prior to signing over the title.

I have done this before without any problems.

Just an idea.

jehovasfitness
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Re: Selling car to out of state buyer- funds

Post by jehovasfitness » Fri Sep 14, 2018 8:01 pm

Perhaps good idea. Sold a jeep on Ebay where buyer paid via wire then I shipped the vehicle.

onourway
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Re: Selling car to out of state buyer- funds

Post by onourway » Fri Sep 14, 2018 8:38 pm

I just sold a vehicle this week and received funds via wire transfer because buyer's bank was not local. Very seamless.

skatterZ
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Re: Selling car to out of state buyer- funds

Post by skatterZ » Fri Sep 14, 2018 8:44 pm

I have read about certified checks that were accepted by your bank and your balance reflected the deposit and two weeks later your bank notifies you that the check was bad and debt your account. Cash or wire transfer. Also check serial numbers. In my town someone got all 100 dollar bills and later noticed all had same serial numbers. Good luck!

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jabberwockOG
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Re: Selling car to out of state buyer- funds

Post by jabberwockOG » Fri Sep 14, 2018 10:23 pm

You cannot trust a certified or bank check for payment without seeing it created in person. They are too easy to fake. Best way is a verified wire transfer, or arrange to meet the buyer at the buyers bank/CU and personally watch the bank clerk cut you a bank certified check for the sales amount. A certified bank check means the money has been taken out of the buyer's account immediately to create the check and therefore check cannot be stop pay'd or bounce due to lack of funds. Then sign the title and hand it over after payment.

riverguy
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Re: Selling car to out of state buyer- funds

Post by riverguy » Sat Sep 15, 2018 8:28 am

sailaway wrote:
Fri Sep 14, 2018 7:17 pm
jehovasfitness wrote:
Fri Sep 14, 2018 7:07 pm
Hes coming here.
Have him cash the check and you deposit the cash.

Or, if you get good vibes once you meet him, just have him go with you to the bank to deposit the check.
What bank is going to cash a check for 23k for a stranger unless it is the buyers bank and then why wouldn’t he just get the check there? And what would it matter if the buyer went with to deposit a check? Cmon.

Most likely a cashiers check will be fine but if you want to be for sure, the only options are go with him to his bank to get a check, wire to you or use a title company as a third party for a small fee.

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Watty
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Re: Selling car to out of state buyer- funds

Post by Watty » Sat Sep 15, 2018 9:26 am

Much of this applies.

https://www.craigslist.org/about/scams

Even if they bring cash it could be counterfeit.

https://www.nbcconnecticut.com/investig ... 63381.html

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dm200
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Re: Selling car to out of state buyer- funds

Post by dm200 » Sat Sep 15, 2018 10:56 am

Meet at branch of his credit union to make sure the check is valid AND represents "Guaranteed Funds". This would be either a Cashiers Check or the equivalent Tellers Check from that credit union.

Boats day
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Re: Selling car to out of state buyer- funds

Post by Boats day » Sun Sep 16, 2018 4:48 am

Ditto for using wire transfer. Confirm money is in your account before signing over title.

Certified checks can have a STOP payment put on them .

Best regards
Boat

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dm200
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Re: Selling car to out of state buyer- funds

Post by dm200 » Sun Sep 16, 2018 8:36 am

Boats day wrote:
Sun Sep 16, 2018 4:48 am
Ditto for using wire transfer. Confirm money is in your account before signing over title.
Certified checks can have a STOP payment put on them .
Best regards
Boat
Except in some very rare and unusual situations, Cashiers Checks (or equivalent) cannot be stopped.

An ACH transfer can be reversed, but a wire transfer cannot.

If I were the buyer, I would be reluctant to wire funds because I would perceive a risk of not getting the title.

Golf maniac
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Re: Selling car to out of state buyer- funds

Post by Golf maniac » Sun Sep 16, 2018 12:45 pm

The comments above are the reason most people go to car dealers or carmax, there are a million ways to get ripped off selling a car to a private party.

bubbadog
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Re: Selling car to out of state buyer- funds

Post by bubbadog » Sun Sep 16, 2018 12:51 pm

dm200 wrote:
Sun Sep 16, 2018 8:36 am
Boats day wrote:
Sun Sep 16, 2018 4:48 am
Ditto for using wire transfer. Confirm money is in your account before signing over title.
Certified checks can have a STOP payment put on them .
Best regards
Boat
Except in some very rare and unusual situations, Cashiers Checks (or equivalent) cannot be stopped.

An ACH transfer can be reversed, but a wire transfer cannot.

If I were the buyer, I would be reluctant to wire funds because I would perceive a risk of not getting the title.
A purchase agreement signed by both parties outlining how the transaction will be handled may give the buyer sufficient confidence.

"Upon receipt of funds via wire transfer, the seller will provide the owner with a signed free and clear title."

If seller does not perform, the buyer would seem to have recourse.

I have never has a problem but I have always insisted on either a cashier's check that I witnessed as being authentic or a wire transfer.

In all honesty, by the time I get to that point in the transaction, I usually have a decent sense of the type of person I am dealing with.

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whodidntante
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Re: Selling car to out of state buyer- funds

Post by whodidntante » Sun Sep 16, 2018 12:55 pm

bubbadog wrote:
Fri Sep 14, 2018 7:53 pm
Have you considered asking the buyer to do a wire transfer instead?

He/she can call their bank while the two of you are at your bank and initiate the transfer.

You can confirm the funds have been received in your account by someone at your bank prior to signing over the title.

I have done this before without any problems.

Just an idea.
Seconded. A check is possible to counterfeit, but you cannot fake a wire transfer.

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dm200
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Re: Selling car to out of state buyer- funds

Post by dm200 » Sun Sep 16, 2018 2:17 pm

Golf maniac wrote:
Sun Sep 16, 2018 12:45 pm
The comments above are the reason most people go to car dealers or carmax, there are a million ways to get ripped off selling a car to a private party.
Very true.. especially in amounts like this - One thing to be ripped off for $3,000 - yet another for $30,000!

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