Sold a car on eBay - Your Safe Transaction Tips?

[Ironbuilt]

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

Nothing surprises me anymore. I read stories about the lengths a criminal will go to rip someone off and I just shake my head. I don't have the energy for that crap.
I come from an era where a handshake was better than a contract with 100 lawyers.

 

[69L48Z27]

Anytime I take a cashiers check I ask them to send pictures or front and back. First to make sure they’re serious. Second, look up the bank online (not the number on the check), call them, ask for the person who signed. Once you get them on the line confirm they did the check and ask what the recourse is. Most banks will wait 30 days or more before they call it a lost check. If it gets cashed even after that claim it’s nothing they can do.

These checks take a few days to fully clear. Your bank will not give you the full amount (cash), or really any of it until it clears the central bank.

 

[CompSyn]

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

Anytime I take a cashiers check I ask them to send pictures or front and back. First to make sure they’re serious. Second, look up the bank online (not the number on the check), call them, ask for the person who signed. Once you get them on the line confirm they did the check and ask what the recourse is. Most banks will wait 30 days or more before they call it a lost check. If it gets cashed even after that claim it’s nothing they can do.

These checks take a few days to fully clear. Your bank will not give you the full amount (cash), or really any of it until it clears the central bank.

All this talk about checks. Sounds like a bank wire is a quicker better way to do things?

 

[CompSyn]

So to do a Bank Wire Transfer as the seller in my situation, I send the buyer my ABA Routing Number, Bank Name, Account Number and Full Name on the account? Basically all the same info that would be on a personal check? Shouldn't have anything to worry about? Right?

 

[hunt2elk]

So to do a Bank Wire Transfer as the seller in my situation, I send the buyer my ABA Routing Number, Bank Name, Account Number and Full Name on the account? Basically all the same info that would be on a personal check? Shouldn't have anything to worry about? Right?

I have sold a couple of cars and bought one using wire transfers. They are quick and safe for the receiver. Was told by my bank that as a seller, as soon as she clicked on the "send funds", I had absolutely no way to get the money back if it was a scam. Also was a fee involved, but I can't remember if it was for the buyer or seller. As the receiver, you are safe with a wire transfer.

 

[69L48Z27]

All this talk about checks. Sounds like a bank wire is a quicker better way to do things?

Not necessarily, quicker possibly. I did a bank wire once, I seem to recall it still had to ‘clear’ and it wasn’t that same day. Just got to do your homework whether it’s a bank wire or check. A bank check is the same, as soon as the bank writes it, the buyer’s money is now the bank’s. Once you get this person on the phone hopefully you’ll figure it out and sniff out any BS. I don’t know what escrow.com is but it’s not something I would be entertaining.

With all the BS today you still need to be on your game to even take cash.

 

[68BabyBlue]

One simple legal concept from my law school days 40 years ago has stayed with me through every vehicle transaction I've done since. "Possession is 9/10s of the law." You absolutely, positively don't release possession of your vehicle or title until the funds have cleared. No lawyer could say it better than Ironbuilt.

 

[WileE]

I only accept a pile of George Washington's. How they get it to me is their problem.

 

[Fran Blacker]

I only accept a pile of George Washington's. How they get it to me is their problem.

Yes cash and a phony bill marking pen. Tough if if you have $80/90 k car.

 

[dadsbee]

So to do a Bank Wire Transfer as the seller in my situation, I send the buyer my ABA Routing Number, Bank Name, Account Number and Full Name on the account? Basically all the same info that would be on a personal check? Shouldn't have anything to worry about? Right?

Pretty much, full name, address the bank has for you on file, and it costs HIM a fee to send the transfer, you nothing. It may take a few days for the transfer to hit your account. I did my last car that way, cost me $80 bucks and took 2 days. Why I simply sent the latest guy a bank draft that cost me 7 bucks to get.

 

[oldkimmer]

I always get their drivers license number with their picture on it and a pic of them holding it. Not everyone has a fixed home address but almost everyone has a drivers license. A nice policeman told me that. Kim

 

[r4sedan]

I usually like Wire Transfers. But, Cashiers Checks work. Just don't release the car or title til the Funds clear the Bank. Cash will also work. But, I always check the bills. I really like wire the best. I have overnighted Title and spare key's once funds clear. Give's buyer a little bit of a good feeling. BTW your ad was probably one of the best I've ever seen. Made me want to go buy your car. Congrats on the sale.

