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What do you suggest we do to protect ourselves when paying cash for a used car? The owner drove it to our house for us to look at and will also drive it to our house to drop it off- so it's not like we know where he lives. I do know he works for a local company. We would usually get a bank certified check in his name- but he asked for cash and dropped the price several hundred dollars-. I don't want to end up on Judge Judy with him saying we never paid or something ridiculous like that, Is a signed bill of sale from him enough? Any helpful suggestion welcome- thank you- we don't do this often.........that's why I'm asking.
I would meet him at your bank(which presumably offers free notary service as most do) and have the bill of sale notarized. And have the option to have the cash checked out and deposited right there.
This is exactly how I sold one of my cars. I drove it to their house, they paid me in cash, I signed over the title and never heard from them again. Perfect transaction.
So I'm not understanding why this is a risk to you. If it still concerns you you can install a hidden camera to record the transaction. But believe no judge is going to believe he signed over the title if you didn't pay him.
I'd be more concerned about buying a lemon than what you are needlessly worried about.
Get the title signed and a bill of sale signed as well. When you read the title make sure he either signed it in front of you or the signature matches the bill of sale that you prepare. He may be skipping title, meaning he never registered the car and is avoiding paying the tax on it.
Your liability is limited since you are not doing anything illegal, but if it is of concern to you, just get the two documents signed. I've bought and sold a lot of cars for cash in the driveway and never had a problem.
Just bought a used car in cash a few months ago. It was a couple hours away, after hours, so no notarizing(until I got back home). We had a signed Bill of Sale and he gave me a copy of his drivers license, plus the signed title of course. Just sold that car a few weeks back to a close friend....same deal, though we were both present for notarization. Could have done without a signed bill of sale since he is a close friend, but we are both detail oriented people, so we did one anyways.
My last car purchase was cash. I paypaled $1000 for the deposit. We then met at the bank. I set up my debit card to do a free cash advance for the remaining $X,XXX. The teller handed me the cash and I then handed the cash to the seller. It worked well.
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