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Login to post Forums » Off-topic discussion » Form of payment for a car you are selling

Jan. 10, 2012 7:54 a.m. spin_out Reader

I'm selling my Boxster and it's more money than I can risk loosing if I get a bad check. I live in Florida and in the past I usually ask for a bank check. But I've been hearing storied of people getting bad checks. What do you guys do when we are talking about more cash than would normally fit in your pocket?

My thought was to ask for a bank check and to ask to see his drivers license so I could copy down his infomation. Once he drives off with a signed title it's kind of late.

Thanks, Mark
Jan. 10, 2012 7:56 a.m. nocones HalfDork

Do the deal at your bank. If they are OK with the payment release the tittle.

For added protection take out a small loan on the car that the buyers payment must satisfy with the bank to release the lean against the car. This way the Bank will ensure that the payment is good before releasing their lean on the car.
Jan. 10, 2012 7:59 a.m. foxtrapper SuperDork

Cash. I always sell for cash.
Jan. 10, 2012 8:01 a.m. Duke SuperDork

foxtrapper wrote:

Cash. I always sell for cash.

I have to agree with this. I've carried $6k or more to buy a car. They just need to be careful getting to your house.
Jan. 10, 2012 8:01 a.m. pete240z SuperDork

I meet them at my local Chase Bank and they hand the cash to the teller and they run it through their machine into my savings as I hand over the title.

I bought a car at Chase, wrote the guy a check and Chase cashed it and handed him the cash as I stood next to him.

What about insisting on a bank check from your local bank?

The days of a guy giving me $3000 cash in my driveway are over for me.
Jan. 10, 2012 8:17 a.m. jrw1621 SuperDork

In reply to nocones:
Unlike what Nocones says about doing the transaction at your bank, do the transaction at the buyers bank
The buyer bank will release the money if the money really exists. If the bank hands you a check then ask to cash that check right there at the bank so as to walk out with cash. If you do the transaction at your bank, the buyer may still bring an official looking check that could still be crap and when your bank figure out in two weeks that it is crap they will then reverse the money out of your account.

Things vary by state but my last purchase went like this.
Agree on price in driveway on Sat morning (not a dime in my pocket.)
Seller and I drove a few miles to my (buyer) bank.
I withdrew the cash for the seller and had the teller complete the notary of the title right there.

If the seller is willing to pay in cash and that much cash makes you nervous then meeting at your (sellers) bank is good.
The buyer can walk in with a stack of cash and you can fill out a deposit slip right there. Real money with then be safe in your account with no risk to you as well as a comfortable place for the buyer to pull out a wad of cash.
Jan. 10, 2012 8:28 a.m. Klayfish HalfDork

jrw1621 wrote:

In reply to nocones:
Unlike what Nocones says about doing the transaction at your bank, do the transaction at the buyers bank
The buyer bank will release the money if the money really exists. If the bank hands you a check then ask to cash that check right there at the bank so as to walk out with cash. If you do the transaction at your bank, the buyer may still bring an official looking check that could still be crap and when your bank figure out in two weeks that it is crap they will then reverse the money out of your account.

Things vary by state but my last purchase went like this.
Agree on price in driveway on Sat morning (not a dime in my pocket.)
Seller and I drove a few miles to my (buyer) bank.
I withdrew the cash for the seller and had the teller complete the notary of the title right there.

If the seller is willing to pay in cash and that much cash makes you nervous then meeting at your (sellers) bank is good.
The buyer can walk in with a stack of cash and you can fill out a deposit slip right there. Real money with then be safe in your account with no risk to you as well as a comfortable place for the buyer to pull out a wad of cash.

I agree. Or, if you want to do it at your bank, just make sure the seller understands that the car doesn't leave your possession until the bank 100% confirms the money is good and in your account. That's what I did when I sold my '06 Miata last spring. We did it at my bank, but the car and keys stayed with me until my bank was sure the money was good.
Jan. 10, 2012 8:32 a.m. DrBoost SuperDork

jrw1621 wrote:

In reply to nocones:
Unlike what Nocones says about doing the transaction at your bank, do the transaction at the buyers bank
The buyer bank will release the money if the money really exists.

