The Ford Barn

1930pu · 08-22-2021, 08:29 AM

Hi all, I may be selling a 1930 model a to a guy on the other side of the country I never sold long distance before, what is the safest way to accept payment so I won't have any problems? Thanks Jim..

LeonardS · 08-22-2021, 09:18 AM

Certified bank check and not release the vehicle until your bank confirms that it’s cleared. Some guys will say wire transfer, but I don’t like giving out my bank account number.

ModelAMike1930 · 08-22-2021, 09:18 AM

What about a Bank transfer. Have the person you are selling to have his bank transfer funds to your bank.

WHN · 08-22-2021, 09:23 AM

Certified check/Bank check. Do not release car until your bank tells you everything is OK.

Even cash cash can be a problem.

Charlie Stephens · 08-22-2021, 09:32 AM

Quote:

Originally Posted by LeonardS

Certified bank check and not release the vehicle until your bank confirms that it’s cleared. Some guys will say wire transfer, but I don’t like giving out my bank account number.

Check with your banker and see the best way. Maybe a new account just for the transfer and then close it?

Charlie Stephens

ronn · 08-22-2021, 09:45 AM

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yes Charlie, that was recommended to me about 25 years ago. just designating acct for the payment. cashiers checks can be forged, bank wire either is or isnt in your acct......

when dealing with people outside of the country, bank wire is the best way to go. you dont have to deal with dollars lost on exchange and it is very safe.
In the US I also take a cashiers check, but it has to clear. and even with cash, as mentioned before, over 10k I take to the bank with the customer and run through the machine for fakes.........lots of them out there.

1930pu · 08-22-2021, 06:41 PM

Thanks for the help, I will go to the bank tomorrow

Brad in Germany · 08-22-2021, 09:10 PM

Quote:

Originally Posted by LeonardS

Certified bank check and not release the vehicle until your bank confirms that it’s cleared. Some guys will say wire transfer, but I don’t like giving out my bank account number.

Yeah, wire transfer to a new bank account that you have set up for such payments. No worries about giving out your bank account number.....it is on the bottom of your personal checks for all to see already (unless you do not use personal checks).

Brad in Maryland

ronn · 08-23-2021, 03:25 AM

btw little known fact- a certified check can take a couple of weeks to clear.......
all depends on routing and which banks. I prefer to use a larger bank on wires and cashiers check.

wells fargo
chase
bank of America
etal..........

Mister Moose · 08-23-2021, 07:51 AM

1) There is a difference between a certified check and a bank check. A certified check is drawn on your account, and the bank had restricted those funds as to certify they are available. A bank check is issued by the bank. Both can be fraudulent.

2) While it might take a while for a check to clear through the system, (speed has greatly increased in the last 1 or 2 decades) you are still able to call the issuing bank and verify that in fact they did issue that check for that amount. Yes, big bank checks clear faster than small bank checks. These days banks present an image of the check for payment, the paper follows later.

3) Talk to your bank about security in place as to receiving a wire transfer from an unknown person within the US. I think you'll find that it is exceedingly difficult for someone to request a wire out of your account without being you. Banks are increasingly requiring verification that originates from within the bank for any wire over 4 digits, likely any wire at all. In other words, the bank must call you, the bank must originate the call, and the call must be made to a phone number previously established to be your phone number. You might be required to appear in person to originate the wire.

There's a ton of fraud out there, and new ways to defraud banks are happening every day. They spend large amounts of time on this.

A bank check that you call the issuing bank and personally confirm, and a wire transfer, are still both the most secure form of payment. Cash can be counterfeit or stolen, and carries risks as well. The secure way to handle cash is to take the bill of sale to your bank with the buyer, have the bank count and accept the cash, and then give the bill of sale and title to the buyer. The risk of the cash then resides with the buyer until it is accepted by your bank.

