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is bank wire transfer safe for seller?

regguiy 409 106 July 24, 2012 at 06:18 PM
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Last Edited by regguiy July 24, 2012 at 06:27 PM
selling a auto to someone in another state, how safe is the bank wire transfer to the seller?

can these be taken back if say the sender claims fraud or etc?

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#2
Once a wire transfer has been accepted by your bank, it cannot be reversed by the buyer without your consent.

That is one of the reasons why wire transfers are strongly discouraged for buying cars. As a buyer, you should never transfer money via a wire transfer.
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#3
Additionally, it would be a good idea to open a new checking account just for the wire transfer. That way you can avoid giving buyer information about your primary bank account.
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#4
dont ship cars out state




How to recognize a vehicle scam attempt on CL:
•Shipping a vehicle to you is suggested by seller
•eBay Motors or another intermediary is specified by seller
•Payment by Western Union or a money wire is requested
•Price is unusually low (fraction of blue book value)

If you see these tell-tale signs, flag ad as "prohibited" and avoid

Offers to ship a vehicle are virtually 100% fraudulent

eBay has no involvment in craigslist for sale ads, and any eBay or similar emails or web pages you receive are fake

Never use Western Union or wire transfer to pay for goods - only a scammer will ask for this, and any funds sent will be lost

Do not buy vehicles sight-unseen, regardless of low price. The vehicle does not exist, and any money you send will be lost.



Stories about divorcees or departing servicemen needing to sell quickly at a low price are generally fraudulent

If a deal sounds too good to be true, it probably is!

More information is available for avoiding scams
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#5
Quote from cavan View Post :
dont ship cars out state




How to recognize a vehicle scam attempt on CL:
•Shipping a vehicle to you is suggested by seller
•eBay Motors or another intermediary is specified by seller
•Payment by Western Union or a money wire is requested
•Price is unusually low (fraction of blue book value)

If you see these tell-tale signs, flag ad as "prohibited" and avoid

Offers to ship a vehicle are virtually 100% fraudulent

eBay has no involvment in craigslist for sale ads, and any eBay or similar emails or web pages you receive are fake

Never use Western Union or wire transfer to pay for goods - only a scammer will ask for this, and any funds sent will be lost

Do not buy vehicles sight-unseen, regardless of low price. The vehicle does not exist, and any money you send will be lost.



Stories about divorcees or departing servicemen needing to sell quickly at a low price are generally fraudulent

If a deal sounds too good to be true, it probably is!

More information is available for avoiding scams
That information is for buyers. Buying a car with a wire transfer is a bad idea. Selling is completely different. Craigslist is warning against buying a car with a wire transfer because once the money is sent, there is no way to cancel the transaction.
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#6
shipping A car is not safe,they ship out of country,car s gone
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#7
so then if I selling a auto out of state i take a chance of a reversal? not good...
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#8
this guy is asking about SELLING a car , not buying a car via wire transfer.

i'm no legal expert but wire transfer is pretty safe for the seller/reciever. Ever see those movies where they don't do the drug deal until the wire transfer is complete? That's the reason why, once sent it cant be taken back.

But be aware that some states do have a "lemon" law when selling vehicles, in that the buyer is protected for xx amount of days and is entitled to a refund if the vehicle breaks down during that period. While the buyer may not be able to get the money from you that was sent in the wire, the buyer may legally sue you and retrieve the money through other methods.
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#9
I don't care what anyone says, if you saw an ad and the seller or buyer wants a wire transfer for payment is it a scam, 100%. RUN away!
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E finita la cuccagna

Liberals want you to think like them, Conservatives just want you to think!
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#10
Quote from regguiy View Post :
so then if I selling a auto out of state i take a chance of a reversal? not good...
You're the one getting the money. Pretty much once you get it its yours. They'd need to bring you to court and show how you frauded them to get it back. If your legit selling the car you should be ok...unless the money is coming from a stolen acct then I guess you would be forced to give it back?
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#11
Cash only. Pick up only. No deliveries. If in your state a vehicle license/tags are per person, remove the plates/tags before transfer of the vehicle. Get the vehicle sale document notarized.

I realize most people here are probably right about the whole wire transfer can't be taken back, but ask yourself, is it worth taking the chance? Cash is king. Meet at your bank, receive cash, immediately deposit.
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#12
Quote from regguiy View Post :
so then if I selling a auto out of state i take a chance of a reversal? not good...
Only thing I ran in to, and I'm not 100% sure this happened but in speaking with the DMV it does happen is that I sold my car to a private party. I filled out the single piece of paper and sent it in to the DMV. I then got a car registration renewal for the car and did nothing (figured it must have been a timing thing). More time goes by and I get another letter saying I'm late and blah blah blah, etc.. I call up the DMV and inform them I have sold the car and sent in the paperwork. Seemed as though the new owner never registered the car. What seems to happen with some frequency out here is they buy a car and take it down to Mexico. As a result of the car not being registered by the new owner the state still had me as the owner. Nothing bad happened, just had to deal with it.

