Safe and secure car sale
-
- Posts: 604
- Joined: Mon Dec 10, 2018 4:22 pm
Safe and secure car sale
So I am going to sell a car to a person from out of state. What is the best and safest way to do the money part of the deal? I have a clean title to sign over but have heard about cashiers check scams, etc...and thoughts? They will pick the car up at my house which is fine, we have plenty of security there, thats not a worry...more about the money end of things...Thanks in advance.
Re: Safe and secure car sale
Lots of past threads on this topic.
Options are:
Meet at bank and have them draw cashier's check in front of you
Meet at bank and deposit cash immediately
Receive Venmo, Paypal or Zelle payment <--- Don't do these
Receive wire transfer
Accept cash for purchase
Do not:
Accept cashier's check
Accept personal check
I'm sure there are other options as well.
Options are:
Meet at bank and have them draw cashier's check in front of you
Meet at bank and deposit cash immediately
Receive Venmo, Paypal or Zelle payment <--- Don't do these
Receive wire transfer
Accept cash for purchase
Do not:
Accept cashier's check
Accept personal check
I'm sure there are other options as well.
Last edited by bluebolt on Tue Apr 06, 2021 9:22 am, edited 1 time in total.
- cheese_breath
- Posts: 11786
- Joined: Wed Sep 14, 2011 7:08 pm
Re: Safe and secure car sale
And if they don't have an account at a national bank with a branch near you (Chase, Comerica, etc.) ask them to open one with the payment before they come.
The surest way to know the future is when it becomes the past.
-
- Posts: 2500
- Joined: Tue Aug 16, 2011 12:39 pm
Re: Safe and secure car sale
These can be worse then a check in my opinion.
Option A Cash
Option B Meet at bank and have them draw cashier's check in front of you
"They who can give up essential liberty to obtain a little temporary safety, deserve neither liberty nor safety." - Benjamin Franklin
Re: Safe and secure car sale
Fair enough. Edited my post.
Re: Safe and secure car sale
Last sale i did, went to bank with buyer, watched them get cashier's check. We went down the street to the State motor vehicle's administration. Did the sign over of the title. Waited while they processed the transaction at the MVA. Person balked at having to pay for the registration fees and taxes in the state as they were moving to another state across the country. I said, we met today to do the complete transaction, i can't have you driving on my plates, if you don't want to follow through then I can give you the check back and you can give me the title back. No worries. They decided to pay the taxes and registration, and go through with the transaction. Walked out with his own plates and took mine off to turn in later. We happened to have the same bank which was nice too.
Re: Safe and secure car sale
If this is not some sort of collectable car where a long distance sale makes sense then you really need to be super cautious.
If they pay with cash then you also need to be concerned about counterfeit currency. I have met a car seller who was paying cash at my bank to have the teller check the currency. We brought the cash up to the teller, she checked it, and I signed over the title then I deposited the money. Counterfeit cash is rare but it happens.
With the pandemic your bank branch may have restricted access and you may need an appointment to go into the bank so check with them to see if you can actually meet in the bank.
Check your states rules about if the license plate stays on the car or you keep it. The rules vary.
Your state may also have a form to document the transfer of ownership. Do not trust the buyer to send it in. You will need it and maybe a bill of sale to be able to prove that you sold the car just in case there is an accident next week and there is a lawsuit. Take a photo of the buyers drivers license to help prove who you sold it to.
Someone who is in the country illegally may never register the car so keep this paperwork indefinitely since the car could be in a wreck five years from now and you may need to be able to prove that you sold it.
If they pay with cash then you also need to be concerned about counterfeit currency. I have met a car seller who was paying cash at my bank to have the teller check the currency. We brought the cash up to the teller, she checked it, and I signed over the title then I deposited the money. Counterfeit cash is rare but it happens.
With the pandemic your bank branch may have restricted access and you may need an appointment to go into the bank so check with them to see if you can actually meet in the bank.
Check your states rules about if the license plate stays on the car or you keep it. The rules vary.
Your state may also have a form to document the transfer of ownership. Do not trust the buyer to send it in. You will need it and maybe a bill of sale to be able to prove that you sold the car just in case there is an accident next week and there is a lawsuit. Take a photo of the buyers drivers license to help prove who you sold it to.
