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Old 11-25-2015, 02:58 PM   #41
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Originally Posted by pb4uski View Post
Interesting because technically in some states there is no grace period and in theory you are supposed to go to DMV and get the car registered before driving it.
It's that way in WV and MD. Not doing it can be very expensive if you get caught. In MD ~1991 it was a $250 ticket and the car was towed. I'd bet that fine has since doubled.

When I sold my motorcycle last spring the buyer and I did all the paperwork and he left the bike in my garage overnight. Came back the next day with a new tag and rode away.
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Old 11-25-2015, 04:10 PM   #42
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Another recommendation for selling yourself vice selling to CARMAX, etc....

I have sold and purchased multiple cars on craigslist; autotrader and autotrader classic. Craigslist is much more common for car enthusiast (classic; specialty cars, etc.) because you can find some great bargains. Autotrader is fee based, so it does have a little more of a barrier to limit bogus car sales. Although, most illegal car sales on Craigslist are easily identified based on sales price and comments that "flag" it for most buyers.

Regardless if you do sell yourself recommend you consider the following:
-Pictures: exterior; front/back; both sides; maybe engine bay & interior; craigslist permits multiple pic's; believe up to 12 at this point.
-Maintenance/receipts: Car has really low mileage, so not surprising if you don't have a lot but any documentation is helpful to show the car was maintained. Original purchase documentation is also good to show how much the car sold for and whether it included any special order items.
-State DMV: As others have mentioned reference your states DMV for private car sale documentation. They usually have a good bill of sale example and a link to notify the DMV when the car is sold.
-Contact info: Craigslist also lets you list an item with only an email account for contact, so this does provide you an easy way to "screen" out people before agreeing to meet. You decide who to follow up with and discuss the car. You do need to be careful about who you meet and if you price it low, expect a lot of emails because "car flippers (buy & sell)" are very aggressive in closing deals quickly. If you do provide your number be sure to mention if you want "text" or not.
-Payment: Lastly, I would recommend NOT using your bank for the final sales meeting because in my experience unless it is cash, your bank will not be able to verify the cashiers check; a couple days hold is likely. So unless you do a cash transaction, I would meet at the "buyers" bank so you know the cashiers check is legitimate or conduct a wire transfer of funds. It depends how comfortable you are with the purchaser and obviously where they bank might also be an issue. Cash obviously works, but make sure you have a "fraud marker pen" to check the large bills and a plan to get it deposited ASAP.

Regardless, how you decide to sell, I expect it will be a quick and easy transaction based on the mileage and car model. Good luck & have some fun with the process.
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Old 11-25-2015, 04:27 PM   #43
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We buy our cars new and keep them for well over 10 years. Since the residual value is so low it really doesn't matter how we dispose of them. Sometimes it was in the front yard at the lake house and more recently trade it in to the dealer. Just like real estate I like to minimize the number of transactions over the years. That's where you save $$.
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Old 11-25-2015, 07:47 PM   #44
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I just had them bring cash and deposited it to my bank account and then I signed the title. Even more foolproof I think.
Well yeah, but I typically sell a well maintained 7-8 year old low mileage Honda for six to ten grand. That's too much cash for most people to travel with IMO. By the he way, I should have added that the contract and deposit usually occurs same day they test drive and the final sale with balance as bank check is usually next banking day after they arrange to cut a check.

I had one buyer want to borrow the car and take to their mechanic who told them it was in excellent shape other than problem with one tire and alignment. We split that cost for $150 each and it was sold. Months later that buyer sent me a $25 gift card they were so happy with the car.
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Old 11-25-2015, 08:00 PM   #45
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I just traded in my 2007 Acura to a dealer. They offered $10k, I said $13k, we settled at $12k. I think it was worth not having to deal with the hassle of selling it myself. I had financing all lined up before the purchase at .99%, but they offered a discount on the purchase of $4500 if we financed with them. So we took it even though it was 1.79%. We may pay it off early or keep it invested if we feel the market will do better.


