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Hello!
I am selling my vehicle for $11000. The buyer said s/he is only willing to pay cash. How can I protect myself? Can I go to Bank with the buyer, so that we can make a deposit to my account? Will branch staff be able to check if currency is valid? Any safety tips? Thank you so much!
Call the bank and make an appointment.
Don't hand over the pink slip or take possession of the cash until the bank runs their special wand over the bills.
If the buyer brings you a money order or cashier's check - ask if the bank can verify it.
i heard of a guy who was selling a high end car here in new york. the buyer flew to new york to pick up the car.
buyer and seller went to the bank and buyer brought a bank check.
a few days later the seller checked on the funds. a stop order was issued on the check because it was claimed lost.
well the issue was now the buyers phone was disconnected and the buyer couldnt get a hold of him.
he went to the police who said since the registration was signed over and the car now legally registered it wasnt criminal it was a civil case. a stopped check it seems isnt criminal like a bounced check or fraudulent check..
There are a lot of scams that deal with "checks".... doesn't matter if its a cashier's check or a personal check.... I had buyers come saying they will pay with cash and end up saying they "got" a cashier's check instead even though I made it extremely clear it was cash only... a lot of scammers out there, be careful...
Meet the buyer at your bank, take the cash, deposit in your bank. Or have the buyer wire it to you (but I wouldn't do that if I were a buyer!). Sign the paperwork in the bank lobby after you deposit the cash.
Make sure you fill out whatever paperwork you need to fill out in order to transfer the title from you to the buyer. In CA, there is a form you need to bring with you to the sale, fill out your part, have the buyer sign it. You then send it to the appropriate office to make sure title doesn't stay in your name. Eliminates property tax and future liability issues if the new owner doesn't make the time to transfer title. You can usually find these forms on the DPS website for your state.
Although not legally required in most states, be sure you get a signed bill of sale from the buyer. The car remains your legal responsibility until the buyer transfers the title to his name, and some people never do that. If the car is abandoned or involved in a crime before it get's retitled, you will need legitimate proof that you sold it. Make sure the bill of sale has the VIN number of the car and the DL number and signature of the buyer on it, but you can just write it up on the back of an envelope. You don't need to do anything with it, just save it for your own protection in case the police somewhere think you still own the car.
I am thinking about meeting a buyer at Wifi public area, so that he can transfer funds to my papypal account. I will then verify if money are trasferred and, if so, I will sign the lease over to him. Do you think this is the safest way? Paypal personal transfers are free.
I think meeting him at a bank and completing the transaction there is a great idea. Make him come in with you and deposit the money before you sign the title.
For safety, bring a friend. Conducting this at a bank also helps with safety because it is a public place, and has security cameras.
I think that if he were trying to scam you, he wouldn't even agree to meet at a bank. He'd just go on to another person selling a car.
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