[alfa] Re: alfa-digest V10 #95 - Selling a car online

[AlfaNeely@xxxxxxx]

In a message dated 5/20/04 9:53:24 AM Central Daylight Time, 
owner-alfa-digest@domain.elided writes:


> Date: Wed, 19 May 2004 22:15:14 -0700
> From: "David Johnson" <speedsixer@domain.elided>
> Subject: [alfa] Selling a car online
> 
> I am getting a lot of interest in the GTV I have for sale. However, a couple
> fellows have asked if I would accept a bank wire transfer without asking a
> single question about the car. One asked for detailed account and routing
> information. I am going to assume they are honest inquiries. But, could this
> possibly be a scam? It doesn't seem right to pay for a car first and ask
> about it afterwards. For those who buy and sell cars frequently, how do you
> handle the payment when somebody out of town buys the car and arranges to
> have it shipped to them?
> 
> Dave
> 

       I bought my 67 Giulia 1300 Sedan on line.  I wired the seller the 
money, but only after finding that the transportation company had a truck 
available and could pick up the car that afternoon.  If the transaction had not been 
completed that day, it could have take a week or two before another truck was 
ready.
       I called the seller and got the information from him.  But that was 
after the deal was done.
       I would be very suspicious of someone wanting my bank information 
without having the deal done.  If you give them the wire information to wire into 
your account, they can use the same information to wire OUT of your account.
       My bank has all sorts of controls, including code words for the day to 
instigate a wire out of my business accounts.  However, there are no internal 
controls on who is allowed to request a wire out of the same account.  When 
we wire out of the account, that is an EFT or Electronic Funds Transfer.  When 
we tell someone to request a wire out of the same account, it is an ACH or 
Automated Clearing House transfer.  For example, all payroll withholding taxes 
are wired to the IRS on an ACH.  You tell the IRS when and how much to request 
and they do it.  But an unscrupulous person could use the system to wire money 
overseas where it is not recoverable.
--
to be removed from alfa, see /bin/digest-subs.cgi
or email "unsubscribe alfa" to majordomo@domain.elided