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How to safely sell your personal Ferrari on Fchat

Discussion in 'Ferrari Discussion (not model specific)' started by DaveMc, Sep 18, 2019.

  1. DaveMc

    DaveMc Formula Junior
    Silver Subscribed

    Nov 29, 2012
    356
    Palm Coast, Florida
    I was wondering about the transaction process and especially about how the money usually changes hands between buyer and seller on Fchat. This is for a personal car sold to another person. Thanks for any advice.
     
  2. EastMemphis

    EastMemphis Formula Junior
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    May 25, 2019
    441
    Memphis, TN
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    John
    I've bought and sold many cars through private parties. The easiest and most trusted method for selling a car is to go to the buyer's bank and get a cashier's check handed to you by the teller. That way you know it's good. Don't accept any paper instrument from the buyer, only directly from a bank.

    I just recently purchased a 360 by wire transfer. First time I've done that. It took longer than I liked but was successful and I drove off with my car. Personally, I prefer to deal in the bank as it is loaded with people, has tons of security and an armed guard. Pretty hard for anything to go wrong that will cost you buckets of cash.
     
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  3. marknkidz

    marknkidz Formula 3
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    Oct 7, 2004
    1,206
    so cal
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    mark

    Well... cashier check, not necessarily always good!!! i had cashier check stopped! 20 years ago, sold my girl friends VW on a Friday, took cashiers check, deposited it... sunday night car was dropped back in driveway, said they changed there mind on a note!! found on Monday when bank was open, Cashier check was stopped, reported lost, even though i deposited it.. Yes i could of sued in small claims but wasnt worth the aggravation

    really only 100% sure way is Wire transfer or CASH (assuming not counterfeit!), Wire transfer best for Seller, but Buyer has some exposure, he is sending money, with the expectation, seller will release the car too him! so always a bit of nail biting any way ya do it.. thats why trading to dealer is so EASY! of course ya lose some $$$ but you can sleep at night.
     
  4. EastMemphis

    EastMemphis Formula Junior
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    May 25, 2019
    441
    Memphis, TN
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    John
    #4 EastMemphis, Sep 18, 2019
    Last edited: Sep 18, 2019
    In the USA, a cashier's check cannot simply be canceled due to buyer's remorse. The only grounds under which the check can be voided is if it is lost, stolen, destroyed or with check in hand, brought to the bank and canceled. Each bank's policy may vary a little.

    If the cashier's check was deposited, like by the seller, then that's it. Funds have been transferred.

    You must have been mistaken about the type of check you were given.

    Edit: Yes, I see the buyers were fraudsters too and reported the check lost. I missed that.
     
  5. ylshih

    ylshih Global Moderator
    Global Moderator Owner Advising Moderator Honorary

    Mar 21, 2004
    14,772
    Northern CA
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    Yin
    If you reread his post more carefully, you will see that marknkidz did say the buyer reported the check lost, which in fact fell under your exceptions. So the buyer was guilty of fraud, but the seller would have had to go to court to prove it.
     
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  6. Thecadster

    Thecadster Formula 3
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    Apr 27, 2017
    1,326
    Buying private means you are buying the car AND you are buying the seller, and vice versa.
     
  7. Wade

    Wade Two Time F1 World Champ
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    Mar 31, 2006
    28,795
    East Central, FL
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    Wade O.
    For my last sale, the buyer wired the money directly from bank to bank. I think it took a day or so to clear. Then I immediately Fedex'ed the title "overnight" while he arraigned shipping (FL to CA). Plus I provided secure/protected storage until the hauler arrived.

    Nice and easy.
     
  8. jferrante

    jferrante Formula Junior
    Silver Subscribed

    Jul 9, 2016
    359
    Bought plenty of cars unseen. Good reputable PPI then copy of title and driver's license and a decent conversation usually gives me enough confidence to then wire the money. I usually use a bill of sale as well outlining the agreed transaction. Not 100% as showing up and going it in person but has been working for me.
    On the selling end I take wires cash or go to the bank.

