[Van B]

To anyone who has sold their car privately, what do you require for payment? Trying to figure out if I am out of line asking for wire transfer only. I have had bad experiences in my work life with cashier’s checks being either fake, or one guy who got the car and titles and went back to his bank (a big name bank) and said he lost his cashier’s check and so they stopped payment on it and we had to chase him down for over a month to get paid.

As a result of those experiences I told my potential buyer that I would only accept a wire transfer or a cashier’s check if it had a week to clear before I gave him the car. As a result, I lost the sale. My feeling it is better to lose the sale than to hand over my car and title and have something go bad on the payment.

I am no rookie at selling cars, just looking for other’s thoughts.

Am I wrong?

[OUGrad05]

I have my bank verify funds and/or make the transfer between banks in person at my bank so they can verify funds.

If you get a cashier's check meet at your bank, and them call his bank to confirm the check is good and that it is being deposited, they can put a note on his account. Then if they try to cancel the check the bank shouldn't do it.

[danhr]

Most banks will verify the funds if you call them.

[nelsont]

Originally Posted by Van B

To anyone who has sold their car privately, what do you require for payment? Trying to figure out if I am out of line asking for wire transfer only. I have had bad experiences in my work life with cashier’s checks being either fake, or one guy who got the car and titles and went back to his bank (a big name bank) and said he lost his cashier’s check and so they stopped payment on it and we had to chase him down for over a month to get paid.

As a result of those experiences I told my potential buyer that I would only accept a wire transfer or a cashier’s check if it had a week to clear before I gave him the car. As a result, I lost the sale. My feeling it is better to lose the sale than to hand over my car and title and have something go bad on the payment.

I am no rookie at selling cars, just looking for other’s thoughts.

Am I wrong?

just sold my Camaro last month, cash and a cashiers check from local bank that we bank at. Every buyer is different and I can smell a rat a mile away.
meeting at a bank is a good idea to ensure funds are good.

Tim

[Van B]

Originally Posted by OUGrad05

I have my bank verify funds and/or make the transfer between banks in person at my bank so they can verify funds.

If you get a cashier's check meet at your bank, and them call his bank to confirm the check is good and that it is being deposited, they can put a note on his account. Then if they try to cancel the check the bank shouldn't do it.

Likely due to my lack of tact this deal has moved beyond being salvageable. I could have likely made that work if I could have received some kind of guarantee from the paying bank.

[01pewterz28]

I have sold 2 Camaros both off Camaro5.

I required cash both times, find out what they bank they have like a Bank of America, Wells Fargo and have them pull the cash out and give it to you.

[Van B]

Originally Posted by 01pewterz28

I have sold 2 Camaros both off Camaro5.

I required cash both times, find out what they bank they have like a Bank of America, Wells Fargo and have them pull the cash out and give it to you.

Several states away and the guy was going to fly in. If he was more local I don’t think it would have been a problem.

[01pewterz28]

Originally Posted by Van B

Several states away and the guy was going to fly in. If he was more local I don’t think it would have been a problem.

Both of mine flew in both had national banks they called a few days ahead of time to a local branch of my choosing made sure funds would be available. Went to the bank after they flew in withdrew the funds all cash counted in my presence.

$10k for the 1 car and $18k for the other all cash.

[RealG]

cashiers check used to be great , Now is sketchy. When I sold mine the guy had a cashiers check drawn from out of state bank he met me at my bank actually my credit union we made deposit together and I asked my branch if they can guarantee it’s authenticity and they said it looks OK but they couldn’t 100% guarantee it until they got the funds. The branch manager told me there is no 100% guarantees with any check that there’s always a small percentage that something could be charged back. There is no national database or bank registry that the banks can talk to each other to verify the checks to each other which seems stupid. The banks don’t seem to really care too much because ultimately the liability always lies on the person cashing the check. Whoever gets the money that’s the person who is held liable. The bank has zero liability , the person cashing has all the liability.

[Chevyman2]

Cash in hand and meet at thier bank or mine to sign the title . If it’s a check have teller cash and funds in front of me pending my signature verified with notary on title. It’s that or another buyer.

[Cameron27]

.

[Frisbey]

For future reference,
Just hold the title until the funds clear,
Then register mail it to them.

[Austinwj1]

How can a cashiers check be charged back unless the other person does it? Any time I get one they dont give you the check unless you have the funds

[rjacobs]

I sold a pretty expensive jeep 2 years ago. Guy flew in, bank check in hand(might have been cashiers check, I dont remember). I deposited it at my bank, as soon as it cleared they cut another bank check to the lien holder bank and mailed it off for me. Once I got the title I over nighted it to him.

I did not remove the insurance until I had the title in hand. I think I paid 1 extra months insurance. My insurance agent knew I had sold the jeep and that was their advice was just leave the insurance on for an extra month until everything was settled. If shit went sideways, make a claim, get paid anyway...