vohnjamm
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posted on September 20, 2007 05:24:48 AM new
We recently sold a vehicle on ebay. The winning bidder is in Canada. We have received a down payment on the car already. We have made arrangements to meet the winning bidder in Michigan with the vehicle where we will exchange the car and final payment. What advise does anyone have in regards to payment methods that are safe? We are concerned that Pay Pal and money order payment can be reversed on us as soon as he gets the vehicle in Canada and then we will be out the car and money. We are looking at a very large payment so any advise or personal experience would be greatly appreciated.
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pixiamom
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posted on September 20, 2007 05:31:19 AM new
I bought a car on eBay and wire transferred the payment. Good transaction.
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birgittaw
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posted on September 20, 2007 05:31:53 AM new
Cash in a plain brown paper bag.
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vohnjamm
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posted on September 20, 2007 08:19:04 AM new
pixiamom ~ Do you know if the wire transfer can be reversed or taken back after the customer receives the car? We just want to make sure that the buyer doesnt end up with the car in canada and then reverse the payment and we dont have the car or the money. I greatly appreciate your help and input.
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vohnjamm
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posted on September 20, 2007 08:24:22 AM new
birgittaw ~ I thought of the cash payment but wasn't sure it it was wise or safe to take $10,0000 cash for safety reasons. We are just meeting this guy in a town in the US near Canada to exhange the car and payment.
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pixiamom
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posted on September 20, 2007 08:25:23 AM new
I'm pretty sure it's irreversible. Agitprop is more experienced with them (especially cross-border transfers) and should be chiming in soon.
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birgittaw
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posted on September 20, 2007 09:16:18 AM new
Buyer may be equally hesitant to wire payment ... a friend actually did meet a buyer who plunked down 15 grand (in the proverbial paper bag). They met in a bank lobby. Perhaps you could do something similar and then exchange for a cashier's check on the spot or wire to your account unless you have a branch office of your own bank in the location where you're meeting. Just a thought.
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glassgrl
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posted on September 20, 2007 09:54:22 AM new
bank draft?
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dejapooh
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posted on September 20, 2007 10:11:31 AM new
I don't like Bank Drafts and Money Orders any more. The Nigerians have a pretty good way of faking them now.
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hwahwa
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posted on September 20, 2007 10:47:08 AM new
Importers use bank letter of credit.
Fund is held by the bank until goods arrive in good order and then the importer will instruct the bank to release the fund to the vendor.
Talk to your bank and see if there is any arrangement which will fit your need.
Dont use Paypal,how do you prove delivery?online trackable delivery.
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Lets all stop whining !
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hwahwa
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posted on September 20, 2007 10:49:09 AM new
wiretransfer is not reversible unless it is a mistake like the bank made transposing numbers or electronic glitch.
Mistake such as your Nigerian vendor never deliver the goods or send you a bunch of rocks,is not a mistake.
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Lets all stop whining !
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hwahwa
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posted on September 20, 2007 11:09:35 AM new
If he is willing to bring cash (us dollars),then the two of you can go to a local bank in Michigan where you give him the car title and he turns over the cash to you,then you just use the cash to buy a cashier check or bank draft made out in your name,then take it home and deposit in your local bank.
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Lets all stop whining !
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Cashinyourcloset
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posted on September 20, 2007 11:52:50 AM new
Hey, it doesn't matter if it's US dollars or Canadian dollars:
"The dollar took another fall on currency markets Thursday, reaching one-to-one parity against the Canadian dollar for the first time in 30 years and plumbing a new low against the 13-nation European currency."
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TheFamilyBiz
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posted on September 20, 2007 12:08:36 PM new
"...plumbing a new low..."
Haven't seen that use much. Of course, you don't use several words in everyday life that the media use frequently.
"flee" or "fled" are two that come to mind quickly.
Wayne
Never explain -- Your friends do not need it and your enemies will not believe you anyway.
~ Elbert Hubbard
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GeneralFunds
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posted on September 20, 2007 12:34:16 PM new
I listed a vehicle for my sister who lives in Denver, CO. The buyer was in Canada and wired the money to them. My sis did set up a new & separate bank account specifically for that purpose. The money was then transferred to their personal account. The money was there when the buyer arrived at the airport. Her husband picked the fellow up. All went well and the buyer drove the vehicle back to Canada. No problems. They did the separate account so that there could be no access to their regular money. As I recall it was about $16,000.
Hope this helps.
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ST0NEC0LD613
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posted on September 20, 2007 01:43:39 PM new
Safest Way to Accept Large payment from Canada
How about in a large truck?
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agitprop
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posted on September 20, 2007 06:07:47 PM new
Bank transfer is the safest way to be paid in most countries. For added security with USA bank accounts you should specify that those accounts cannot have 'demand drafts' written on them so as to prevent unauthorized withdrawals. GeneralFunds earlier reply was good advice for those in the USA. (This isn't necessary in other countries as they aren't permitted except with account holder's written permission and there are additional safeguards against fraudulent withdrawals.)
Make sure you get photocopies of the buyer's driving licence and passport page along with an printed proof of sale for each party. The car will need to be de-registered in the USA and re-registered by the buyer in Canada.
Lastly remember to refund the PayPal deposit when the buyer arrives. Make sure the buyer pays the full amount by bank transfer or cash (deposited with the buyer at a bank so the bank can determine it isn't counterfeit). Otherwise the buyer can get their PayPal deposit refunded since you can't prove shipping.
[ edited by agitprop on Sep 20, 2007 06:13 PM ]
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