Selling a car - how to take payment?

[youbet]

Quote:

Originally Posted by Aerides I only did this once, and same thing, we drove to her bank, did it all there, and then I handed her the keys.

I think it's a good, clear and signed title and bill of sale that the buyer would be worried about. Paying for a car and then having issues transferring the title later can be a real nightmare for the buyer, even with keys to drive it away!

[pb4uski]

Buyer met me at a branch of my bank that is co-located with a grocery store. He checked out the car and we took a test drive. He made me an offer, I countered and we agreed on price. He had cash. We went into my bank and I deposited the purchase price then signed over the title and gave him the keys.

[RetireeRobert]

Quote:

Originally Posted by braumeister Last time I sold one I met the buyer at his bank and watched him get a bank check from the teller, which he then handed to me. Quick, easy and safe.

+1

[Finance Dave]

I agree with meeting at their bank is best. Cashier's checks are relatively safe too...but under no circumstances would I accept any type of check from a non-local bank.

[Nick12]

I sold my car my 2011 Honda Accord with 60K miles in less than 24 hours. The buyer wanted to give me a check. I requested cash only. He went to the bank and gave me the amount in cash.

[Car-Guy]

Quote:

Originally Posted by CRLLS Cash transactions over $10k don't need to be deposited all at once. I don't know how much time must elapse before it triggers a flag somewhere. If someone knows, please respond. I would think the results of one car sale would not be a problem. Even if some deposit(s) were to trigger a flag, it doesn't mean that the feds will automatically come and take all of your possessions. Now if you were depositing >$10K on the 1st day of every month, suspicions may be raised.

At one time, I'd break up my cash transactions to try to avoid triggering CTR's... It got to be a PIA...

In the past few years, I'm sure my "hobbies" have caused a lot of CTR's to be generated by banks, and "other businesses"... (Maybe as many as ~25 in one year particular. And probably 5 to 10 each year for the past 5 years.) Hopefully no SAR's but I don't know that. I never got any follow-up calls, letters, or visits . It's no big deal,,,,,,,,, for an honest person.

[Music Lover]

Quote:

Originally Posted by CRLLS Cash transactions over $10k don't need to be deposited all at once. I don't know how much time must elapse before it triggers a flag somewhere. If someone knows, please respond. I would think the results of one car sale would not be a problem. Even if some deposit(s) were to trigger a flag, it doesn't mean that the feds will automatically come and take all of your possessions. Now if you were depositing >$10K on the 1st day of every month, suspicions may be raised.

For a one time cash deal I'd just deposit the money in one shot and not worry about it. They're looking for a pattern of money laundering and illegal activity, not someone selling a Camry for $11,000.

[Bamaman]

Quote:

Originally Posted by braumeister Last time I sold one I met the buyer at his bank and watched him get a bank check from the teller, which he then handed to me. Quick, easy and safe.

I agree. The other best option would be to do a wire transfer directly into your checking account.

The problem with getting cash is any deposit $10,000 or over will sound off bells to the Feds. All large cash deposits require filling out a form at any financial institution--which is a sort of negative visibility.

You don't want to accept a cashier's check because they're now so easily counterfeited with modern copiers.

[34rlsa]

Off topic a bit...

If you sold a vehicle and accepted a cashiers check that turned out to be fraudulent would your auto insurance cover the loss as a theft?

[cj1717]

Quote:

Originally Posted by Ronstar I'm selling my 2001 corvette sometime this year. Just wondering what would be the safest way to take payment. Cash? Cashier's check? or some type of online $ transfer? It will probably be around $13,000. I don't want to get ripped off by counterfeit cash or a fake cashier's check.

For a small amount like $13k, CASH.

[Ronstar]

^ I'd like cash. But I will take a cashier's check if a bank teller hands it to me.

Some have noted that the feds may raise their eyebrows if I deposit $13k. Maybe - my only other alternative is to hang onto it and use it as part of my payment for my new vehicle probably a few months down the road.

[cantlogin]

Quote:

Originally Posted by Ronstar ^ I'd like cash. But I will take a cashier's check if a bank teller hands it to me. Some have noted that the feds may raise their eyebrows if I deposit $13k. Maybe - my only other alternative is to hang onto it and use it as part of my payment for my new vehicle probably a few months down the road.

Here's a question.
If a bank teller hands me a check, can that check be cashed immediately by that same teller?

[Ronstar]

Quote:

Originally Posted by cantlogin Here's a question. If a bank teller hands me a check, can that check be cashed immediately by that same teller?

Good question. I would think so. I would think that they check the balance immediately before writing the check.

[Lakewood90712]

Quote:

Originally Posted by SmallCityDave There's no need to put cash only that's understood. Every once in a while I sell something on CL and I get that guy that offers me under asking price and says I'll give you $1500 CASH today, my question is "as opposed to what?".

As opposed to " Can I Pay half now and make payments " or " How about trading my non running motorcycle and a few hundred, $ " .

Unfortunately, people who would be inclined to buy a low cost vehicle often have zilch to pay for it. That is why those " Buy here Pay here lots with overpriced cars at 25 % loan rates exist.

On the other hand , cheap asses like me either buy new , or " Fully Depreciated " .

[splitwdw]

We use to buy and sell antique and classic cars on a regular basis for cash. We just sold a car for $40,000. cash. We have a built-in safe where "car" money is kept and not co-mingled with other money. No, we are not a business.

[Car-Guy]

Quote:

Originally Posted by Bamaman The problem with getting cash is any deposit $10,000 or over will sound off bells to the Feds. All large cash deposits require filling out a form at any financial institution--which is a sort of negative visibility.

I'm sure I've had dozens of these forms generated by "various" financial institutions in the past five years and I've never had any problems. If its legal, why worry about it.

[meleana]

Bank check.

[cbo111]

Quote:

Originally Posted by cj1717 For a small amount like $13k, CASH.

I sold a Harley a few years back for $14K. The buyer picked the bike up and handed me an envelope containing nothing but 20's, 700 of them to be precise. And they appeared brand new. It took an hour to separate and count the bills. DW was afraid they were counterfeit. The buyer was a little rough looking, like maybe a member of one of those "riding clubs", if you get my drift. I vividly recall my discomfort slowly counting each stack with the guy sitting at the kitchen table with his tattooed arms folded his chest, just staring at me. I accepted the cash and was able to deposit it in the bank without getting arrested for counterfeiting.

[Amethyst]

I've never sold a car for more than $4,000.00 and it was always to someone at work. People always paid cash. Once, an envelope with four $1,000 bills in it. I knew where he worked, and would have made things hot for him if they'd turned out counterfeit

Nowadays, with complete strangers, I'd go the bank check route.

[pb4uski]

That's part of the reason that I had the buyer meet me at my back with cash. He handed me the cash in front of the teller, I counted the cash and deposited it with the teller. The teller checked a few of the bills with those special pens that they have so if the bills were counterfeit it wasn't my problem. I signed over the title immediately after the teller handed me the deposit slip.