Welcome to Bimmerfest -- The #1 Online Community for BMW related information! Please enjoy the discussion forums below and share your experiences with the 200,000 current, new and past BMW owners. The forums are broken out by car model and into other special interest sections such as BMW European Delivery and a special forum to voice your questions to the many BMW dealers on the site to assist our members!

Please follow the links below to help get you started!

Go Back   Bimmerfest - BMW Forums > BMW Model Discussions > 3 Series / 4 Series > E90/E91/E92/E93 (2006 - 2013)

E90/E91/E92/E93 (2006 - 2013)
The E9X is the 4th evolution of the BMW 3 series including a highly tuned twin turbo 335i variant pushing out 300hp and 300 ft. lbs. of torque. BMW continues to show that it sets the bar for true driving performance! -- View the E9X Wiki

Reply
 
Thread Tools Display Modes
  #1  
Old 03-20-2013, 07:11 AM
manish500 manish500 is offline
Registered User
Location: maryland
 
Join Date: Feb 2013
Posts: 24
Mein Auto: 2004 645
Selling 3 series - avoiding payment scams

I've read numerous internet articles on this, but I still don't understand a couple of things, maybe someone can help?

Multiple articles give the following advice:

"go to buy's bank/credit union together so that he/she can see the cashiers check being produced"

My questions are

1) What if there is no local branch in my area? (guy is coming from out of town)
2) What if he's financing, and he is bringing a bank draft, not paying cash out of his account?
3) Regarding #2, there are ways to verify over the phone? But can't he stop payment on any draft immediately after driving off?

Thanks!

Manish

Last edited by manish500; 03-20-2013 at 07:22 AM.
Reply With Quote
Ads by Google
  #2  
Old 03-20-2013, 07:20 AM
laser's Avatar
laser laser is offline
now driving number eight!
Location: Atlanta
 
Join Date: Aug 2004
Posts: 2,148
Mein Auto: 2007 S2000
This can be hard ..... the buyer needs to bring acceptable currency to you .... out of town there are many big chain banks he needs to bring a cashiers check on B of A or JPMChase for example that you take to one of their local branches to verify.

If he is financing arrange to have funds wired to your bank ... don't sign over your title til the funds are verified in your account.

I've done cash up to about $15,000 or so.

If it smells fishy avoid.
__________________
Laser

"sometimes you're the windshield .... sometimes you're the bug"
___________________________

2014 328i Mojave Metallic
2009 328i Black Sapphire Metallic
2007 328i Black Sapphire Metallic
2007 Honda S2000 Berlina Black
(Hey Jim... am I diversified?)
Reply With Quote
  #3  
Old 03-20-2013, 07:21 AM
SuperTerp SuperTerp is offline
Officially Welcomed to the 'Fest
Location: DMV (DC, MD, VA)
 
Join Date: Dec 2010
Posts: 3,040
Mein Auto: M5 NOW, M3 550 760 335RIP
I have no idea, but if you don't mind me asking. How much more are you making over carmax? If it was less than 5k I'd probably just sell it to them and know I won't have an issue.
Reply With Quote
  #4  
Old 03-20-2013, 07:25 AM
manish500 manish500 is offline
Registered User
Location: maryland
 
Join Date: Feb 2013
Posts: 24
Mein Auto: 2004 645
Laser - would anyone feel comfortable just wiring a large amt of money to a stranger's bank? I can't see how anyone would do this

super terp - it's about 5K more than Car max. That is a significant amount. You would forgo the 5K simply to avoid the headache? I'm asking - I don't know. This is the 1st car I've sold, so to me 5K seemed worth it. Even 2K seems worth it, IMO, but I could be wrong, I've never been thru the process before. Comments / advice is appreciated.
Reply With Quote
  #5  
Old 03-20-2013, 07:35 AM
Verts4Ever's Avatar
Verts4Ever Verts4Ever is offline
N55 Powered
Location: Phoenix West Valley
 
Join Date: Jul 2011
Posts: 854
Mein Auto: 2011 E93 335i
Quote:
Originally Posted by manish500 View Post
"go to buy's bank/credit union together so that he/she can see the cashiers check being produced"
I've sold numerous cars privately over the years (actually, the only way I've ever sold my cars), occasionally to out-of-state buyers. I simply call the buyer's bank to confirm the authenticity of the form of payment.

Never let a buyer put you in a position (trying to provide payment outside of banking hours, etc.) where you cannot independently confirm the form of payment with the bank.

