Sold a car on eBay - Your Safe Transaction Tips?

[CompSyn]

I just accepted an offer from a U.S. buyer. Seems legit; no red flags as of yet. Looks like he initiated a payment transfer with Escrow.com. Apparently eBay recommends it. I have no experience with it. Thinking I'd rather have a Cashiers Check mailed to me instead.

Just wondering overall who here in the forum has experience with these kinds of sales? Things to watch out for and things I should be doing for an efficient and safe transaction?

Thanks in advance for the advice...

 

[kiwigtx]

Normally you outline the conditions expected in your auction listing description.

 

[CompSyn]

Normally you outline the conditions expected in your auction listing description.

My listing has this as payment methods:

"Cash On Pickup, Money Order, Check, Other (add instructions)"

"Full payment is required within 7 days of listing close"

"Seller accepts digital payment via Escrow.com"

Except, I never selected the Escrow.com option. I guess eBay threw it on there.

 

[Jerry Hall]

Car doesn't go anywhere until payment is securely in your bank. If that is not the terms back away. I do not know how their escrow works, but if someone else is holding the money until the car is delivered RUN.

 

[Kern Dog]

I have always requested a $500 deposit through PayPal within 24 hours of close and the balance by way of a cashiers check.
I've sold 9 cars on ebay this way.

 

[CompSyn]

And what is a good method of title transfer?

 

[Cranky]

And what is a good method of title transfer?

Once you have the money for sure.....it's paperwork from there on.

 

[Kern Dog]

And what is a good method of title transfer?

I usually offer the buyer a few options. I can mail them the title after the payment clears or leave the title with the one that comes to transport the car.

 

[440Coronet500]

Cashiers check please! Once it's cleared by your bank they get the signed title. 440'

 

[sam dupont]

If the buyer wants to change anything, you can cancel the transaction.

To put is succinctly, nothing but cash is 100% secure, sort of.

It appears Escrow is a wire transfer to your bank. Normally, Federal Law says it's a done deal in 30 days. May be different in the eBay contract fine print.

Buyer pays return shipping. eBay gives the buyer 2 weeks to to decide if they want it. If you could drive it to them, that would be impressive, and they could have cash. If you realize a taxable profit, expenses are deductible. With personal delivery, you can rent a hoist at some shop and let the buyer look it over top to bottom with anybody they please. Like the old fart that daily drives a Hemi GTX. The road test with you driving will show what it can do... without any 6K shifts or hole shots. Funny how we are.
When they say: 'Hell, yeah', write up some agreement that negates eBay's 2 weeks: "Yep, just as expected, it's mine now. If I blow the diff tomorrow, it's my diff".

 

[Fran Blacker]

Casiers check can messed with "I lost it stop payment".
Wire transfer anyone done that.

 

[Jerry Hall]

Casiers check can messed with "I lost it stop payment".
Wire transfer anyone done that.

Yes, wire transfer is easily done.

 

[dadsbee]

Yes, wire transfer is easily done.

Yep, just email or call your bank and get their "transit" number + your bank account and have the guy put it straight into your account. Dont' worry he can take anything out...

 

[Ironbuilt]

Watch out for phony cashier checks. No transfer of vehicle and/or title until the cashier's check clears and the money is in your account.

 

[CompSyn]

To put is succinctly, nothing but cash is 100% secure, sort of.

So I request a Cashiers Check mailed to me. I get the check. Take it to my bank and deposit it. I have a deposit slip in my hand showing 100% of funds in my account. At that point I can release the car to transport? That's it right?

 

[Ironbuilt]

So I request a Cashiers Check mailed to me. I get the check. Take it to my bank and deposit it. I have a deposit slip in my hand showing 100% of funds in my account. At that point I can release the car to transport? That's it right?

Yes, be sure that the check clears. Phony cashier checks are easily manufactured with today's technology.

 

[Jerry Hall]

So I request a Cashiers Check mailed to me. I get the check. Take it to my bank and deposit it. I have a deposit slip in my hand showing 100% of funds in my account. At that point I can release the car to transport? That's it right?

No, make sure it clears. Cashiers Checks can be revoked, or fake.

 

[1967coronet]

As I have known it over the years Ebay is a auction / advertising sight.
They sell nothing they own nothing. It's your property they are simply a advertising venue you use and pay to use.
Once a bidder or buyer us successful and ends your sale with a purchase they have bought the car.
The time to do any inspection is before buying not after.
The buyer needs to honor his bid and complete the transaction in the time limits you have set.
Next to cash in hand is bank wire transfer like mentioned.
Once your bank gives you the thumbs up , money is good then discuss delivery and title transfer.
Anything out of the norm then walk away.
There are scams afloat we have never seen or thought of.
It's your car, keep it and the title until you can feel the $$.
Jmho.

 

[dadsbee]

I just paid for my '64 with a bank draft. The seller took it straight to the bank on Wednesday, their bank calls my bank and draft is "released" confirming they actually issued it and now I can't claim it was lost and want the money back in my account. All settled in 10 minutes... because YES there are bogus drafts out there.

 

[Kern Dog]

Watch out for phony cashier checks. No transfer of vehicle and/or title until the cashier's check clears and the money is in your account.

One time a guy sent me a cashiers check from some small town bank that I hadn’t heard of. I called to see if they were real.
They were. SCORE.