Selling used car - safest form of payment? - Business, Finances and Investing Forum

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Selling used car - safest form of payment?

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02-01-2010 , 12:07 AM

SNGplayer24

banned

Join Date: Mar 2007 Posts: 3,582

I got an offer on my car for 18,500 but I'm trying to figure out the safest way to get paid. I assume cash is obviously the safest, but thats alot of cash and he'll probably want to do a bank check. Bank checks can be forged, thus Im wondering if I could call the bank that it was issued and if they would tell me whether or not its legit or do I need to go with him to the bank to make sure its done properly.

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02-01-2010 , 12:18 AM

fundmyhabit

journeyman

Join Date: Feb 2005 Posts: 224

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Originally Posted by SNGplayer24

Meet him at his bank for the transaction and be present as he withdraws the money, obtains a cashier's check.

Extremely paranoid.. open an account at his bank and have them transfer the funds straight to your account.

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02-01-2010 , 02:21 AM

markksman

Carpal \'Tunnel

Join Date: Oct 2007 Posts: 20,921

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Originally Posted by TheUntoastable

ummmm, wat?

btw what kinda car? year? make? model?

A check he gives you should be from his bank, which you get while your at his bank. You can sign over the title and such while you're at HIS bank. They won't have an issue

What if his bank is in Nigeria?

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02-01-2010 , 11:07 AM

z28dreams

Pooh-Bah

Join Date: Sep 2005 Posts: 5,109

Quote:

Originally Posted by fundmyhabit

Meet him at his bank for the transaction and be present as he withdraws the money, obtains a cashier's check.

This is how I paid for the car I bought privately. Seller met me at the bank, I requested a cashier's check right there. The seller signed over the title to me and I handed him the check.

Also, have a bill of sale for him to sign that basically says the price of the car and that no returns are allowed. This serves to purposes:

1. When he titles the car at the DMV, he will be taxed at the proper amount. (Not some inflated KBB value)

2. You get to CYA and make it harder for him to return the car.

Something like this would be fine:
http://www.hooverwebdesign.com/free-...web_design.pdf

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