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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?
It isn't that hard. We bought a used vehicle that the seller owed $$$ on and that we needed to finance. Our credit union had both of us meet there to complete the paperwork. She called the seller's bank to get a payoff quote. After we both signed the bill of sale, she asked the seller where she would like the remainder of the $$$ sent after her bank released the lien.
It was easy-peasy actually.
We also sold the vehicle that my husband was selling once we bought the "new" one. The guy had wrecked his car and brought cash. He didn't even want to test drive it! We insisted that he at least drive it around the block, which he did. He was a fire fighter in a neighboring municipality. Sure, we could have gotten burned (no pun intended). But if we had gotten into the car with a stranger, we could have gotten killed. No brainer. All was well.
I’ve sold at least three vehicles in the last 20 years while the others were traded in. Those sold to private buyers always involved a trip to the buyer’s bank. In one case, it was the same as my bank. That was a simple transfer. A honest buyer, or seller, neverminds a trip to the bank.
I did a fly-n-drive in Las Vegas in 2017. The dealership picked me up and shuttled me around between the airport, the dealership, my hotel and the bank. The bank asked a ton of questions I assume in an effort to insure that it was a legitimate request for the check itself.
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?
I am not sure what others have said, but you do the transaction inside either a bank, or tag agency, when the cash is exchanged for the title.
This. I recently bought a used truck and gave him a bank check. He asked if we could go to his credit union to cash the check and I agreed. No issues.
Personal checks are a no go.
Be wary of any check, even what appears to be a cashiers check from a bank. Many can be forged.
If the person wants to pay with a personal check, you go to their bank and have them cash the check on the spot, and give you the cash while inside the bank.
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?
How can a money order bounce? Meet the buyer at Walmart and have him buy the money order in front of you.
The only downside is that you will have a money order for each 1000$ but it's not a big deal.
Nothing more than a CTR being completed and filed.
IRS issues arise when you're trying to hide funds.
For some reason it has become common belief by many that any transaction over $10k will get you hauled in for interrogation or prosecution. There's no issues with a $10k+ transaction. Many businesses deposit more than $10k every night. If you're making a lot of them regularly and there is no readily apparent explanation then you might get investigated for money laundering.
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