Advice on a sale?

[ugly2u]

I found a buyer for my car and want to be sure I don't get taken. I've never done a car sale through a third party. That's were I need help, please...

A dealer came to check out the car and negotiate a price for his client. Client will wire transfer money to my account tomorrow. Client wants to remain anonymous. Dealer will send a tow truck to pick up the car, after the funds clear my bank. Dealer has one unknown complaint in the last 3 years on the BBB.

Bill of sale was written in the client's first initial plus last name, no address (anonymous).

Am I exposed to liability if I turn the car over to the 3rd party, dealer, with no instructions directly from the buyer ( bill of sale). Could it come back on me if the buyer says he never got the car and never told me to give it to the dealer?

CYOA if you know what I mean... Thanks for setting me straight.

[crj1968]

I'd sign the title and make bill of sale to the dealer guy and let them sort it out.   

[ugly2u]

Agreed, but not an option.

Dealer said no money in it for him. It's a deal he's working for a good client.

Does it seem strange to anyone else?

[polywideblock]

as long as the money goes into your account when expected, I'd say its their problem from then on 

[markrt68]

Check with your bank that there is absolutely 100% no way anything can happen to the funds after they have "cleared"......

[cudaken]

Go to the bank and get cash in hand. Then let the car go.

[Mopar Nut]

I would deal in cash only, sounds like it's a scam.

[crj1968]

Agreed, but not an option.

Dealer said no money in it for him. It's a deal he's working for a good client.

Does it seem strange to anyone else?

Doesn't need to be any money in it for the dealer guy. He doesn't need to re-sell it at a profit, just sign the title over.
If "there's no money in it for me" is his reasoning then he is some sort of scammer.  Tell them to pack sand.

[moparnation74]

I would suggest to talk to your bank in regards to the wire transfer.  My bank relayed to me to open a separate account for wire transfers and make sure there is no overdraft protection on that account.  Any link to your standard account poses a risk of theft!  One reason, you have to relay your account information to someone so these funds can be delivered.  So your account information is at risk.  And they could use your information to extract funds back.  Once the funds are accessible to you.  Have the bank transfer to your standard account.  Then you will be protected at that point.

However, the whole sale sounds like a scam

[RECHRGD]

Why would the buyer want to remain anonymous?  Is your car some rare mega buck piece?  It just sounds too fishy, so tread very carefully and as others have said do NOT give information out on your regular accounts.  Open a separate account and only turn over the car when you have cash in hand.....

[73rallye440magnum]

This does sound weird.

When I sold my car it was purchased by a foreign sounding individual from Florida who was representing an overseas buyer. The money was wired into my account and I mailed him the signed title. It was shady but my bank was cool with it and said it was safe.

This deal sounds a little more sketchy than that though. The buyer can remain anonymous by letting the dealership pay you with his cash.

[billssuperbird]

Cash in your hand then give him the car.

[Mytur Binsdirti]

This does sound weird.

When I sold my car it was purchased by a foreign sounding individual from Florida who was representing an overseas buyer. The money was wired into my account and I mailed him the signed title. It was shady but my bank was cool with it and said it was safe.

This deal sounds a little more sketchy than that though. The buyer can remain anonymous by letting the dealership pay you with his cash.

I've bought & sold cars with wire transfers as well. As long as the money goes into your account, you're golden. Have him get in touch with you when he's made the transfer and then alert your bank to be on the lookout for it. But keep in mind that unlike in the movies, wire transfers will generally take a couple of hours.


Be sure to inform the buyer when the money has been confirmed at your bank and as a professional courtesy, you should overnight the title to him once the transfer is complete.

[ottawamerc]

I have heard of some "unusual deals" like this before but NEVER let that car go with out cash in hand and cleared by your bank. Sign the title and bill of sale and see ya! Then go buy a new car.

Scott

[crj1968]

Also be aware that most banks charge you a fee for the wire transfer. Could be a couple hundred bucks depending on the amount....

[ugly2u]

Cash is in my bank. Gonna move forward with the other recommendations you have all made. I will isolate this account so no money can be extracted later.

Thanks for the replies!

FYI
fully restored, restomod 1969 SE stroked 440 driver quality sold for $32,500

[xs29bb1]

Also be aware that most banks charge you a fee for the wire transfer. Could be a couple hundred bucks depending on the amount....

The guy paying the wire fee should be the buyer of the car. I've never been charged for receiving funds via a wire

[bakerhillpins]

Also be aware that most banks charge you a fee for the wire transfer. Could be a couple hundred bucks depending on the amount....

The guy paying the wire fee should be the buyer of the car. I've never been charged for receiving funds via a wire

Same experience here. Sender pays fees for wire transfer. Mine were only $15 on a 20k + purchase.

[Mytur Binsdirti]

Also be aware that most banks charge you a fee for the wire transfer. Could be a couple hundred bucks depending on the amount....

The guy paying the wire fee should be the buyer of the car. I've never been charged for receiving funds via a wire

True, and I was only charged $32.00 for the service just a few weeks ago.

[XS29L9Bxxxxxx]

All my wire transfers have been drama free, and, well, free.

It's an easy and safe way to move money. I am tired of carrying that much cash to go buy a car. Last guy insisted on cash-only, and I had to get $20k cash on a Saturday. Not impossible, but it wasn't as easy as it was 20 years ago to draw that kind of coin from the bank.

Anyways, the fishy thing is the anonymity of the buyer. Who cares. Unless you want a pen pal, why would you care, and why would they?

Good luck, and let us know how it works out.

[crj1968]

Interesting, USBank just told me yesterday $50-100 to receive a wire for around $15K. Gonna have to talk with them about that.

Anyhow- congrats on the sale, glad it wasnt a scam, sure sounded a bit odd..

[Wingnut426]

YOU are the seller. YOU set the conditions of payment. PERIOD!  Why do people think they can tell a seller how payment is made???   My

[bakerhillpins]

Interesting, USBank just told me yesterday $50-100 to receive a wire for around $15K. Gonna have to talk with them about that.

Anyhow- congrats on the sale, glad it wasnt a scam, sure sounded a bit odd..

I suspect it's up to the banking institution you use and what their individual policies are.

[ws23rt]

YOU are the seller. YOU set the conditions of payment. PERIOD!  Why do people think they can tell a seller how payment is made???   My

I agree---

The buyer should understand and accept a sellers point of view on a transaction like this.  It is polite if nothing else to put the seller at ease.

However the same goes for the seller. They need to help the buyer into there comfort zone after all they are letting go of a chunk of money before they get the goods.

Motivation plays into all this.  For example a car that is not (on the market) for sale. The buyer should expect to bend more than the owner. 

I see a need for a secure method to cover all parties. ---thanks to the scammers---

[Mopar Nut]

Interesting, USBank just told me yesterday $50-100 to receive a wire for around $15K. Gonna have to talk with them about that.

Anyhow- congrats on the sale, glad it wasnt a scam, sure sounded a bit odd..

See if they will price match.