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      07-13-2018, 01:53 PM   #23
IllSic_Design
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Quote:
Originally Posted by PhilipUK View Post
I guess that on-line banking isn't as big across the pond as it is here in the UK?

The last 2 cars that I bought privately, I just used my laptop to transfer the money into the seller's account. He then logged on to his bank and checked that the funds were in his account. Sorted!
ACH or wire transfers take more than one day, so how would that work?


(Edit: This is exactly why we need Xrapid(XRP crypto) adoption by banks so that we can have nearly instantaneous banking transfer transactions, and hugely reduced fees while doing so.

Last edited by IllSic_Design; 07-13-2018 at 02:02 PM.
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      07-13-2018, 01:57 PM   #24
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I'm not saying it's not a lot of money, it's a shit-ton, i just cannot fathom the issues people have with private selling.

Don't hand over the goods until you HAVE the money in hand or in the bank, it's really simple.

I sold a car here for $8K, got a cheque, wrote a contract that I received the cheque and I owe the guy said vehicle (listed the VIN etc) and as soon as the money cleared and wa sin my account i called the guy and he picked up the car.

What's the complication?
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      07-13-2018, 02:04 PM   #25
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Quote:
Originally Posted by IllSic_Design View Post
ACH or wire transfers take more than one day, so how would that work?
In the UK, online bank transfers happen in real time, so if I transfer funds to a seller the money will be in his bank account within a few minutes.
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      07-13-2018, 02:21 PM   #26
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Quote:
Originally Posted by IllSic_Design View Post
ACH or wire transfers take more than one day, so how would that work?


(Edit: This is exactly why we need Xrapid(XRP crypto) adoption by banks so that we can have nearly instantaneous banking transfer transactions, and hugely reduced fees while doing so.
a wire transfer is instant and can be reversed same day till 5 pm typically.
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      07-13-2018, 02:42 PM   #27
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a wire transfer is instant and can be reversed same day till 5 pm typically.
You're right, I wasn't thinking domestic but international wire transfers. My fault.
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      07-13-2018, 02:47 PM   #28
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Quote:
Originally Posted by jaye944 View Post
So kinda rolling on from my looking for a car thread,
So "selling" as opposed to doing a trade in

OK I'm in Canada, I'm guessing NA is the same

Where talking about mid $20K sale price,

So How do I ensure I don't get ripped off and scammed whilst also looking at it from an "honest seller"

options

1> Ca$h = am sure it' probably not a good idea to have 20+ grand on you

2> Cashiers Cheque = Do I keep the car till it clears, is it good as cash, can it be cancelled, I know some people have said, literally, goto the bank with the guy and do it there and then

3> Bank transfer ^^ same as above

any other options or ideas, txs

You want to look into an LVTS type wire transfer. It allows for realtime, irrevocable payments which will give you peace of mind that the payment will not be reversed for any reason.

Here you go: https://www.bankofcanada.ca/core-fun...y-policy/lvts/
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      07-13-2018, 04:02 PM   #29
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Originally Posted by NoMoreAudi View Post
No need to flame the OP. He's asking a legitimate question and given the nature of transactions that occur these days, I don't blame him.

While 20k cash may not seem like a lot of money to some, to others it is. Respect that and give him some tips. Maybe he's 16 years old and hasn't had the same life experience as you.

Here's my advice - if he agrees to your terms in advance but on the day of (or even after you meet in person) wants to change some of the terms, walk away. He may try to do it very casually, like "Hey is it ok if I just give you a personal check from my bank? They said it's [insert bullshit lie here]." It never hurts to have things in writing. Verbal agreements don't mean anything nowadays.

Last minute changes are an immediate red flag and honestly, there are plenty of people out there who can buy your car. Move on and don't deal with the hassle of it. I bought my motorcycle from a shady guy out of LA so I brought my friend who worked LAPD vice (beard, piercings, professional liar). As an added bonus we actually ran the plates on the motorcycle to ensure it was clean, lmao. While you don't have to bring a police officer with you... it never hurts to have a second person there who can watch your back, should you feel uncomfortable going alone.
this. If something seems off, or the buyer is acting weird, get out.

as an added benefit, a lot of times you can call the police department in your town and do the deal on their turf with a witness. ive had friends do this for craigslist deals more than once.
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      07-14-2018, 05:12 PM   #30
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THIS is my concern.

