Wire Transfer on Sunday

[Cole Sanger]

So a guy just called me. He wants to buy my Suburban from me tomorrow. At first he was going to get money out on Monday and come pay for it. Then I told him we both have the same bank and there are no branches in Phoenix. He called me right back and asked if he could come out tomorrow and wire transfer the money from his bank to mine.
Is there a safe way for me to make sure the transfer goes through? I told him already that I can't give him the title until Monday. I just don't want to have him drive away with it and then cancel the wire transfer. Would pay-pal be a better route? Can he cancel a pay-pal wire?

[JetBoatRich]

CASH is always good, but sounds like a problem for you. Tell him to wait until MOnday for a deal :rolleyes:

[YeLLowBoaT]

Only thing I would take is cash. To do a wire transfer you would have to give out your account info. Which you should never do.

[Rexone]

CASH
Has to wait for Mon anyway for the title.

[seanv]

in god i trust....all others it's cash!!! i got burned on a cashiers check last summer so do it in cash , cash or both of you go to the bank and do the transfer with both of you present. dont let yourself get burned!

[ThongMagnet]

Its just crap that you can't trust a person anymore. Get cash. I've heard of cashiers checks for banks bouncing.

[rmarion]

if you have the same bank, wire transfer is the best, but do it on Monday when the bank is open.
I wouldn't trust anyone anymore...............

[kanedog]

If he can wire transfer, then he sure can do cash. If he has a problem with the cash thing, you are better off waiting for another buyer.
How much is suburban? If its like over 10k then thatd be different.
Oh yeah, cash means dollar bills,100 ,50 whatever. Some retards think that cash means cheque or cashiers cheque. Make sure to specify this or he will show up with a cheque and some kind of story. No retard, a stack of cash is what I want.

[Cole Sanger]

He was going to do cash on Monday, but sounds really hot to get it. I told him $9000 firm because that is what the dealer will give me as a trade in value. I know cash is king, but we both have Navy Federal Credit Union, so I know he was/is in the military. He is coming from Yuma, so I don't want to have him make the trip twice. I think it is possible for him to wire transfer it from his bank account to mine, just don't want him to get home and cancel the request with my Suburban in his garage. No matter what I am keeping the title. I can't get it notorized tomorrow anyway and he was fine with that so long as I mail it to him Monday. I was planning on keeping a copy of his drivers license and if he will let me a copy of his military ID. Just wanted to know if this is enough security on my part, other than the Suburban being insured with full coverage.
I would hate to see the guy leave. I have had a couple of nuts come to my house, make a deal to come back, and never hear from them. One guy said he wanted it, but wanted me to get it smog checked and then he would be back on the next day. Never saw him again either and he called me 9 times in one day.

[Rexone]

On the subject of "cashiers checks" they're not that hard to forge with todays computer technology. We got burned a couple times. I wouldn't take one for any large amount unless I knew the person.

[H20Advantage]

If the guy sounds too hot to get the truck I would really shy away from any type of cashiers check or wire transfer. With the amount of fraud out there I would be very hesitant about giving anyone my account number. you would be ripe for an account takeover. He can Western Union the money to you or pay you through Pay Pal.
How did he find you, through the trader? Check his IP address if he is contacting you through email. I see too many people getting burned these days and are taken for big $$$$$$$$$.

[kanedog]

Correct me if I am wrong-You are going to let this guy take your burban tommorrow(sunday) with his promise that he will wire transfer the money to you on monday? For security, you are going to take a copy of his drivers license and possibly his military id?
Im not being a smart ass, just confirming some facts.
As an aside, if the dealer will give you 9k for a trade, you would not have to pay tax on this 9k when you get another vehicle, so actually you need to charge 9k plus the taxes you would have saved if you did a trade. Maybe the laws are different where you are from but check this out anyway. If this is the case, you would be losing money by selling privately at 9k.

[Hardly Satisfied]

Cash Only

[Cole Sanger]

The plan was to have him wire transfer me when he gets to my house tomorrow on Sunday from my home computer. I am not sure about the tax stuff. I have not ever paid tax on something I sold, only when I buy.
Your saying that I won't have to pay the tax for 9000 if I trade it in? I never thought about that. Thanks for that information.