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Old 11-25-2015, 08:00 PM   #46
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You need to learn the difference between a teller check and a certified cashiers check. A certified cashiers check has been guaranteed by the issuing bank that the funds are available and the check is covered by the issuing bank. The funds have essentially been withdrawn from the owners account and are held by the bank the moment the check is created. At that point it's the bank standing behind the check. This check has a fee. It's not a standard teller check. I insist on this check. I will not inconvenience myself by driving to a buyers bank or anywhere not on my terms.

Certified bank checks should be used whenever selling real estate, valuable personal property, gold, diamonds, or silver, etc.


Quote:
Originally Posted by EpicRider View Post
Another recommendation for selling yourself vice selling to CARMAX, etc....

I have sold and purchased multiple cars on craigslist; autotrader and autotrader classic. Craigslist is much more common for car enthusiast (classic; specialty cars, etc.) because you can find some great bargains. Autotrader is fee based, so it does have a little more of a barrier to limit bogus car sales. Although, most illegal car sales on Craigslist are easily identified based on sales price and comments that "flag" it for most buyers.

Regardless if you do sell yourself recommend you consider the following:
-Pictures: exterior; front/back; both sides; maybe engine bay & interior; craigslist permits multiple pic's; believe up to 12 at this point.
-Maintenance/receipts: Car has really low mileage, so not surprising if you don't have a lot but any documentation is helpful to show the car was maintained. Original purchase documentation is also good to show how much the car sold for and whether it included any special order items.
-State DMV: As others have mentioned reference your states DMV for private car sale documentation. They usually have a good bill of sale example and a link to notify the DMV when the car is sold.
-Contact info: Craigslist also lets you list an item with only an email account for contact, so this does provide you an easy way to "screen" out people before agreeing to meet. You decide who to follow up with and discuss the car. You do need to be careful about who you meet and if you price it low, expect a lot of emails because "car flippers (buy & sell)" are very aggressive in closing deals quickly. If you do provide your number be sure to mention if you want "text" or not.
-Payment: Lastly, I would recommend NOT using your bank for the final sales meeting because in my experience unless it is cash, your bank will not be able to verify the cashiers check; a couple days hold is likely. So unless you do a cash transaction, I would meet at the "buyers" bank so you know the cashiers check is legitimate or conduct a wire transfer of funds. It depends how comfortable you are with the purchaser and obviously where they bank might also be an issue. Cash obviously works, but make sure you have a "fraud marker pen" to check the large bills and a plan to get it deposited ASAP.

Regardless, how you decide to sell, I expect it will be a quick and easy transaction based on the mileage and car model. Good luck & have some fun with the process.
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Old 11-25-2015, 09:02 PM   #47
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Originally Posted by Al in Ohio View Post
Well yeah, but I typically sell a well maintained 7-8 year old low mileage Honda for six to ten grand. ....
Well yeah, but I sold the car in question for more than ten grand... cash.

Your process would not have worked in my case because the buyer drove 3 hours to view the vehicle.
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Old 11-25-2015, 09:06 PM   #48
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Originally Posted by Al in Ohio View Post
You need to learn the difference between a teller check and a certified cashiers check. ....
There have been numerous instances of bogus certified cashiers checks... that is why I insisted on cash and since I am not an expert on $100 bills, I deposited it with my bank and then signed the title.

Quote:
If you’re reluctant to take someone’s personal check for fear that it’s no good, don’t assume that a cashier’s or bank check is any safer.

Counterfeit cashier's check fraud remains alive and well. You can see for yourself just by visiting the website of the Office of the Comptroller of the Currency. ....
Beware of cashiers check scams - Consumer Reports
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Old 11-25-2015, 09:18 PM   #49
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You have a nice car......if you were trading it in, I'd sell to the dealer since in most States you pay sales tax on the difference. I'd let your friends know its for sale, someone will probably pay a little extra knowing how well it has been kept. And, hopefully, you have maintenance records and some warranty left. Good luck.
To pb4uskie above:
"Certified" Cashiers check. There's a difference.

