CAR EDU Selling a car to a private party

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majesty

majesty

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Jun 6, 2003
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Cash is #1 option

#2 option Go to buyers bank and have them do a wire transfer to you bank.

#3 option cashier's check (going to buyers bank to verify authenticity)
This is what my bank told me as well. Good advice. Thank you.
 
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majesty

majesty

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Jun 6, 2003
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Update - I do not have the title :mad: so I gotta get that before I can sell the car. Fuck.

Fucking Florida makes you do it in person. Thank fuck I'm heading out there in 2 weeks.
 
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mysteryman

OT Supporter
Mar 20, 2006
2,660
id have a pretty simple and straight forward purchase and sale agreement

get copy of guy's ID

make sure he legit

take payment via cash at bank or wire transfer (make sure it clears, they can be pulled back nowadays for a lil bit)
 
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saabguy

Saab-free since 2013. Mortgage guru
OT Supporter
Aug 11, 2003
26,099
Loserville. Population: 1
I just called my bank and the dude on the other end said cash is best, second is cashiers check.

One issue with cashiers check is they can put a stop payment and prevent funds from clearing. One way to avoid is to have the buyer sign the cashiers check. Otherwise the funds should clear in 1-3 days assuming nothing funky.
You can’t just put a stop payment on a cashier’s check. They give money to the bank, the bank issues the check to you. That takes the other party out of the equation, so it’s a transaction between the bank and you. If someone claims a cashier’s check was lost or stolen, they have to jump through some hoops, including stating under penalty of perjury that the check was lost or stolen. And if you go to deposit the check, they will likely still process it, then do their own investigation to show the buyer was lying.

In short…they are very secure.
 
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saabguy

Saab-free since 2013. Mortgage guru
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Aug 11, 2003
26,099
Loserville. Population: 1
Ask him to take a picture of himself with a shoe on his head while holding his driver's license in one hand and a rubber chicken in the other.
I told a loan applicant that I needed documentation that his zales account had a $0 balance. Most normal people would print out a statement of the account showing it’s paid. This guy went to a zales and took a picture of their computer screen with the store manager holding her card in front of it :rofl:

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Havsie

ROTARY BOYS
Jun 21, 2007
162,240
SOUTH Jersey
Checks are easy to fuck around with, it takes 3 days to get a notice of cancellation. Cashiers checks can have similar issues with fraud. That's where I feel sketchy about this whole thing. Cash would be ideal because I can just go buy a pen and mark every bill.
when i sold my miata i went with the guy to BofA and watched him get the money out and then hand it over to me

when i took the hundreds over to chase on the way home and several hundred of it was marked as "fraudulent" by my bank's teller and it was a huge shitshow to get it rectified
 
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majesty

majesty

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Jun 6, 2003
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This was the bone stock, 1 owner evo wasn’t it? Shiiiit that will be worth it’s weight in gold the longer you hold it
It is. It's got 165k on the odometer and will continue to climb because I drive it daily.
 
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majesty

majesty

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Jun 6, 2003
15,357
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Just spoke with the dude. Told him Monday at 11am at my bank. So we're good to go. We'll meet in the bank lot, make sure all looks well, then go inside deposit the cash, and I'll hand him the keys.

If y'all hear of a murder in Portland next week over a car that's me.
 
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