Car Sold- What Is The Best Form Of Payment ?

[cavecreekjake]

Originally Posted by cas3

the bad guys want your routing numbers to your account. so my small town bank gave them the routing number to the bank itself, (which is public information),not my account. when the money gets there they give it to me!

Keep in mind, every time you write a check, you're giving out your routing number and account number .... They're right on the bottom of your check...

[chap52]

Just had a guy in Dubai want my info so he could buy my truck, sight unseen for 23 grand. Ain't happening!

[JoeGermann]

I had a friend who paid for a car in cash so he could low ball the paperwork to save on sales tax. The seller agreed to give him a bill of sale at half the actual selling price.

So my friend paid his sales tax, registered the car, and on it's maiden drive the engine, which was supposed to be freshly rebuilt blew up. Upon inspection he determined that is had a paint job rebuild; nothing done inside just new paint on the outside of the motor.

He went back to the seller and the seller told him he would refund the amount on the Bill of Sale only not the actual cash spent. Needless to say my friend was pissed but did not have a leg to stand on since he was part and parcel to fraud.

The moral to the story is if you want to hide something or are trying to screw the Government on sales Tax use cash. Otherwise if you want to be legit and have some inkling of recourse pay with a bank check at the true selling price.

[Carl]

...there are several items to consider when selling a car(or buying a car) for cash. First, go to the local bank of the seller or buyer with the cash. They will run it thru their cash counter to verify amount and that its not counterfeit(at least my bank will free of charge). Then, make the exchange there(safe). If you are to travel a long distance to get home, consider what will happen(or may happen) if you are in a serious accident in route and your vehicle goes by wrecker to junk yard or pound, and you go to hospital. What may happen to the cash in vehicle? Next, at least in Texas, when you transfer title, both seller and buyer must sign a application for new title form which includes the sales price, and has a hefty fine for false statements.

[hardtimes]

Originally Posted by Peter Pucak

The buyer wants to know what form of payment to use ? What is your experience. Thanks Pete

Hey Peter,
X-2 on the advice that Sal has given...good as it gets with no hassle !
I bought from a guy in NorCal and used this same method.
I sold to a guy in Germany and used same method.
The Germany buyer had a rep come inspect the car , to advise him if it was as represented, etc.
When the bank advised me that the money was cleared and in my account, the buyer followed thru , as did I...