\Why You Don't Pay Cash For Cars From Strangers

[ds1]

Sadly unidentified bodies and the suv the couple was driving have been found. Pray for the family. It is a sad day for all car lovers

[whitetop]

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: chevelleheart</div><div class="ubbcode-body">.the best way I've found is to have the funds wired to your a count and wait 7-10 days to send the car.....

</div></div>

Why do you have to wait 7-10 days? A friend of mine sold a motorcycle to a guy in Japan, funds were wire transferred..the bank put them in my friends name and next day two guys came and boxed up the bike and he gave them the title.

Can they take back the funds? The bank told my friend once they had the money and in his account it was gold.

[Bill Pritchard]

I have never heard of any potential pitfalls in regards to wiring money to an account. If I was to wire money to someone's account and they still wanted to wait 7 - 10 days, we wouldn't be doing business [img]<<GRAEMLIN_URL>>/no.gif[/img]

[Billohio]

I asked my bank about wire transfers and they acted like the money could be with drawn back to the sending bank. They were not 100% sure. I thought i should get a separate account to have the deposit made then put in my account.
Anyone have any ideas?

[whitetop]

I just spoke to my friend about this earlier. He checked with his bank before the transfer from Japan..He said the bank sending the money honors the transaction and once transferred it cannot be pulled back.

Maybe different levels of wire transfers..i.e. if a guy gives a bank a check from another bank (A) to bank (B)and (B) transfer the money to (C) and then the check bounces B pull it back form (C)

..but my friend said his bank told him as soon as it was in his account it was as &quot;good as gold&quot; per his bankers terminology.

[markjohnson]

I know direct deposit payroll deposits aren't the one-way-street that most people think. I was overpaid on a paycheck and the employer was able to suck the difference right back out from my checking account without my consent. That's an uncomfortable feeling.

[Billohio]

I have had that also. I use direct deposits on my grain checks and they can take it out when there's a mistake.

[427TJ]

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Billohio</div><div class="ubbcode-body">I asked my bank about wire transfers and they acted like the money could be with drawn back to the sending bank. They were not 100% sure. I thought i should get a separate account to have the deposit made then put in my account.
Anyone have any ideas? </div></div>

I set up a separate account, tell the buyer the account number and any other routing info and wait for the money to move. Once it's all there the car is free to go. As soon as the money's in my account I move it out of that account into another account. My bank has never heard of someone &quot;taking the money back&quot; after it's been wired.

[Vern B]

We buy and sell construction equipment all over the world and exclusively use wire transfer for payment. Once it enters your account it cannot be retrieved. All foreign transactions are Central Bank transfers and are similarly protected.

[Kurt S]

&gt; Different wire transfer systems and operators provide a variety of options relative to the immediacy and finality of settlement and the cost, value, and volume of transactions. Central bank wire transfer systems, such as the Federal Reserve's FedWire system in the United States are more likely to be real time gross settlement (RTGS) systems. RTGS systems provide the quickest availability of funds because they provide immediate &quot;real-time&quot; and final &quot;irrevocable&quot; settlement by posting the gross (complete) entry against electronic accounts of the wire transfer system operator.

This has good info on wiring and ACH payments.
http://www.reba.net/news/wtransfer