I'd say once you have the cash and you ship the car who cares if you're the seller Big Grin Has the buyer ever inspected the car? Only thing I'd be concerned about is the buyer somehow claiming what you sold him wasn't what he agreed to buy (because of some dings, dents, dirty interior, etc.). I'd make darn sure you have a clear contract saying he's buying it "as is" or something like that so he couldn't come after you and also make sure he takes ownership upon shipment so that if something happens in-transit it's his fault and he has no recourse towards you.
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#13
Ok.... I spoke with several banks today including the following , Huntington Banks, Fifth third federal, Bank of America..
clear as day, YES bank wire to bank wire transfer CAN be pulled bank and there are many cases of it occurring more and more.

the problem? when a person goes into the bank they must have the cleared funds and prove they are who they are to the bank , then they are allowed for a fee to send the approved bank wire to ones account, .. Now this one is secure cause they know who you are and that you have the funds BUT and I say BUT banks like Bank of America actually have a wire fraud department .. the reason why they do? because banks like Bank of America allow you to perform a Bank wire transaction from your computer and NOT in person, they do add another measure of security but its not fool proof, therefore if you sell something to someone who performs a wire transfer via the computer and you receive the money, weather you pull it out or not, and the other person even 15 days later says I didn't send the money someone must of used my computer or has my password, THEN the problem begins, the money can now be frozen and returned and a investigation is performed, if the person sticks to their guns and say they did not do this and jumps threw the necessary hoops they will get their money back leaving the seller high and dry!

Bank of America has a Wire Fraud department..... why? because this occurs because banks like them exist.
Many banks including Fifth Third have said this is why all our banks accept western union to prevent this since you just need to prove identity and have the proper information. But then this is not secure for the buyer, leaving them open

SO if you think Bank wire transfers a safe, then your 100% wrong they are not.
by the way if you think you can just open a account and then pull the money out so this cant happen , think again the bank you will you a negative balance and then come after you.

Oh and you are NOT allowed to find out if the wire was done in person or online because you are not the owner of the account , you may be the receiver but not the sender so your SOL here all so.
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#14
Quote from regguiy View Post :
Ok.... I spoke with several banks today including the following , Huntington Banks, Fifth third federal, Bank of America..
clear as day, YES bank wire to bank wire transfer CAN be pulled bank and there are many cases of it occurring more and more.

the problem? when a person goes into the bank they must have the cleared funds and prove they are who they are to the bank , then they are allowed for a fee to send the approved bank wire to ones account, .. Now this one is secure cause they know who you are and that you have the funds BUT and I say BUT banks like Bank of America actually have a wire fraud department .. the reason why they do? because banks like Bank of America allow you to perform a Bank wire transaction from your computer and NOT in person, they do add another measure of security but its not fool proof, therefore if you sell something to someone who performs a wire transfer via the computer and you receive the money, weather you pull it out or not, and the other person even 15 days later says I didn't send the money someone must of used my computer or has my password, THEN the problem begins, the money can now be frozen and returned and a investigation is performed, if the person sticks to their guns and say they did not do this and jumps threw the necessary hoops they will get their money back leaving the seller high and dry!

Bank of America has a Wire Fraud department..... why? because this occurs because banks like them exist.
Many banks including Fifth Third have said this is why all our banks accept western union to prevent this since you just need to prove identity and have the proper information. But then this is not secure for the buyer, leaving them open

SO if you think Bank wire transfers a safe, then your 100% wrong they are not.
by the way if you think you can just open a account and then pull the money out so this cant happen , think again the bank you will you a negative balance and then come after you.

Oh and you are NOT allowed to find out if the wire was done in person or online because you are not the owner of the account , you may be the receiver but not the sender so your SOL here all so.

Personally, my advice would be for you to either bring the car to the buyer, or that he come and pick it up. You should be meeting in person and signing documents while sitting in the same room with a notary public.

You should receive cash or some sort of certified funds (Cashier's Check). Preferably you already have an account with the issuing bank. If you do not or can not have this account, use your existing account. Make a copy of the check, front and back, and save with all of your documentation copies. Deposit the item immediately.

The wire transfer is like an instantly cleared personal check. The funds are available in the receiving account immediately, but could be called back due to a returned item if the sender claims the item is fraudulent and the bank agrees with them.

The certified funds will help you avoid the "fraud" aspect. The money coming to you from the check is sent out of a bank's general account and not the account of the seller. Also, your name is printed on the check at issuance - meaning the buyer went to the bank and requested a check with your name on it and presented proper identification to obtain that check.

Many businesses use wiring regularly and so do individuals making purchases. Your circumstances are different only because you're dealing with an unknown entity who you assume wants to screw you over.
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#15
Selling a car to out of state buyers isn't necessarily a scam.

For example, I own an M3. These cars were limited in production compared to others. On the M3forums, many buyers look outside of their local area to purchase the specific model they're looking for. Many purchase a car across the country and have it shipped to them.

The last M3 I sold, I had a potential buyer from Pennsylvania (I'm in California). We spoke through the forums first, email second, and finally on the phone. He was a legit buyer and I was a legit seller. I'd say it's a case by case situation.
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-The San Francisco Bay Area, commonly known as the Bay Area, is a metropolitan region that surrounds the San Francisco bay in Northern California.
-The Bay Area is home to approximately 7.2 million people.
-The San Francisco Bay Area is one of the wealthiest regions in the U.S.
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