accept a wire

Asked by Pattig1234 Feb 13, 2019 at 09:27 AM about the 2011 BMW 3 Series 328i xDrive Sedan AWD

Question type: Car Selling & Trading In

Should I accept a wire transfer?

2 Answers

103,125

Only if you are the seller. Has the buyer inspected the vehicle in person or sent a representative to look it over? I'd be wary of buyers who buy vehicles unseen. Are they paying in full? Wire transfers are usually pretty safe, AFAIK they can't be reversed. Ask your bank representative if it is safe or what protections are in place to receive money. Avoid buyers who want to pay a little up front, then pay off the balance with a check. Even certified checks can be faked. Avoid buyers who want to pay over your asking amount, then expect YOU to pay for the shipping by wiring money to a third party. But as long as they are paying your agreed price by wire, I think you are safe.

Talk to your banker about this. Mine told me to open an account just for the transfer and to move the money out as soon as you get it. Close the account afterwards.

1 people found this helpful.

Your Answer:

CarGurus Experts

  • #1
    Robert Charlson
    Reputation
    3,950
  • #2
    apbimmer98
    Reputation
    3,100
  • #3
    Abu Luca
    Reputation
    2,980
View All

Find great deals from top-rated dealers

Search

Related Models For Sale

Used BMW 5 Series
21 Great Deals out of 329 listings starting at $4,500
Used BMW M3
9 Great Deals out of 90 listings starting at $15,995
Used Mercedes-Benz C-Class
107 Great Deals out of 1,440 listings starting at $4,500
Used Lexus IS
19 Great Deals out of 311 listings starting at $6,449
Used BMW X3
49 Great Deals out of 1,009 listings starting at $4,995
Used BMW M5
4 Great Deals out of 54 listings starting at $26,800
Used Dodge Charger
37 Great Deals out of 638 listings starting at $4,888
Used Ford Mustang
56 Great Deals out of 1,260 listings starting at $4,995
Used Audi S4
10 Great Deals out of 82 listings starting at $12,995
Used Mercedes-Benz E-Class
32 Great Deals out of 515 listings starting at $5,700
Used BMW X5
45 Great Deals out of 1,152 listings starting at $3,995

Content submitted by Users is not endorsed by CarGurus, does not express the opinions of CarGurus, and should not be considered reviewed, screened, or approved by CarGurus. Please refer to CarGurus Terms of Use. Content will be removed if CarGurus becomes aware that it violates our policies.