Guys,

I've told the guy I want cash to sell my car, but he is doing loan. He wants me to take a certified check, and he is indicating that Chase Bank will do a cashiers check in my name.

Am I being over protective? What kind of payment would you accept and what verification have people done, such as verifying funds behind the check???

I appreciate any feedback!

 

A cashier's check, if legit, is as good as cash. I would have him send you a copy of the check in advance, then you can call Chase Bank and see if they can confirm the authenticity of the check via the check number. That's what I did when I sold my M3 to a Canadian buyer and it all worked out. Good luck!

 

What about getting the money wire transferred to your account?

 

[quote=ToddMcF2002;3463317]Am I being over protective? quote]

No such thing with the amount of fraud going on today.

I can understand the buyer's position of not wanting to carry that much cash around. To me the best option is to have his back electronically transfer the funds into your account. That way all parties know the money is 'real'.

 

He is showing up in person from Ohio (I'm in MA) with the check. If he is physically present and we call his bank to verify the check number and funds you think I can still be scammed?

I know nothing about wiring funds other than what I've seen in the movies

 

Also, fwiw, I'm actually picking up my 997 next week and am paying with a cashier's check.

 

Just schedule the transaction to take place near or in the parking lot at a Chase branch. That's what I would do - otherwise have it done at YOUR branch and have him wire the money right then and there. With either you're walking into a branch to complete the deal.

Those are the ONLY two options I'd consider

 

The closest Chase branch is in NY unfortunately. I don't know how private party auto loans work. Do they fund *his* account first? Why would they do that without the car as collateral? When I called Chase they said they would *only* do this at a Chase branch, which made sense to me from the banks perspective....

 

The last time I sold a car I did the transfer at the person's actual bank so that I could verify the check. I've read a few things about fraud and cashier's checks.

 

There are definately some scammers out there so you are not being paranoid. If the buyer is paying with a cashier's check there is some risk but you can do your due dilgence to minimize it. For one try to do transaction on a normal business day. Call Chase yourself and see if you can verify the check. I would do the transfer at your bank, let them inspect the check/call verify as well as an added measure of protection. Take all of the buyer's information including copy of license etc. Tell him you will mail him the title via overnight mail as soon as the check clears.

Other options, see if the buyer is willing to hang around a few days until the check clears, maybe a long shot but you never know. Depending on how much of the car that the buyer is finacing ask him to wire a portion of the purchase price of the car to you or to bring cash and again do the transfer at the bank who can inspect the bills for validity. Another option which adds cost to the transaction is to see if a Porsche dealer will act as an intermediate for you. Essentially they buy the car from you and sell it to the buyer. Usually they charge a few thousand dollars for this service. You and the buyer can split the cost. If that puts everyone at ease a couple grand isnt that much consdering the cost of these cars.

Bottom line if you are not comfortable selling the car to the buyer then don't. Wait until someone who makes you comfortable comes along.

Good luck

Ken

 

A wire transfer is by far the easiest and safest way for each of you. I'm in California and I wired the seller in Mississippi from my bank to his. Total cost was $30. Very easy and simple process. Just provide him your bank's address, routing number and your account number. He can sign the paperwork at his bank before he leaves his State and execute the transfer once he sees the car in person. Takes about an hour or two to process and confirm the transfer when done during normal banking hours Since you are dealing (most likely) with a significant amount of money, I'd insist on this method. Good luck.

 

Or you can have him get a cashier's check with your bank, as long as they have branches in OH. This way you you can verify with your own bank for ultimate peace of mind and no waiting.

 

Wired money to your account and you make a dated bill of sale, you both go your merry way. I just did that this past november, $500 deposit paypal for me to hold the car for him and the balance wired to my account. super easy. He then sent a truck to pick the car and transport it all the way from Miami to Georgia.

 

I find it hard to believe the bank will make the loan before they have a title.
Call your bank and see what they say they would do.

 

This sounds very legit to me, as long as you call Chase and verify that the cashier's check is valid. I think this is the cleanest way your buyer can do it for you. You're right to be cautious, but a cashiers check from Chase, once verified, is as good as cash.