Need advice on safely selling a corvette

[Keith B.]

I have my 67 going into the next Driveline for sale and I was wondering how to sell a corvette to a private buyer without worry of getting ripped off. I have heard stories of transactions with "certified" checks that were made off of home computers. Once the car is gone how could you ever get it back? Cash is always good but you can not expect someone to bring cash that would buy a small house across the county stuffed in a briefcase. I have sold a corvette to one of the national dealers without worry. Should the transaction be done at a bank (can they tell if funds are backing a check) rather than in my living room? I would not take a car without the title if I were buying so there is really no hold back. Would appreciate any suggestions of how people with high dollar cars do this.

Thanks to all
Happy New year!

[mike mccagh]

Re: Need advice on safely selling a corvette

have buyer's bank transfer the $ to you via wire transfer. Cash still works though, regardless of suitcase tonnage. good luck, mike

[Brad B.]

Re: Need advice on safely selling a corvette

I agree with the previous post. THe key in these transactions is to retain some degree of control, whether you are buyer or seller. Not only do certified checks carry some risk, but even cashier's checks can be stop paymented with the post of a bond or can be forged. Holding the car until funds have cleared via wire transfer are the modern way. A deposit however can be received in any form, just wait until it clears. Sometimes sellers trying to be fair will transfer a title before the wire transfer occurs if they are very comfortable with the buyer and the buyer's references. I sold the '60 I owned for 32 years last May to an out of state buyer(incidently post Ebay auction) and it was one of the smoothest transactions I have ever had. Just dont let yourself get pushed into anything because you think there is money to be made. And never take payment in excess of the price with an arrangement to return parts money or whatever later. Email me directly if you like..good luck...brad

[Donald B.]

Re: Need advice on safely selling a corvette

Wire Transfer ! The transaction is non-reversable and there is no "hold" period. When the money is in your account - it is YOURS !

[Clem Z.]

Re: Need advice on safely selling a corvette

wire transfer is the way to go as that is how i sold engines long distance. any type of check can be stopped.

[Christopher R.]

Re: Wire Transfer?

I'm not disagreeing with you. Just trying to understand more.

If you do a wire transfer, you need to give the buyer your bank account number. Aren't there other problems in doing that?

[Clem Z.]

Re: Wire Transfer?

i asked my bank what was the best and they said the wire transfer. second best is a bank check,the customer gives the money to the bank the bank issue you a check from the banks account. check with your bank as to what they think is best for you

[Donald B.]

Re: Wire Transfer?

I've worked in the Audit Department of a bank for over 25 years. Clem, and his bank, are right on the "money". Bank checks can be and are forged. The safest is the wire transfer.

BTW - Who cares if someone has your bank account number? To do anything they still need to forge your signature. Even then, any loss would be paid by the bank. While you should try to limit the distribution of your private financial information - unless blatant carelessness on your part - the loss exposure is the Bank's - they just try to "scare" you in an effort to reduce their exposure.

[William C.]

Re: Wire Transfer?

I've used the bank to verufy both ends of the transaction, my banker called the sellers banker, one had the money and one had the title. When the money was wired, the title was on the way to me via the recieving banker.

[Rob Dame]

Re: Wire Transfer?

Open a new account and put a small amount say $50 in it. Then give that account # to the buyer for the transfer. Rob

[Mike M.]

The safest and most expediant........

Hi Keith, sorry to see that you are selling that fine auto, since I can't afford it.

My out-of-state transactions worked well by determining the buyers bank.
Best start is a National Bank in which you both have accounts, if not agree to a bank doing business in the areas accessable to both of you and you each open your own account in such a bank.
Your bank can create a second temporary account in your name for this transaction.(they have a name for this type of account that escapes me at the moment.)
The buyer deposits the funds into your temporary account at his location.
Deposit is immediate and you can then transfer the funds into the regular account that you just opened, leaving no trail or access available to the buyer.

Wire transfers have potential problems:
The buyer will have your account number which he could access.
Wire transfers are not direct and can take a long time. I've forgotten, but, it seems they process through the Federal Reserve or some intermediary location.
The bank may only transmit them at pre-determined times during the day and often have very early cut-offs for that days transactions.

The only other option I may entertain is a "Certified Check".
Although often referred to interchangeably, they are not the same thing as Cashier's Check.
Banks don't like to do them. Too much work and they process them so rarely that have to look-up how to do them in the procedure manual.
The process involves the buyer writing a personal check which the bank stamps and punches with all the pertinent varifying information.
They are as good as cash, but, when you take them to your bank for deposit, with a verifying phone call to the buyer's bank, can involve some delay.

Good Luck and...
H. a. N. D.

[Curtis L.]

Re: Personal check.

Talked to my banker today and he told me one of the best and easiest ways is just get a personal check. Wait till the check clears before delivery of vehicle and handing over the title. This way you have all customers personal info,DL#,address,account# ect...

[Terry B.]

Re: Personal check.

My father accepted Western Union Cashier checks for his car on a Saturday. He was suspicious and took the checks to the police department and they looked up the check numbers on the internet and said, "Yes they are good and open (not cancelled) checks." He took them to the bank on Monday and deposited them after his bank friends said they looked fine to them.

They came back about a week later as "No Good". The guy had purchased them from Western Union for $5 each face value and then erased the ink and changed them to $500 each. They wouldn't even give my dad the five dollars for each check. Instead they charged him a $25 check return fee on each check.

[Norris W.]

Re: Need advice on safely selling a corvette

I had a guy try and scam me with a cashier's check on a Viper. He was one of these types that talked too much and didn't know when to quit, and it gave me a bad feeling. He flew in from out of state and had a Cashier's check on his bank back home. With an uneasy feeling I got him to accompany me to my bank. He tried to give us his banker's phone number, but the Prez. of my bank, bein' a cautious fella' himself, chose to look it up in a bank registry they have that lists every one in the country. He got the bank on the phone and asked for their Prez. since it was a smalltown. He asked the guy if the check was good and authentic and the answer was yes. He asked what that bank's policy was on stop payments on cashier's checks and the guy said they could be stopped under several different circumstancesm, ie: loss, fraud, or alledged disatisfaction with purchase. My banker asked for a guarantee that they wouldn't allow that one to be stopped. The answer was no. He asked if the history with the customer was satisfactory and the answer was very non commital. He asked that the bank stop the cashier's check and wire transfer to my account the funds, with the personal guarantee from the local Prez of the 8th largest bank in the country that he would personally void the cashier's check and FedEx it to the other bank. The answer was still NO. My banker told me in the presence of the other guy that if his bank wouldn't support any of these details, all of which my bank would have done for me I should consider him an unstable customer of his bank and decline the deal unless they came through with a wire transfer. The buyer promised to stay overnight and have the funds wired to me in the morning and I never heard from him again. I heard internet rumors (unsubstantiated) that this same guy got a Viper in a neighboring state and stopped payment on the funds. The seller in that case supposedly released the car and title to him for a cashier's check and the car had been resold to a third party. The last I heard of it the seller had sued the buyer and subsequent owner, but the action against the subsequent owner had been dismissed because he was unaware and had in fact been presented with clear title.

[Terry B.]

Re: Need advice on safely selling a corvette

And that is exactly what happened to my father regarding getting the car back. The judge ruled for the current unsuspecting owner because he had the clear title and was innocent of any wrong doings!!