Selling a car - how to take payment?

[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.

 

[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.

 

[Ronstar]

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.

That's a good idea. I forgot about that option - I did that several years ago. I sold my Grand Cherokee to a business owner. Met him at his bank, where the teller handed me the cash right from her drawer. And it was convenient at the bank because we needed to have something notarized.

 

[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.

 

[latexman]

I received a wire transfer. I called my bank and asked if it could be clawed back. They said no. A couple days later I loaded the Mach 1 onto a transport. I sold it sight unseen for $35k to a guy in the Canadian oil patch.

 

[finnski1]

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

This sounds like the best alternative to me as well.
I guess it also depends on the buyer.

For example we sold a car to Carvana a year ago and it was really easy. They showed up with a flat bed car hauler and had the check written out in the exact amount. We signed a few things got the check and off they went.
Would never do that with a private sale.

 

[bbqcoder]

I received a wire transfer.

There’s no cost to you for a wire transfer, right? The person sending it has to pay a fee?

You do have to be careful that the numbers are correct because there’s no recourse if you mess up the account number is there?

 

[Aerides]

There’s no cost to you for a wire transfer, right? The person sending it has to pay a fee?

Depends on your bank. I found out the hard way that Chase charged me for an Incoming wire once...

 

[latexman]

There’s no cost to you for a wire transfer, right? The person sending it has to pay a fee?

I don't recall that detail. That was 12 years ago.

I wire transfer from Fidelity to my credit union, and I pay nothing on both ends.

 

[mrfeh]

I can't comment on wire transfers (if they are immediate and irreversible). However, I did sell a car to a private party a couple years ago and I learned you cannot treat a cashier's check like cash. You need to wait for them to clear, which can take several days. In many ways, they are no better than a personal check.

If you can meet the buyer at their bank and receive cash, that seems like the best option.

 

[John Galt III]

I'm selling a car now on Craigslsit. I'm only asking $1,900. I want to say 'cash only' in the ad. Is $1,900 too much for people to pay in cash? I notice nobody mentions 'cash only' in the other car ads for the same price range.

 

[chassis]

I'm selling a car now on Craigslsit. I'm only asking $1,900. I want to say 'cash only' in the ad. Is $1,900 too much for people to pay in cash? I notice nobody mentions 'cash only' in the other car ads for the same price range.

$1,900 is not too much to stipulate cash only sale. It will however self select a group of potential customers that can access $1,900 in cash (hard currency). This is probably a good thing for you although it may require more patience (time) for a buyer to emerge.

 

[Steve s]

Four years ago sold a Casita trailer for $12000 cash only. Cash only was recommenced on Casita Trailer forum. I turned around and bought a boat for $10000 and seller wanted cash only. Getting to be a standard way of safely buying and selling.

 

[freedomatlast]

Get the buyer to send a wire transfer to an account you set up your bank that will only be used for this transaction. As soon as it clears, move the funds to another account at that bank. This works especially well for long distance transactions where you may never even meet the buyer in person. Done this many times, never an issue.

 

[street]

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.

 

[frayne]

Have sold cars, motorcycles and a plethora of other items on Craigslist, always cash transaction.

 

[SmallCityDave]

I'm selling a car now on Craigslsit. I'm only asking $1,900. I want to say 'cash only' in the ad. Is $1,900 too much for people to pay in cash? I notice nobody mentions 'cash only' in the other car ads for the same price range.

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?".

 

[SmallCityDave]

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.

Meet the buyer at your bank and deposit the funds into your account, the bank checks the money at that time once it's deposited you give him the title. Simple.

 

[SmallCityDave]

Four years ago sold a Casita trailer for $12000 cash only. Cash only was recommenced on Casita Trailer forum. I turned around and bought a boat for $10000 and seller wanted cash only. Getting to be a standard way of safely buying and selling.

I'm not sure it's getting to be the standard I think it's always been the standard. Once in a great while people ask me if I'll take a check and I'm okay with that but don't expect the item for at least a week, it's been years since anyone has asked.

 

[street]

Meet the buyer at your bank and deposit the funds into your account, the bank checks the money at that time once it's deposited you give him the title. Simple.

If I don't know the person, this is my way to do business on a large sale.

 

[Ole Red 29]

I have sold and bought vehicles for cash multiple times. Once a buyer asked to pay with check and I told him I would retain the title and mail it to him after the check cleared. He elected to pay cash. I like the idea of meeting at the bank if cash is a problem.

 

[Montecfo]

I'm selling a car now on Craigslsit. I'm only asking $1,900. I want to say 'cash only' in the ad. Is $1,900 too much for people to pay in cash? I notice nobody mentions 'cash only' in the other car ads for the same price range.

It's totally fine. I would expect to pay cash. Have sold cars for that much cash.

 

[Big_Hitter]

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.

I've sold/bough several cars privately in the last few years

one I took a cashiers check for from a guy who flew in from vegas to buy a subaru and drove it back - probably not a smart move but the check looked real and it cashed

two I paid $8500 cash for a 95 firehawk, on the sellers insistence

three I got a cashiers check from chase to buy a subaru privately from a local seller

I would have him pay cash or get a cashiers check from the bank with a receipt

$13K isn't exactly a briefcase full of cnotes - it will fit in your pocket

 

[REWahoo]

The only way I would accept a cashier's check for payment is:

1. Go to the buyer's bank/CU and be present when the bank issues it
2. Determine the name of the issuing bank/CU, independently look up the phone number, and call to get confirmation the cashier's check was issued to the buyer.

A few years ago I sold a boat to an out of town buyer, and did the "call the bank" option. The bank branch person did confirm for me the check had been issued to the buyer.

 

[Car-Guy]

I've bought and sold a lot of cars over the years.... With dealers, I always pay with a check. With individuals it's usually cash unless I know the person (which happens a lot with collectables) then I'll take a check. Actually cash over 10k can be a "minor" problem. CTR's, SAR's... But if your bank knows you then it's usually not even mentioned...