Best way to receive money for EBAY

[zstroken]

I just sold my car on ebay to a guy from Georgia, and I want to know the best way to receive my money. I said in the auction all funds must clear before item is shipped/picked up. Well I am sure my bank will put a hold on the bank check since it is an out of state. Looking for ideas. He wants to fly up here and look at the car before he hands over the money. Then he will drive it home.

 

[BigPapa]

If he's coming to get it or look at it, tell him to bring cash. They'll take that anywhere.



Seriously, if it's not an insanely large amount I'd tell him to bring cash. If not cash a cashiers check and I'd take the cashiers check to my bank with him before I let him drive away. I'm GM at a large motorsports dealership in TN and we had a guy pass a counterfeit cashiers check at a neighboring store a few months ago. Be careful.



Scott

 

[Double J]

How about EFT (Electronic Funds Transfer)? Most banks offer this service now but I'm not sure if there's a $$$ limit on it though.

 

[zstroken]

A friend of mine recieved a bad money order a few months back. Yes we were going to the bank to recieve it, but my bank still puts a hold on the check since it is an out of state check. The amount is too much for him or I to be carrying around as cash. I have done the wire transfer before, but I think it took most of the day to show the funds, of course that was a transfer from canada, I don't know if that made a difference. I am going to call both of my banks and ask them timing on the wire transfer(EFT). Western union wanted $500 for the transfer. I may just do the EFT and tell him he will have to wait until it posts to my account before he gets the keys and the title. I have even thought about holding the title if I accept the cashiers check, but he still would have the car. Here is the auction wording

$1000 deposit required in 5 business days. Remainder of funds do before vehicle is picked up. All payments must clear my bank(7 business days typically) before vehicle pickup. I might be able to help with delivery 500 miles or so of Indianapolis. Please email me before you bid, to discuss delivery fees and such. Buyer responsible for all shipping fees. Car is in great shape, however it is a used car, it is being sold as is, with no warranty(implied or otherwise). Please don't bid if your not going to buy, this is a possible collector car. By bidding on the car you agree to pay the amount bid for the car. Car is for sale locally and I reserve the right to end the auction early if need be. Thanks and happy bidding.

I just don't want to be a huge pain in the butt and make the guy fly up here twice or something. Still open for ideas.

Thanks

 

[jwilliams3]

Just tell him you would gladly meet him in a public place if that makes him more comfortable paying you in cash.

 

[tpuig]

Escrow service?

I recently bought a car on eBay from across the country. Fortunately I had a trusted friend who was willing to drive an hour to check out the car for me. I sent HIM a check for the amount. When he got there, if the car was good, he paid the guy. If not, he could walk away. The car was fine. He got the paperwork and the keys, the seller got the cash. A shipper picked up the car the next day and it eventually made it's way across the country to it's new home.

If I didn't happen to have anyone I trusted, I would have flown out and checked the car myself. For a long distance transaction, I'd be leery of cashiers checks, unless you go through your bank. Some folks have accepted payment with a bill of sale, and held the title until the cashier's check clears. That way even though they don't have possession of the car, they have the title still in their name and can bring law enforcement into it.

Once the funds clear, which can be a week or two sometimes, they send the title to the new owner.

EBay offers $20k of Fraud Insurance on vehicles, so you might check that out. Otherwise do a search for escrow services, there have to be companies that handle this. Hope this helps.

TP

 

[zstroken]

I appreciate the suggestions. I think he is more worried about carrying the cash up here. Anybody from Augusta Georgia??

 

[Sojourner]

Wire transfers between banks within the US should show up within a few hours of having been wired.



I have received cashier's checks for large amounts and I simply tell the purchaser that it is a 'no go' for at least ten days after receipt, but I will see what I can do. What I end up doing once I have received the cashier's check is to go on line and do a search to find the website for the institution that issued the cashier's check. It isn't that difficult to determine whether or not the website belongs to a bona fide financial institution - one of the things that can be done is to do a 'whois' at www.netsol.com and see who owns the domain and when it was created. Besides that, it will be very obvious from how elaborate the website is as to whether the financial institution is bona fide - such operations don't produce lame, cheezy websites and it is easy to get a feel for it. Then I call the phone number listed on the website for the institution and ask for verification of the cashier's check with either the original CC or a copy of it and confirm every detail including the signatory, amount, date, CC#, etc. If everything is good, then I contact the buyer and tell 'em to come and get the goods.



HTH

 

[sarj]

If he wants possession of the car to drive home, it's cash only. I just bought one from GA and had it shipped. I requested & got copies of title, reg, & D. L. all faxed with no notice, to verify name & address, then went to my bank & had them contact his bank manager and had them arrange for the bank manager to act as an escrow account. I had no problems, but like I said, if he takes possession, you want cash in the pocket, & you ought to be able to meet at a bank to conduct business.

 

[zstroken]

I think I have settled on a cashiers check. We are meeting at my bank and my bank will call the institution that the check came from(his bank) to verify the funds. My bank said that this should be ok. My bank may put a hold on it, if they do I will definately hold the title. Until it clears.

 

[MBrewer]

I completed a transaction last year as the buyer. I purchased a bank check. I don't know if thats a certified or cashier check. The problem I had was the sellers bank and the buyers bank were each different. In the end, the seller accepted the buyers check, and I drove home. Dealing with the two states motor vehicle departments was just as troublesome.



Mike n Virginia

 

[TowPro]

When I sould stuff on Ebay I used something Western Union had. the buyer would pay Western Union (with credit card over internet) . Then western union would send me a check. Once they pay western union you get an email saying your check is on the way. You can then wait for the check or release the item then. Or just have him transfer the money through banks transfers or western union.



My friends who sell on Ebay use money orders through the post office. The adantage to that they say is if the buyer tries to screw you, its then a federal offence.



if your thinking of paypal, read www.paypalsucks.com first