Accepting payment when selling a vehicle?

Discussion in 'Off-topic' started by awanatech, Aug 21, 2016.

  1. awanatech

    awanatech Well-Known Member

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    I have not sold (nor bought) a vehicle or other high value item via private sale in over 20 years. My newest vehicle is 13 years old. Except for a very low value used car a bought a couple of years ago, my last several ones had been purchased new and kept many years.

    I have a travel trailer that I'm considering putting up for sale and have been wondering the best way to accept payment. I don't know exactly how much yet, but it will likely be in the $11K-12K range. I'm not comfortable taking a personal check, but really don't know if I would trust someone to bring a "Certified" check or bank check, not knowing if it would be a counterfeit or not. I expect most people would not bring that much cash to purchase, and not sure if I'd want that either. I know several of you have bought/ sold vehicles privately, how have you handled this? I have thought about letting a potential buyer look at it, then meet them or follow them to their bank to transfer funds directly to me at that point and then sign the title over. Any suggestions or other ways to safely handle the transaction?
     
  2. bdee

    bdee انا باتمان

    Go into the bank with the buyer, use a cashier's check, and once the funds have been transferred, then sign the title over.
     

  3. Nemo

    Nemo Man of Myth and Legend

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    All the ones I have been involved with (my own to sell or assisting on a sale) I strongly recommended cash or check trading hands and taking cash at the bank its drawn on from purchaser. I dealt with more than a few, managing a KOA for 6 years.

    I recommend you be very careful on checks or anything like that. Post it on craigs list and you will have quite a few offers very quickly, all which will want to mail you check and have their driver pick it up. You can deposit the check prior to turn over but it will probably be gone long before check is verified as bogus. Check may be 10-15% over your asking price too.

    Deal in person, green paper in your hand before turning over. If they offer silver or gold, take it to a proper assayers office.

    Nemo
     
    Last edited: Aug 22, 2016
  4. awanatech

    awanatech Well-Known Member

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    Thanks bdee & Nemo. That's what I was thinking, meet in person & transfer funds at their bank.

    Yeah, I'm not getting involved in any 3rd party payments or having someone pick it up while the real buyer is out of the country, even if there is a 25% premium tacked on for my trouble. It needs to be meeting in person, with the actual buyer, transferring funds and signing papers. I don't believe anyone legitimately wants to buy it sight unseen either.
     
  5. gunsmoker

    gunsmoker Lawyer and Gun Activist

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    I've taken payments of several thousand dollars for vehicles I've sold, and I've done it three ways:

    1-- cash, meeting in public in the daytime with a friend/ brother (also armed) as my backup.
    2-- I meet them at their bank and they get a cashier's check and hand it to me as soon as the teller hands it to them.
    3-- I meet them at their bank and they do an electronic funds transfer to my account.
     
  6. Marine6212

    Marine6212 Active Member

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    You can also do mobile payments in today's financial world.

    My bank allows me send money to anyone with email account/ cell phone number.

    The reciever of funds has to set up their account info with their financial institution.

    I pay my rent every month this way.
     
  7. AzB

    AzB Well-Known Member

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    According to my bank manager, if the check is fraudalent, you'll still be on the hoof for the amount.

    Last time I sold a car, it was a significant amount of money so I had him bring a check to the bank and cash it. They gave me access to a private room to count it, and then I deposited the cash.

    Az
     
  8. Adam5

    Adam5 Atlanta Overwatch

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    The last one that I sold, I met at his bank, and the bank gave me a cashiers check.
     
  9. AtlPhilip

    AtlPhilip Proud GCO member.

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    Correct. And cashier's checks can take 3 weeks to bounce. In some ways, personal checks are safer.

    As you described, cash the check. If the bank won't give you cash, they view it as a bad risk and you should too.
     
  10. awanatech

    awanatech Well-Known Member

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    This is what I've always heard too. Like AtlPhilip mentioned, it can take a few weeks before it goes through the system to come back as fraudulent. I was thinking something along the lines of meeting at the buyer's bank and having a check cut right then, where I know the funds are verified, then handing me the check. But then again, if we are right there like that, they could just give me the cash. I may also look into the electronic funds transfers/ wire transfer options.