Why are people implying that a seller would have to pay sales tax? The buyer always pays a sales tax. You already paid sales tax on the car when you bought it. That would be double taxation. That's absurd.

Please provide a link to any state that would require a seller to pay sales tax again for a vehicle they already paid sales tax on previously.

Note: If a buyer implied the seller should pay tax you need to educate them on the fact that you have paid your tax and the deal is contingent on them legally paying tax on their sale. They can't get a title transfer until they pay tax at the state registrars BMV. A seller should never have to be present at the BMV after the sale.
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Old 11-25-2015, 09:26 PM   #50
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I sold a boat a few years back and agreed to take a cashier's check once I learned it would be issued by a small town bank. I called the bank and asked them the name of their head cashier.

The day of the transaction - prior to signing over the title - I called the bank, asked to speak to the head cashier and asked her to confirm that they had issued the check to the named individual for the amount specified. She did and I signed the papers.

Yes, the check was good...
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Old 11-25-2015, 09:34 PM   #51
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Well yeah, but I sold the car in question for more than ten grand... cash.

Your process would not have worked in my case because the buyer drove 3 hours to view the vehicle.
So they were so prepared to drive three hours to buy it possibly sight unseen with ten grand, but it would be harder to arrive with a prepared cashiers check in case they wanted to buy it also? Not sure how many people would drive around with ten grand to "maybe" buy a car they hadn't seen in person yet, but that's certainly no more on the fringe then bringing a check just in case you liked it, plus no worries about foul play between point A and point B. The authorizes warn people not to take large amount cash to auto sales due to a common scam where Craigslist sellers steal the cash at gunpoint and drive away with the car.
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Old 11-25-2015, 09:44 PM   #52
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Everyone has their own pain and hassle threshold. Selling to a dealer usually eliminates much pain and hassle, but can result in hundreds and sometimes thousands less in the sale price. I think most of the folks here are hands-on and tightwad frugal enough to endure the hassle of selling a car to a private party, but not everyone is. You have to place a value on your own time and the value of an easier disposal of your vehicle.
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Old 11-25-2015, 10:31 PM   #53
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So they were so prepared to drive three hours to buy it possibly sight unseen with ten grand, but it would be harder to arrive with a prepared cashiers check in case they wanted to buy it also? Not sure how many people would drive around with ten grand to "maybe" buy a car they hadn't seen in person yet, but that's certainly no more on the fringe then bringing a check just in case you liked it, plus no worries about foul play between point A and point B. The authorizes warn people not to take large amount cash to auto sales due to a common scam where Craigslist sellers steal the cash at gunpoint and drive away with the car.
You sound shocked that what you described would happen. Do you have any idea how stupid and / or naive 75% of the population is?
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Old 11-26-2015, 10:20 AM   #54
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Originally Posted by pb4uski View Post
There have been numerous instances of bogus certified cashiers checks... that is why I insisted on cash and since I am not an expert on $100 bills, I deposited it with my bank and then signed the title.



Beware of cashiers check scams - Consumer Reports
Thanks pb4uski; appreciate your comments and that is my experience too after actually selling multiple cars to individuals. I have never had a problem, but you have to be careful.

Hopefully, the OP will get some value from all the comments & discussion.

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Old 11-26-2015, 10:59 AM   #55
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So they were so prepared to drive three hours to buy it possibly sight unseen with ten grand, but it would be harder to arrive with a prepared cashiers check in case they wanted to buy it also? Not sure how many people would drive around with ten grand to "maybe" buy a car they hadn't seen in person yet, but that's certainly no more on the fringe then bringing a check just in case you liked it, plus no worries about foul play between point A and point B. The authorizes warn people not to take large amount cash to auto sales due to a common scam where Craigslist sellers steal the cash at gunpoint and drive away with the car.
Yes, not only were they prepared to, they did drive 3 hours to see it, test drive it, make me an offer and buy it. I was not willing to take the risk of a cashier's check, certified or not. Both could be created and bogus and I would be holding the bag. At least with cash I had little doubt that the payment was legit, particularly after the teller inspected the bills.

