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  • bludroptop

    Oct. 28, 2009 9:03 p.m. bludroptop Dork

    I know this has been covered before, and the answer is cash, but help me out.

    A buyer has made an offer on a car I own - he's in the southwest and I'm on the east coast. Sales price is roughly $4k - so not a fortune but not chump change either.

    He says it isn't cost effective to fly here for the transaction - airfare and time from work, etc.

    He proposes to Fedex a cashier's check drawn on Bank of America, upon receipt I Fedex the title and deliver the car to a transport company.

    Anyone have a better idea?

  • kellym

    Oct. 28, 2009 9:10 p.m. kellym New Reader

    when you goto the bank, have them cash the check for CASH, this might avoid the problem if the check is bad.

    I once took a personal check for a car sale, I just waited until the check cleared and I had cash + 1 week. I held the title until the tranporter arrived, this way the buyer still has some incentive to have the vehicle picked up vs. you storing it.

    Also, work out up front how long you are willing to hold onto the car before the tranporter comes. Once time runs out, then make sure you put in your agreement that you will charge $XX per day until picked up

  • Toyman01

    Oct. 28, 2009 9:10 p.m. Toyman01 HalfDork

    I wouldn't have a problem with that unless I was him. If he is willing to send you the money up front I would take it. Trusting soul isn't he.

  • carguy123

    Oct. 28, 2009 9:16 p.m. carguy123 Dork

    You'll have a waiting period if you cash the Cashiers Check for cash, which should negate some of the potential issues, but I think that if you cash it at your bank then if it bounces later you will still get your account debited. But if you go to the issuing bank they should cash it minus a fee of course.

  • JThw8

    Oct. 28, 2009 10:16 p.m. JThw8 SuperDork

    USPS Money order, nothing else is as safe. No reason he cant get one if he can get a cashiers check.

  • AngryCorvair

    Oct. 29, 2009 7:17 a.m. AngryCorvair SuperDork

    JThw8 wrote:

    USPS Money order, nothing else is as safe. No reason he cant get one if he can get a cashiers check.

    truth.

  • Wonkothesane

    Oct. 29, 2009 7:39 a.m. Wonkothesane New Reader

    EFT... Get his bank to do an electronic transfer to your bank. I'm always surprised I never hear anyone else recommend this... Is there some drawback that I'm missing to it (Other than the $10 fee or whatever it is)?

  • foxtrapper

    Oct. 29, 2009 7:42 a.m. foxtrapper UltraDork

    Wouldn't touch a cashiers check for love nor money. They come back sometimes months later against your account. There's a reason they are one of the favorite choices by scammers. Not that I'm saying this prospective buyer is a scammer.

    Money order. Doesn't have to be USPS, can be anyones. And once you've got cash for it, then do the title.

    But then these sorts of transactions give me the willies and have created lots of headaches for me. Anymore, I just wouldn't do it. No matter how well I describe, or how many pictures I take, the buyer always finds things I missed, doesn't like the color, is shocked that the mileage is as high as advertised, etc. I far FAR prefer cash, delivered over the hood of the vehicle.

  • John Brown

    Oct. 29, 2009 8:00 a.m. John Brown MegaDork

    I use PayPal a lot. Many money orders have been getting forged a lot lately. I would trust the USPS ones and cash. But again I use PayPal a lot too.

  • cwh

    Oct. 29, 2009 8:11 a.m. cwh SuperDork

    +1 for wire transfer. Most of my international sales are done this way. Money hits your account in a few days, it's all yours. Sender has no recourse. Can usually be done over the phone. He will need your bank account info, though. I use a special account and keep only a few bucks in there, transfer into my main account on arrival. Western Union is best for the seller. Arrives in hours, go to the local supermarket to pick up your cash.

  • bludroptop

    Oct. 29, 2009 9:07 a.m. bludroptop Dork

    Thanks for the responses so far. Call me a pessimist, but in the cold light of day, this one is starting to smell a bit fishy.

    I put a fairly complete description in the ad, along with pictures. He's asked for more pictures, which I sent - but he hasn't asked any questions. One red flag.

    Google doesn't turn up anything for him or the domain name of his e-mail address. Two red flags.

    He didn't take me up on my offer to schedule a telephone conversation. Three...

    I've e-mailed him back and said I'd prefer a USPS Money Order and I want to talk with him on the phone. We'll see what comes of it, but I'm skeptical at this point.

  • Woody

    Oct. 29, 2009 10:22 a.m. Woody SuperDork

    In order of preference:

    1. Cash

    2. USPS Money Orders + time to cash them before transferring the car or title

    3. PayPal + PayPal fees paid by buyer.

    If he really wants the car, he'll work with you.

 

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