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How to sell a car safely?

TR6oldtimer

Darth Vader
Offline
Cashier's check presented while the banks are still open in the buyers and your town. Before transferring title and possession, go to your bank with the buyer so the bank can call and verify the check(s) are authentic and will clear.

Cash causes all sorts of IRS reporting, as does the chance of forgeries.
 

Gwilhelm

Senior Member
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Great advise, here.

I recently purchased a vehicle and I did all the transactions within the Sellers bank. You can verify if the check will clear and get documents notarized, all at the same time. And its all video taped and "public" if something comes up later... whatever that might be.
 

jackag91

Jedi Warrior
Offline
When I bought my car, I sent a deposit via paypal. Then I used my bank's (wells fargo) bill pay service to pay the balance.

The way the bill pay works is the bank moves the amount of the payment to an escrow account and then cuts the check to be mailed to the guy.
 

tdskip

Yoda
Country flag
Offline
Per suggestions above, you can always go to the seller's bank and watch the cashiers check get cut and then directly handed over to you.

I've done that a couple of times to put a seller at ease.
 

Geo Hahn

Yoda
Country flag
Offline
I have always used wire transfer but if it is a 75 Ford Pickup this alternative may not be practical for the buyer.

If someone was willing to pay cash then a bank is the place for it... either theirs where you can watch the cash come thru the window or yours where the teller can confirm it is a product of the US mint (and not some high-end color copier).

"Cut a check"... I still say that too but I fear it dates me.
 

Harry_Ward

Jedi Knight
Offline
If not in cash I request a bank check. This is a check issued from a bank with the banks name on it and not the purchasers personal checking account. It is made out to me directly. I never had a problem YET and I emphasize yet.
 
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