Exactly. If you don't want to walk around with a used Boxsters worth of benjamins in your pocket, have the bank wire the money directly into your account.
Jan. 10, 2012 8:34 a.m. jrw1621 SuperDork

It is possible that you and the buyer are from different towns.
In that case, give the buyer the name of your bank. The buyer can set up his own saving account with your bank. He can have his current bank send funds to his new savings account in your bank. In a couple of days, it will be verified that the funds are in the buyers new savings account.
Once verified, you can both meet at one bank (you are both customers) and the funds can be moved from his account to yours. At that same time, the buyer can close his account.
Jan. 10, 2012 9:54 a.m. Alan Cesar Associate Editor

jrw1621 wrote:

It is possible that you and the buyer are from different towns.
In that case, give the buyer the name of your bank. The buyer can set up his own saving account with your bank. He can have his current bank send funds to his new savings account in your bank. In a couple of days, it will be verified that the funds are in the buyers new savings account.
Once verified, you can both meet at one bank (you are both customers) and the funds can be moved from his account to yours. At that same time, the buyer can close his account.

There are sometimes fees for closing an account in less than a month. Look into the terms before pursuing this method.
Jan. 10, 2012 9:58 a.m. jrw1621 SuperDork

Agreed there can be fees but small price for clean transaction on large transaction.
Jan. 10, 2012 10:00 a.m. BoxheadTim SuperDork

When I sold the Talon a few months ago, it turned out that the buyer and myself both had accounts with a TBTF bank. Originally the buyer was suggesting to draw a certified check which I'd been happy with as long as I could see them draw the check, but the lady at the bank suggested that she could just transfer the money into my account instead, so that's what we ended up doing.

Worked out OK.
Jan. 10, 2012 10:31 a.m. cwh SuperDork

Certified checks, bank checks, money orders, all can be counterfeits. A bank-to-bank wire transfer is always good, and usually inexpensive. ANYTHING not cash or wire transfer can be faked. Go to his bank is good, bank gives you a certified check, you know that is good because it comes from the bank in front of your eyes. Good luck.
Jan. 10, 2012 10:37 a.m. N Sperlo SuperDork

I always sell for cash. I buy in cash and pack heat when I do.
Jan. 10, 2012 11:14 a.m. Twin_Cam SuperDork

I've only ever sold one car, but I insisted on a cashier's check from their bank.

The previous owner of my first car (I was 16) took a personal check, but it was for $1100 and my dad was standing right there, and they knew each other.
Jan. 10, 2012 1:52 p.m. pilotbraden Dork

Cash at the buyers bank. Open an account if you do not want to walk out with a bag full o'cash.
Jan. 10, 2012 2:11 p.m. Otto Maddox Dork

Otto: Are you?

Bud: Am I what?

Otto: Packing something?

Bud: Only an shiny happy person gets killed for a car.
Jan. 10, 2012 3:50 p.m. fasted58 SuperDork

N Sperlo wrote:

I always sell for cash. I buy in cash and pack heat when I do.

QFT
Jan. 10, 2012 10:00 p.m. BoostedBrandon HalfDork

I haven't bought a car in over six years, I fear I've forgotten how.
Jan. 10, 2012 10:41 p.m. curtis73 SuperDork

My bank will do wire transfers for $10. Its safe, no one has to meet with a wad of cash, and its bonafide.
Jan. 10, 2012 11:26 p.m. Luke SuperDork

In reply to Otto Maddox:
Jan. 10, 2012 11:39 p.m. SVreX SuperDork

Wire transfers are easy from any location.
Jan. 11, 2012 7:44 a.m. Woody SuperDork

Do the transfer at the bank.
Jan. 11, 2012 7:48 p.m. 850Combat New Reader

Last one I did was ten grand cash for my '86 Vanagon Synchro Westfalia last June. It was rusty, hence the low price.

I will accept a personal check gladly as long as I keep the car and title until it clears.

I have purchased lots of cars with personal checks too.

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