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Wire Transfer of $ for Sold Car?

Old 09-14-2008, 07:29 PM
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Default Wire Transfer of $ for Sold Car?

Looks like I have my hot rod sold.

The buyer is in Melborne, FL and I'll be using Lucky Strike to get the car transported accross the country (Thanks, Steve).

The buyer is going to his bank on Monday and will do a electronic funds tranfers to my account. I will sign the title over to him and then FedEx it to him. Is there any chance of fraud or anything to worry about? He said he would need my routing and account numbers which are on my checks. There is no way he can do a withdrawal is there?
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Old 09-14-2008, 08:28 PM
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There maybe some risk. I suggest you ask for the name of his bank, and contact. Then look up the bank number on-line, don't use the phone number he gives you. Call the bank contact and relay the info to them and not the buyer.
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Old 09-14-2008, 09:04 PM
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With your routing and bank account numbers he can manufacture/print checks with your info and run them all over town before the bank even knows what going on. Withdrawals can be made from accounts as well. Just like a "check by phone". It is possible to get an attorney or a title company to confirm funds and send cashiers check, depending on the amount of the sale. Another way, is set up another account at your bank with the sole purpose of this one transfer, after completed close the account promptly. Goodluck, I have seen friends lose ten of thousands on wire scams, better safe than sorry!
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Old 09-14-2008, 10:34 PM
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You should be able to open an account at your bank for him to transfer the money over to, then you can move it to your own account. I'd be leery about giving out my routing and account number.
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Old 09-14-2008, 11:28 PM
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Originally Posted by ImaPoser
You should be able to open an account at your bank for him to transfer the money over to, then you can move it to your own account. I'd be leery about giving out my routing and account number.

That was my first thought as well
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Old 09-15-2008, 12:31 AM
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Good idea. Thanks.
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Old 09-15-2008, 12:42 AM
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Be careful interstate collections are $$$
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