clemsondds

Can anyone recommend steps to avoid selling to a scammer? Have a buyer who seems legit and is willing to wire the money. But just would like some tips on how to verify their identity and sincerity. He found my ad on rennlist but doesn't have much history on here. I don't want to run off a perfectly good buyer, but I also don't want to walk down the road of a scam either. So far he has just asked for my drivers license and email so that he can send me a bill of sale. He said then, he will wire me the money and setup for pickup once the funds have been verified. Any help would be greatly appreciated. Thanks

BED997

Use KeySavvy selling service maybe? No affiliation but I’ve seen people mention it here.

Denny Swift

There’s a new device called a telephone. You can actually talk to someone with it. Pick up the phone and call the buyer. An actual conversation will answer most if not all your concerns.

clemsondds

I understand that. But scammers are still very smooth. I just meant, when it comes to wiring and such, is there a safe way to do it where you know for sure that the money is in the bank and safe? I sold my boat recently and he gave me a cashiers check, and took it to my bank and they said that there was no way to verify that it was real. and also that it could take up to a week or so before you know that it was successful. Maybe that was bad info...not sure. But I've never done wiring money, and so didn't know if that was quite a bit safer. Any other thoughts? thanks

Icegrill

Not really, but helpful response. Plenty of smooth talking professional scammer's. “Call my bank to vouch for me” etc…

Denny Swift

OK, maybe I misunderstood. I've sold literally a dozen cars and motorcycles over the years. Never had an issue. Let him "wire" you the deposit. I've always used PayPal or Venmo. Then when he shows up, he brings you the balance. You go to the bank together and the bank verifies that the money is "real." Call your bank and ask them what they need. Should be simple and straightforward forward. I don't understand what you are afraid of.

Your bank and his bank can easily verify the accounts. The two banks could probably just wire the balance from his account to yours.

Jeff Whitten

A few tips here including title transfer paperwork on both ends may give you some assurance. Since you’re on the receiving end of the funds, wire transfer is safest and you can confirm with your bank funds have been received before releasing the car for transport. Another option is an escrow service as mentioned in the second article.

https://www.carsdirect.com/sell-cars...ork-guidelines

https://www.kbb.com/car-advice/steps...er%27s%20check.

clemsondds

He is arranging shipping/transport. He isn't coming to pick it up.

clemsondds

Thank you!

Zhao

Risk vs reward.

I always figured anyone serious would fly out and look at the car if it was a private sale vehicle. I know there are people that can't be bothered but the risk of getting scammed vs the reward of selling a car just doesn't make it worth it. I've maybe had one serious non scammer from out of province want to buy sight unseen, and I've had well over 100 cars in my life. Every time I sold to someone long distance we arranged to meet up in person. I met them half way with a small deposit and we met at a bank, or 90%+ of the time they came to me and we went to a bank.

As far as I am concerned there are only 2 types of serious buyers who buy sight unseen. Complete idiots, and people who have no problem buying a dud every so often (either because they're so rich it doesn't matter, or they're doing it semi/fully professionally).

nvbirdman

Why not go to YOUR bank, explain what you're doing, and ask them the best way to verify the money is real and has been transferred?

RG88

I would go with an escrow provider. You're here posting because you're feeling something in your gut, no?

rm4enjoyit

Remember the buyer is also taking a risk. Another option not mentioned perviously is to sit on the funds for a few days.

Zhao

Agreed but bank employees can be surprisingly ignorant of banking matters. Really need to take thier info with a grain of sand or get it in writing. I have tons of examples but probably the 2 worst ones in my life are:

I once tried to do a pre-approval process on another property at my bank. I met with thier 'mortgage expert'. She clearly didn't understand what I was talking about and wanted me to find a property and make an offer on it, and then she could tell me if they'd approve us to buy it.

I had a mortgage at another bank we got only because it was a short term mortgage with no penalties and we only had it for 3 or 4 months. The bank took an extra payment and we probably talked to close to 10 people in the bank and at their call center who didn't understand how mortgage math works and were convinced no extra payment was taken. Eventually the branch manager overheard when we were trying to deal with it in the branch yet again, came over as the employee was yet again saying no mistake, literally looks at the paperwork for less than 10 seconds doing mental math and is instantly like, ya we took an extra payment.

nyca

Even teller's checks can be fraudulent these days, so that's no guarantee even with employee "review".

If using EFT for this, first create a separate new empty account at your bank (online). Never give your real account numbers to a stranger. Have the money wired to that account. As soon as you see it cleared there, immediately transfer it (using your online access) to one of your real accounts, leaving the temporary account empty (or with $1 in it). Only then is the payment "yours". Then you can proceed with the title transfer.