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Safest Way to Obtain Money for a Car in a Private Sale?

Discussion in 'Automotive' started by lordofthereef, Jun 3, 2011.

  1. lordofthereef

    lordofthereef Android Expert
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    Some of you may have read about me selling my truck. I found a buyer at my asking price and he asked me what form of payment I wanted. He suggested a cashier's check straight from his bank.

    The question is what is safest?

    I have never sold a car before (that's not true, I sold a car to my girlfriend's mom, but that was smooth sailing and I obviously know her). Would I go with him to my bank and have them process my cashier's check? The guy seems honest and I have no real reason NOT to trust him except that it seems it's hard to trust anybody these days.

    Any help/suggestions would be appreciated.
     

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  2. olbriar

    olbriar  
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    Not knowing for certain, I'd think a cashier check or money order would be the ticket.
    Foldemup cash always works too. Going to his bank with the check would not be all bad. In my state, you need a notary stamp on the transfer title anyway and a bank will have a notary for you.
     
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  3. lordofthereef

    lordofthereef Android Expert
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    Selling the truck for $22k. I would feel uneasy about accepting that much cash! I will have to look into state law. A notary stamp is a fantastic idea. Here's to hoping something like this is required.
     
  4. jamor

    jamor Android Expert
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    Why do you have to hope? Just tell him you require it.
     
  5. Bob Maxey

    Bob Maxey Android Expert
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    I have a dear friend that received a nice $3,000.00 "cashier's check" from someone who bought her antique desk. The check was bad. These days, I would never trust a cashier's check unless I know and trust the person that presented it.

    If you go to the bank with the buyer and the bank issues you a check and you SEE them issue a check, then you should not have a problem. However, make sure you go into the bank with the buyer because for all you know, the buyer might simply walk around the bank for a bit and hand you a bogus check that was not issued by the bank.

    Luck to ya, Bob
     
  6. lordofthereef

    lordofthereef Android Expert
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    Good advice. This is something of a concern of mine. I guess what is unclear to me is does this have to be HIS bank that we go through or is it my bank? My bank is just down the road from my house, so that is not an issue. Who provides the notary stamp?
     
  7. Bob Maxey

    Bob Maxey Android Expert
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    Some banks will accept a cashier's check for deposit. Then you write 20,000 worth of checks and they bounce because the check is bad. Ask your bank first. Perhaps they will call the buyer's bank and clear it on the spot.

    I say go to his bank, watch the teller cut the check, and you should be OK.

    My bank has a notary, so perhaps your bank does as well.

    Cheers and Luck, Bob
     
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  8. lordofthereef

    lordofthereef Android Expert
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    Even if I were to watch him cut the check (at his bank), I am reading this can STILL be reversed (by the buyer) after everything is said and done. Is this true?
     
  9. olbriar

    olbriar  
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    Your buyer should want to make certain he/she is getting a clear title to said truck as well. All this should be done at buyers bank. You sign the truck over to him. The bank assures you of your funds for the truck. A notary (all banks will have one) will put their witness stamp on the transaction.
     
  10. lordofthereef

    lordofthereef Android Expert
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    I guess this is where I am unclear (forgive the ignorance, I have never done this before). So they put their stamp... on what specifically? I get some paperwork from the bank? The buyer gets the paperwork from the bank? We both do?

    Again, sorry for the nooby questions. :eek:
     
  11. olbriar

    olbriar  
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    You should have in your possession a title to your truck. It should show no liens on the property. On the back of it there should be a spot to relinquish your ownership to the purchaser. That is what should be witnessed by a notary. At least that is how it goes down in Kansas. You can even do something similar with a bill of sale.. hand written or something more formal. Your buyer has to prove he owns the truck to get insurance as well as property tax and tags and whatever. This is in the form of the title which you should have now.. saying that you own the truck you are selling. It is witnessed as you sign ownership over to your buyer. That he needs. Your need is that your payment is secure. That the bank should be able to do for you. That is why going to his bank is best. His money is there.. until he gives it to you.
     
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  12. lordofthereef

    lordofthereef Android Expert
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    I see. That cleared a lot up for me. I certainly appreciate all the help!
     
  13. A.Nonymous

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    You can always call the bank and check the status of a cashier's check to see if it's legit or not. Always better to see it cut in person though.
     
  14. Dark Jedi

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    You can tell him you hold the truck till the check clears.
     
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  15. lordofthereef

    lordofthereef Android Expert
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    I will need to call the buyer tonight after I get off work. I called the bank (his bank) and they said checks are generally very safe, but my absolute safest bet is to come in and cash it. It's about a three hour drive, but I think it would be worth it. I will see what he wants. I can either meet him by his bank, take the money on the spot, fill out the necessary papers, etc. or I can take his check, wait for it to clear completely, and fill out the paperwork after that.
     
  16. G.Armour

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    Money order
     
  17. olbriar

    olbriar  
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    I like the money order idea as well. That's why I mentioned it in my original reply. Unless I'm mistaken, the only way to obtain a money order is to fork over the cash for it. No plastic or check is accepted for a money order at my wife's place of business. I don't know if that's just a kroger rule or if that's the rule of the land. In any event.. I think it is secure funds.
     
  18. APDell

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    I would do a certified check, I bought some land off of a co-worker and we both went to my credit union and they just cut the check out of my savings account and made it out to him. He went to his credit union and deposited it and it was good to go. Maybe give your bank/credit union a call and see what they recommend.

    Also that is where we got the notory to sign and do some of that stuff too. But different situation.
     
  19. lordofthereef

    lordofthereef Android Expert
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    I have decided just to go to his bank where they said they would cash the cashier's check on site. I can deposit the money then and there, sign off the paperwork, and be done that way. The buyer said he would be happy to do that and even asked if I had a ride home (which I do). Seems like a very nice guy. Will report how things went down tomorrow afternoon.

    Thanks again for all the advice.
     
  20. lordofthereef

    lordofthereef Android Expert
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    I promised I would update here. The sale went without a hitch. Cashed the check on the spot and took the money directly to my bank. Turns out I didn't have to worry about anything from the getgo, but I would still be waiting for the check to go through had I just accepted it to begin with. This way I saved a lot of stress to myself!
     
  21. DWILSON48625

    DWILSON48625 Android Enthusiast
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    cash is always best. if need be, go with them to the bank to withdraw it.
     
  22. TJGoSurf

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    There is no law against carrying around cash no matter the amount. Since it came from a legit sale you have nothing to worry about.
     
  23. big_z

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    If you get robbed, you're SOL.

    If you get pulled over, and if the cop searches your car (by the way, "I consent to nothing" should be your standard response to any cop search requests) and finds the money (or, heaven help you, they bring a drug dog who alerts on the money), he will assume its drug money, especially if you live in a "constitution-free zone" that's within 100 miles of a coast or US border. You'll probably be arrested. Then you'll spend probably the next 3 years of your life fighting some kind of BS civil asset forfeiture, because CAF assumes you're guilty until proven innocent.
     
  24. BRAINZ2013

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    What is this about the 100 mile to the boarder thats not true . AROUND HERE police pulls you over cause u got a better car than he does the police may walk around with guns but thats why we walk around with bigger ones . Drugs dont get u pulled over the look that you have or show such as your age and more .
     
  25. Kelmar

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    Whenever I've sold a car (that I didn't trade in) I tell them I'll meet them at the bank and I'll respectfully wait next to them at the window while the cashier issues them the cash/check to ensure that everything is on the up and up.

    Never had an issue doing it that way.
     

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