We met in a busy public place so the risk of my stealing the cash at gunpoint was mitigated.

A friend of mine recently bought a used plow truck on craigslist and paid $7k cash as well. Such transactions are not at all uncommon around here.

I did sell a boat for $7k earlier in the year and accepted a cashier's check, but it was drawn on a local bank that was known to me and I knew where the buyer lived and worked.
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Old 11-26-2015, 04:24 PM   #56
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WE have always sold our own old cars. They are pretty bad by the time we are done but someone always needs a used car. The last 1 took me about 4 hours to sell. The only exception is my volvo because it has so many things wrong so I traded it to the dealer. I did not want to sell it to some poor person who would not be able to afford to fix it.
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Sell car privately or to dealer?
Old 11-27-2015, 08:39 PM   #57
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Sell car privately or to dealer?

In the past I always sold private party but had a horrible experience with time-wasters and people who didn't understand the word "firm" in my price about a year ago so I took the best private party offer to my local Acura dealer, asked him to beat it by $100, and closed the deal. Also be VERY wary of Craigslist. I got at least two attempts to scam me from there.


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Old 11-27-2015, 09:18 PM   #58
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Why are people implying that a seller would have to pay sales tax? The buyer always pays a sales tax. You already paid sales tax on the car when you bought it.
This probably varies state to state.

If I sell a used vehicle for $10,000 to an individual, I get $10,000. They pay a use tax when they go to register it. I buy a new vehicle for $40,000, and I will pay a use tax on $40,000.

If I trade a vehicle and they allow me $10,000 for it, I pay $30,000 to boot on it. I pay use tax on that $30,000.

The use tax of 5% on the 10,000 would be $500. I would have to sell the old car for $10,500 to have the same cash at the end of the day.

There are a number of folks that believe they can sell vehicles for more than the dealers allow for trade, and they can make a better deal on a straight out cash purchase. Those are independent of the use tax situation and may be true.

Regarding double taxation, yup. You don't get credit for the use tax that the buyers has to pay on the used vehicle. But if you trade the vehicle to a dealer, it lowers the amount that you have to pay for use tax. So, you will pay more use tax if you sell the car yourself.
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Old 11-27-2015, 09:23 PM   #59
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Sell car privately or to dealer?

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This probably varies state to state.

If I sell a used vehicle for $10,000 to an individual, I get $10,000. They pay a use tax when they go to register it. I buy a new vehicle for $40,000, and I will pay a use tax on $40,000.

If I trade a vehicle and they allow me $10,000 for it, I pay $30,000 to boot on it. I pay use tax on that $30,000.

The use tax of 5% on the 10,000 would be $500. I would have to sell the old car for $10,500 to have the same cash at the end of the day.

There are a number of folks that believe they can sell vehicles for more than the dealers allow for trade, and they can make a better deal on a straight out cash purchase. Those are independent of the use tax situation and may be true.

Regarding double taxation, yup. You don't get credit for the use tax that the buyers has to pay on the used vehicle. But if you trade the vehicle to a dealer, it lowers the amount that you have to pay for use tax. So, you will pay more use tax if you sell the car yourself.

In my state you can sell a car privately and deduct that amount from a car purchased from a dealer. Just bring the bill of sale for proof. On a private transaction, more than a few times "2 bill of sales" would be generated from one sale. A lower one for the buyer and a higher one for the seller.


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Old 11-27-2015, 09:49 PM   #60
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In my state you can sell a car privately and deduct that amount from a car purchased from a dealer. Just bring the bill of sale for proof. ....
+1 in our state as long as the sale happens within a certain time of the purchase (60 days I think). I'm doing that right now... I have a new car on order for delivery in December but unexpectedly sold my old car a few weeks ago... I'll get a credit and only pay tax on the excess of what I pay for the new car over what I sold the old car for.
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