Need thoughts on ebay buyer situation. Sold my car this week but having bad feeling

[tewkes28]

So I sold my 2005 Mustang GT this week on ebay. I never sold a car that the person didn't want more pictures, more details, or try to talk to me on the phone to verify things. I had it on a buy it now/best offer and the person made an offer that was automatically accepted( it was within my range). Anyways the guy is in Miami, FL and has broken english. He wants to wire transfer the money to my credit union (where I have a small lien on the car). I spoke with the CU and ebay and they both said the only way to fully protect me is to use paypal or a credit card. I sent him an email explaining my concerns about the wire transfer and gave an ultimatum of using paypal or credit card or nothing.

I need some advice from people that have sold cars on ebay or have dealt with similar situations like this. The buyer does have 200+ positive reviews through ebay but I'm not getting a good vibe from the whole deal. I'm kind of hoping he just drops the sale and I can just continue to try and sell local. I put it on ebay with the hopes of a semi-local sale or at least from someone that contacted before buying to verify things.

All advice is appreciated. Thanks

 

[NBFRC]

I'd take a wire transfer before paypal or a credit card. There really aren't too many ways that a wire transfer can be pulled back....unlike paypal.

I have had several vehicle transactions on ebay where the buyers ired cash sight unseen and later picked up the vehicle.

 

[tewkes28]

Also forgot to mention, that I never recieved the $500 required deposit through paypal within 48 hours.

 

[OldbutNew]

Your instincts, the advice from your credit union, and Ebay all line up. Is there really a question here?

My wife was in banking for 23 years. I just gave her the scenario. Her reply was: For a wire transfer you have to supply your account number and the routing number. This is all they need to clean you out!! Don't do it!! How they "pull it back" is to wait a few hours, then using the account and RTN, they pull their money and yoursright back.

 

[tewkes28]

There's no money in the credit union account (just $10 to make it a valid account). A girl I work with who used to work at a bank said they can still write bad checks with the info and it can cause problems.

 

[OldbutNew]

She's right. I pay bills with "e-checks" all the time. I give the RTN and account number and the money comes out.
No deposit = no sale. Walk away.

 

[tewkes28]

Thanks man I appreciate the input.

 

[kovacs32]

and be happy you had a good feeling and didnt get royaly screwed.

 

[DennisH]

If your CU told you PayPal was safer than a wire transfer, you need to find another credit union.

Dennis

 

[Beigg]

This.

Your instincts, the advice from your credit union, and Ebay all line up. Is there really a question here?

My wife was in banking for 23 years. I just gave her the scenario. Her reply was: For a wire transfer you have to supply your account number and the routing number. This is all they need to clean you out!! Don't do it!! How they "pull it back" is to wait a few hours, then using the account and RTN, they pull their money and yoursright back.

 

[Wizeguy]

When I sold my Camaro, the buyer did a wire transfer... I opened a new savings account and had him wire the money.... I told him I wasn't shipping the car unless I had the cash in hand.. Took the cash out, deposit it my other account and then sent him the car. Wasn't a problem what so ever.

 

[NBFRC]

There is a difference between wire transfer and ACH check. If he is sending you a wire you should be good. Sure they can create and ACH check with your account info, but that is recallable in the case of fraud. They will not be able to intiate a Wire from your Credit Union account without going to the bank in person and impersonating you.

 

[SVT32VDOHC]

I wouldn't do it. I had my 81 notch with the 4.6L 2001 engine trans dash on AutoTrader. I thought for sure I'd get nothing but scams on this car.

Guy in W. Virginia called me. Straight up. No e-mails, texts, none of the garbage! Made an offer from asking price, I countered, he accepted. He was here 3 days later with a trailer, paid cash, done. I wouldn't trust your situation.

 

[tewkes28]

If your CU told you PayPal was safer than a wire transfer, you need to find another credit union.

Dennis

The credit union actually said the best thing was cash, but said other than that nothing is 100% safe. Ebay of course wants me to use paypal because they get more money from the fees.

 

[DennisH]

There is a difference between wire transfer and ACH check. If he is sending you a wire you should be good. Sure they can create and ACH check with your account info, but that is recallable in the case of fraud. They will not be able to intiate a Wire from your Credit Union account without going to the bank in person and impersonating you.

A bank to bank wire transfer is as close to the guy handing you cash as you are going to get.

Dennis

 

[svtlightning99]

Wire transfer is the safest way to go. Again, make sure it isnt a account you use alot and only keep enough money in it to keep it open. Once the wire goes through, transfer it to a different account.

 

[DBK]

My wife was in banking for 23 years. I just gave her the scenario. Her reply was: For a wire transfer you have to supply your account number and the routing number. This is all they need to clean you out!! Don't do it!! How they "pull it back" is to wait a few hours, then using the account and RTN, they pull their money and yoursright back.

And the ability to go into your bank, impersonate you, and get someone to sign off on a wire transfer using fraudulent identification. Unless they have some type of access to an online banking system with wire transfer capabilities and your email accounts. It's possible, but highly unlikely, and it's much easier to detect fraud with much stronger chance of remedy than Paypal.

I wire transfer money relatively frequently. The last 4 times I've bought cars, they've been purchased using wire transfers, and then when sold they've been paid for by the new owners with wire transfers. I flew to Baltimore, put in a wire transfer for a car using my banking app, and before we even got to the place the bank called me to make sure it was legit after placing a hold on it. Hung out at the bar with the owner until both banks said "A-OK", when they did, were off.

It would be pretty comical if the only safe way to get paid on cars was paypal or a credit card, especially the more expensive they get.

 

[VTRauder]

I would trust a wire waaaay before paypal. Your bank isn't going to just let someone pull money back out of your account without some verification. If you think they would and you'd have no recourse you need a new bank. There are protections in place for you as the bank customer. I send and receive money by wire pretty regularly for business, and the paranoia about wires/certified checks etc. I see on here is kind of disturbing sometimes.

 

[jhilla68]

Create a "holding account" with your Credit Union. Essentially, a one-time use account to deposit the money. Wait the 24-48 hours for the money to clear, then transfer the funds to your regular account. As long as the sending bank is legit, it shouldn't be an issue. I took a wire transfer from an out-of-state buyer on the Mustang, and it went through fine.

 

[Torxila]

I've sold 2 cars using wire transfers. My bank (Huntington) receives the funds into "their" transfer account until it is 100% verified. then they call/text you and say "GO' and then Huntington transfers it into you personal account.

You only send the buyer the Huntington account number, not yours. Actually my banker called the sellers banker and they made it all work.