Car Sold- What Is The Best Form Of Payment ?

[Peter Pucak]

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

[TagMan]

Cash, cash or cash would be my preference.

[trainguy]

Postal money orders for down payment,remainder CASH at time of pick up works great for me.Personal or bank check ok if you wait till they clear and verify that they cleared.But again cash is the safest!Phil

[jim1932]

depends on amount and distance. Having had to go through the process of driving with and depositing over 20K in cash, there are alternatives. Talk to your bank if it is a significant amount. Just remember checks, bank checks and money orders can all be faked. Wires can be rescinded within (I think 2 days).

[40cpe]

I sold a car and had the money transferred into my bank account. I called the bank later in the day of the transfer and the money was there. They told me that once it is in my account, it can't be rescinded by the sender. It cost me $15 for the transfer.

[Sal]

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Open a separate bank account and have his bank wire transfer the money into that account. Once its in and cleared, then sign over the paper work and release the car. Once you get the money out of that account then close it, that way no one else has your real account number.

[petehoovie]

Once you receive the money, the most important task you will have is hiding it from the IRS....

[TStiles]

I've used bank-to-bank wire transfers a number of times with peace of mind.

[34pickup]

When I last bought a car the seller wanted cash so I went with the seller to the local bank and withdrew the cash and handed it to him. What he did with it after that I have no idea. I called ahead to the bank to make sure they had the cash on hand. I had no desire to travel hundreds of miles with thousands of dollars in cash on me.

[34pickup]

Originally Posted by petehoovie

Once you receive the money, the most important task you will have is hiding it from the IRS....

Not that there is anything wrong with that..

.

[papanomad]

if its a local sale, cash! long distance, bank transfer is safe.

[mrtexas]

I say meet the buyer at his local bank. Have the bank issue a cashier's check to you and immediately deposit to your account. Then give buyer the title. Or wire transfer if out of town transaction. Wait 3 days before giving buyer the title and the wire can't be reversed after 3 days.

Cash would be OK if you met buyer at his local bank and then immediately deposited it. There is IRS paper work to fill out if more than $10k cash deposit.

One consideration is that if the buyer wires the money from his stock broker account to his bank most banks require 3 days before releasing the money.

[Jeff/Illinois]

Originally Posted by Sal

Open a separate bank account and have his bank wire transfer the money into that account. Once its in and cleared, then sign over the paper work and release the car. Once you get the money out of that account then close it, that way no one else has your real account number.

We did this on a Model A that went to Australia. Worked out great for me AND the fellow over seas. I was nervous sending the car out of country, lucky I guess that the guy on the other end was honest too!

[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!

[Kube]

Originally Posted by 40cpe

I sold a car and had the money transferred into my bank account. I called the bank later in the day of the transfer and the money was there. They told me that once it is in my account, it can't be rescinded by the sender. It cost me $15 for the transfer.

This is by far the safest way. I demand a transfer to one of my accounts before a car is released.
Cash can be counterfeited. In fact the "new and improved" bills are being counterfeited at a record pace. Talk to a friend at your bank and ask how difficult it is even for them to pick it out.

Postal money orders are not a positive way either. Money orders and cashiers checks can easily be forged on any computer by anyone with better than average skills.

Sorry to all of you that think cash and / or money orders are "good". Unfortunately this is 2016 and what was trusted even ten years ago is no longer so.

[chap52]

I recall on Classic Cars.com that there was a buyers escrow service available. I think at the time (8 yrs ago) it was about $250 for the transaction. They handled the title, payment verification and closed the deal when all was well.
Don't give them your personal acct. numbers...as suggested open a temp. acct if you don't have a group of "Homies" to stand around and witness the exchange.

[flatford8]

Originally Posted by 34pickup

When I last bought a car the seller wanted cash so I went with the seller to the local bank and withdrew the cash and handed it to him. What he did with it after that I have no idea. "I called ahead to the bank to make sure they had the cash on hand." I had no desire to travel hundreds of miles with thousands of dollars in cash on me.

That must have been and expensive car...... Mark

[34pickup]

Originally Posted by flatford8

That must have been and expensive car...... Mark

It was a small bank.

[jim1932]

I wouldn't try to get more than 5k out without calling ahead. and I did have the main office of the bank inquire on my two large cash withdrawals.

[GB SISSON]

Originally Posted by jim1932

I wouldn't try to get more than 5k out without calling ahead. and I did have the main office of the bank inquire on my two large cash withdrawals.

I had a person send me 12 grand to my paypal account. And he did. Then paypal said I could not access all of it, and I could only take out 400.00 per month unless I opened some kind of account where I had to give them my routing number, all my banking info, and everything you aren't supposed to give out. They are a VERY terrible place to get a straight answer from, or even a human voice. Do NOT deposit a large sum on Paypal.