Selling a car

Wizeguy

Wizeguy

Club Member
How have you guys handle the money transaction of selling your car?
I have a car for sale and the buyer keeps asking me if I got a cash app.. I dont trust those apps
I told him I want a certified bank check or no deal.
He said he'd get a check from his credit union.
I've always done cash deals but I don't wanna have that kind cash hanging around the house
 
Cash, then deposit if you don't want it at home.

Certified bank check, call bank to verify.

Gold/silver verified at a jeweler

I won't accept anything else these days
 
I have never been burned on a car deal or any other sale.

I only accept cash, anything else & you're welcoming the
possibility of trouble & great disappointment.

Why do you think Craigslist and Michigan Auto & RV
say NOT to accept any kind of checks.

Note: banks treat "certified bank checks" and "money
orders" the same as personal checks. They are no better,
no safer. They can take up to 6 weeks to determine they
are no good - and you're on the hook for the money, NOT
the bank.
 
WhiteHawk said:
Meet him at his credit union. I have done that a couple times. If he gives you excuses, then you know he is lying.

-Geoff
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The guys in Muskegon and coming down today with an Appraiser to look at the car..
I'm asking $30k for the car, not too many banks would even dish out that kind of cash..
I'll call Bob here on motown, I think he runs a credit union up the street from me...
It's true about checks ... I had a moving company crack a fairing on my motorcycle.. after several threats they wouldn't drop my bike unless I gave them a money order.. I stopped the money order 2 minutes after getting my bike and was refunded a week later..
Can't trust anything or anybody nowadays!
 
Cash, open an account at the credit union he's at and transfer money on the spot or wire transfer only(open an account only for this transaction since you'll have to give him/her your account #). Haven't talked to Bob in forever but I'm sure he'll tell you something similar, my 24th year in the same industry as him was this year :-). Man I'm getting old!
 
CMYZ28 said:
Cash, open an account at the credit union he's at and transfer money on the spot or wire transfer only(open an account only for this transaction since you'll have to give him/her your account #). Haven't talked to Bob in forever but I'm sure he'll tell you something similar, my 24th year in the same industry as him was this year :-). Man I'm getting old!
Click to expand...
Congrats! Yea haven heard from him in a whe too.

BOB YOU OUT THERE?!
 
Hey Nick, are wire transfers like that reversible? I mean, without committing some kind of fraud? Like Sal said, one phone call and a money order is cancelled, I would think it is much harder to do that for a wire transfer. I was just wondering because it seems like a pretty good idea. Get an intermediate account, and just pass the money through it to your real checking at a different institution.

It's crazy how hard it is to buy and sell expensive stuff.

-Geoff
 
I have sold a few on ebay, unfortunately the buyer is not always able to get them I have not been burned yet. They do not leave till funds are clear I have had cars sit here 4 to 6 weeks. Are you able to meet him at his bank and able to cash that type of check? if you call the bank ahead of time and explain the situation i know it sounds weird, they are able to have the money on hand, I have done that a few times also. hope that helps
 
I’ve dealt with this a few times. Not at the 30k level you mention, but still for several thousands. I make them meet at a bank. If everything is agreeable we walk in together and they can hand the cash to the bank. Verified and deposited, and then title signed over and we walk out and part ways. I do not trust anything else as I’ve caught people trying to burn be in the past(thankfully before being out money or vehicle/item)
 
It is fairly rare, but a wire transfer is not 100%. Banks have been
fooled, there are a few ways it can be done.

30K is not too much for a cash sale, happens all the time.
 
WhiteHawk said:
Hey Nick, are wire transfers like that reversible? I mean, without committing some kind of fraud? Like Sal said, one phone call and a money order is cancelled, I would think it is much harder to do that for a wire transfer. I was just wondering because it seems like a pretty good idea. Get an intermediate account, and just pass the money through it to your real checking at a different institution.

It's crazy how hard it is to buy and sell expensive stuff.

-Geoff
Click to expand...
I'm gonna verify through his credit union and then open another account in my bank.. have him transfer the money into that account and pull thw cash out right away and shut that account.
Even not to happy about taking $100 bills.. a few could be fake

loosenut said:
Wire transfer or cash.
Click to expand...
Going with a wire transfer
 
Wizeguy said:
I'm gonna verify through his credit union and then open another account in my bank.. have him transfer the money into that account and pull thw cash out right away and shut that account.
Even not to happy about taking $100 bills.. a few could be fake


Going with a wire transfer
Click to expand...

Andy only gets his advice from me! Lol jk sort of haha.

Wire transfer is better than cash, I agree. Only guaranteed funds can be released to SEND the wire and the recipient is the only one who can release them for return.

Some banks use different routing # for wires vs ACH/checks so just make sure you've got the correct routing #.
 
CMYZ28 said:
Andy only gets his advice from me! Lol jk sort of haha.

Wire transfer is better than cash, I agree. Only guaranteed funds can be released to SEND the wire and the recipient is the only one who can release them for return.

Some banks use different routing # for wires vs ACH/checks so just make sure you've got the correct routing #.
Click to expand...

So if I'm reading that correctly, once the funds are wired, he cannot take the money back... only I can send it back..
 
I go meet them at their bank and have them withdraw the amount of cash and hand it to me. I'd rather no one know how much I bought or sold a car for.

Good luck with the 1099!
 
Wire or cash.... checks all kind of suck.

If they wanted to do part of it on an app like cashapp or paypal I wouldn't be super worried about it. $5-10K gifted on venmo/paypal/cashapp would be fine...
 
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