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Cash if say over $5,000 is a lot of bills, I wonder about that.
Personally, I'm a little worried about counterfeit bills, as are the Feds. My solution is the same as has been posted previously. You and the Buyer go to HIS bank, where he cashes his check, the bank slides a pile of money over to him, and he then slides the same pile of money over to you. You then slide the pile of money back to the cashier, and have the bank issue a money order or cashier's check in your name only, the Buyer has nothing to do with this transaction (so he can't claim the check was lost or stolen and cancel it later on). Take this check and deposit in your own account whenever.
Better still if the bank has a Notary that can stamp the duplicate "Bill of sale" that you prepared in advance, listing the vehicle's VIN, the names of the Buyer and Seller, any warranties (or the lack thereof), etc.. Spend a little time on your state's Secretary of State website and follow any procedure listed for vehicle transfer. Never sell a vehicle with an "open title", doing so leaves the Seller open to way too much liability. Inform the state of the sale if that is their policy. You don't want your vehicle to be used in a stickup, hit and run, or rack up ten grand in tickets after you sell it, especially if you can't actually prove it was sold when the state comes looking for the last registered owner.
One reason it is so hard to sell a private vehicle yourself on the secondary market is because very few people actually have the cash to purchase them, late-model used cars are expensive and most people need to finance. Not sure how to handle this - again, I would think you could bring the vehicle to the Buyer's bank or credit union and get the payoff, and give the entity carrying the loan the title to hold. Again, no need to "trust" anyone involved, tell them you believe in cash at the time of sale ("In God we Trust" is printed right on the bills, LOL). My Aunt went into a nursing home a few years ago. The guy I sold her house to was a mechanic, and he offered to buy her car, do some fixup on it (it hadn't been started in over a year, needed a battery, etc.), and sell it again. But he was ticked that I refused to sell it with an open title, such that he would have to pay for the title transfer, purchase plates, etc. - as her POA, I stuck to my guns and sold it to someone else, his loss. He was a nice enough guy and I did "trust" him, but there was no way I could put my Aunt's estate at risk in case I was wrong (or if HE sold it to someone unscrupulous). "Trust Allah, but tie up your camel" is how it goes, correct?
Cash if say over $5,000 is a lot of bills, I wonder about that.
I recently purchased a used truck for $5,200. We went to the sellers bank and up to the window. I gave them my debit card and asked for a cash advance directly into the sellers account, I did my security stuff on the pin pad then the seller did his. In a few moments the teller confirmed his new balance and asked if he wanted to withdraw any of it then printed up a balance receipt. Easy peasy.
^^^ I might add, doing it this way the seller gets their money immediately and there are no fees involved as when you buy a cashier check or a wire transfer.
If you sell a car to a complete stranger, you will usually ask for cash. I'm leery of doing this since it may be a large amount.
If you don't want a check or money order (because it might bounce) there are many phone apps or other internet methods of transferring the money. But I'm nervous about that also.
Can you offer any tips or other ideas?
Yeah, quit being nervous. Businesses transfer billions of dollars electronically every day and have for decades. Why be nervous?
I sold a camper and got a deposit of $200 and a week later a cashier's check for $5800. Gave the buyer the title and camper and immediately deposited the check.
After getting it home he decided it was in worse shape than he thought so he tried to cancel the sale and had his credit union put a stop payment on the cashiers check. Several days later, the $5800 disappeared from my account. So for a time, he had the physical camper 200 miles away and the title and was out only the $200 cash.
We did call him and read him the riot act, reading to him the sales contract he signed and we ultimately got our money - less the return check fee from my CU.
I didn't know you could put a stop payment on a cashiers check.
I sold a camper and got a deposit of $200 and a week later a cashier's check for $5800. Gave the buyer the title and camper and immediately deposited the check.
After getting it home he decided it was in worse shape than he thought so he tried to cancel the sale and had his credit union put a stop payment on the cashiers check. Several days later, the $5800 disappeared from my account. So for a time, he had the physical camper 200 miles away and the title and was out only the $200 cash.
We did call him and read him the riot act, reading to him the sales contract he signed and we ultimately got our money - less the return check fee from my CU.
I didn't know you could put a stop payment on a cashiers check.
Cash if say over $5,000 is a lot of bills, I wonder about that.
It's really not. A in inch high stack is 230 bills. It will be more since it's hard to compress but nothing you can't fit in a largeish envelope, purse, messenger bag, etc...$5K in $100 bills would fit in a wallet.
Quote:
Originally Posted by Curly Q. Bobalink
Personally, I'm a little worried about counterfeit bills, as are the Feds.
I use the same counterfeit pens that the banks use. You can buy them at any office supply store, probably a wally-world, amazon...I check every bill when we count the money.
Quote:
Originally Posted by mgdriver74
I sold a camper and got a deposit of $200 and a week later a cashier's check for $5800. Gave the buyer the title and camper and immediately deposited the check.
After getting it home he decided it was in worse shape than he thought so he tried to cancel the sale and had his credit union put a stop payment on the cashiers check. Several days later, the $5800 disappeared from my account. So for a time, he had the physical camper 200 miles away and the title and was out only the $200 cash.
We did call him and read him the riot act, reading to him the sales contract he signed and we ultimately got our money - less the return check fee from my CU.
I didn't know you could put a stop payment on a cashiers check.
Me neither. That's crazy. Honestly for under $10K I'd insist on cash.
Make a copy of buyers drivers license - both sides. Same with buyers old registration if they have one.
Take a phone picture of buyer.
Write a Bill of Sale (2). Keep one signed copy.
If cash, do transaction at YOUR bank. If $10,000 or more IRS issues arise.
Best is to have buyer do a wire transfer. Make sure it is a wire and not just electronic.
Certainly, you can take a bank check from buyer if buyer meets you at YOUR bank and have YOUR bank verify the check AND the amount of check.
Might be good to have an adult friend or relative with you.
I would not let the person take a picture of me, nor see my driver's license (where I live). I would, and I have bought a car this way, meet a my credit union, and give the seller a bank draft from the bank (credit union). Bank draft or cashier's check from the bank are easy ways to transfer a sale.
I had signed contract "as is, where is" and option to have it inspected before purchase.
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