payment option on private sale

[Xtrema]

Finally have a car that I cannot offload to friends and family.

When selling privately, what are the payment options to minimize being scammed if I don't want cash?

No PayPal
No personal check

Interact payment?
Go to bank with buyer for transfer or certified check or MO?

Thanks

[spikerS]

when I have had to deal with something other than cash, I take a cheque. I go with the purchaser to their bank, and have it certified by their bank, which basically turns it into a bank draft, and guarantees the funds, and since I am there when it gets certified, I know it is legit.

[Unknown303]

Originally posted by spikers
when I have had to deal with something other than cash, I take a cheque. I go with the purchaser to their bank, and have it certified by their bank, which basically turns it into a bank draft, and guarantees the funds, and since I am there when it gets certified, I know it is legit.

This or cash are the only ways I ever do private sales.

[Xtrema]

Thanks. That's what I thought.

[whiskas]

Note that banks charge $10-$20 to certify a cheque.

A money order (AKA cashiers cheque) is usually less than $10 to get and as long as you're at the bank with the buyer when they get it, it's legit.

[Disoblige]

:werd: Just get a bank draft, costs ~$7.50. It's safe and legit.

[dirtsniffer]

every car i've boughten was through bank draft. NEver had a seller come with me to the bank..

[Xtrema]

Originally posted by dirtsniffer
every car i've boughten was through bank draft. NEver had a seller come with me to the bank..

How do seller know it is fake or not?

[dirtsniffer]

Honest face I guess..

[Aleks]

Originally posted by Xtrema


How do seller know it is fake or not?

I think should be pretty easy to tell if someone is really trying to pull of a scam right in front of you.

I've sold 15+ cars and everyone has usually paid me with MO or Certifield cheque. Never had issues. Always check license info, phone number, name matching on draft etc.

I've had lots of scammers email though. Just ignore those.

[turbotrip]

Originally posted by Aleks


I think should be pretty easy to tell if someone is really trying to pull of a scam right in front of you.

I've sold 15+ cars and everyone has usually paid me with MO or Certifield cheque. Never had issues. Always check license info, phone number, name matching on draft etc.


ive seen a fake certified cheque and money order. take either cash or go to the bank with them.

[leftwing]

I've also seen a fake bank draft, I believe they are relatively easy to reproduce. If you can't get cash, or the amount is to big for a cash deal, get a bank draft. You can call the bank and verify that the draft is indeed real (you can do this with the buyer in front of you). Or, like others have mentioned, take the cheque/bank draft/whatever, to your bank with the seller and deposit it, then sign the bill of sale immediately after.

I would never accept any form of electronic payment from a buyer. If the buyer is serious, they will have no problem spending the extra $7.50 to get a bank draft. With some banking plans, bank drafts are free as well.

[Redlyne_mr2]

Fake bank drafts are easy enough to spot. If you're paranoid just make sure it comes with the included receipt slip and black receipt paper.

[JZS_147]

Cash or EMT.

[ap2s2k]

Originally posted by JZS_147
Cash or EMT.

EMT is limited to $1000 bucks. Unless you're selling a beater this will not work.

[JZS_147]

It depends on the bank, I'm pretty sure TD allows me to do up to 3000 per day

[captain134]

Yeah EMT can be more then $1000 depending on your bank account.

[ap2s2k]

Originally posted by JZS_147
It depends on the bank, I'm pretty sure TD allows me to do up to 3000 per day

Oh dang, well Scotia is limited to $1000. EMT is good as cash though, make sure you are able to deposit it right away and that there is no fake ESCROW service involved.