What is the safest payment to accept when selling a car?
05-08-2011, 10:29 PM
#17
I'm selling my car and would like to know what is the safest type of payment to accept from the buyer. It seems like a Bank check is a little safer than a Certified check, but I read they can both be stopped. I would prefer cash but the sale amount is $11,000 and anything over $10k is scrutinized for possible money laundering.
Give the buyer a bill of sale, have them sign a copy for you.
Copy the signed off ownership certificate before handing if over.
You now have viable proof to the IRS.
05-09-2011, 03:43 AM
#20
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take cash only!! deposit it before handing anything over, if your gonna take a check, cash it out before handing anything over, then deposit the cash, only way i can really think of getting anything legitimate without the possibility of being ripped off...i am a perfect example of that...i sold my 350z a few weeks ago, deposited a cashiers check, and the funds showed up in my bank, a couple weeks later the funds were missing...apparently you can lie to your bank about your cashiers checks and they will take back the money asap.....yes i could take them to court over this, but id rather not waste my time, and drove to there house and picked my car back up lol
05-09-2011, 12:06 PM
#23
When I sold my last car, I had them give me cash at MY bank and deposit it right away. If it's counterfeit, the bank should know right then. Once it's done, I signed the title + bill of sale and have the bank make copies of them. Then I give them the original title and a copy of the bill of sale (and the keys of course). The amount was 9K though.
I'd never take checks.
I'd never take checks.
05-09-2011, 01:03 PM
#24
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You can take checks...YOU keep the title until the check clears. Or you offer to park the car and not drive it until the check clears.
Unless you live in A-hole ville...you can actually still trust people. Dealerships give you cars on a check
Unless you live in A-hole ville...you can actually still trust people. Dealerships give you cars on a check
05-09-2011, 01:21 PM
#25
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I just spoke with my bank. They said a Bank check can be stopped/reversed by the buyer. A wire transfer can be stopped/reversed if not done during M-F banking hours, so Sat. is not safe. Basically, the only way to guarantee that they cant get the $ back is to get cash or do a wire transfer during M-F banking hours.
05-09-2011, 01:23 PM
#26
I'm selling my car and would like to know what is the safest type of payment to accept from the buyer. It seems like a Bank check is a little safer than a Certified check, but I read they can both be stopped. I would prefer cash but the sale amount is $11,000 and anything over $10k is scrutinized for possible money laundering.
If you aren't doing anything wrong then why fear it? I've sold 3 cars in the last 2 years, one for 19k one for 12k(cash) and one for 26k (cash)
I've not been visited by anyone yet.
05-09-2011, 02:04 PM
#27
They have a few more resources at their disposal, and much easier should someone try stiff them. That said I wrote 1 check for my car in the .sig they were fine with it. But I digress.
Also, holding the title until the check clears is a piece of paper, they have the car to treat as they please too. Just saying.
05-09-2011, 02:14 PM
#28
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