Dealing with money when you sell a used car (vehicle, credit, best)

[robertpasa]

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?

[jackmccullough]

It seems to be a good idea to meet the buyer at the buyer's bank and get a cashier's check or certified check, and make sure that the money is there to cover it.

https://www.cars.com/articles/whats-...1420680880955/

[Vic Romano]

Originally Posted by jackmccullough

It seems to be a good idea to meet the buyer at the buyer's bank and get a cashier's check or certified check, and make sure that the money is there to cover it.

https://www.cars.com/articles/whats-...1420680880955/

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.

[Parnassia]

Originally Posted by jackmccullough

It seems to be a good idea to meet the buyer at the buyer's bank and get a cashier's check or certified check, and make sure that the money is there to cover it.

https://www.cars.com/articles/whats-...1420680880955/

Next thing you do once you have that funds-verified check is head to YOUR bank and deposit it. You don't walk around with it or drop it on the dresser. At least one person knows you have it!

[unit731]

Originally Posted by robertpasa

If you sell a car to a complete stranger

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.

[Hemlock140]

I agree with a cashier's check at the buyer's bank, they will not issue it if no funds. Some cities, like ours, will provide a police officer at the station to observe the transaction. You can meet there and do cash or cashier's check without worry about scam or worse, carjacking or mugging. Some other cities offer their lobby or parking lot for such transactions.

[camaro69]

Originally Posted by unit731

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.

Nothing more than a CTR being completed and filed.

IRS issues arise when you're trying to hide funds.

[notnamed]

Wire transfer

Failing that, in person at bank. And make use of the free notary service for a bill of sale.

[Chas863]

CASH works for me. If the buyer were inclined to come back and rob you of the money he just gave you, why would he bother giving you money in the first place? He would just produce a gun and take your vehicle without putting up a dime.

If you're concerned he may come back to get his money back before you can go to the bank, introduce him to your two buddies... Smith and Wesson... or your friends Mr Mossberg or Mr Remington.

[V8 Vega]

Cash if say over $5,000 is a lot of bills, I wonder about that.