Someone who is in the country illegally may never register the car so keep this paperwork indefinitely since the car could be in a wreck five years from now and you may need to be able to prove that you sold it.
The used car market has gone crazy. Get a quote from places like Carvana or Carmax to see what they will offer to make sure that selling it yourself is worth the hassle. Normally I would not suggest this but out of curiosity I got a quote from Carvana on my car and it was a very good price since they are desperate to find good used cars.
Re: Safe and secure car sale
I sold a vehicle and two years later I got follow-up letters for some out-of-state parking tickets the purchaser had apparently been issued. I had filed the required sale report with my state (California) so I just sent a copy of that to the other state along with the buyer's information and copy of the bill of sale. (In California there is no change of plates when a vehicle sale is done.) I never got any further follow-up. In lots of cases there is little incentive for the purchaser to rush into DMV and change vehicle registration, they can continue to operate the vehicle until the current vehicle license tags expire.
The closest helping hand is at the end of your own arm.
- eye.surgeon
- Posts: 1143
- Joined: Wed Apr 05, 2017 1:19 pm
- Location: California
Re: Safe and secure car sale
Cash.
I've sold a dozen cars or more online, mostly craigslist. Everything from an older Honda Civic to a relatively new Range Rover. Always in cash, no exceptions. And yes I have been paid in a shoebox of $35k in cash.
I've sold a dozen cars or more online, mostly craigslist. Everything from an older Honda Civic to a relatively new Range Rover. Always in cash, no exceptions. And yes I have been paid in a shoebox of $35k in cash.
"I would rather be certain of a good return than hopeful of a great one" |
Warren Buffett
- lthenderson
- Posts: 8525
- Joined: Tue Feb 21, 2012 11:43 am
- Location: Iowa
Re: Safe and secure car sale
Not being worried about security and no what to look for to verify a bills authenticity, I have always insisted on cash. My bank is still closed unless you have an appointment due to the pandemic so make sure your bank will accept walk-ins, or your have a timed appointment if your bank is similar before the buyer arrives if you go the cashier check route.
Re: Safe and secure car sale
^^^ This is what you need to know.bluebolt wrote: ↑Tue Apr 06, 2021 8:26 am Lots of past threads on this topic.
Options are:
Meet at bank and have them draw cashier's check in front of you
Meet at bank and deposit cash immediately
Receive Venmo, Paypal or Zelle payment <--- Don't do these
Receive wire transfer
Accept cash for purchase
Do not:
Accept cashier's check
Accept personal check
I'm sure there are other options as well.
-
- Posts: 604
- Joined: Mon Dec 10, 2018 4:22 pm
Re: Safe and secure car sale
Selling a collector type car for 90K to an out of state guy...yea...no cash, told him if you cant wire transfer then no thanks...there will be other buyers...Watty wrote: ↑Tue Apr 06, 2021 9:33 am If this is not some sort of collectable car where a long distance sale makes sense then you really need to be super cautious.
If they pay with cash then you also need to be concerned about counterfeit currency. I have met a car seller who was paying cash at my bank to have the teller check the currency. We brought the cash up to the teller, she checked it, and I signed over the title then I deposited the money. Counterfeit cash is rare but it happens.
With the pandemic your bank branch may have restricted access and you may need an appointment to go into the bank so check with them to see if you can actually meet in the bank.
Check your states rules about if the license plate stays on the car or you keep it. The rules vary.
Your state may also have a form to document the transfer of ownership. Do not trust the buyer to send it in. You will need it and maybe a bill of sale to be able to prove that you sold the car just in case there is an accident next week and there is a lawsuit. Take a photo of the buyers drivers license to help prove who you sold it to.
Someone who is in the country illegally may never register the car so keep this paperwork indefinitely since the car could be in a wreck five years from now and you may need to be able to prove that you sold it.
The used car market has gone crazy. Get a quote from places like Carvana or Carmax to see what they will offer to make sure that selling it yourself is worth the hassle. Normally I would not suggest this but out of curiosity I got a quote from Carvana on my car and it was a very good price since they are desperate to find good used cars.