Receiving a wire transfer for a car?

[darkfader]

Hey guys, quick question I was hoping someone here might have experience with. I decided to let go of one of my collector cars and put it on eBay. I’ve been jammed with messages about it, but a guy in Cali says he wants it and will wire the money and send a shipper to pick it up.

I trust no one.

Obviously, I plan on talking to my bank in the morning but wanted to see if anyone here has solid advice for my situation.
Do I open a separate account for just this wire and transfer into my main account once it hits? What if the guy gets the car and sees something that wasn’t in the pics or tries to say I somehow misrepresented the car? Obviously I’m selling AS-IS. Do I draw up some kind of bill of sale/contract stating that? Certified mail the title once funds hit?
I can’t imagine dropping this amount of cash on something that I didn’t sit in and crawl all over and inspect. Any thoughts?

 

[Maxduty]

He should be able to wire the funds to your bank. They'll verify the funds and he can pick the car up. Had a friend sell his Supra that way. Guy from across the country bought it.

 

[Sean the Nailer]

Put it up here in the PX, there will be eleventy people to give you all the answer to even more of your questions. Answers will run about 3.5:1, so take that for what it's worth.

And, I've purchased a few things with wire-transfers/e-transfers and have had no issue whatsoever.

 

[Steel+Killer]

Tell him you want a cashiers check mailed to you and only ship after it clears.

 

[sirhrmechanic]

Tell him you want a cashiers check mailed to you and only ship after it clears.

^^^ this.

 

[JimTN]

A commercial bank will not send a wire transfer w/o "good funds" in the account to begin with. Western Union, eh not so much.

 

[Animal357]

Wire transfer is only way only. The only info you give him is your account number and the bank’s routing number. It’s the same info that’s on your check. He can’t take money out, only put money in

 

[Maggot]

Wire transfer is only way only. The only info you give him is your account number and the bank’s routing number. It’s the same info that’s on your check. He can’t take money out, only put money in

This, but to cover my ass I have a second account that the funds get transferred to immediately.

 

[hollowoutadime]

I wire money fairly often, it's a one way street. Same day, and the funds are real and present.

 

[E. Bryant]

No issues with wire transfers - have used this method for both buying and selling vehicles.

 

[HeavyAssault]

Read the laws for your state when selling As-Is. Most are written JUST as it reads. Make the sales contract worded that the buyer is responsible for the vehicle upon arrival of the shipper.

In the end a wire transfer should be covered easily, if you are worried about "after the sale" write it up in the sale contract.

 

[darkfader]

Good info. Thanks guys. After talking to my bank, I can easily set up a separate account for the transfer to come into and then immediately transfer into my main account. Probably not necessary, but for my own peace of mind. I’ve also drafted up a sales agreement that my attorney approved so I feel as safe as I can I guess. Still can’t believe people buy cars without seeing them in person.

 

[ZY100]

“Make the sales contract worded that the buyer is responsible for the vehicle upon arrival of the shipper.”

Very sage advice….and often missed.

Wire transfer is very solid. Its a direct bank to bank transfer and from the recipients end, nearly impossible to be scammed. The funds in YOUR account are deposited from YOUR bank…
ZY

 

[Lostin89]

Literally just did this to buy my excursion earlier this year.

Smooth and easy transaction. I contacted my bank, got a wire form, we both filled it out and submitted it for approval post my inspection of the truck.

30 minutes after I looked at it, thr funds cleared.

Good luck

 

[79steeler]

Just make sure nobody picks up car before funds are secured in your bank account. I've heard of craigslist scams like this.

 

[stello1001]

A commercial bank will not send a wire transfer w/o "good funds" in the account to begin with. Western Union, eh not so much.

While wire transfers are generally one of the safest ways to send funds, we did see a large $30,000 wire be fraudulent. I did banking after college and saw many different things, enough to say anything is possible.

Wire transfer is only way only. The only info you give him is your account number and the bank’s routing number. It’s the same info that’s on your check. He can’t take money out, only put money in

You do know that by giving your DDA and ABA numbers that's all a person needs to initiate any type of online ACH payments.

OP, since you don't trust anybody (like me), I'd look for a different option. The cashiers check might be a good idea and wait until it clears.

The problem with giving goes account number and routing number is that there are some online vendors (for whatever type of websites) that do take ACH payments as an option instead of card. An ACH payment is a payment done using account and routing number. Some people call these electronic checks.

Obviously, if this happens, your bank's fraud team will perform an investigation, find the address the product went to, and identify that it was not you, therefore fraudulent. But you don't need any of that BS.

 

[Whiskey Tango Foxtrot]

Pics of car?

