Best way to get paid on a private sale?
08-04-2014, 12:24 PM
#21
Burning Brakes
When I sold my 2005 to a private buyer, I asked the buyer to meet me at my bank. We went to the teller together, I gave the teller my bank account number and the buyer handed the teller the cash. Teller counted and confirmed the amount and deposited it directly to my account. Cash never physically touched my hands. Once complete, I signed over paperwork and the deal was done.
08-04-2014, 01:12 PM
#22
Racer
You can probably change that to MOST buyers. This is where it's best for you to meet at their bank and watch them cut the check. Finish the transaction there and go your separate ways...
08-04-2014, 02:42 PM
#24
Burning Brakes
[QUOTE=ferravette;1587511859]Just went thru this on a sale just short of 6 figures.
Wire transfer woud be the best bet. If your bank is also his bank the transfer takes minutes. If the banks are different it takes about 2 hours for the transfer but it will show as pending until the next day.
I called my bank and spoke to a management person who informed me that in order for the wire transfer to be reversed I would have to approve it. Also it was a FEDWIRE transfer.
So I let the buyer pick up the car a few hours later,
Hope this helps.
This is the route I took on an out of state purchase.
Wire transfer woud be the best bet. If your bank is also his bank the transfer takes minutes. If the banks are different it takes about 2 hours for the transfer but it will show as pending until the next day.
I called my bank and spoke to a management person who informed me that in order for the wire transfer to be reversed I would have to approve it. Also it was a FEDWIRE transfer.
So I let the buyer pick up the car a few hours later,
Hope this helps.
This is the route I took on an out of state purchase.
08-04-2014, 10:02 PM
#26
Burning Brakes
To the people saying wire transfer are not instant I can tell I that is incorrect. I work at a financial institution and wire transfers are always instant.
The only reason why it takes some time to get it to go thru only has to do with the manager who approves it. By that I mean it takes as long as it takes for the manager to get to your particular transaction to approve. He/she may have 30 other transaction ahead of yours and then it goes to the back office operations area to release the funds.
Wire transfers are safest quickest and easiest way to get paid. It's actually more dangerous for the person sending the money than u because u, the receiver, would have to be notified before funds can be sent back and u need to approve it.
The only reason why it takes some time to get it to go thru only has to do with the manager who approves it. By that I mean it takes as long as it takes for the manager to get to your particular transaction to approve. He/she may have 30 other transaction ahead of yours and then it goes to the back office operations area to release the funds.
Wire transfers are safest quickest and easiest way to get paid. It's actually more dangerous for the person sending the money than u because u, the receiver, would have to be notified before funds can be sent back and u need to approve it.
08-04-2014, 10:42 PM
#27
Drifting
Sold my 11 GS on this site about 2 months ago. Did a wire transfer from his bank to mine. I got the money in my account in about 1 hour and 30 minutes. Clean deal.
08-05-2014, 08:00 AM
#28
Melting Slicks
08-05-2014, 12:20 PM
#29
Burning Brakes
Is there any risk - in wire transfers - of giving out your routing number / account number ?
I'm guessing the answer is no, i.e. no more risk than when you write a check for any other payment and they see the same information on the bottom of the check.
Or do you recommend that we have a dedicated account with very little money it in that is for the purpose of receiving wire transfers?
08-05-2014, 11:53 PM
#30
Melting Slicks
I recently asked this question in another part of the forum.
Cashier's checks can be forged, keep that in mind.
Reasonably safe and usually acceptable: meet up at local branch of buyer's bank. Watch him/her purchase a cashier's check and hand it to you. You do paperwork/bill of sale on the spot. Only way the cashier's check can be "stopped" is if they claim it was stolen or lost or damaged and there is a process to doing that, and the money gets held up by the bank.
Ideal way: you tell them to meet you at the bank with cash, and you deposit it right there. Most buyers don't want to do that, but if you give them a significant discount off your price, they might go for it. Much safer than them handing you cash in their bank or in a parking lot for obvious reasons.
Cashier's checks can be forged, keep that in mind.
Reasonably safe and usually acceptable: meet up at local branch of buyer's bank. Watch him/her purchase a cashier's check and hand it to you. You do paperwork/bill of sale on the spot. Only way the cashier's check can be "stopped" is if they claim it was stolen or lost or damaged and there is a process to doing that, and the money gets held up by the bank.
Ideal way: you tell them to meet you at the bank with cash, and you deposit it right there. Most buyers don't want to do that, but if you give them a significant discount off your price, they might go for it. Much safer than them handing you cash in their bank or in a parking lot for obvious reasons.
08-06-2014, 03:35 PM
#31
Instructor
Member Since: Sep 2007
Location: Tusket NS
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Bank Check: If he is financing the vehicle and his bank hands him the check and not you its also okay. Just call his bank and speak with the loan officer if you are hesitant about the legitimacy of the check.
Certified Check: Same thing, its going to be coming from his bank, so call and confirm he has funds available (they wont allow him to get the check if he doesn't).
), the sellers bank contacted my bank and spoke with the branch manager. He confirmed the legitimacy, I got my Vette and he got the cash deposited in his account within a few days. I hope your sale goes as easily as my purchase went.
08-07-2014, 05:47 AM
#32
Instructor
pretty simple as most have stated guy puts money in your bank account picks up car when money is there ,how hards that or pictures of the Queen were i come from new zealand or pictures of your old president the old green back , but generally you get a feel about people when their abit dodgy