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MG TD TF 1500 - Making a safe sale
I have a 53 TD which I would like to sell for a reasonable price but I don't want to get ripped off by a crooked buyer. I would like to require cash but I'm not sure that is practical. I have thought of withholding the pink slip until the check clears, but I don't think that would much of a deterrent to a real crook, especially one that wants parts. Any ideas will be appreciated. |
David Geissinger |
A cashiers (Bank) check drawn on one of your local banks - given to you on the day the car is picked up would work. You meet him (her) and take the check to the bank - have them cash and then you go back and give him the car and title. This has worked for me in the past, Jeff |
Jeff |
David, where in California are you? I have a '52 and would like to see yours if you are close by. i live in Modesto. Louis Levin |
L.M. Levin |
Dave, it is good to see you back on line but sad that you are giving up your TD. Contact me via email if you like. |
Jim Merz |
A cashiers (Bank) check is NOT as safe as it used to be! (at least not here in Ohio). The biggest "scam" on ebay these days is a buyer "paying" with a bogus cashiers check. "YOUR" bank will cash it but it can take up to several weeks to clear...if it turns out to be bogus the bank will seek to recover the funds from your account if the check is in your name. IMHO: The best things you can do are: 1: Know and/or verify WHO you are dealing with. (one easy 1st step...get their phone # & address, google it. if the # don't come up right ...that should be your first "red-flag".} 2: By far the safest way is direct bank transfer of funds. That way you force the banks involved in verifying the funds and taking responsibility. Cost for this is not much if anything. As a buyer I expressed a concern about a deal in CA. that was just "a little too good" a few years ago. My "seller" failed the 1st check, (phone # and address did not come back from search as belonging to them!) My banker set up an escrow account pending my inspection of the car. The car was a piece of crap, no where near as advertised, since I would not sign off on the funds at the sellers bank ...no money ever changed hands. That's just one way .... Guess the best thing just comes down to common sense ...if your buyer does not want to work with you to make sure you are both safe...then beware. Cheers, David 55 TF1500 #7427 |
David Sheward |
In August I purchased a '54 mgtf that was in Georgia via an e-bay auction. I live in Olympia WA and the seller insisted on using the option listed in David's post above, #2, a direct bank transfer, and it worked to everyone's satisfaction. John |
JL Brickell |
Dave is spot-on on that. I too have seen fake certified cheques, that look oh so real. If you REALLY want to play it safe, get your bank to do the work for you, and that will mean a ILC (Irrevokable Letter of Credit). This means that the buyer has to first put the money in escrow. If he's satidfied with the car, he signs off on the deal and your bank releases the money to you.. If not, your bank refunds the buyer's money. Its that document that is the certification. Its irrevokable once the buyer has OK'd the deal Simple and clean. In Canada, the banks charge about $250 for this service. Gord Clark Rockburn, Qué. |
Gordon A. Clark |
Thanks to all for the helpful advice. I think I will let the bank handle it. Dave Geissinger |
David Geissinger |
Nothing wrong with cash Dave 52TD |
mgaviator |
This thread was discussed between 02/01/2009 and 09/01/2009
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