Selling Model X on Ebay - Procedures to Prevent Fraud

[Uncgolf]

I've never sold anything of value on Ebay. I'm selling my Founders Model X via Auction on Ebay and its very close to my reserve. Assuming it sells, what procedures should I follow that will eliminate fraud and is fair to both the buyer and myself. I know certified checks are no longer considered safe.

Has anyone sold a car across sate lines and how did you arrange payment?

Thanks

 

[flyhigh123]

wire transfer and wiretransfer only... safe... 100% prepaid in advance...

 

[cgiGuy]

Can't imagine someone who's going to drop over $150K on a car on eBay wouldn't fly to the car for inspection/verification. Next stop would be to the bank for electronic funds transfer.

North Carolina is nice this time of year, I hear.

 

[cpa]

Good for you to be alert to the "F" word. And I do not know how EBAY works either.

I do not know if this is feasible or not, but you could always open an escrow with a lawyer or (at least here in California) a title company. You place the car in a secure location. You hand over the fobs. You deposit the pink slip and the registration change order, and they collect your funds. The escrow agent completes the transaction less their fee and remits to you the remainder. For a sale of this magnitude, a few hundred in escrow charges is worth it, in my opinion.

Good luck!

 

[LeonardD]

Good for you to be alert to the "F" word. And I do not know how EBAY works either.

I do not know if this is feasible or not, but you could always open an escrow with a lawyer or (at least here in California) a title company. You place the car in a secure location. You hand over the fobs. You deposit the pink slip and the registration change order, and they collect your funds. The escrow agent completes the transaction less their fee and remits to you the remainder. For a sale of this magnitude, a few hundred in escrow charges is worth it, in my opinion.

Good luck!

I plan on selling my truck on e-bay after I take delivery of the X, and as far as I know, payments must go through ebay, so you should have their protection as well. I would contact e-bay to find out more.

 

[Tdriver]

Only the deposit is taken thru ebay/Paypal and they take a very reasonable flat fee for the sale. Considering that the seller is getting nation wide coverage, its a great way to go.

 

[ModelS8794]

Deposit through PayPal, and then Bank check drawn in person (I.e. You both go to buyers bank and they issue the check in your presence.) Alternatively, I did a sale recently where buyer got the bank check and took a picture with the bank officer holding the check. I then called his bank and confirmed the details (legit employee, legit check issuance).

 

[Uncgolf]

Deposit through PayPal, and then Bank check drawn in person (I.e. You both go to buyers bank and they issue the check in your presence.) Alternatively, I did a sale recently where buyer got the bank check and took a picture with the bank officer holding the check. I then called his bank and confirmed the details (legit employee, legit check issuance).

Thanks sounds like a good idea. I guess it will depend on where the winner lives and how they take delivery.

 

[flyhigh123]

Thanks sounds like a good idea. I guess it will depend on where the winner lives and how they take delivery.

read my above post if you dont want to get screwed. thieves are smart. picture of a bank officer can be easily frauded as well. Be smart, accept wire transfer only. Period. i buy and sell a lot on ebay. i've purchased 2 cars( 65 fastback and a f250), sight unseen, trucked across country twice on ebay as well.

 

[Hogwit]

If you have it setup such that the buyer pays any amount through PayPal, the fee on that will be $0.30+2.9%. You can have the entire payment go through PayPal if you want, but the same fee applies.

You could also get a check, money order, etc and wait for it to clear. Given the cost, it's likely that they will be meeting in person though, so you two can go to the bank and do the transfer there or get cash from the bank if that's what you prefer.

 

[stopcrazypp]

I haven't done it on cars, but on other transactions, if wire transfer for sure doesn't work, a cashier check can also work if you can independently verify it with the bank. Find the contact information of the bank on your own and don't rely on buyer's information, then give them the check information and verify it is a valid cashier check, the amount, and who it is made out to. I suppose a bank check would be similar procedure.

Basically other than referencing the check number and bank name, don't trust any information the buyer provided (since even cashier/bank checks can be forged and they can change the contact information on the check).