Selling a high-value used car

[cbo111]

I am in the process of listing a car that will go for $65-70K. I'm wondering about how to handle the money. Maybe the safest option is to meet the buyer at his/her bank and get a bank check made? Anybody out there handle a high-dollar sale differently?

 

[NW-Bound]

I am in the process of listing a car that will go for $65-70K. I'm wondering about how to handle the money. Maybe the safest option is to meet the buyer at his/her bank and get a bank check made? Anybody out there handle a high-dollar sale differently?

That's what I would do. I want to see the buyer getting a check in the bank in front of me to know that the check is valid.

And the buyer should also feel secure that when the check is handed to you, that the title is handed back in front of the cashier.

 

[travelover]

That's what I would do. I want to see the buyer getting a check in the bank in front of me to know that the check is valid.

And the buyer should also feel secure that when the check is handed to you, that the title is handed back in front of the cashier.

This. Get a valid check at the buyer's bank.

 

[levindb]

The transaction in a bank may also offer the opportunity for a Notary to witness the signature on the title, which some states may require.

 

[rrppve]

This. Get a valid check at the buyer's bank.

When at the bank, open an account in your name and just have the funds transferred. Otherwise the check payment can potentially be stopped.
Cryptocurrency transaction would also provide finality, if buyer and seller can use that.

 

[OldShooter]

... Maybe the safest option is to meet the buyer at his/her bank and get a bank check made? ...

This.

When at the bank, open an account in your name and just have the funds transferred. Otherwise the check payment can potentially be stopped.

I don't believe there is any worry with a cashier check. An alternative would be a bank wire at a cost of maybe $25. I would not screw around opening an account. That is a PITA with all the know-your-customer rules that the bank is required to comply with. Plan on a multi-page form.

Cryptocurrency transaction would also provide finality, if buyer and seller can use that.

Are you serious? No crypto is a reliable store of value, even for a few days. As recent events have illustrated.

 

[NW-Bound]

When at the bank, open an account in your name and just have the funds transferred. Otherwise the check payment can potentially be stopped.
Cryptocurrency transaction would also provide finality, if buyer and seller can use that.

A cashier check cannot be stopped.

When the check is issued, fund is immediately transferred from the payer account to the bank. Then, when the check is deposited, money is transferred from the bank to the payee.

A cashier check can be a phony one though. And that's why you want to see it issued by the bank before your eyes.

PS. The payer can have a cashier check redeposited into his account, if the intended transaction cannot be concluded. However, he must have the check in hand.

 

[cyber888]

I am in the process of listing a car that will go for $65-70K. I'm wondering about how to handle the money. Maybe the safest option is to meet the buyer at his/her bank and get a bank check made? Anybody out there handle a high-dollar sale differently?

What car ?

 

[DrRoy]

Meeting at the bank is a good plan.

 

[candrew]

What car ?

+1

 

[FLSUnFIRE]

I would go to the bank and stand there with them when they got a cashier's check and/or wire the funds to my bank. Cash also works, I witnessed (as friend/security) $18K cash transaction for a car a few years ago. Signed over the title and took the cash to her bank to deposit. No questions at the bank (and easy to document the transfer of title) but don't get pulled over if your sheriff/PD are crooks.


I ended up trading in my "highish value car" as I was not having great luck finding buyers and got a fairly decent trade in offer. Could have got more holding out but not sure how long that would've taken and it's a hassle to try to meet buyers and then dealing with payment. In hindsight I'd have held both vehicles until late 2020 early 2021 but who ever saw used car appreciation coming?!

 

[ShokWaveRider]

I am in the process of listing a car that will go for $65-70K. I'm wondering about how to handle the money. Maybe the safest option is to meet the buyer at his/her bank and get a bank check made? Anybody out there handle a high-dollar sale differently?

I have done this many times. Get the Buyer to wire the cash before you sign over the car. Remember to tell the DMV as you are liable for it until they are informed. I do this in person at my local DMV.

 

[FLSUnFIRE]

I have done this many times. Get the Buyer to wire the cash before you sign over the car. Remember to tell the DMV as you are liable for it until they are informed. I do this in person at my local DMV.

I meant to mention that. I immediately submitted the notification of file transfer AND called a few days later and confirmed with the tax collector that my truck was out of my name prior to cancelling my insurance on it a few days after the sale.

 

[Koolau]

The last car I sold was $100. The check bounced!

GO to the bank!

 

[Morgan22]

I'm curious, would places like Carvana or Carmax buy this type of car? Have you tried to get quotes from those type of places?
It would seem so much easier than dealing with a private party.

 

[38Chevy454]

Just wire the funds. No issues and completely secure. Pay the buyer's fee if they balk about the $25 pi r whatever their bank charges. You shouldn't have any receiving fees.

 

[Bamaman]

I prefer wire transfers for large transactions. The cost is less than $30 in most cases, and everyone's protected there.

 

[Qs Laptop]

The last car I sold was $100. The check bounced!

GO to the bank!

This brings up the point--at what dollar amount do you go to the bank for the transaction? Anybody?

 

[freedomatlast]

Open a new account at your bank. Instruct the buyer to wire the funds to that account. Once the funds are received, transfer the funds immediately to another account. I've done this many times and it works flawlessly, even when the buyer is thousands of miles away and we've never even met.

If dealing with someone remotely, possibly in another state, sign the title over at a notary and keep a copy of the notarized, signed over title for proof of transfer should you ever need it. Send the original notarized title to the buyer via a method with tracking history.

No need to meet at a bank and deal with paper or cash.

 

[freedomatlast]

I'm curious, would places like Carvana or Carmax buy this type of car? Have you tried to get quotes from those type of places?
It would seem so much easier than dealing with a private party.

Sure, if you don't mind leaving thousands of dollars on the table.

 

[Koolau]

This brings up the point--at what dollar amount do you go to the bank for the transaction? Anybody?

Heh, heh, anytime you really want the money! As it happened, I knew the kid I sold it to and he made the check good. That doesn't always happen. YMMV

 

[cbo111]

What car ?

Tesla MYLR

 

[cbo111]

I'm curious, would places like Carvana or Carmax buy this type of car? Have you tried to get quotes from those type of places?
It would seem so much easier than dealing with a private party.

Yes, CARMAX already offered $65K, and would probably resell in the mid $70's. Low mileage Teslas are in high demand now. Six months from now, maybe not so much.

 

[Koolau]

Tesla MYLR

Seems like a very nice car. Won't be buying one, but like the size. I wonder how it is for ingress/egress. That's my biggest complaint on my son's Mod. 3.

 

[cbo111]

Seems like a very nice car. Won't be buying one, but like the size. I wonder how it is for ingress/egress. That's my biggest complaint on my son's Mod. 3.

I recall reading that model Y seats are two inches higher than model 3.