Safe ways to exchange money and ownership?

My bank has warned me about counterfeit cashier's checks, too. I suppose you could have them wire the money into your account. Once the deposit it confirmed, you could sign over the title.

 

That's what I did when I sold my Ducati 1098S. Everyone inolved was on the same page and it was so simple. Too bad PayPal got a piece of the deposit (that ain't gonna happen again).

 

Not to hijack your thread, but this has been a big concern to me as a buyer. Say I buy a car (often some distance away) from a private party. He's leery of cashier's checks. Wants to hold the car for a week or so for the check to clear. But where do I stand in the meantime? He's got the car and my money. Even using a well-timed wire transfer there's going to be some period of time, however short, when he has both the money and the car. Never been shafted (yet), but get more worried each time I do one of these. Is there an escrow service that is convenient and reasonably priced to handle these transactions? But unless the escrow takes posession of the car what's to stop clever con artists?

 

I would imagine a local attorney would handle the escrow for a fee. That might be one of the safer ways of doing business.

 

Are you thinking the steps would work like this?

1. Find attorney.
2. Seller gives title to attorney.
3. Buyer gives money to attorney (wire transfer?).
4. Funds verified by attorney.
5. Seller brings car to attorney's office.
6. Seller receives check (or assurance of a wire transfer) from attorney.
7. Buyer gets title and car.

Works for me.

 

Have the buyer fax you a copy of the cashier's check
Call the bank and verify the casheir's check.

I did this recently and it was pretty painless.

 

My bank manager told me that you can stop payment on a cashier's check.

 

That is exactly what I was thinking.

 

Thanks. You've solved something that has puzzled me for some time.

 

The way that I purchased mine was simple, I wired the funds to the owner's bank, once the title was signed, the bank deposited the funds into the owners account and overnighted the title to me.
I've heard that some Ferrari dealers will handle the transaction, for a fee but I've never tried that though.
I wouldn't accept a cashiers check, they can be cancelled ! It would have to be held until cleared.

 

If the guy isn't around have him wire the money. Ship the car and Fed Ex title to him. If he's there go to his major bank and watch the teller issue the cashiers check to you. If you want to be extra safe, run over to your bank, deposit and give him title and car.

 

A legally binding purchase agreement or contract may help to ease the concerns, too.

Quite frankly, if the amount of money is that significant to the buyer, then it is worth the buyer's time and expense to go to where the car is and conduct the transaction in person.

Don't forget that with wire transfers, you are giving your account number and routing number to a stranger!


In this day and age, cash is seeming safer and safer. lol.

 

I wouldn't be as concerned about giving a routing number and account number to a stranger. Although few of us actually write paper checks these days, every check you do write has the same info on it.

 

I have always meet the buyer at HIS bank to handle the transfer. I cash his check while there and sign over the title.

 

Some banks will handle this transaction as well. Sort of like a mini-escrow.

 

When I bought my Ferrari, both parties had to sign a written-up Bill of Sale - even if its on a napkin, its a legally-binding contract that is valid in any court. If you don't have a signed Bill of Sale, I wouldn't move any money anywhere. As a buyer, you can even draft your own on a sheet of notebook paper and get the seller to sign/notarize it. If the only legally-binding paper a buyer and seller are exchanging is the vehicle title, I'd be VERY leery of such a transaction.

 

That's what I thought, but I was warned about this by my bank and by a friend who works for a different bank when I sold a car recently. I was also told there were multiple routing numbers that could be used with varying levels of security, but was given conflicting information about the security part. But ultimately, giving the electric company your account and routing number is one thing, and giving a total stranger whom one must by the nature of the transaction be cautious of is another!

 

I used escrow.com and it was seamless.

-Nate

 

My first Ferrari purchase, 11/30/02, was done with a cashiers check overnighted to the seller in CA.

Second Ferrari purchase, 12/1/07, was done with a wire transfer to the seller in CT.

When I sold my '69 Vette in summer '99, it was to a guy down the street I'd known for years...he gave me a personal check, and got the keys and title when the money showed up in my account.

 

True. But if everything was legit and you do that to get out of paying, that's fraud/ theft depending on how far you go.

 

What did you walk out of HIS bank with in your possession? Suitcase full of cash? Bank Check? Wire transfer receipt?

 

I cashed the seller's check and then used the cash to buy a cashiers check in my name. I then walked out of the bank with a cashiers check that I had bought rather than the seller thus preventing him from being able to stop payment if he was a crook.

 

I can tell you how I recently made my purchase:
1. I had the trucking company show up at the seller's house
2. car gets placed on truck and starts the journey to my house
3. Went to my bank and I wired the funds to his account
4. After he received his funds he was in a position to send me the title separately.

There were more layers to it, but this was my basic plan. I wanted all parties "vested" (I sent money, he sent car). We essentially used the transport company as an escrow service. If he sent the car and I failed to pay, I'd never get the title so that was his leverage.

This worked well for us, but I also had good vibes coming from him (but of course, you can never be too careful).