Selling a car - how to take payment?

[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]

^ 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]

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]

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]

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]

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.

 

[PJHawk]

Escrow.com

Have you looked at escrow.com. I used to buy/sell URLs but they also do autos. There is a fee. Have the buyer pay for it.

 

[freedomatlast]

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.

I would add that the seller should get and keep a copy of the signed over title to keep in case the vehicle would be involved in an accident or crime before the signed over title is processed by the state DMV.

 

[Ronstar]

OP here. Thanks for the continued list of tips! This will be very helpful going forward.

 

[2177V]

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.

Too bad you are not in Northern California since I am looking to buy a Corvette.

When I sell cars, I will ask the buyer that I intend to take a phone photo of their DL for my protection. No DL = No deal. Fake Cashier's check is a common scam.

$13K cash is a large amount and I usually have this transaction at a lobby of my bank where the cash is turned over to me, I sign the pink slip and deposit the cash. Make sure the bank has a security guard.

If the buyer do not want to carry this much cash, I suggest we go to his bank so he can get a certified bank check while I wait. We then make the transaction in the lobby of his bank. In this case, the certified bank check is not fake.

The best case is when the buyer and seller has the same bank which makes it very easy. We tell the teller what we are doing and the teller makes a bank check from the buyer and I sign the bank check for the deposit and then I sign the pink slip and give the buyer the keys.

Exchanging DL and conducting the transaction in the lobby of a bank is probably the safest way in buying or selling a car over $10K.

 

[Qs Laptop]

I would have a hard time taking $13,000 cash from someone who I, by default, assume is trying to rip me off and then transport that cash anywhere.

Maybe I'm paranoid but getting mugged by the buyer's accomplices seems like a real possibility.

 

[Dash man]

With this method, I believe you only pay sales tax on the difference between the trade in value, and the new car price, so you save some that way.

That’s right. I just traded in a car and bought a new one. I researched ahead of time and asked for $22k for my trade in. They countered at $21,600 and I accepted. But I more than made up the difference in sales tax savings by trading it in.

 

[Jerry1]

I go the expensive route to avoid all this hassle. Since I always buy my cars brand new from the dealer, I just trade in my old car. It becomes part of the negotiating process so how much I lose by doing this, is unknown.

Ask me if I care. It lowers my stress level and I only do it once in every 10-15 years. BTD

With this method, I believe you only pay sales tax on the difference between the trade in value, and the new car price, so you save some that way.

Oh cool! I didn't know that. Sales tax here is 9.2%.

Yeah, not in Michigan. It should be that way. I asked about it the last time I traded in my car and was even provided with the government web site to look it up. No dice.

 

[aboatguy]

For the OP cash! I sold my Vette and G8GT to the same guy the same day and it was cash only (much more cash than OP is discussing).

I bought a restomod and I brought a couple of envelopes. Its amazing that with all the price creep over the years we haven't brought Salmon P. Chase bills back into the fold.

Mike

 

[Keim]

I just sold a one last week and the guy wrote me a check. In a small rural area everyone knows everyone. Lol I knew the guy and check was good and besides that, if it wasn't good I knew where he lives. lol

Not in the question asked, but a bill of sale is very important when selling an outfit. The description, VIN, mileage, price, AS IS clause date/hour of sale, signatures/print of both involved.

Outfit? You in Montana?

 

[ChrisC]

Last August, we met at Bank, where we both had accounts, and we needed to have some papers notarized by the Bank. Buyer transferred funds to our account at Bank. Buyer left with keys and paperwork -- went to DMV to register title; we get a call from buyer at DMV that it wouldn't recognize the POA we used to transfer the car so we went to DMV to straighten out the situation showing DMV an original copy of the POA, which DMV staff, after calling supervisors accepted the POA. Title registered in buyer's name.

(DMV has its own POA forms. We told DMV we couldn't use their form because my BIL, who owned the car we were selling under the POA was in assisted living facility, under lockdown in quarantine, could not sign any forms.)