How to Tell if a Potential Car Buyer is Real?

[Bob B.]

I'm

[Patrick H.]

Re: How to Tell if a Potential Car Buyer is Real?

Did they come out to see the car? Send an inspector? Talk to you on the phone?

If the answer to any of them is yes, your bank can always hold the $ in escrow for you.
If all 3 answers are no, it's a scam.

[Duke W.]

Re: How to Tell if a Potential Car Buyer is Real?

Forget about a so-called cashier's check! They are easy to forge.

The only way to accept (or send if you are the buyer) funds is a federal wire transfer. If the buyer doesn't know how to do a federal wire transfer or won't accept this method of payment forget selling the car to him... there's a good chance it's a scam.

If you need to accept a federal wire transfer, go talk in person to a banker at a local branch. (If you don't bank with a bank that has a branch near you I suggest you find a bank that does.) The buyer's bank will need the routing number of your bank, an account number to deposit the funds in, and the name of the account holder. You don't need to provide your address to the buyer. I suggest you open a new savings account, and give that account number. Once the funds are in that new account, which should be the same day they are sent, move them to your established checking or savings account and close the temporary account.

If you need to send a federal wire transfer, talk to your banker first thing in the morning or the previous day.

If sent in the morning the funds should arrive the same day or next business day at worst. Once the funds are in your account, it's a done deal... no such thing as a stop payment, and I'm not aware that a federal wire transfer can be forged unless done by an insider like a bank employee, and I expect that is quite rare, because it would be very difficult to hide, and the perp would quickly be identified.

Duke

P. S. Be sure to get the correct routing number for your bank since banks may have multiple routing numbers. For example, J P Morgan Chase has different routing numbers for wire transfers and ACH (Automated Clearing House) transfers. ACH is typically what is used to pay your bills via your bank's online bill pay software and transfer funds between accounts in different financial institutions. ACH is usually free. Federal wire transfers may have an associated fee to the sender.

[Paul Y.]

Re: How to Tell if a Potential Car Buyer is Real?

Great advice from Duke. In addition do not give bank information out by email. Best done by phone or in person.

Forget about a so-called cashier's check! They are easy to forge.

The only way to accept (or send if you are the buyer) funds is a federal wire transfer. If the buyer doesn't know how to do a federal wire transfer or won't accept this method of payment forget selling the car to him... there's a good chance it's a scam.

If you need to accept a federal wire transfer, go talk in person to a banker at a local branch. (If you don't bank with a bank that has a branch near you I suggest you find a bank that does.) The buyer's bank will need the routing number of your bank, an account number to deposit the funds in, and the name of the account holder. I suggest you open a new savings account, and give that account number. You don't need to provide your address to the buyer. Once the funds are in that new account, which should be the same day they are sent, move them to your established checking or savings account and close the temporary account.

If you need to send a federal wire transfers, talk to your banker first thing in the morning or the previous day.

If set up in the morning the funds should arrive the same day or next business day at worst. Once the funds are in your account, it's a done deal... no such thing as a stop payment, and I'm not aware that a federal wire transfer can be forged unless done by an insider like a bank employee, and I expect that is quite rare, because it would be very difficult to hide, and the perp would quickly be identified.

Duke

P. S. Be sure to get the correct routing number for your bank since banks may have multiple routing numbers. For example, Chase has different routing numbes for wire transfers and ACH (Automated Clearing House) transfers.

[Jim D.]

Re: How to Tell if a Potential Car Buyer is Real?

NEVER accept a cashiers check UNLESS you accompany the buyer to his bank and have the cashier draw the check on the buyers account and hand it to you. Cashiers checks used to be safe many years ago but not anymore.

[Larry E.]

Re: How to Tell if a Potential Car Buyer is Real?

Just another twist on your question: I been trying to sell my "Top Flight" condition All ducumented
77 Chevy Sport P/U now for several years for a "Fair Price". I have had two buyers contact
me and wanted the truck(Agreed On Price with me) and they wired me $1000.oo to my account to
hold the truck for them. Both of them never did show up for getting the truck for unknown reasons and would not
answer my calls. They also never wanted their money returned. I called Hemmings where the
truck was advertised and they told me this happening all too often. Thanks>Larry P.S. They only reason
they came up with is something catastrophic happened to them>EG> Death in family/Loss of job/ or ?

[Tim G.]

Re: How to Tell if a Potential Car Buyer is Real?

I recommend talking with them by phone. I've never sold or bought a car without a phone conversation.

[Robert B.]

Re: How to Tell if a Potential Car Buyer is Real?

talking on phone is not a fool proof solution, scammers use the phone all day long, some are professionals and make everything sound perfect.

[Bill M.]

Re: How to Tell if a Potential Car Buyer is Real?

Dumb questions , criticizing the car and letting you know that they are experts are good signs of an annoying tire kicker. I usually tell them to shut the lights when they leave.

[Bob B.]

[Ian G.]

Re: How to Tell if a Potential Car Buyer is Real?

I concur. A pair of scammers tag-teamed my grandfather over the phone and fleeced him for 5 grand pretending to be me and a lawyer with a cockamamie story to get me out of "jail" after a "DUI". watch out.