My "worry" is that for whatever reason I loose the car & the money, for whatever reason and don't nobody say it can't happen.

I've seen too many editions of consumer programs where a scam is done and the poor sap, get's told, "well, you should have done it like this"

So (and I don't think I'm being unreasonable here) by asking relevant question's before undertaking in a private sale of a large sum of money.

As I am asking the proverbial "how do I do it best" ?

And the majority of the feedback on this thread has been great so many thanks

Quote:
Originally Posted by xander_g View Post
You want to look into an LVTS type wire transfer. It allows for realtime, irrevocable payments which will give you peace of mind that the payment will not be reversed for any reason.

Here you go: https://www.bankofcanada.ca/core-fun...y-policy/lvts/
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      07-14-2018, 05:18 PM   #31
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Awww GBU for that

Actually I'm a 50 something married with 7yr old in tow, (so that actually makes it harder to suck up any losses)

Also being this old I've made my mistakes and am a jaded , bitter old fart who has very little trust in the majority , I usually live by the adage, prove me wrong, not right that way I ain't disappointed.

Usually it's a nice surprise when I'm not

Quote:
Originally Posted by NoMoreAudi View Post
No need to flame the OP. He's asking a legitimate question and given the nature of transactions that occur these days, I don't blame him.
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      07-14-2018, 05:28 PM   #32
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Quote:
Originally Posted by PhilipUK View Post
I guess that on-line banking isn't as big across the pond as it is here in the UK?

The last 2 cars that I bought privately, I just used my laptop to transfer the money into the seller's account. He then logged on to his bank and checked that the funds were in his account. Sorted!
This is my preferred method here in Australia if the buyer is with the same bank, fund show up straight away.

If not, a bank cheque works for me if we can walk into my bank together and deposit it. This is how I sold my F20 125i before picking up my E90 M3.
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      07-14-2018, 08:59 PM   #33
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Just have them pay cash. I've sold two cars to private individuals and they both paid in cash.
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      07-14-2018, 09:22 PM   #34
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Just have them pay cash. I've sold two cars to private individuals and they both paid in cash.
Still available?
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      07-14-2018, 11:22 PM   #35
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When I sold my E46 to a questionable character for $11K, I insisted he pay in cash -- I ended up with many $20s to count and even some $10s. Gave the buyer the car and signed over title and then took paper bag of cash to my bank.

I've taken bank checks from a couple individuals at my house and given them the car, but only if I had a good feeling about the buyer, so he got the benefit of the doubt.

When I bought an out of town car for $36K, I took out a loan from my non-local credit union and they fedex'd the check to me, which I then took a few hundred miles away and met at the seller's credit union. His credit union called my credit union to validate the check and then he signed over the title and gave me the car.
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      07-14-2018, 11:25 PM   #36
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Quote:
Originally Posted by Alfisti View Post
...got a cheque, wrote a contract that I received the cheque and I owe the guy said vehicle (listed the VIN etc) and as soon as the money cleared and was in my account i called the guy and he picked up the car.

What's the complication?
In my case, car was located a few hundred miles away, and so I first want to inspect/test drive and then buy on the spot for an amount I am financing.
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      07-15-2018, 12:29 AM   #37
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Quote:
Originally Posted by Alfisti View Post
Absolutely astounds me the amount of nervousness selling private over here compared to back home in OZ, we just sell the fuckign car. Jesus.
Quote:
Originally Posted by Alfisti View Post
I am lost as to what the issue is.

Guy gives you a cheque, once it clears and money is in the bank he picks up the car.

How hard could this be?
Quote:
Originally Posted by Alfisti View Post
What's the complication?
Haha, how many times are you going to reiterate that? Give him a break, dude.

I recommend what others recommended based on your situation. Go with the guy to get a certified check from his account. I doubt his bank will give you more than 10k+ cash on the spot unless he calls his bank several days in advanced to do a large cash withdrawal. That’s just based on my personal experience.
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