Vehicle private sale - etransfer/cash?

[Acura604]

so i'm selling off 1 of my vehicles - dude is from the island and wants to pay via a mix of cash and e-transfer from his bank/ TD to mine which is RBC.

i'm a bit skeptical here... this guy agreed to buy it about a week ago... i told him the plan "saturday, i'll meet you at the ferry terminal between 2pm to 4pm - we drive to your bank to issue bank draft, drive to mine to deposit and get insurance done at same RBC mall".. he agrees. well.. friday, i send him a txt/email to confirm - no response. i'm like ok whatever.. saturday rolls around.. and nothing from him all day..until 5:43pm.. he asks to get deal done. I"m like.. 'did you prepare a bank draft? all banks are closed now'. he said no but he can do cash/etransfer to whatever is the daily max and then of all things a personal chq for the difference which was about $1,900. but then he goes on about skipping the personal chq and giving me his 2006 hyunda azera v6 .. wtf.

he wanted to get it all done by 9pm last night... i said forget it.

so today/sunday he wants to try again...

so question is - aside from cash....are e-transfers safe and non cancellable? i think once it auto deposits into my rbc account, it cant be cancelled from his source unless it was a fraudalent activity - maybe he can call TD and say it wasn't authorized?

anyways, sorry for all this dribble - i' think my gut telling me to skip this deal with this yahoo.

[nismodrifter]

Cash or certified bank draft. Thats it.

[MG1]

skip the deal.............

Since we're all about social profiling, this dude can't be asian, amiright?

'Cause asians pay cash up front, gulolol.


Seriously, it sounds like dude is trying to scam you. It's not worth your time and effort. Stick to your guns and say deal is off.

[belka]

Guy sounds like your typical idiot Kijiji time waster, tell him bank draft, cash or no deal.

Funny enough I tried to buy a vehicle a while back with a draft but seller wanted cash for a $7000 truck. I bank online so getting cash would be difficult. Seller refused a draft for a next-day transaction and would only accept “cold hard cash”. Two months later truck is still for sale.

[jpark]

pass

[Slifer]

Pretty sure you can't cancel an e-transfer once it's been accepted.

[asma123]

Thank u, next!

[lowside67]

An e-transfer is a completely safe way to take money - once it’s in your account, there is no way to undo it. Further, to actually transfer your vehicle to him, at autoplan you will both be providing drivers licenses, etc - there is no way you aren’t going to know who he is or where he lives. This doesn’t sound like a scam to me, just a disorganized idiot. Up to you how much you want to sell your car...

-Mark

[Acura604]

he's agreed to meet up tuesday during business hours and stick to the plan that we worked out for daytime saturday.

meet at a TD, prep a bank draft, drive to RBC, deposit bank draft, and then insurance transfer.


the only thing i've read about fraudulent e-transfers is if he transferred the cash out of his friends/girlfriends/etc account and not his - and if the owner of the bank account tells the bank it was unauthorized - i'd lose first i think when the bank retracts the money.

[Mr.Money]

or they spoof a fake rbc transfer that tries looking legit till you see the the real email address it's sent from.
all while trying to get your banking card number and password on another fake site if they want you to log on and accept.


only retards and people who are like 80 year old fall for that.

[Nvasion]

There are also fake bank drafts also so be careful. Best to call, the bank to verify it.

[JDMDreams]

Depending on the bank I think e transfer limit is $3500 per day, then you can tell him to go to the bank to just get cash, rather than draft, I once sold a car to a guy where he had to make multiple canada post money orders of $999 cuz he banked with super store and draft, cash wasn't an option besides what he could take out from atm $5000 max a day.

[Euro7r]

I've setup auto-deposit with etransfers now, that way don't have to login to accept it. Give them my email address, done almost instantly.

[bcedhk]

Originally Posted by Euro7r

I've setup auto-deposit with etransfers now, that way don't have to login to accept it. Give them my email address, done almost instantly.

This. Setup an email account with auto-deposit to your account so it will be the buyer's responsibility to beg for the money back.

[Acura604]

^^^ re auto deposit

I have this enabled with RBC....but you’re saying that once the transfer is in, the buyer can’t go make up some BS and have their bank retract the transfer?

[BIC_BAWS]

Originally Posted by JDMDreams

I once sold a car to a guy where he had to make multiple canada post money orders of $999 cuz he banked with super store and draft, cash wasn't an option besides what he could take out from atm $5000 max a day.

I bank with SuperStore (which is now Simplii Financial), they're a division/partner of CIBC. For future reference and anyone dealing with people with Simplii Financial or similar banks, they can actually call into the bank and get authorized a cash withdrawal amount of whatever is equivalent to purchase price. They will have 1 hr to withdraw cash from the ATMs. Alternatively, they can request a bank draft to be made from CIBC, provided that there's advance notice to the CIBC branch.

When I bought my car, I was authorized to withdraw somewhere around 7,000 from the ATM. But since ATM transaction amounts are $500 each. I had to make 14 transactions LMFAO. Might have been $1000/transaction, but that's still 7 transactions.

[Gerbs]

Originally Posted by Mr.Money

or they spoof a fake rbc transfer that tries looking legit till you see the the real email address it's sent from.
all while trying to get your banking card number and password on another fake site if they want you to log on and accept.


only retards and people who are like 80 year old fall for that.

Set your etransfer to auto deposit

[Acura604]

update...dude never bothered to call/txt back.... think i dodged an idiot on this one.

[underscore]

I have heard of people getting screwed by etransfers being cancelled, but I don't know the specifics and if they had accepted it or not yet.

[68style]

I also do not work in the banking industry at all, but I have heard of e-transfers being cancelled after the fact. I know several people who do a lot of CL re-selling and Facebook Marketplace stuff who flat out refuse to accept e-transfers because of this danger.

[fliptuner]

Even after it's been accepted?

[Gerbs]

It's impossible to reverse/cancel an e-transfer that's already deposited. However, if it's due to fraud you might be able to get your $$ back.

[Great68]

The Interac website FAQ says that e-transfers can only be cancelled if they haven't been deposited yet. Once deposited, it's final, so they say.

So I'd feel safe once I've verified the funds are in my account before signing the transfer papers.

But considering the rest of your story about this guy, it sounds like you dodged a big flake anyways.

[TouringTeg]

Interested to hear of someone having an etransfer being cancelled after the fact.

I've accepted etransfer in person for a few parts lately and they usually show me they are sending it. I like to wait until I can deposit the money before giving them the part and leaving.

I've had someone give me a fake draft to buy a car once. Almost fell for it.

My favorite way to accept money for a car is to meet at their bank and witness them purchase a draft or cashiers cheque. Otherwise I prefer cash for lower value cars.

[Y2K_o__o]

Originally Posted by Nvasion

There are also fake bank drafts also so be careful. Best to call, the bank to verify it.

Best way is to get the bank draft with him at his bank
He can't buy a bank draft that has more value than his bank account balance has