selling fcar on ebay, how to get paid, not scammed

$1000 paypal deposit
then cash, certified bank check or wire
do not accept any alternatives

 

I would want a wire transfer.

 

Wire transfer or cash, simple and if it turns a buyer away you dont want that buyer ..

 

Reserve right to not accept bids from no or low-feedback bidders. Lots of tire kickers. There was one thread in the 308/328 section about a GTS that went thru eBay about 4 times last month.

 

Wire transfer or hold the car and title until the check clears.

 

Wire transfer of the full funds, if they are particular, they can be present with the car when it is confirmed cleared and unclaimable. Better still, suitcase full of cash, but take it to the bank (or the mob) to make sure every bill is genuine

 

Wire.

Many online banking apps allow you to send a wire transfer from your phone, that can land in the recipient's account within hours, even minutes. You can sit and have lunch with the happy buyer while the dollars zip through the ether, and after lunch, shake hands, and he drives home in his new car. Or she. Whichever.

 

The problem with requiring receipt of all funds prior to releasing the title is that now you are asking the buyer to trust you. You will have the car, title, and the buyer's money. If I am that buyer, I am asking what's to prevent you from scamming me?

Also, what happens if, after receiving the buyer's money, you get into a car accident on your way to FedEx to send the title, or have a stroke, or some nutcase on the sidewalk thinks you're looking at him strangely and sticks a knife into your heart (happened here three months ago), or any other number of very low probability but not impossible scenarios that could leave you incapacitated, or worse, and the buyer's money is in your account, the car is in your garage, and the title is who knows where, and maybe not endorsed to the buyer yet or signed by you?

That buyer is up the creek, that's what happens.

The best way for both sides of the transaction to protect their own interests from the consequences of dishonesty, or something going haywire, is to have an independent third party fiduciary such as an attorney, bank branch manager, or CPA take possession of the title and release it to the buyer only upon receipt by the seller of all funds. That ensures that both parties get what they are due. This is one reason there are escrow companies for real estate transactions, to hold funds and deliver deeds.

John Draneas, who writes the "Legal Files" column in Sports Car Market Magazine, has story after story about buyers who wound up with empty pockets and no car because something untoward happened to their seller that put a deal into hibernation, and they hadn't protected themselves against that contingency.

I have sold, and purchased, cars long distance using this third party fiduciary method without any glitches. Since all the fiduciary is doing is holding the paper title, in most instances they have never asked to be paid for that simple accommodation. Even if there was a charge, a hundred bucks or so is cheap insurance to have everyone's interests protected.

 

All good sage advice written.

For practicality I will offer my suggestions (from experience).
Stay clear of "oversees" buyers or buyers who happened to be traveling... Stay clear of people who want your car definitively without a ppi or conversation, be suspicious of those, who right away want to give you a deposit. You may end up locking (holding) up your sale with a ghost buyer then trying to unwind their deposit may be a nightmare.

You should make it clear in your ad that you reserve the right to sell your car on your own. You should request that buyer or buyer's agent show up in person. You should get a copy of their ID, you should request copy of insurance before letting the car leave your premise and obviously no title or registration transfer until you are fully paid via a bank check and it has cleared (3 days?). Do not accept cash over 10 grand.

Maybe you know all this already,,, in that case I'm just offering a reminder...

glws

 

For a local sale, I like meeting the seller at one of the branches of my bank.
The seller watches the bank teller prepare a cashiers check for the full amount, made out in seller's name.
The seller then knows it is a valid cashiers check.
In the lobby of the bank, I exchange the cashiers check for the signed-off title and keys to the car.
The seller doesn't sign off on the car's title until after they have seen the cashiers check being made.

Then I drive the car home. Actually, the last time I did this the seller parked the car in my driveway, I drove the seller to the bank, after the exchange, I drove the seller home to their house.

This is the only way I've come up with so that neither the seller or buyer is at risk.

This technique assumes the car has a free and clear title (no bank liens to deal with) and the buyer is paying cash and not financing the purchase of the car.

For eBay or other long distance sales, often a wire transfer is the best compromise.
If the seller is willing to fly in to inspect the car, then you could do the cashier check exchange at a local bank as long as they have an account with a large nationwide bank in both the seller's and buyer's locations.

GLWS of your 360.

 

I think you making this too complicated. People do business with large dollar amounts all the time.

The buyer needs a contract (a purchase agreement). Payment and Delivery are part of the agreement. The buy should insure the car as soon as it's purchased. That is when the purchase agreement is signed. Now the deal is done. Now payment is made and the car is delivered. If its damaged in between during or at any point both parties should have insurance. But the buyer owns the car as soon as the contract is signed. If I'm the seller I'm not turning over car or title until the car is paid in full (wire transfer). If possible I would go to DMV to transfer the title with the buyer. A car in your name is a risk as well (example - car is involved in hit and run). You want to ensure the title is transferred.

Good luck selling the car. If the person wants to cut corners and not do the deal correctly, find a different buyer.

 

+1

 

+1

 

when I bought my car on eBay years ago I paid extra to use an escrow company.

I wired money to escrow, seller shipped car, upon delivery inspection I released funds ( I purchased sight unseen)

 

I have sold many cars via ebay and other channels.

If its local, we meet at the buyer's bank where funds, are paid and title signed over. If it's at a distance, the car is paid in full and funds cleared before ANYTHING leaves my possession.

I had one guy make 3 different wire transfers over the course of 2 weeks. I thought it would never come together, but he finished paying, flew in and drove home with his new to him 911 turbo and title.

Remember, YOU have the car that they want. If they really want it, they will do what it takes to make it happen. Just be up front and straight forward and you'll be fine.

 

I would not sell to a private buyer who does NOT see the car in person....most of these scams are remote "buyers"