08-22-2021, 08:29 AM	#1
1930pu Senior Member Join Date: Mar 2011 Location: Kingston, Pa. Posts: 151	selling my 1930 Hi all, I may be selling a 1930 model a to a guy on the other side of the country I never sold long distance before, what is the safest way to accept payment so I won't have any problems? Thanks Jim..

08-22-2021, 09:18 AM	#2
LeonardS Senior Member Join Date: May 2010 Location: Jamestown, ND Posts: 657	Re: selling my 1930 Certified bank check and not release the vehicle until your bank confirms that it’s cleared. Some guys will say wire transfer, but I don’t like giving out my bank account number.

08-22-2021, 09:18 AM	#3
ModelAMike1930 Senior Member Join Date: Oct 2013 Location: Illinois Posts: 382	Re: selling my 1930 What about a Bank transfer. Have the person you are selling to have his bank transfer funds to your bank.

08-22-2021, 09:23 AM	#4
WHN Senior Member Join Date: Mar 2017 Location: Connecticut Shoreline Posts: 1,819	Re: selling my 1930 Certified check/Bank check. Do not release car until your bank tells you everything is OK. Even cash cash can be a problem.

08-22-2021, 09:45 AM	#6
ronn Senior Member Join Date: Feb 2011 Location: NNNNNNNNJJJJJJJJJJ Posts: 6,782	Re: selling my 1930 Sponsored Links (Register now to hide all advertisements) yes Charlie, that was recommended to me about 25 years ago. just designating acct for the payment. cashiers checks can be forged, bank wire either is or isnt in your acct...... when dealing with people outside of the country, bank wire is the best way to go. you dont have to deal with dollars lost on exchange and it is very safe. In the US I also take a cashiers check, but it has to clear. and even with cash, as mentioned before, over 10k I take to the bank with the customer and run through the machine for fakes.........lots of them out there.

08-22-2021, 06:41 PM	#7
1930pu Senior Member Join Date: Mar 2011 Location: Kingston, Pa. Posts: 151	Re: selling my 1930 Thanks for the help, I will go to the bank tomorrow

08-23-2021, 03:25 AM	#9
ronn Senior Member Join Date: Feb 2011 Location: NNNNNNNNJJJJJJJJJJ Posts: 6,782	Re: selling my 1930 btw little known fact- a certified check can take a couple of weeks to clear....... all depends on routing and which banks. I prefer to use a larger bank on wires and cashiers check. wells fargo chase bank of America etal..........

08-23-2021, 07:51 AM	#10
Mister Moose Senior Member Join Date: Jun 2020 Location: Hartford area, CT Posts: 374	Re: selling my 1930 1) There is a difference between a certified check and a bank check. A certified check is drawn on your account, and the bank had restricted those funds as to certify they are available. A bank check is issued by the bank. Both can be fraudulent. 2) While it might take a while for a check to clear through the system, (speed has greatly increased in the last 1 or 2 decades) you are still able to call the issuing bank and verify that in fact they did issue that check for that amount. Yes, big bank checks clear faster than small bank checks. These days banks present an image of the check for payment, the paper follows later. 3) Talk to your bank about security in place as to receiving a wire transfer from an unknown person within the US. I think you'll find that it is exceedingly difficult for someone to request a wire out of your account without being you. Banks are increasingly requiring verification that originates from within the bank for any wire over 4 digits, likely any wire at all. In other words, the bank must call you, the bank must originate the call, and the call must be made to a phone number previously established to be your phone number. You might be required to appear in person to originate the wire. There's a ton of fraud out there, and new ways to defraud banks are happening every day. They spend large amounts of time on this. A bank check that you call the issuing bank and personally confirm, and a wire transfer, are still both the most secure form of payment. Cash can be counterfeit or stolen, and carries risks as well. The secure way to handle cash is to take the bill of sale to your bank with the buyer, have the bank count and accept the cash, and then give the bill of sale and title to the buyer. The risk of the cash then resides with the buyer until it is accepted by your bank.