HLOOFCER

Hi all. I've heard some horror stories with people being presented fake checks, bounced cashier checks, etc. when selling a car and being left in the dust. It seems that even having the check cashed at your bank with the buyer present isn't 100% guaranteed anymore. Is there a standard safe way to sell ones car to a private buyer without risk involved to the seller?

Turbopower87

I believe a wire transfer is the best way to go. Wait for the money to appear in your account, call your bank to make sure there is no way you could lose that money, then hand over the keys. That's how I bought my vette and also sold my previous car.

HLOOFCER

Thanks for your response. It sounds great on my end, but how is the buyer protected? Is there a bill of sale that you present to him when he wires it, guaranteeing delivery of the vehicle if the transfer goes through? Looking for a way where both parties will have no hesitations.

Todd157k

I buy/sell cars faster than most people change their socks. I always do the transaction AT THE BANK. (local deals).
Here's how:
You, the buyer (or seller) and the car meet at the bank. He buys a bank check right there with his cash or check. The bank teller hands the bank check TO YOU. You sign and hand over the pink. (or visa versa depending on you being the buyer, not seller).
That way the bank is responsible for his funds and you don't walk around with green cash. It's the safest for everyone.

oh.. as for wire transfers... they have 24 hrs of a waiting period. So, if you decide to go that way, tell the other guy there's a 1.5 day wait.

HLOOFCER

Sounds like another excellent idea right there. I may use this method if the buyer doesn't want to do the wire transfer. Thanks!

jrose7004

Cash money or meet at the buyers bank are about the only safe ways anymore.

Vetteman Jack

When I sold my '00, it was $1K wire transfer for a deposit, 1/4th of the balance in a cashiers check, and the remainder in cash. Worked out very well for me.

nextime

That is how I sold my last car. Buyer brought me $17,000 in cash. Went directly to the bank and had them verify it was real money.

After the Bank we went right over to the DMV and had the title transfered since he was from out of state.

I transfered the title right away in case he got in an accident on the way home and legally it would be 100% his car then.

srs244

as long as you control the title, you are still dealing from a reasonable position of strength. if you are in doubt about the funds, just indicate you will not sign over the title (pink, bill of sale or whatever it might be called in your state) until ALL funds clear. then you'll deliver the car and the title. the buyer is entitle to a full receipt for his payment and it can always be notorized if that helps.

sometimes a visit by both parties to a convenient bank isn't physically possible. obviously if you are selling locally (or the buyer/seller has traveled to the car's location) then a cash transaction is preferred at a local bank. other than that and a wire transfer, pretty much all other forms can be subject to fraud. it's a shame that you need to make such preparations but the world is a very different place than it used to be before all the technological advances. it's a shame, but cash is still king.

dobewillie

cash or wire transfer

Turbopower87

I have USAA and both times that I used wire transfers the money was exchanged in under 2 hours. They recomend that you do it in the morning though so it will be done that day.

b98

CASH ONLY.

rcrosier

What about using cashiers checks? That way the bank has the money held aside... Only prob is that they sometimes cost additional money.

Todd157k

Cashier's checks are easier to counterfeit than bank checks. And yes, bank checks are easy to counterfeit too

as for the cash... do you REALLY want to walk around a total stranger with thousands of dollars in cash???

waktasz

I've done my last three sales at a dealership as a "courtesy trade". Buyer pays dealer for my old car, and applies the amount as a down payment on my new one. Won't really work in all situations but for me who gets a new car every year or two it has worked great three times.

I think I'll keep my Z for a while though

Oldvetter

Cashing the buyers check at his bank is a good idea.

radstom

Mark,
Sell the car to me. I'm honest, reliable but still poor so you'll have to come down on your asking

Really, If I make an offer you can accept I'm sure we can work out the transaction details to our mutual satisfaction.

tom