So, I've got the M Coupe up for sale and got my first legitimate call today. This is the first time I've ever sold a fairly expensive vehicle. I'm wondering what payment methods you guys would be willing to accept in this same situation.
It's more than I'd feel comfortable carrying around in cash, if I were buying. And I know that personal and cashier's checks both have their issues.
Sounds like the guy may be planning to do it in cash though, so there might not be an issue.
I've sold vehicles in that price range. I've arranged to meet at his bank and they cut me a check. That way you know it's safe, and he's not a mugging target.
Meet the buyer at a branch of his bank during office hours. No issues then if the check will clear. You can leave with cash. Take the cash immediately to your bank.
If you owe money on the car still, meet at your bank branch that hold the car loan. The buyer should bring cash.
Typically, the bank will have a notory on site if needed for documents.
Safe place for both buyer and seller with cameras and security.
One payment in cash. Or a cetified bank check, those are my terms.
jrw1621 wrote: Meet the buyer at a branch of his bank during office hours. No issues then if the check will clear. You can leave with cash. Take the cash immediately to your bank. If you owe money on the car still, meet at your bank branch that hold the car loan. The buyer should bring cash.
Thanks. That's what I was kind of thinking. Fortunately, I do not owe anything on it, so no problems there.
wouldn't a money order work?
Money orders can be faked, even the Postal ones. The fakes I've seen are incredible and I'm in the printing business.
Go to his bank during business hours. It's the best way to go and that's the way I've done it. They can issue a cashiers check to you and you can run to your bank and cash it.
bank check or cash
I've been paranoid about counterfeit money orders for a couple of years now.
Fortunately for me, the cars I've sold have been cheap enough that cash isn't an outrageous request.
cash, at your bank... you can deposit it immediately... and as said earlier you both are safe.....
The bank office will also scare off the fraudsters.
Major red flags to you if your buyer (or the seller) balks at the idea of meeting in a bank branch.
Cash, or possibly a few Rib A Cue sandwiches in the case of my Cavalier.
NEVER a check from Jersey http://www.nj.com/hobokennow/index.ssf/2009/12/hoboken_jeep_transaction.html
A 25-year-old was supposed to receive $38,350 for his black 2008 Jeep Cherokee, police said.
According to police reports, the man had posted his Jeep for sale on Craigslist and received a phone call on Nov. 27th from a man who identified himself as Scott Whitaker, police said.
After multiple phonecalls, Whitaker's son Matthew was supposed to hand overt the check on Sunday afternoon on 14th Street in Hoboken, police said.
The check for $38.350 turned out to be false. No arrests were made and the car has not been found, according to police.
Police said the case is still under investigation.
Wally wrote: The check for $38.350 turned out to be false. No arrests were made and the car has not been found, according to police.
Thats just dumb on two levels: If it wasn't clearly a comma, there is a problem, and why the hell would you take a personal check?
I have successfully sold vehicles via cash, and a signed bank check. I was actually with the buyer as his bank when they made it out to me. After it was made, I immediately went to my bank and deposited it. Considering I knew where the guy lived, I felt comfortable with the 5 day hold. I must admit, however, that I would not accept those circumstances with any buyer.
If the deal seems strange, walk away.
I have never done it but I would look into a reputable escrow company if the person is not local to you. I think ebay has one they pimp for just such a case - I suppose it would also work for a local guy if the deal makes you nervous.
Giant Purple Snorklewacker wrote: I suppose it would also work for a local guy if the deal makes you nervous.
I'm really not nervous. The current interested party seems totally legit. I just prefer to be cautious.
When I sold the Samurai the guy wanted to take it for a spin. OK but I'm going with you. As we get in the car, he's driving, he says "I'm carrying a gun, is that OK?"
You gonna rob me?
No, I just have a lot of cash on me.
I'm fine with it.
Well, some people are funny about guns.....
Salinas, cash is very hard to falsify. I would go with cash.
Dan
Meet at your bank and have him do a wire transfer. No way to fake that.
I did take a private check for the last car I sold but we used the same bank and I was able to call and verify funds.
914Driver wrote: When I sold the Samurai the guy wanted to take it for a spin. OK but I'm going with you. As we get in the car, he's driving, he says "I'm carrying a gun, is that OK?"
"That makes two of us"
+1 on meet at the guy's bank. Only way to do it safely in my experience. For cars worth a few grand, I'll take cash, but I generally hate having that much money on hand.
I prefer cash and push for it, but I have done a cashier's check from a known bank. Another thing to think of..... the law requires the financial institution that receives a deposit of more than $10,000 to submit a Currency Transaction Report (CTR) to the Treasury, so you may want to deposit less than 10k at a time if you do get cash.
A roommate of mine sold his car in the evening... a inherited car he was mostly just helping sell. Took 1k in cash for it.... cash was pile of fake bills. Car was found in impound weeks later.
Big ticket = bank transaction.
make sure you get the car out of your name immediately , you don't want the call from the towing company that your car has been in a wreck , because the guy never turned the title into his name <<trust me on this one
Karl La Follette wrote: make sure you get the car out of your name immediately , you don't want the call from the towing company that your car has been in a wreck , because the guy never turned the title into his name <<trust me on this one
California has the release of interest form attached to the title - so long as it's postmarked no more than 5 days from the date of sale, the guy can go on a murderous rampage right after he buys it and it won't come back on the seller.
You can also do it online (what I've done for the previous few vehicles I've sold).
"What Payments would you Accept on a Car?"
Depends whose car it is.
This might have been stated already, but:
if he's taking out a bank loan for the vehicle, meet him at his bank and get either a bank draft or cash from the bank. That's how I did it, worked out great. Don't be embarrassed to lay out the terms of the sale.
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