What should I ask for payment from a private buyer? (insurance, vehicles)
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I am thinking about putting one my vehicles up for sale. We are talking about $6000. There is cash, bank check, certified check(not sure what the difference is) or personal check( not a good idea). Problem is these days you can't trust anything. I have seen fake "bank checks" come in the mail that look real. Fresh $100 bills look good but...So, what is the surest way you can be sure you get real money before the guy drives into the sunset?
Do the transaction at their bank and chances are a notary will be there too.
***BE CAREFUL*** carrying large sums of cash in certain states if you are pulled over they are likely to impound it as "drug money" even if you can prove it is from a car sale.
Police in TN took $22,000 cash from an insurance adjuster who was looking for a car and happened to be carrying the cash.
The last car I sold for 14K. They guy wanted to do a certified check. I refused and met the guy in the lot of his bank with the car. (remember to take someone with you so you can get back home and its a good idea anyway since you're going to be carrying a lot of cash) We went inside and withdrew cash from his account.
The teller counted it, handed it to him and he handed it to me.
We filled out the bill of sale, signed the title and parted ways.
Doing it at his bank is the safest only if the bank is local to where I live. I am not going to drive 30 miles to parts unknown. I have personally bought used cars with a wad of cash and the guy didn't have a problem. But of course when you are on the receiving side it is a different matter! May be if he can bring the cash to MY bank.
I am thinking about putting one my vehicles up for sale. We are talking about $6000. There is cash, bank check, certified check(not sure what the difference is) or personal check( not a good idea). Problem is these days you can't trust anything. I have seen fake "bank checks" come in the mail that look real. Fresh $100 bills look good but...So, what is the surest way you can be sure you get real money before the guy drives into the sunset?
I usually do my transaction in cash at my bank. I tell them to check for possible fake bills. Once funds clear I do the paperwork
Doing it at his bank is the safest only if the bank is local to where I live. I am not going to drive 30 miles to parts unknown. I have personally bought used cars with a wad of cash and the guy didn't have a problem. But of course when you are on the receiving side it is a different matter! May be if he can bring the cash to MY bank.
Well, if he is coming to you, I would feel fine with him bringing cash. In the past, I've always had an anti-forgery pen from Kinkos, but I wouldn't worry about taking six grand to my bank or having it on me when I was pulled over. I believe the disclosure forms come out and they start to look at it around the $10,000 mark.
Otherwise, I would insist on either the bank or cashiers check that you saw him order at the bank. And I wouldn't have a problem driving 30 miles to get there, provided I had someone to take me back.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