Last edited by Verts4Ever; 03-20-2013 at 07:40 AM.
Reply With Quote
  #6  
Old 03-20-2013, 07:36 AM
TXFred TXFred is offline
Officially Welcomed to the 'Fest
Location: Austin, TX
 
Join Date: Apr 2012
Posts: 236
Mein Auto: 2008 335i Convertible
Quote:
Originally Posted by manish500 View Post
1) What if there is no local branch in my area? (guy is coming from out of town)
2) What if he's financing, and he is bringing a bank draft, not paying cash out of his account?
3) Regarding #2, there are ways to verify over the phone? But can't he stop payment on any draft immediately after driving off?
I sold one car to an out of towner via Craigslist. The car sold for less than 10k, so we just used cash. He flew in, I picked him up, he inspected the car, we then drove to his bank and he got the cash out.

What made it work was that we were both able to check each other out ahead of time. He was actually employed by the national organization of my old college fraternity. He was mentioned in many places on the national website. And he was able to go through old house records and find that I was who I said I was.

The moral is, find out what you can about the person. It may smooth the deal, or it may warn you off.

As for your banking questions, I suggest you talk to your bank manager. He can tell you what is the best way to handle this transaction.

Frederic
__________________
Any idiot can be fast in a straight line. The corners are what separates the drivers from the commuters.

Powered by corn.
Reply With Quote
  #7  
Old 03-20-2013, 07:37 AM
fb88 fb88 is offline
Officially Welcomed to the 'Fest
Location: NJ
 
Join Date: Sep 2011
Posts: 610
Mein Auto: 2014 X1 xDrive28i
Looks like a business opportunity for a middle man. I don't know if your bank provides that service (handing over title after fund is cleared), and charge $300 for it?
Reply With Quote
  #8  
Old 03-20-2013, 07:39 AM
git_yo_own git_yo_own is offline
Registered User
Location: Califormia
 
Join Date: Apr 2012
Posts: 56
Mein Auto: 2011 335i Sedan
Quote:
Originally Posted by laser View Post
This can be hard ..... the buyer needs to bring acceptable currency to you .... out of town there are many big chain banks he needs to bring a cashiers check on B of A or JPMChase for example that you take to one of their local branches to verify.

If he is financing arrange to have funds wired to your bank ... don't sign over your title til the funds are verified in your account.

I've done cash up to about $15,000 or so.

If it smells fishy avoid.
+1: Ask for a cashiers check.
Reply With Quote
  #9  
Old 03-20-2013, 07:42 AM
manish500 manish500 is offline
Registered User
Location: maryland
 
Join Date: Feb 2013
Posts: 24
Mein Auto: 2004 645
cashier's checks can be cancelled / claimed as lost.
Reply With Quote
  #10  
Old 03-20-2013, 07:44 AM
Verts4Ever's Avatar
Verts4Ever Verts4Ever is offline
N55 Powered
Location: Phoenix West Valley
 
Join Date: Jul 2011
Posts: 854
Mein Auto: 2011 E93 335i
Quote:
Originally Posted by manish500 View Post
cashier's checks can be cancelled / claimed as lost.
Cash can be counterfeited.

Last edited by Verts4Ever; 03-20-2013 at 07:46 AM.
Reply With Quote
  #11  
Old 03-20-2013, 07:58 AM
laser's Avatar
laser laser is offline
now driving number eight!
Location: Atlanta
 
Join Date: Aug 2004
Posts: 2,148
Mein Auto: 2007 S2000
The pitfalls are many ...... Cashiers Check drawn on a bank that has a local branch where you can both go and negotiate the check is probably the most realistic. Bogus cashiers checks are prevalent so like said above .... only during banking hours and take the check to a branch of the bank where it is drawn.

Selling the car to a private party is worth it .... trading is next best to minimizes sales tax on the new purchase .... CarMax is legit and easy but it will almost always be the lowest offer by a fair margin.

ps ...... don't tell anybody but I'm a banker.
__________________
Laser

"sometimes you're the windshield .... sometimes you're the bug"
___________________________

2014 328i Mojave Metallic
2009 328i Black Sapphire Metallic
2007 328i Black Sapphire Metallic
2007 Honda S2000 Berlina Black
(Hey Jim... am I diversified?)
Reply With Quote
  #12  
Old 03-20-2013, 08:00 AM
tturedraider's Avatar
tturedraider tturedraider is offline
Freedom isn't free!!
Location: Chicago, north shore (via Tennessee & Texas)
 
Join Date: Nov 2005
Posts: 14,295
Mein Auto: '06 Sonora/Beige 330i :-)
Quote:
Originally Posted by manish500 View Post
cashier's checks can be cancelled / claimed as lost.
Payment on a cashier's check CANNOT be stopped. The issuing bank CANNOT deny payment on a properly endorsed cashier's check. If the buyer of a cashier's check claims that it was lost the issuing bank requires them to buy a surety bond to cover the amount of the check before they will issue any refund. That is because if the check is presented for payment at a later date and is properly endorsed they MUST pay it. For this reason the surety bond is not cheap.
__________________
"People sleep peaceably in their beds at night only because rough men stand ready to do violence on their behalf." -- Geo. Orwell

Keep Right, Except to Pass

Than & Then usage - "It was hotter than hades (comparison). Then later on (time) it got cool."

