Am I setting myself up by selling a racecar to somebody with a credit card? Can they reverse the transaction afterwards? Says he wants a paper trail. The phone "negotiation" seemed reasonably legit.

Not in this age----to many ways to lose your a$$ on that. Cash at pick up. I sold a couple of cars over seas and had the funds wire transferred and converted to cash where I picked up the transfer. Keep your butt covered

I would not , I have sold several cars over the net ,I only do bank to bank transfer.Why does he want a paper trail. does it not have a title?

Dragster. I wonder if maybe he's a broker or something.

Tell him to leave a trail of $100 bills to your bank account, “paper trail”.

Wire will have a paper trail also. No chance I would do a credit card deal.

As everyone else said NO WAY!! Cash or bank to bank wire transfer is king when selling a race car

Cash or transfer period.. In general why would anyone make a statement like that,"I Want to leave a paper trail" Real ODD.

I had a customer claim he did not authorize a $3400.00 credit card sale almost 6 months after we delivered the parts to the shop working on his car. I had a signed authorization form & copies of his ID but the bank still sided with the customer and stuck me for the charge (it was a phone order so the chip was not read). What if the guy blows the car up or crashes it and disputes the charge? Try explaining how the race car world works to a representative with a thick accent at a call center 4,000 miles away. Wire transfer or cash only - no way I'd take a card if I was you.

Not sure I trust the wire thing totally. Cash in hand is harder to get back,just ask my friends Smith and Wesson.

FWIW - I work at an Exotic Car dealer and we routinely get wire transfers for hundreds of thousands of dollars. It is probably the safest way to accept money and the buyer will have the proof he is after (assuming that is really what he wants and is not planning on reversing the charge).

Tell him to take a cash advance on the card, deposit the money into his checking/savings account and then do a bank to bank wire transfer for the sale amount. You may pay a $15 or $20 fee for the transfer but once it hits, it is the same as cash in hand and cannot be taken back or disputed.

quote:

Originally posted by Shawn Pinkerton:
Tell him to take a cash advance on the card, deposit the money into his checking/savings account and then do a bank to bank wire transfer for the sale amount. You may pay a $15 or $20 fee for the transfer but once it hits, it is the same as cash in hand and cannot be taken back or disputed.

Cash advances are usually a way higher interest rate - the guy is either trying to scam or earn a ton of frequent flyer miles or award points.

If buyer uses an awards type card it will cost you a 3 to 5 percent fee also.

quote:

Originally posted by BD104X:

quote:

Originally posted by Shawn Pinkerton:
Tell him to take a cash advance on the card, deposit the money into his checking/savings account and then do a bank to bank wire transfer for the sale amount. You may pay a $15 or $20 fee for the transfer but once it hits, it is the same as cash in hand and cannot be taken back or disputed.

Cash advances are usually a way higher interest rate - the guy is either trying to scam or earn a ton of frequent flyer miles or award points.

Exactly!!! If he is serious, he will have his bank do the advance and deposit to his account. If he is a scammer, he walks away.