Safest way to transfer funds for out of state buyer

[Rich150001]

I have a prospective buyer for my M3 who lives in California. His grammar/spelling was off, so I am extra suspicious with dealing with this guy.

What are safe, acceptable ways of making this transaction? I have no lien on the car and he is planning to purchase the car outright. He agreed to buy the car unseen and have it shipped to California.

Thanks for the suggestions!

[///M Ryder]

Try to facilitate the sale through a bank or credit union. Due to the airbag recall the dealers won't touch it.....so a in and out is off the table. Also, you can hold the car until funds have cleared your account. GL...........Phil

[oolas3]

Wire transfer is safest for you.

[jayjaybelbel]

Have him do a wire transfer and once funds are confirmed, then you can just release the car.I bought a watch from out of state before and did a wire transfer. Both buyer and seller is someone protected and can be traced. GLWS

[Rich150001]

Thanks guys. Will call the prospective buyer and feel him out today. He pretty much agreed to my asking price without any inquiries about the car with horrible grammar/spelling. It has all the signs of a scammer but if he agrees to wire the money and let it clear, then I'll proceed.

[oolas3]

Originally Posted by Rich150001

Thanks guys. Will call the prospective buyer and feel him out today. He pretty much agreed to my asking price without any inquiries about the car with horrible grammar/spelling. It has all the signs of a scammer but if he agrees to wire the money and let it clear, then I'll proceed.

A wire transfer will clear the same day (within 1-2 hours I believe) and is not reversible by the other party or the bank. As soon as you mention wire transfer, scammers should be running away.

[Rich150001]

He is insisting on using an escrow (any company that I choose), but I told him I'd only accept a wire transfer and/or cashier's check and he is unwilling to. I think I'll pass on this buyer and enjoy the car a bit longer.

[Bucki14]

Originally Posted by Rich150001

He is insisting on using an escrow (any company that I choose), but I told him I'd only accept a wire transfer and/or cashier's check and he is unwilling to. I think I'll pass on this buyer and enjoy the car a bit longer.

Good Idea! It was meant to be...

[UPSROD]

Originally Posted by Rich150001

He is insisting on using an escrow (any company that I choose), but I told him I'd only accept a wire transfer and/or cashier's check and he is unwilling to. I think I'll pass on this buyer and enjoy the car a bit longer.

Cashiers check can be cancelled by the person who purchased it!

[Rich150001]

Originally Posted by UPSROD

Cashiers check can be cancelled by the person who purchased it!

Thanks, so a bank wire is the safest?

[Rich150001]

So the guy ended up agreeing to use a bank wire with the same bank. He wants the car shipped to California, but when I asked for his driver's license and/or ID, it came back with a place in Nevada. When I looked up the address in Nevada, it actually pointed to a hotel. How strange this is.

[///M Ryder]

You are wasting your time with this guy......move on before you regret this deal........Phil

[Flying Ace]

Wire transfer
Bank check
Cashier check

Don't do anything until money clears

[Flying Ace]

Originally Posted by Rich150001

He is insisting on using an escrow (any company that I choose), but I told him I'd only accept a wire transfer and/or cashier's check and he is unwilling to. I think I'll pass on this buyer and enjoy the car a bit longer.

Sounds safe, but unconventional.

Seriously, a $30k+ transaction and he can't be bothered to do it in person?

[Rich150001]

Originally Posted by ///M Ryder

You are wasting your time with this guy......move on before you regret this deal........Phil

At this point, i don't doubt id receive the money and it would clear since we are using a wire transfer with the same bank, but i am concerned also with him living in cali and his drivers license states nevada. The nevada license address actually maps to a random hotel. The cali address doesnt pull up on any sites like zillow, trulia, or google maps either. I am concerned he would never actually register the car since he is living in Cali so im unsure of the implications on my side. He does appear to have a C7 ZO6 searching his email but there are just so many things that don't add up. It's unfortunate bc he was offerring a premium for my car.

Bottom line i think im gonna pass on selling him the car.

[Rich150001]

Originally Posted by Flying Ace

Sounds safe, but unconventional.

Seriously, a $30k+ transaction and he can't be bothered to do it in person?

In his defense, he does live 2k+ miles away and it is not uncommon to buy/ship cars, but other red flags include not really asking any questions about the condition of the car or having it checked out at all.