[Hook3549]

Hello, I am patiently waiting for my M2 to be delivered, but in the meantime I was trying to sell my Z4 on CarGurus. Two days ago, one guy contacted me and wanted to purchase a car from New York(I am currently in Los Angeles). According to him, they will check my car through facetime, sign the document, wire transfer me the money, and then they will send a truck to take the car. The whole process seems kind of weird, but I made a conclusion that as long as I receive a wire transfer from them first, it is okay to sell the car? Does anybody have any experience with selling the car like this? Any advice would be appreciated

[aerobod]

Originally Posted by Hook3549

Hello, I am patiently waiting for my M2 to be delivered, but in the meantime I was trying to sell my Z4 on CarGurus. Two days ago, one guy contacted me and wanted to purchase a car from New York(I am currently in Los Angeles). According to him, they will check my car through facetime, sign the document, wire transfer me the money, and then they will send a truck to take the car. The whole process seems kind of weird, but I made a conclusion that as long as I receive a wire transfer from them first, it is okay to sell the car? Does anybody have any experience with selling the car like this? Any advice would be appreciated

The “wire transfer scam” is one of the standard ones used, especially if it is using some obscure escrow service: https://www.carnationcanada.com/blog...car-privately/

[Squidget]

As the seller, I'd insist on using a reputable escrow service that specializes in cars and that you have vetted. Fraud is rampant out there.

[Hook3549]

Originally Posted by aerobod

The “wire transfer scam” is one of the standard ones used, especially if it is using some obscure escrow service: https://www.carnationcanada.com/blog...car-privately/

I have heard of wire transfer scam, but how does it work? Once I receive a wire transfer from them, I thought the payment is complete and not reversible? What is the risk of receiving a wire transfer?

[bmwdrive]

Originally Posted by Hook3549

I have heard of wire transfer scam, but how does it work? Once I receive a wire transfer from them, I thought the payment is complete and not reversible? What is the risk of receiving a wire transfer?

I haven’t used this before but it sure seems legit. Private Seller Exchange on kbb. I think they will take care of shipping too. It’s not free, but I would happily pay 1% to not put 100% at risk. If the buyer balks at this… you have your answer. Again, I haven’t used this service before so disclaimer, disclaimer.

[aerobod]

Originally Posted by Hook3549

I have heard of wire transfer scam, but how does it work? Once I receive a wire transfer from them, I thought the payment is complete and not reversible? What is the risk of receiving a wire transfer?

If they have hijacked someone’s bank account (they could have hacked it, but won’t use it until making a single large transaction so as not to be detected), if they want to use an escrow service in any way, unless you have absolute certainty of the service being legitimate, if they pay a different amount than the transaction should be for, all have significant fraud capability.

Also, bank-to-bank transactions in the US seem to be much less seamless than in many other countries, so there could be a transaction lag time to deal with.

[macman500]

Did the potential buyer ask reasonable questions about the car? Did the person attempt to negotiate the price? Did the person request history or maintenance records? I would expect a serious buyer to ask those questions. I’ve sold several of my cars via Autotrader/Cars and had several scenarios similar to your experience but a few questions and conversations with them proved their illegitimacy. Ask why they don’t want to see it in person. A Z4 is not so rare that a buyer would have to purchase cross country.

[Hook3549]

Originally Posted by macman500

Did the potential buyer ask reasonable questions about the car? Did the person attempt to negotiate the price? Did the person request history or maintenance records? I would expect a serious buyer to ask those questions. I’ve sold several of my cars via Autotrader/Cars and had several scenarios similar to your experience but a few questions and conversations with them proved their illegitimacy. Ask why they don’t want to see it in person. A Z4 is not so rare that a buyer would have to purchase cross country.

The potential buyer attempted to negotiate price, looked into my car history, and we did facetime to look at the car briefly. The buyer is located in New York, so he couldn’t come to see it in person.

[macman500]

Ok. Well that definitely provides more confidence. The scammers that I encountered did not want to speak by phone and when pressed didn’t have legitimate “buyer” type questions.

[KevinC]

100% scam.

[Ravenseal]

It's a scam. Just sell your Z4 to Carvana or Carmax or a local BMW dealership. Private selling is a nightmare.

[JMcLellan]

Could you ask to have them send a cashier's check instead? If they have the funds in an account what's the difference? When I sold my car to someone out of state they sent me a picture of the cashier's check and I called the bank to validate it was legit prior to moving forward.

If the potential buyer is talking to you on the phone, asking questions, seems highly motivated to buy the car, then why wouldn't they be open to other options to pay? Maybe they don't know there are other options to transact.

[macman500]

I wouldn’t take a cashier check. Electronic fund transfer is the only way to go. You might be able to accept a cashier check if the other party banks with the same financial institution as the seller but if the banks are different it will probably take a few days to clear. Verifying the funds are available only tells you the money is in an account. It doesn’t guarantee that the transaction couldn’t be stopped. I wouldn’t let the car or title go out of my possession until the funds are in my account. Maybe I’m paranoid but you can’t be too careful these days. It’s a shame a few people with bad intentions ruin trust for everyone.

[RockCrusher]

Originally Posted by Hook3549

I have heard of wire transfer scam, but how does it work? Once I receive a wire transfer from them, I thought the payment is complete and not reversible? What is the risk of receiving a wire transfer?

Check out this info at this link:

https://www.keysavvy.com/blog/best-w...ayment-for-car

I've only sold a couple of cars (oh and motorcycles) privately. The earlier sales were cash. The last sale, a VW Golf TDi back in 2009 -- the buyer and I went to her bank -- same bank I used just a different branch -- and she arranged to transfer the money to my account and when I had confirmation the money was there I signed the title and handed it to her and made out a bill of sale.

We did this with a bank employee present.

I've sold a fair number of cars since but all were either sold as in being traded in for a new car or just sold to a dealer.

[Game]

Originally Posted by Ravenseal

It's a scam. Just sell your Z4 to Carvana or Carmax or a local BMW dealership. Private selling is a nightmare.

Really depends on what you're looking for. For ease and safety you go to the choices you mentioned, however if you're looking for the most cash...private is the way to go.