Need Help - Avoiding Scams while selling a car

[fatmike]

I told the buyer upfront that my title is in hand & this is a cash only transaction (and he's OK with that -- "yes, yes, of course"). I'm questioning if I really want to handle that much cash.

I like the idea of a photocopy of the passport. That is very smart.

I know that both cashiers checks and money orders can be faked/cancelled after the fact. I can rule those payment methods out. I also believe that a Bank Check can be faked. I think the Bank Check is the better option of these. I would probably be comfortable with a Bank Check from a local bank from a US citizen. I'm leaning away from a bank check in this case too.

This leaves me with the option of handling cash, or a wire/electronic payment.

What is the risk with a wire transfer? I always thought wire transfers were one-way & clear instantly? I suspect that isn't entirely true. Can anyone tell me if a wire can be reversed or cancelled? Or do they sit in "pending" status for a day before being posted? Are there any better electronic payment options? And, please don't say PayPal, they are terrible.

Thanks!

[tboyer]

Originally Posted by fatmike

What is the risk with a wire transfer? I always thought wire transfers were one-way & clear instantly?

Take the transfers between banks out of the equation, wire transfers can be reversed (all though rare), depositing cash cannot be reversed. CASH is KING!