Selling on CL - Vintage Mustang Forums

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post #1 of 8 (permalink) Old 03-20-2017, 11:48 AM Thread Starter
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Selling on CL

With so many different scams these days, how have you and the buyer settlled on a money transfer with a sell amount of over 10K?

All that I can think of is to accept a money order / cashiers check, then bring it to that bank and have it cashed.

The vehicle and title stays with me, but they do get a bill of sale, written with a contingency clause that the funds must be available and received in full by me from their lending institution before the vehicle and title are released.

I'm sure my bank has a suggestion also, but what have you used,......successfully, lol.

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Daughter,..."Theres no inside and it stinks."
Friend,......."Dude, thats a rusted piece of sheet."
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post #2 of 8 (permalink) Old 03-20-2017, 12:21 PM
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A wire transfer is probably the most secure way to send large sums of money. The sending bank won't send the money to the receiving bank unless they're absolutely sure it's good.

Money orders and cashier's checks are faked all of the time.
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post #3 of 8 (permalink) Old 03-20-2017, 12:36 PM Thread Starter
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The sender needs to have the receivers bank account info, correct?

Wife,........."You drove how far for that thing?"
Daughter,..."Theres no inside and it stinks."
Friend,......."Dude, thats a rusted piece of sheet."
Son,.........."This old car is cool."

USMC Security Forces, Kamiseya Japan, 0311

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post #4 of 8 (permalink) Old 03-20-2017, 07:18 PM
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When I sold my 69 it was to a guy in L.A and I'm up in Sacramento. He Didn't bank with wells fargo but he opened an account and deposited the money. After he flew up here and agreed to buy the car he gave me a small amount of cash he was carrying then we went to Wells Fargo and withdrew the rest.
Worked out pretty good.
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post #5 of 8 (permalink) Old 03-20-2017, 07:32 PM
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I talked to my bank about this today (Navy Federal).

They said Cashiers Check, and when your depositing it have them call the bank that issued the Cashiers check to verify it.

I've also heard you have the buyer hand the form of payment to your bank, and they therefore become liable for any fraud, vs if they hand you a fake M.O. or something and you hand it to your bank, your liable.

I think if you make it very clear to the buyer that they will be handing the form of payment to your bank (on camera), and the bank will be calling the issuing bank to verify funds, scammers should move on to softer targets.
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post #6 of 8 (permalink) Old 03-20-2017, 07:44 PM
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Or have them hand you a briefcase full of cash....in the bank parking lot so you can go in and verify it.

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post #7 of 8 (permalink) Old 03-20-2017, 08:58 PM
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My understanding about wire transfers is that the risk is on the sender rather than the receiver. So if they can wire money, either ACH transfer (yes, they need bank info) or moneygram/western union, you, the receiver, should be safe. I would ask for them to offset the fees though.

I have never "wired" money directly through a bank, so I really have no clue how that works, but you could always make a burner checking account for an ACH transfer.

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post #8 of 8 (permalink) Old 03-20-2017, 09:10 PM Thread Starter
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Quote:
Originally Posted by 69StangRestomod View Post
My understanding about wire transfers is that the risk is on the sender rather than the receiver. So if they can wire money, either ACH transfer (yes, they need bank info) or moneygram/western union, you, the receiver, should be safe. I would ask for them to offset the fees though.

I have never "wired" money directly through a bank, so I really have no clue how that works, but you could always make a burner checking account for an ACH transfer.

I'm with you, I've only heard about it,....lol.

Wife,........."You drove how far for that thing?"
Daughter,..."Theres no inside and it stinks."
Friend,......."Dude, thats a rusted piece of sheet."
Son,.........."This old car is cool."

USMC Security Forces, Kamiseya Japan, 0311

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