    I'm hoping to have it ready to list for sale by next weekend and have been wondering about payment options. I appreciate all of the replies. I'm also trying to figure out the best place to list it. I'm not a Craigslist fan, but I won't rule it out. Do people still use Auto (RV) Trader anymore? List in local paper or AJC paper? I'm realizing that it has been a long time since I sold anything of significant value.
     
  11. AzB

    AzB Well-Known Member

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    My car was a bit rare and sort of a specialist thing, so I sold it on a website specifically for those kinds of vehicles. He flew down from Oregon, inspected the car, and had it shipped back. Autotrader seems to still be popular, and it couldn't hurt to list it on Craigslist. I've sold a bunch of low dollar stuff on Craigslist with no issues, just be careful and use common sense.

    Az
     
  12. GoDores

    GoDores Like a Boss

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    Cash is great if you can get it, but I'd rather take PayPal than any kind of bank or cashier's check. You can do the transaction from your phone as soon as the deal is made and transfer the money from PayPal to your bank immediately. Just clarify in advance whether the buyer or seller covers the fee (~3%).

    Craigslist and eBay will get you the widest audience. If Autotrader has a free listing option it couldn't hurt to try, but these days I don't think you need to bother with services that charge in advance.
     
  13. wee

    wee Active Member

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    I purchased my last two vehicles with cash....I checked out the buyers very well before showing up....However neither seller thought I had cash on me when showing up.

    Brian
     
  14. Nemo

    Nemo Man of Myth and Legend

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    What is your sale price. If its over about $5k you will have likely have little response on craigslist. If its in that price range, put it on CL and it should be gone in 3-4 days.

    You will also likely get a call from a service that will list it in umpteen places and get it gone quick. They will ask for description and probably appraise/price it $2-3K above your desire. I never dealt with them. They do not work on commission and want $2-300 up front. I suggest if you do not bother with that.

    If you do craigslist and its reasonably do-able for you, set the meet up to view at a local mall or such and go with a friend or 2, all OCing.

    Nemo
     
  15. awanatech

    awanatech Well-Known Member

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    I'm still working on details, but probably selling for $10,500.

    I had thought about not listing on CL because of the nuisance calls & offers, but I'm reconsidering that idea. I'm not interested in the services that will offer to sell it for me like that. As I've thought about it, I imagine that anyone who is looking to buy will at least take a look there. Wherever else they may look, I bet most will at least stop by CL. I don't want to alienate a legit buyer.

    This week, I'm cleaning it up & cleaning out, trying to get it clean & ready. It's ready to camp, I just have had a lot of stuff in various cubbies. I've also had a lot of house & car issues that have taken higher priority the past few weeks. So the camper has been pushed off a little bit.

    I'm not too far from the Sheriff's Dept & thought I might meet there. As well as having a friend or 2 with me.

    I appreciate your input into it.
     
    Last edited: Aug 22, 2016
  16. mog

    mog Active Member

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    Not true. It's about it being priced right. Priced too high will get you that, at any range. Too low your email will be blowing up, for 500 or 20k.
     
  17. Aberk

    Aberk Custom User Title

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    I sold my CTS-V for 39k on Craisglist. It was gone in under week. Very sad day, but the buyer used the same performance shop for his Corvette that I used for the V. At least it stayed in the "family".
     
  18. Nemo

    Nemo Man of Myth and Legend

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    Based on my experience we will have to agree to disagree.

    I am talking used campers rather than used cars. I can see a definite difference and the reason for it with that difference.

    Nemo
     
  19. mog

    mog Active Member

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    Sounds like your stuff isn't worth what you think it is.
    Juuust kidding, camper stuff does move a little slower, at any price though, unless it's priced waaaay low. Again, at 1500 or 40k.
     
  20. AtlPhilip

    AtlPhilip Proud GCO member.

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    Also remember that it's off-season for camper sales. Try again in the spring.