How to avoid joy rides selling a high hp used car?

[Neil4Speed]

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Go to the bank before it closes, then do all your other shit. He can hang onto the draft until everything is done.

When I bought a car last, I pretty much insisted that the seller come to the bank with me for his peace of mind.

[Maxx Mazda]

Yeah, why is it so imperative that it get done after hours? If the guy can't take a half day off work to buy a car, seems fishy to me.

[killramos]

I wouldn’t take a day off work to buy a car lol

I had Mercedes bring me my C63 to my office parkade and I signed papers on the dash lol

[vengie]

Don't release the keys to the car until the bank verifies the draft and the money is in your account.

[ExtraSlow]

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Don't release the keys to the car until the bank verifies the draft and the money is in your account.

That is several days if you aren't at the same bank. So much easier to just go to the bank when it's open.

[jutes]

Never had an issue with bank drafts on $25k+ vehicle sales, maybe you just have to pre-screen your buyers?

I had a seller refuse to sell me their Tundra, for $6k, unless it was cash - $100s and $50s. I bank online so getting that sort of paper would take a while. He refused a bank draft. I offered to meet at the bank, in his neighbourhood, to pick up the draft and make the deal. Wanted $6k in cash. Some people are old school I guess, but he lost a sale and looking back at it I'm glad it didn't go through.

[vengie]

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That is several days if you aren't at the same bank. So much easier to just go to the bank when it's open.

I've never had much of an issue with ~15 vehicle sales doing this...

[ExtraSlow]

Maybe my bank gave me bad advice. I've never done it, I've found other methods for the ~15 cars I've sold. Usually involving physical cash or a visit to the bank during operating hours.

[bjstare]

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Maybe my bank gave me bad advice. I've never done it, I've found other methods for the ~15 cars I've sold. Usually involving physical cash or a visit to the bank during operating hours.

I got the same response from my bank. Zero chance I'd give someone a draft for tens of thousands of dollars and then wait a week to pick up the car.

Last three cars I've sold, I've accepted the draft at my house, and the buyer has brought a receipt from the bank they got it from.

[vengie]

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Maybe my bank gave me bad advice. I've never done it, I've found other methods for the ~15 cars I've sold. Usually involving physical cash or a visit to the bank during operating hours.

I mean my information can definitely be out dated, its been two years since my last sale... I know you have sold a vehicle or two since.

[ExtraSlow]

Last sale was a dream. Reputable beyonder just sent me $3k/day by email until the full amount was paid. Guy was really easy to deal with.

The one "big dollar" sale I did was like $21k and yeah I went to the bank with that dude and watched the teller make out the draft.

Have done physical cash several times too. Counting $12k in brown bills is a hassle, but whatever.

[Twin_Cam_Turbo]

I buy ~5-8 vehicles a week and the only really really safe way in my opinion is to go to the bank and do a direct transfer, wire transfer, bank draft or cash with the bank confirming the funds have been in the account for 30+ days and the account is solely in the name of the buyer with ID verified by the bank. Any other way there is some risk no matter how small.

[ExtraSlow]

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I buy ~5-8 vehicles a week and the only really really safe way in my opinion is to go to the bank and do a direct transfer, wire transfer, bank draft or cash with the bank confirming the funds have been in the account for 30+ days and the account is solely in the name of the buyer with ID verified by the bank. Any other way there is some risk no matter how small.

There that's the definitive answer from someone who knows a lot more than me. I'm like 1-2 cars a year. This guy is buying daily.

[brucebanner]

You can now do larger sums via email transfer pending your bank I believe, I think it's under 20k so not helpful in this case but something to keep in mind.

I generally have tried to buy anything in the 15k range in cash because people have a hard time turning down physical money in person, worked in my favor way more than not.

[Twin_Cam_Turbo]

Here’s why I caution having a bank verify where the funds are coming from: if the funds are transferred to an account fraudulently and used to pay for something, and are traceable then they can be taken back. Always assume you’re about to get fucked by someone.

[revelations]

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. A 5 min drive around the neighborhood isn't going to reveal anything an inspection won't find anyway.

Thats definitely not true, I was able to knock off about 500$ after test driving a Mazda3 and realizing the clutch was going - which the owner then admitted was the case (not slipping yet, but did soon after we bought it).

An inspection would have revealed no faults.

[ExtraSlow]

Did @BMDUBS get what he needed here?

[revelations]

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I buy ~5-8 vehicles a week and the only really really safe way in my opinion is to go to the bank and do a direct transfer, wire transfer, bank draft or cash with the bank confirming the funds have been in the account for 30+ days and the account is solely in the name of the buyer with ID verified by the bank. Any other way there is some risk no matter how small.

The only real way to 100% prevent BS is cash - that has been inspected - or crypto. None of these are cancelable. I've bought a car with crypto before and it was slick - phone to phone, done in 30s.

[killramos]

Avoiding criminals by dealing in crypto. Sounds legit.

[BMDUBS]

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Did @BMDUBS get what he needed here?

More or less, thanks all for the replies. I have told the prospective buyer that we will have to hold off the deal until Saturday where I can go with him to my bank and have them call his branch and verify the draft that he has already pulled for the outstanding balance on the car.