How to sell a car safely?

[SCguy]

Looks like I might be selling a car this weekend locally. With all the trouble with cashier checks, what is the best way to make the transaction of an expensive car? In a the buyer's bank? I don't want to be taking any chances.

 

[Guest]

Watch him get it from the bank...

 

[TR6oldtimer]

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]

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.

 

[tomshobby]

Ask your bank what to do before any transaction is made.

 

[Andrew Mace]

I'm a traditional kind of guy; I prefer cash in hand. At worst, read up on how to spot counterfeit bills!

 

[jackag91]

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]

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.

 

[Tomster]

And you are selling what?

 

[Geo Hahn]

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]

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.