Procedure for selling used car?

[Jynx]

Apart from filling out the bill of sale and back of registration document is there anything else i should know about selling my car privately?

[Fcuk]

- take a deposit if they say they are serious
- MAKE SURE you sign the bill of sale properly - the way you want it ( as is ) or sold conditionally until say... inspection is complete?
- Before handing over title make sure you get paid in full and funds have cleared ( money order / certified cheque / cash )
- Other then that im pretty sure you have your own senses to see if the buyer is shady or not.

- GOOD LUCK!

[rc2002]

Get a certified check or money order and make sure you have the money before you release the car.

Make sure you have an "as is" clause or the like in the bill of sale.

[DC2]

^^ ppl can still make stop payments on certified cheques and money orders

[dj_rice]

Bank drafts are the way to go

[scat19]

What exactly is the "title"

[Jynx]

Originally posted by richardchan2002
Get a certified check or money order and make sure you have the money before you release the car.

Make sure you have an "as is" clause or the like in the bill of sale.


So if they are paying me with a certified cheque can i give them the car once they give me the cheque or do i need to go to the bank and deposit and let it clear first?

Or does a certified cheque clear rite away?

[barbarian]

Originally posted by Jynx



So if they are paying me with a certified cheque can i give them the car once they give me the cheque or do i need to go to the bank and deposit and let it clear first?

Or does a certified cheque clear rite away?

Well, a certified cheque can bounce. Make sure that they present ID, preferably two pieces including Driver's license, and record those. Some sample bills of sale have a spot for this.

Also, good idea to keep the car insured until you hand it over, even if you have a new one you replaced it with.

[DC2]

Originally posted by dj_rice
Bank drafts are the way to go


stop payments can be made on drafts too

Money orders and drafts are basically the same. MO's are for 5,000 and under. drafts are anything





Originally posted by Jynx



So if they are paying me with a certified cheque can i give them the car once they give me the cheque or do i need to go to the bank and deposit and let it clear first?

Or does a certified cheque clear rite away?

depends on your holds and your bank. if you guys have the same bank. best way is to transfer from one account to the other.

or if you dont. do a wire or cable

[Weapon_R]

Originally posted by scat19
What exactly is the "title"

Likely the registration, the word "title" is used in the U.S. representing a certificate of ownership.

[scat19]

Ive always been confused when I hear title... Thanks wep

[aklalani]

ask them to pay you CASH. easiest an best way.

[dj_rice]

Originally posted by aklalani
ask them to pay you CASH. easiest an best way.


But lets say a car is $10,000..you want to count $10,000 let alone who knows if it could be counterfeit or not....




Originally posted by DC2

stop payments can be made on drafts too

Money orders and drafts are basically the same. MO's are for 5,000 and under. drafts are anything




Really??How does that work?I just thought once you go to the bank and buy a bank draft...for say $5000...the bank holds that $5000 in an account of their own under the bank draft til its withdrawn?

[AzN'SKillZ]

^ thats waht i thou too

both times that i purchased a car i gave a certified check and the seller didnt hav any issues wit it. i handed the check they signed the paper work and i signed and that was it.

[Mixalot27]

.

[Sky]

wait till money is cleared if possible......anything could happen once they drive the car away.

[Anton]

Originally posted by DC2
Money orders and drafts are basically the same. MO's are for 5,000 and under. drafts are anything

Last time I was getting a money order they told me I needed a draft because money orders are $1,000 or less :dunno:

And yes, they are the same.

[saiyajin]

MO and bank draft is the same

Draft and Certified cheque is guaranteed funds as the money is taken out of the account already to make the draft/certified chq so if the person got no money in their account they wouldn't be able to make the draft/certified chq in the first place;)

[Jynx]

If i accept the certified cheque and it does turn out to bounce (if thats even possible) or be false for whatever reason, would my insurance company consider my car as stolen and pay me for it or would they not cover it because it was essentially my own fault?

[k98303]

do everything at your bank, make sure the cheque correctly deposits into your account!

[Skyline_Addict]

As far as I've known a certified cheque or money order is as good as being paid cash when given to you, so they money is yours once the buyer signs it appropriately and hands it over to you.

[HHURICANE1]

Certified cheques cannot bounce, thus the term "certified". A certified cheque is made out by the bank and the funds are held until the cheque is cashed, the funds are then transfered to the recipients account. As far as I am aware the only way to cancel a certified cheque is for the account holder to return it to the issuing bank and they can cancel it. There is no way to put a stop payment on a certified cheque.

[Thaco]

the only way you can get a MO back is after like 30 day if it's not cashed the original purchaser can go in and request a refund (if for example it got lost in the mail or whatever) but if it had already been cashed then they would not refund it.

[XylathaneGTR]

Originally posted by Skyline_Addict
As far as I've known a certified cheque or money order is as good as being paid cash when given to you, so they money is yours once the buyer signs it appropriately and hands it over to you.

Same w/ bank drafts...iirc, they are as good as cash.

when i was about to buy my last car, i was going to use a bank draft. When you create the "draft" they remove the money from your account, and place it into a holding account. when the bank draft is cashed or deposited, the money is then released.
It is out of your account the second you create the draft.

Like i said, i was going to buy my last car this way, but the owners mom had an account at my bank, so we decided it was just easier to transfer the cash from my account, to hers. saved me 6.50 too (for making the bank draft.)

[nonsane]

-Don't let them give you a SOB story about not having a plate and let them use yours.
-Check the vehicle throughly for stuff you want to keep. I lost a nice pair of leather gloves when i sold one of my cars :( Everything in the car is legally theirs once the vehicle is sold to them.