except cash for a car or trust a check
 

A few years ago I sold my 40 Ford at Carlisle Pa swap meet. The buyer was from North Dakota. I wouldn't sign the title over until I heard from my Bank that the money was indeed transferred to my account. Took about an hour. Now I will be at Carlisle again this year selling one and maybe buying one. I don't trust personal checks from strangers and I'm leery about bank checks. Last time, I had to set up ahead of time the transfer with the bank giving my account number and the routing number. I would like to avoid giving out that information. Cash is best, but I don't think many people walk around with large sums of money on them. I hate to pass up a sale because of the payment method but I don't want to get in a hassle over getting paid either. Especially when the buyer is from another state or country. Carlisle is huge. People come from all over. What would you do?

Re: except cash for a car or trust a check
 

I have arranged with my bank, a personal escrow account, separate from my other accounts, and only good for one event. That way, you aren’t giving out tracking and routing info to your personal accounts.
Once the transfer is acknowledged by my bank, I can complete the transaction on my end. I transfer the funds out of the escrow account the next day.
Wire transfer is the safest way to transact a large purchase when buyer (or seller) is unknown. If your customer isn’t willing to wait until Monday to complete the transaction, walk away.
With all the bogus checks, Postal Money Orders, counterfeit cash floating around out there, you can’t be too safe.
We all know how honest and trustworthy everyone we meet at a swap meet can be.
Just a suggestion.
Ken

Re: except cash for a car or trust a check
 

I only take cash. cash is king.

end of story.

Re: except cash for a car or trust a check
 

SO much "Funny Money" going around you even have to inspect the cash you are given. Hold it up to the light and look for the hologram of the respective presidents head. Sad indeed! Chap

Re: except cash for a car or trust a check
 

Cash only, and I would take it to the bank to make sure it’s real.

Sorry to put it this way but I even had to go after a dealer for six months to get what he owed me.

Re: except cash for a car or trust a check
 

What about an electronic funds transfer from their account to your account. Easy to do, not reversible by them, and can be done on any smart phone.

Re: except cash for a car or trust a check
 

Even with cash, get one of those markers that will identify fake bills. Check every one. Sold an item to a person from another state, pay was cash, large sum, two of the $100 bill were fake, the buyer had gotten the bills from the bank that day. Buyer was quite surprised, I am sure he didn't know he had funny money.

Re: except cash for a car or trust a check
 

Even the pens aren't foolproof. The thieves have figured out a method for "washing" lower denomination bills to get the genuine paper. Then they reprint them as fifities and hundreds. This started several years ago. I don't know if the feds have devised a way to prevent it.

Re: except cash for a car or trust a check
 

Your account number and routing number is on every check you write so hiding that info from a buyer is moot. Dave from AU is right, electronic transfer of funds is totally safe and foolproof. Cash can be much more risky.

Re: except cash for a car or trust a check
 

SO much "Funny Money" going around you even have to inspect the cash you are given. Hold it up to the light and look for the hologram of the respective presidents head. Sad indeed! Chap

I totally agree.

if more then 10k, meet at the bank and do the transfer there and let the bank "run the money through their machine."
everything is then on record and there will be no hold ups! :)

Re: except cash for a car or trust a check
 

Are there banks available during the Carlisle and Hershey meets to make these types of money transfers? It would seem that there would be since so much money changes hands at these meets. Jack

Re: except cash for a car or trust a check
 

As the old saying goes: "Your friend, my friend, only cash makes us all friends."

Re: except cash for a car or trust a check
 

I sold a Model A Roadster to a chap in Australia some years back. We did the electronic transfer/wire transaction as I recall.

Our bank called early on a Monday morning and said that the money was there and the car was shipped pronto! Worked out great for both of us. I took lots of pictures and kept him updated on this end as well as I could, the car being loaded on a carrier heading to California, etc.

I was lucky that this fellow was honest and who he said he was. He was a first class individual. I'm sure he felt the same about me.

After the car arrived he notified me that all was well. That was a relief! Later he sent me a photo of a climate controlled garage he had built to house the car and several others he had bought. It was really cool to see!

Re: except cash for a car or trust a check
 

At Carlisle, when I sold my 40 the only thing I saw was a Notary to transfer the title. No bank that I saw. Another issue is my Bank only stays open till noon or so on Saturdays. Things might have changed. That was ten years ago when I sold it at Carlisle. I can call and find out. Also, I'll talk to my bank to set that up and see what they have to say. Thanks for all the reply's.

Re: except cash for a car or trust a check
 

As someone who investigates frauds everyday, I can tell you that Cherque kiting is very easy to do. A bank may legitimize a check as being valid, but the chain of accounts it's written on may not be. Unfortunately that's not discovered until your car is long gone.

There's also the issue of stolen cheques, not yet reported. That's not something discovered until later down the road as well.

Even credit cards have challenges. There's huge issues with those. In Canada we have additional required security features than the US, and even then, they get compromised.

I'd say that you need to be by comfortable with someone before trusting them with anything but cash. Educate yourself on spotting counterfeits and stay suspicious.

I'm jaded when it comes to people and trusting their word, but that's what happens when you deal with crooks for a living. At least it keeps my money in my pocket.

It's a shame, but that's the world we live in.

Re: except cash for a car or trust a check
 

Meet at your bank, they bring the cash and you bring the deposit slip. Once the teller ok's that all of the cash is real and accepts the deposit for the full amount you should be safe to hand over the title.
Nothing worse than "just you" being at the bank with the teller counting the cash for a deposit pulling out random bills going these are counterfeit :eek:
Down side is some times the buyer and the seller are on opposite sides of the country with the internet sales

Re: except cash for a car or trust a check
 

I agree with Jeff P. / MN!!!


In 2012 I sold a 1930 Ford deluxe roadster $11,500 US using Craig's list and accepted payment in full by wire transfer. All the buyer needs is your routing number and your account number, and he can deposit via wire transfer to your account. He can only deposit, he cannot withdraw funds.

The purchaser was on the east coast acting as an agent for a buyer in France and the roadster was transported to California for shipment overseas.

Once you confirm that the funds are in your account you are good to sign the title and close the deal.

Re: except cash for a car or trust a check
 

I've been in this hobby over twenty five years and never gave a thought about counterfeit money. It's a sad day when someone would risk a federal offence, a felony to pay for a 15000. car. No cure for stupid

Re: except cash for a car or trust a check
 

Make a copy of the title before selling the car, keep a record of who bought it. If there is an issue with payment/fraud and you report the car as stolen, the buyer can't simply disapear very easily.

Re: except cash for a car or trust a check
 

A few years ago, I was dealing with a guy in US and decided I would buy his car. We had been exchanging emails with pictures and made phone calls for a couple of weeks, yet when I asked how he wanted to be paid, he didn't know. I suggested that he send me his bank account details and I would transfer the money. Once the bank confirmed the money was there, he could send the car. It I who was trusting him by now, NOT the other way around. As has been said above, I could not access his account, only put money into it and I explained that to him. Still he hesitated. He got back a couple of days later saying he had checked with his bank, the Bank of America and"they are the biggest so they should know", he said. They said he should never give such information to a foreigner. The fell fell over.
He didn't understand either when I said that dealing with a foreigner was not so scary, after all, I doing that with you. To me, he was a foreigner but he didn't get that.:rolleyes:
Electronic funds transfer (ETF) is the best way to go for this. Even a bank cheque is not safe.