 

[darkfader]

Pics of car?

1964 Impala SS 409 4sp

 

[Waorani]

From a peaceful retirement in the hills of WV to lowrider in CA !

 

[Chickentoast]

Ask for the Fedwire (TRN) number from him when he sends it - it's not sent until there's a Fed TRN - you should see the wire in minutes after that, and can move it to another acct, then release the car. Love the 409!

 

[Steel+Killer]

You do know that by giving your DDA and ABA numbers that's all a person needs to initiate any type of online ACH payments.

This is why the only sure way you don't compromise your account is to have someone send you a cashiers check.

Even if you set up a another account and somehow the money was to get pulled back out you are going to be reasonable for whatever money you already took out of it.

No individual is getting my bank account info obviously paying a bill to a major corporation is different.

 

[Animal357]

This is why the only sure way you don't compromise your account is to have someone send you a cashiers check.

The information that you give for a wire transfer is the same information that you give everyone that you have ever sent a check

 

[Steel+Killer]

The information that you give for a wire transfer is the same information that you give everyone that you have ever sent a check

Right that's why I am saying for him not to do that and have the buyer send him a cashiers check that way he (the seller) is not giving out any banking info.

I am a little confused by your post... Were you agreeing with me or did you not understand what I was saying?

BTW I very rarely send anyone a paper check can't remember the last time I wrote one.

 

[Marinevet1]

It's been a while since I sold a vehicle to an individual, I always write up a bill of sale.
Make and model, VIN, mileage, and " This vehicle is being sold as is, with no guarantee, written or implied."

 

[308pirate]

From a peaceful retirement in the hills of WV to lowrider in CA !

I was just about to say, the line of cholos trying to bid for this car must be long and distinguished.

 

[stefan73]

I have done wire transfers, they aren't hard and come with less hassles than some of the other methods.

 

[stefan73]

That is a nice car!

 

[Matches Malone]

Good info. Thanks guys. After talking to my bank, I can easily set up a separate account for the transfer to come into and then immediately transfer into my main account. Probably not necessary, but for my own peace of mind. I’ve also drafted up a sales agreement that my attorney approved so I feel as safe as I can I guess. Still can’t believe people buy cars without seeing them in person.

People are buying houses like that now, so it’s not the weird…relatively.

 

[W54/XM-388]

If you do a wire transfer, best wait a couple business days after it hits before you let them pick it up.
If they want to do a wire and have somebody pick it up the same day or a few hours later, that's really risky.

 

[darkfader]

Everything is in motion. Transfer should happen this afternoon. I won’t even be home again until after the weekend so there should be enough time passed between transfer and auto shippers taking the car. I greatly appreciate everyone’s advice. Figured I could count on y’all.

 

[mewillis]

Good luck, beautiful car. Both banks I do business with claim even wire transfers can take 24-48 hours to complete, despite common understanding of wires. They also both advise to use bank checks because of the current wire fraud rampant since the "plandemic" started. I had my bank account hacked with a computer generated "bank check" because the fraudsters used a low amount but it still happened. $35 dollars 10,000 times is a lot of money the banker said, they fly under the radar. I asked how anybody opens an account without the proper ID etc. to funnel money into? He stated they stopped in person account openings and it was all online, not kidding.

 

[krw]

I had ‘61 2 door, white w baby blue stripe. Shooda never sold it!!

 

[JimTN]

Color printers and such make cashier checks easy to forge/alter.

 

[JimTN]

While wire transfers are generally one of the safest ways to send funds, we did see a large $30,000 wire be fraudulent. I did banking after college and saw many different things, enough to say anything is possible.



You do know that by giving your DDA and ABA numbers that's all a person needs to initiate any type of online ACH payments.

OP, since you don't trust anybody (like me), I'd look for a different option. The cashiers check might be a good idea and wait until it clears.

The problem with giving goes account number and routing number is that there are some online vendors (for whatever type of websites) that do take ACH payments as an option instead of card. An ACH payment is a payment done using account and routing number. Some people call these electronic checks.

Obviously, if this happens, your bank's fraud team will perform an investigation, find the address the product went to, and identify that it was not you, therefore fraudulent. But you don't need any of that BS.

While anything is possible, the sending bank apparently did not have very good internal control policies regarding wire transfers. You don't indicate who took the loss on the wire you referenced. The sending or the receiving bank?? I would think the sending bank took the hit because they initiated the wire, sending $$ out without proper controls in place. The majority of banks will not perform wire transfers for non-customers or relatively new customers due to the increased risks in today's digital environment. Even years ago, banks did not do wire transfers for just any ol customer who walked in the door.