    Sent from my Pixel 2 XL using Tapatalk
     
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  9. LARRYH

    LARRYH F1 Veteran
    Rossa Subscribed Owner

    Jun 3, 2011
    6,398
    virginia usa
    I have sold several cars privately and have purchased even more . I have never had any issues just an email or two then a simple wire transfer .. never had any issues .. I even had one very large collector that bought one of my old cars he wired the funds and told me his guy would pick it up in a couple of weeks .. SO about 3 months later I called him he forgot he bought the car I had the title and the car .. of course I knew the guy a little but he sent his driver and trailer after I reminded him...
    I think most of the car guys are pretty straight up guys....at least when it comes to cars that is my experience
     
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  10. ross

    ross Three Time F1 World Champ
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    Mar 25, 2002
    30,325
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    Ross
    another thing that i have done in the past is had the car (and title) kept in escrow at a mutually agreed neutral location like the dealer.
    he holds it, then only releases it to new owner once previous owner confirms funds were received.
    seems to satisfy everybody.

    but i have bought/sold cars for cash, electronic transfer, cashiers check....it all works as long as both parties are playing straight.
     
  11. gilly6993

    gilly6993 Formula 3

    Aug 20, 2009
    2,005
    Longmeadow, MA
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    Eric
    Due diligence on the buyer.....pic of license, job info if applicable, google search, etc....and by all means a wire transfer is the only way I would sell a car....
     
  12. Rostami6

    Rostami6 Formula Junior
    Rossa Subscribed Owner

    Jun 24, 2013
    389
    Austin TX
    Full Name:
    Amir
    You can stop payment on a cashiers check as long as it hasn’t cleared the issuing bank.
    You are not in clear even after you deposit it in your account. Unless the check was issued by the same bank you are depositing it into, it could take up to 2-3 days for the process to get completed. Meaning the funds are transferred from the issuing bank to the bank which the deposit was made.
    So, you can deposit the cashiers check into your account, and the other party can stop payment. Your bank will debit your account after a few days without warning.
    I had this happen to me once a few years back on a commercial property rent check. The tenant had not paid me in a few months, and we had an eviction hearing coming up. On the eve of the hearing, a cashiers check for the full amount was delivered to my lawyer’s office. Therefore we did not attend the hearing. A few days later my account was debited for the check’s amount. They had stopped payment. By doing that that tricked us into missing the hearing. It took another 3 months to reschedule the next hearing. Basically they bought themselves another 3 months of free rent before they were evicted. Lots of scums out there....
     
  13. Jdubbya

    Jdubbya Two Time F1 World Champ
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    Dec 28, 2003
    20,234
    PNW
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    John
    Sold my 308 to a dealer, they wired the money right to my account. At my credit union you can set up different suffix accounts so just to be extra safe I set up a new suffix account, had the money wired there then transferred it to my regular account. Then I closed that suffix account. Had it been any kind of scam to get my account number it would have turned into a dead end. Semi-paranoid behavior on my part but it made me feel safer.

    Other than cars, I've bought and sold lots of stuff here too. Car parts, guns, all kinds of things. Not one problem at all. Most times either side would ship the item on the word of the buyer.
     
  14. BigTex

    BigTex Seven Time F1 World Champ
    Rossa Subscribed Owner

    Dec 6, 2002
    71,589
    Houston, Texas
    Full Name:
    Bubba
    As noted, develop some confidence in who you are dealing with, but I always sit in MY bank, and tell them:

    "Here I am putting a Bank Officer on the phone, you tell her where to wire it."
    That way, there's a certain amount of "involvement by others" that protects you, and it protects them.

    You can do that, before you see the car, or after...I have done both.
     
  15. Themaven

    Themaven F1 Rookie
    Rossa Subscribed

    Nov 2, 2014
    2,962
    London
    Full Name:
    Darius
    Arrange to meet the buyer at a branch of your bank, ask him to bring cash, watch him pay it in, get the slip, give him the documentation and the keys.
    .
     
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