Dealing with Remote Buyers?

[SecondhandSnake]

I'm selling a rather niche car and I've been contacted by an interested buyer a few states away. It isn't the typical "I am currently out of the country. I will paypal you the money and send a shipper for you to pay..." scam. He found it through a make specific forum, requested some pictures, provided plenty of personal information, and seems to be willing to work something out short of flying out and driving it home. (I can't blame him either; big block, premium fuel, no OD, no CC, and a 10gal tank make for a long, expensive trip)

Has anyone successfully dealt with a buyer like that? Is there anything I can do to protect myself? I'm planning on looking into whether any local banks or credit unions offer an escrow service. Or should I just run screaming and wait for someone with cash in hand? Unfortunately that makes for a long wait, given it's such a niche model.

 

[13COBRA]

Certified check, and wait for it to clear the bank to release it to the transport company.

 

[IronSnake]

Depends. How does he plan to pay for it?

I specifically worked with my credit union and said "Tell me how long I need to wait till it's verified real and accurate" and made my buyer wait that long.

Didn't have any issues. Given he wants to ship it (I imagine), he'd have to sign something stating it's condition with accompanying pictures for me to be comfortable with it. Or, if he shows up with a trailer, I'd be damn sure the money is mine.

 

[DHG1078]

We flew a couple states away to buy a truck. I'm sure lots of people buy cars out of state when searching for a very specific model.

Definitely find out how he intends to pay, and don't release the car until the check clears.

 

[SVT_4_me]

set up a wire transfer with your bank. it is instant and you won't have to worry about counterfeit checks.

 

[phillycobra99]

Certified check, and wait for it to clear the bank to release it to the transport company.

Can't they be forged, and the bank doesn't figure it out for weeks?

 

[DHG1078]

Can't they be forged, and the bank doesn't figure it out for weeks?

I don't know about weeks, but it can take time while the payment is pending. Which is why you add the stipulation the car doesn't leave until the funds clear.

 

[13COBRA]

Can't they be forged, and the bank doesn't figure it out for weeks?

Shouldn't take weeks.

 

[IronSnake]

Usually the bank processes it by calling the other bank and thus it further confirms or debunks the validity.

 

[BrunotheBoxer]

Face to face with cash or Wire transfer only.

Certified checks are forged all the time. My wife's in banking and deals with this all the time.

 

[nxhappy]

problem is a check can bounce. then they have the car, and you have 0 dollars. I would have him do a wire transfer. Then check with your bank make sure the money is there for sure. Then after that point you could ship the car etc. either that or cash in person.

 

[LuuisHernandez]

Wire transfer.


Sent from my iPhone using svtperformance.com

 

[Zemedici]

Fwiw I bought my cobra some 400 miles away

Flew in with a certified check, his bank called my bank, verified. Game over. Took all of 20 minutes including the test drive.

 

[RustyRodder]

Dad and I sold the 66 Chevelle to a guy in Russia. He hired a company to come and look it over, drive it, inspect every inch. Made a fair offer, arranged shipping, had them pick it up at our convenience one the bank 100% cleared funds. Went smoother than some of my local sales.

 

[Zemedici]

Dad and I sold the 66 Chevelle to a guy in Russia. He hired a company to come and look it over, drive it, inspect every inch. Made a fair offer, arranged shipping, had them pick it up at our convenience one the bank 100% cleared funds. Went smoother than some of my local sales.

Always nice to work with people who act like adults, vs tire kickers.

 

[CobraBob]

I'd prefer wire transfer, but a certified check cleared (with both banks talking to each other to verify funds) should work fine.

 

[SecondhandSnake]

Thanks for all the help. I'll see what he wants to do.

It also may be a moot point since a local buyer popped up that may beat him to the punch.

 

[Black2010]

I don't normally do this (and no disrespect as I'm positive this was in good faith) but this is bad information about checks clearing in less than a couple weeks or banks talking with each other. If it's the same bank then they can confirm funds are in house and do the transfer but if it's different banks I wouldn't move to quickly.

A check doesn't "clear" when the funds show up in your account. It can be pulled back weeks later as being fraud.

Sorry, but the car doesn't leave my hands till I have cash in hand unless I know you and am willing to accept the risk a known person would scam me.

PERSONAL CHECKS, CASHIER'S CHECKS, CERTIFIED CHECKS AND MONEY ORDERS ALL TAKE 3-4 WEEKS TO CLEAR YOUR BANK

========================================

There is a Federal Law that states that banks have to make deposited funds available to you in 48 hours (with a few exceptions).

That does not mean that the funds have cleared!

Funds Available ≠ Funds Cleared <------- These are two totally different things!

-

Banks don't cash checks directly from other banks.

When you take my check from Bank of America and deposit it in your Chase Bank account, Chase does not get the cash directly from BOA.

Instead, Chase cashes the check through a Clearing House that takes checks from many different banks. The Clearing House gets the money from BOA and then it is placed in a Chase account.

 

[BrunotheBoxer]

I don't normally do this (and no disrespect as I'm positive this was in good faith) but this is bad information about checks clearing in less than a couple weeks or banks talking with each other. If it's the same bank then they can confirm funds are in house and do the transfer but if it's different banks I wouldn't move to quickly.

A check doesn't "clear" when the funds show up in your account. It can be pulled back weeks later as being fraud.

Sorry, but the car doesn't leave my hands till I have cash in hand unless I know you and am willing to accept the risk a known person would scam me.

PERSONAL CHECKS, CASHIER'S CHECKS, CERTIFIED CHECKS AND MONEY ORDERS ALL TAKE 3-4 WEEKS TO CLEAR YOUR BANK

========================================

There is a Federal Law that states that banks have to make deposited funds available to you in 48 hours (with a few exceptions).

That does not mean that the funds have cleared!

Funds Available ≠ Funds Cleared <------- These are two totally different things!

-

Banks don't cash checks directly from other banks.

When you take my check from Bank of America and deposit it in your Chase Bank account, Chase does not get the cash directly from BOA.

Instead, Chase cashes the check through a Clearing House that takes checks from many different banks. The Clearing House gets the money from BOA and then it is placed in a Chase account.

This guy gets it.

 

[HudsonFalcon]

Sold my Evo X to a buyer in Ohio (I'm in NY) who found my car on a forum. We had a great transaction. He sent a certified check right to my bank and when it cleared he sent a shipper out to get the car.