2006 330i Sonora w/ ActiveAutoWerke flash tune - I like it!
2004 330i ZHP Imola/NB - missed
2000 328i TiAg - gone but not forgotten

BMW CCA member #388003 - www.bmwcca.org Use me as a referral, you could win a one day ///M Driving School!
Reply With Quote
  #13  
Old 03-20-2013, 08:03 AM
CALWATERBOY's Avatar
CALWATERBOY CALWATERBOY is online now
Officially Welcomed to the 'Fest
Location: San Francisco
 
Join Date: Aug 2009
Posts: 9,699
Mein Auto: 2009 E93 N54
Quote:
Originally Posted by Verts4Ever View Post
I've sold numerous cars privately over the years (actually, the only way I've ever sold my cars), occasionally to out-of-state buyers. I simply call the buyer's bank to confirm the authenticity of the form of payment.

Never let a buyer put you in a position (trying to provide payment outside of banking hours, etc.) where you cannot independently confirm the form of payment with the bank.

That's good advice. Send an image to the bank you call with written request for validation; ask for written confirmation.

No problem at all.
Reply With Quote
  #14  
Old 03-20-2013, 08:05 AM
git_yo_own git_yo_own is offline
Registered User
Location: Califormia
 
Join Date: Apr 2012
Posts: 56
Mein Auto: 2011 335i Sedan
Quote:
Originally Posted by tturedraider View Post
payment on a cashier's check cannot be stopped. The issuing bank cannot deny payment on a properly endorsed cashier's check. If the buyer of a cashier's check claims that it was lost the issuing bank requires them to buy a surety bond to cover the amount of the check before they will issue any refund. That is because if the check is presented for payment at a later date and is properly endorsed they must pay it. For this reason the surety bond is not cheap.
+1
Reply With Quote
  #15  
Old 03-20-2013, 08:17 AM
git_yo_own git_yo_own is offline
Registered User
Location: Califormia
 
Join Date: Apr 2012
Posts: 56
Mein Auto: 2011 335i Sedan
Quote:
Originally Posted by laser View Post
.... trading is next best to minimizes sales tax on the new purchase .... CarMax is legit and easy but it will almost always be the lowest offer by a fair margin.
...Unless you live in California or possibly in another state that doesn't allow the reduction in sales tax.

+1 CarMax offers a decent deal for anyone who doesn't want to deal with the hassle involved with selling used cars.

FYI to people who are new to selling cars: Another option to selling your car is to consign your car to a dealership specializing in consignment sales. You set the price, and let the dealership do all of the work for a fee. Unfortunately, I haven't had the experience of going through this route so I can't say I recommend or not recommend this option.
Reply With Quote
  #16  
Old 03-20-2013, 09:57 AM
SuperTerp SuperTerp is offline
Officially Welcomed to the 'Fest
Location: DMV (DC, MD, VA)
 
Join Date: Dec 2010
Posts: 3,040
Mein Auto: M5 NOW, M3 550 760 335RIP
Quote:
Originally Posted by manish500 View Post
Laser - would anyone feel comfortable just wiring a large amt of money to a stranger's bank? I can't see how anyone would do this

super terp - it's about 5K more than Car max. That is a significant amount. You would forgo the 5K simply to avoid the headache? I'm asking - I don't know. This is the 1st car I've sold, so to me 5K seemed worth it. Even 2K seems worth it, IMO, but I could be wrong, I've never been thru the process before. Comments / advice is appreciated.
Everyones situation is different in money, 5k can be a LOT or a little, and for me the headache wouldn't be worth the 5k but since you said its right at 5k I still might try and sell it. I'd just make sure I was comfortable with the buyer and even then you can read people wrong.

Last edited by SuperTerp; 03-20-2013 at 09:59 AM.
Reply With Quote
  #17  
Old 03-20-2013, 01:59 PM
floydarogers's Avatar
floydarogers floydarogers is offline
Pedant and Curmudgeon
Location: Renton, WA
 
Join Date: Oct 2010
Posts: 3,305
Mein Auto: 335d
This is kind of a tough one. I have a story to tell that might be of use.

I got a $30K cashier's check from my credit union, and went down to Sacramento to buy a car.