[ROZ]

The plan was to have him wire transfer me when he gets to my house tomorrow on Sunday from my home computer. I am not sure about the tax stuff. I have not ever paid tax on something I sold, only when I buy.
Your saying that I won't have to pay the tax for 9000 if I trade it in? I never thought about that. Thanks for that information.
If you sell a vehicle for a profit, you have to pay taxes. Other than that, he pays sales tax when he goes to register the vehicle..
I always drive my cars in to the ground or wrecked them, so I USE to donate..

[Cole Sanger]

Haven't I already paid the taxes on it when I bought it? I have sold cars and boats in the past and never thought about paying taxes on the money I got for them.

[Howie Feltersnatch]

Wire transfer is fine. Have done it several times when buying big ticket items via the web (15K motor, 5K outdrive). Money should show up in your account within a few minutes & there is no way to reverse the transaction on the senders end. May people have been warned about wire transfers but that's only if you are the buyer & can't trust the seller. On the selling end there is nothing better.
As for taxes I've always heard (ou know what that's worth) that selling your used car is like having a garage sale - no taxes on the occasional transaction but if they see a pattern of you selling 10 cars a month, they're going to come looking for a dealer's license.

[shueman]

Haven't I already paid the taxes on it when I bought it? I have sold cars and boats in the past and never thought about paying taxes on the money I got for them.
Uncle Sam will want his cut..., always :crossx:

[mikec500s]

the tax would come into play if you were buying another car/truck if you were trading in the car valued at 9000. that would come off the new vehicle price so if the new car was 30,000 with no trade you pay tax on the whole 30,000 with a 9000.00 trade you are only taxed on 21,000 saving 720.00 at 8percent. if you dont do the bank transfer just meet at one of the branches on monday and have his check cashed right there then all funds will be taken out of his account right away and there will be no way to stop payment

[Sherpa]

It wouldn't matter to me if I was selling a 50k motorhome. Cash.
--Sherpa

[sam pioske]

A number of people have warned you to not trust a cashiers check, i have to add to that - i took $8000 in $1000 checks and the issuing back declined them. so many people think they are like gold , not so, be careful be very careful. And you seem to know those swabbie types also LOL. whats one day ? Sam

[RAMROD]

the tax would come into play if you were buying another car/truck if you were trading in the car valued at 9000. that would come off the new vehicle price so if the new car was 30,000 with no trade you pay tax on the whole 30,000 with a 9000.00 trade you are only taxed on 21,000 saving 720.00 at 8percent. if you dont do the bank transfer just meet at one of the branches on monday and have his check cashed right there then all funds will be taken out of his account right away and there will be no way to stop payment
Exactly, except here it is 6.25 percent.

[cola]

the tax would come into play if you were buying another car/truck if you were trading in the car valued at 9000. that would come off the new vehicle price so if the new car was 30,000 with no trade you pay tax on the whole 30,000 with a 9000.00 trade you are only taxed on 21,000 saving 720.00 at 8percent. if you dont do the bank transfer just meet at one of the branches on monday and have his check cashed right there then all funds will be taken out of his account right away and there will be no way to stop payment
Does that work in California also. If you trade in 20k for a 30k you only pay tax on the 10k.
Thanks, Mike

[Cole Sanger]

All good info. I know all about the cashiers checks. Not from personal experience, but from what I have read. As far as the wire transfer, I am not sure. What I plan to do is have him try it. If I check and it is immediately in my account, I will give him the Suburban and still keep the title. If it is not, he will have to wait until tomorrow. If he doesn't buy it, then it looks like I will be a little more ahead at the dealer tomorrow by tradeing it in and saving some on taxes. One way or another I am ordering a new car on Monday or Tuesday.

[RitcheyRch]

As others have stated "CASH ONLY". PayPal might be safe but why become a statistic.

[Cole Sanger]

That was easy. Transfered the money from his account to mine. Showed up instantly into my account. Then I transfered it out of my account to my other bank. Done. I still have the title until I get it notorized tomorrow, along with a spare set of keys.

[RitcheyRch]

Thankfully was painless.

[Howie Feltersnatch]

Told ya! :)