 

[CompSyn]

I usually like Wire Transfers. But, Cashiers Checks work. Just don't release the car or title til the Funds clear the Bank. Cash will also work. But, I always check the bills. I really like wire the best. I have overnighted Title and spare key's once funds clear. Give's buyer a little bit of a good feeling. BTW your ad was probably one of the best I've ever seen. Made me want to go buy your car. Congrats on the sale.

Great advise all and thanks for the complements. I basically made a listing I would want to see if I were buying a car online. Also, I didn't want to answer a billion questions. The only question I got a lot of was "will you do part trade?". Finally I had to edit my listing to say "NO TRADES". And then I knew I had the right buyer when he said thanks for all the great videos, really helped to see the car in detail. Well anyway, it is sad to see it go, but pending a smooth transaction, it appears the car is going to a great home. And with that I probably won't be around here much anymore. It's just time to move on to other things at this point in life, turn over a new leaf. I appreciate all the great people I met here. Thanks all for the friendship and support.

 

[Triplegreen500]

DO NOT send the title with the transporter. MAIL IT. Registered mail, with a tracking number.

If you send it with the transporter, that person (whoever it is...Bubba J?) now has both the just-sold vehicle, AND the signed title to said vehicle. If they vanish with both...it's their car.

 

[AR67GTX]

My last 3 transactions (all sizable) were 1 in cash and 2 by wire transfer. Cash is good but my wife freaked out having to count it all during the early blossom and panic of the pandemic.

 

[Triplegreen500]

I used to handle all the ebay sales for an RV dealer where I worked.

$500 deposit within 24 hours
Cash in person, or bank wire transfer, within 7 days or you forefeit your deposit.

No asset release (title OR vehicle) until all funds have cleared the bank.

We had an account set up strictly for transfers. Soon as they showed up, they got moved to our company account and the receipt account was kept with a $0 balance.

Again, this was a business - I sold over 150 units a year for the company so we had plenty of traffic.

 

[HawkRod]

A lot of these responses are from the standpoint of the seller. I wonder what the responses would be if the OP had said he just BOUGHT a car on eBay? Would folks be recommending that he send a cashiers check and be OK until it clears the bank before the seller sends the car? I would also expect that a real, legitimate buyer would want assurances too. If they don't, that is as much of a warning flag as anything else...

I think the key thing here is to find a responsible transaction between buyer and seller that protects both. Yes, cash in person works, but it is a pain in the butt for large dollar cars and travel is not always possible. Plus, it's not easy getting $20,000 or more in cash, and not fun either to transport it, handle it, etc. And yes, cash too can be forged, although this is pretty hard.

I know nothing about escrow accounts through eBay, but I would bet that have been designed to protect both buyers and sellers. If you use one of those services, know how they work and be sure they protect you appropriately.

Hope it all goes well!

 

[Triplegreen500]

I have bought over eBay, and as a rule I NEVER buy anything sight-unseen unless it's from someone I know personally. I simply factor that into my purchase experience - if it ain't local, I need to plan a trip.

That said, my last ebay vehicle purchase, I made the deposit, planned my trip...and went to get the vehicle. With a cashiers check in my pocket. Met the seller, checked out the vehicle, all was good. We went to MY bank, they verified the funds were behind the check. We went to HIS bank where he deposited it, and his bank ALSO confirmed the funds were there. With those two assurances, he gave me the car and the title (in person), and all is well.

 

[bm02tj]

I used my bank as I am in Canada and MH was in Lincoln Nebraska
They called his bank and had title faxed and after a few phone calls money was wired and held by his bank for me
Flew down completed sale and drove home

 

[CompSyn]

Update: I asked the buyer for a wire transfer. He had no problem with it. He filled out the application online and submitted it. His bank thought it was fraud and rejected it because it was to an individual and not a business. That's what he told me. So he talked to his bank and they resubmitted it. Within 24-hours the money was in my account. I called my bank and asked about the wired funds. They told me if I can see it in my account the money is mine. The only downside I can see with the wire transfer is my particular bank dinged me for a $15.00 dollar transfer fee. Oh well... Anyway, I'd like something tangible in my hand to have closure on the deal so later today I'm going to my bank and request a balance slip or something like that before I actually let go of the title. I'm not sure when the transport truck is going to show up or if my old hulk is going to start? There's still some hurdles to overcome. But that's okay, I feel a bit relaxed having a nice fat bank account balance.