Decided the car was as advertised, the owner and I went down to his bank to transact the deal. Big Bank Bahstahrds said: "oh, yes, the check is good but it will take 2-5 days to process and get the money in (sellers) account". Big problem, as the seller is now not convinced it's a valid check (and who could blame him - he didn't know me.)

So, we tried an alternate: he's also a member of a credit union; we went there. Short story: same story. HOWEVER, since both the buyers' and my credit unions are members of the same CU organization: 1) while on phone, 2) the buyers' CU deposited the check into MY CU's account, 3) teller on phone confirmed it, 4) my CU did a phone transfer to seller's CU. Done (but what a b^&*%).

Moral: it's good to have accounts in multiple banks.

Last edited by floydarogers; 03-20-2013 at 02:00 PM.
Reply With Quote
  #18  
Old 03-20-2013, 04:44 PM
Rain49king Rain49king is offline
Registered User
Location: Florida
 
Join Date: Mar 2013
Posts: 18
Mein Auto: 335is
I'm a Gm of a car dealership so I have first hand experience of how to deal with this. Demand that the vehicle be paid for by bank wire or cash. When I sold my personal car I went to my bank and opened a second account just to receive the bank wire so I would not have to give out my personal account info. Once the money is in your account only you can control it a cashiers check maybe good at the time you receive it, but believe it or not you can have stop payment put on a cashiers check. Even if they are financing they can have their bank or credit union do a bank wire with the proper documents from the DMV proving the car is lein free (I have done it many times myself when I buy cars. If they try to use the excuse they want to see the car before they pay you all they have to do is 1) let there bank know what's going on and that they will be going out of town to potentially buy a car that they would like the bank to wire payment on upon request 2) schedule to come look at the car as early as possible on a weekday 3) if the car check outs and they wish to purchase they can call there bank and have the wire sent. If the wire is sent before 2 pm you can get it the same day they might have to wait a few hours while the wire clears the federal reserve but what is 2 hrs.
Reply With Quote
  #19  
Old 03-20-2013, 06:03 PM
pointandgo's Avatar
pointandgo pointandgo is offline
bimmerfest Supporting Member
Location: Los Angeles area
 
Join Date: Apr 2010
Posts: 4,554
Mein Auto: '13 F10 535i (loaner)
Quote:
Originally Posted by manish500 View Post
I've read numerous internet articles on this, but I still don't understand a couple of things, maybe someone can help?

Multiple articles give the following advice:

"go to buy's bank/credit union together so that he/she can see the cashiers check being produced"

My questions are

1) What if there is no local branch in my area? (guy is coming from out of town)
2) What if he's financing, and he is bringing a bank draft, not paying cash out of his account?
3) Regarding #2, there are ways to verify over the phone? But can't he stop payment on any draft immediately after driving off?

Thanks!

Manish
When I sold my Mercedes S320 some years ago, I quite frankly rejected out-of-town buying offers, or buyers that didn't have a bank branch in the L.A. area. Although it took a little longer to sell the car (over $30K). I ultimately ended up going to my buyer's (local) bank (with her) and witnessed the cashier's check being cut.

She really wanted the car and I only made a small price concession. Oddly, I found out later that she never registered the car...two years after the sale. It was parked in front of her house. Go figure!
__________________
F30 328i
E90 328i
E92 335i 6MT
E46 M3 6MT
E39 528i 5MT
MBz W140 S320
MBz W124 300E (slammed)
(unmentionables in between)
'71 AMC Javelin (4-Spd Stick on the floor)
'67 Pontiac Firebird 'cabrio' (1st car - "the leaker")
------------------------------------------------------------------------
Member: BMW CCA
Reply With Quote
  #20  
Old 03-20-2013, 06:41 PM
Leekay07 Leekay07 is offline
Officially Welcomed to the 'Fest
Location: Fishkill, NY
 
Join Date: Jan 2012
Posts: 571
Mein Auto: 08 335Xi, 2013 X1
if your car is has a lien on it then give the bank the responsibility to handle the payment from the guy and have them give you a check for the difference.


You can ask you Bank manager if you do not owe anything to help with the bank to bank transaction.
__________________
If you like customer service. Don't look beyond a BMW.
Reply With Quote
Reply

Bookmarks


Forum Navigation
Go Back   Bimmerfest - BMW Forums > BMW Model Discussions > 3 Series / 4 Series > E90/E91/E92/E93 (2006 - 2013)
Today's Posts Search
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is On



Forum Jump


All times are GMT -7. The time now is 12:22 AM.


Powered by vBulletin® Version 3.8.7
Copyright ©2000 - 2014, vBulletin Solutions, Inc.
© 2001-2011 performanceIX, Inc. All Rights Reserved .: guidelines .:. privacy .:. terms