Good news. I have a buyer for my car. He looked at it this morning and made an offer which I accepted. Then he spent the rest of the day on the phone with his financial institution setting up payment. Since he is from out of town we are not able to do a wire transfer from his bank to mine. That is how I prefer to sell my cars because it is more secure. Instead a cashiers check is supposed to show up at my door tomorrow.
Now, cashiers checks still take up to two weeks to clear and he wants to take the car back with him. (He lives about 5 hours away.) So, I’m thinking I should conduct business as a classic car dealer would. Since he has a loan for it and the title would go to his bank anyway I’m thinking I can let him take the car but keep the title until payment clears. Then forward it to his bank. That’s what dealers do and I don’t want to relinquish the paperwork showing I own the car until payment goes through.
Does this sound acceptable or does anyone have a better suggestion?
When I moved to FL, I made arrangements with my prior bank for wire transfers upon a telephone request. Out of state wire transfers are not a problem. Something is definitely fishy.
X3 on the wire transfer issue. He’s giving you a line of bullsht. Any bank can wire to any bank, anywhere in the world. Cashiers checks are a common fraud. By the time they bounce, the buyer is long gone. He may just be trying to avoid the wire transfer fees, but it’s the only way to truly protect yourself.
I did a wire transfer from my small-town bank to Colorado several years ago without actually going into my bank. All I did was call them and they faxed me an authorization form to sign and fax back. That was all it took.
I’ve also done what you’re suggesting, but with a twist. I took the buyer to my bank to deposit the check and asked my bank to confirm the availability of funds with the issuing bank, which they did. I then let the buyer drive away in the car and sent the title after the check had fully cleared. Be aware, though, that retaining the title isn’t complete protection. A dealer has a lot more information on a buyer (SSN, drivers license #'s, etc.) than you probably have on this buyer.
Hope this all goes well. Just to add a point to the conversation, the bank I work with has become more fussy about wire transfers. They now require me to be at a pre-approved phone number which they call to confirm the authorization. I don’t need to go to the bank, but need to provide a written request (by fax or email) and then be at my designated phone for the confirmation call
Editing to add - Wire transfer is not 100% either. We once were able to claw back a wire transfer when one of my highly educated and savvy associates fell for a scam. Have to do it quickly though.
Just from personal experience with an identity thief and having been on the receiving end of having to fix everything thanks to one dishonest person, I would say to “hold” the car until that check is clear. Checks are WAY to easy to “make”, and I would hate to see you let the car go only to end up without the money and without the car as well. I he acts pissed, or offended when you offer up the reason for not letting him take the car, this should be another red flag. Most people that are on the scam use this technique to draw you farther in by acting offended. An honest person with honest intentions will understand.
Sad that things have come to this and even decent guys get treated with suspicion, but better safe than sorry. I think most buyers can understand that. Anyway, congratulations on the sale.
Just a thought, what good would the title be if the car was taken, parted out and not a component seen again? Yes, it has indeed happened. No proven funds, no vehicle, period. Best of luck.
Actually I need more help from you all. After 30 years of restorations I told the wife I’m calling it quits. (Still enjoy it but I’m losing too much money in them anymore.) So the wife and daughter went out and bought me an XBOX One. Anyone know what to do with these things?