Payment for a private car sale

[2020]

Hello


Its been a few years since I’ve sold a vehicle privately, I usually just trade it in but with the recent market conditions the vehicles value is quite a bit more than the dealers trade offer.

How do you accept payment for a $35,000 car? Normally I’d accept cash for cars under 5k But for this amount it be hard to get that kind of cash quickly.

I was thinking of accompanying the buyer to his bank and getting a bank draft in my name and depositing it in my bank right after. Would that be the safest method? Any chance of the bank clawing back the funds?

Then fill out the bill of sale completely (don’t leave any boxes blank) and pull my plates. I hear I can get a refund if you go to the registry and remove the car from the plate.

That should be all right?

Thanks

[Buster]

thats what i would do. go to their bank, have them pull a draft, and get the teller to hand it to you.

Or you could have them do a bank/wire transfer and ensure the money hits your account

[ThePenIsMightier]

Like Buster said. Meet at Bank and draft straight into your hand.
A draft costs $7.50

[2020]

thats what i would do. go to their bank, have them pull a draft, and get the teller to hand it to you.

Or you could have them do a bank/wire transfer and ensure the money hits your account

I didn’t even think about a bank to bank wire transfer. Thanks

[Buster]

Like Buster said. Meet at Bank and draft straight into your hand.
A draft costs $7.50

just don't drop or lose the draft. it is not a cheque. it is cash and once he hands it to you, it is your responsibility

[ThePenIsMightier]

Also pretty easy to still get $35k in cash if one was so inclined. It may present an excellent opportunity to yell at a Barnk Marnagur, (which is always worthwhile) if they try to tell you that they "don't have that kind of money in the branch".

Oh wait... I think OP is the Seller...
Banks are still crusty cunt stains and you should always treat them accordingly.

[Twin_Cam_Turbo]

Draft or wire.

[killramos]

Draft in person as said. And go deposit the draft immediately (aka make sure you have time in banking hours to do that).

That’s always been my MO.

[rage2]

I had an issue with the buyer on my E53, she banked with Tangerine, which has no wire transfer, nor do they have a branch to physically see them make a draft. So I got her to open an account at my bank, get a draft mailed to her from tangerine, deposit into her new account there, wait till it cleared, then make a draft at my bank and deposited right there haha.

[killramos]

Well yea step one so don’t be a millennial and use a real bank

[rage2]

Well yea step one so don’t be a millennial and use a real bank
Ya, I initially told her I’m going to sell the car to someone else because I had multiple offers. But she insisted on a solution and really wanted the car. Lots of red flags too, she showed up to check out the car in a beater that made my Sentra bat worthy lol. Weirdest car sale I’ve had.

[ExtraSlow]

Weird car sales are great

[ThePenIsMightier]

Ya, I initially told her I’m going to sell the car to someone else because I had multiple offers. But she insisted on a solution and really wanted the car. Lots of red flags too, she showed up to check out the car in a beater that made my Sentra bat worthy lol. Weirdest car sale I’ve had.

+Rep
That's fucking hilarious!

[lilmira]

I'll take cash as option but I'll get the buyer to go to my bank together to deposit the money. I'll let the bank count and check the bills.

[flipstah]

Ya, I initially told her I’m going to sell the car to someone else because I had multiple offers. But she insisted on a solution and really wanted the car. Lots of red flags too, she showed up to check out the car in a beater that made my Sentra bat worthy lol. Weirdest car sale I’ve had.

So she was smashworthy. Only reason why you’d go the extra mile.

[bjstare]

Weird car sales are great

Yeah, great to spectate, not to be a part of.

When I sold my S4 it was a super weird sale. Same thing, guy showed up in a mid 90s altima that was beat to shit. Didn't even have both shoes on when he got out of the car, and it looked like he lived in it. Then the second time we met, he showed up in a clean, reasonably new, tastefully modded STI. After that, it was a normal-ish deal, paid w/ draft like an adult. :dunno:

[heavyD]

I've never had an issue with sellers providing bank drafts during business hours so I can immediately deposit as I'm not a fan of cash over $20k. I always to up a proper bill of sale and take a photo of the buyer's driver's license as chances are pretty low that they are going to take your vehicle and run. That said I'm probably going to put the X3MC up for sale in the spring/summer to cash in on this dumb market and market value is around $80k so for that kind of money I may want to go to the bank when the buyer gets the draft.

[rage2]

So she was smashworthy. Only reason why you’d go the extra mile.
Nope haha. The other high offer was in Edmonton, preferred local, plus her offer came first.

I’m only an asshole on beyond haha.

[flipstah]

I've never had an issue with sellers providing bank drafts during business hours so I can immediately deposit as I'm not a fan of cash over $20k. I always to up a proper bill of sale and take a photo of the buyer's driver's license as chances are pretty low that they are going to take your vehicle and run. That said I'm probably going to put the X3MC up for sale in the spring/summer to cash in on this dumb market and market value is around $80k so for that kind of money I may want to go to the bank when the buyer gets the draft.

I've read cases where a private sale was done; received a bank draft; went to deposit it to the seller's bank but it was fraudulent; went to report the case to CPS and the driver's license was fake too.

I like the one where the bank teller hands you the draft. So long as the teller isn't in on it...

/tinfoilhat

[andyg16]

Ya, I initially told her I’m going to sell the car to someone else because I had multiple offers. But she insisted on a solution and really wanted the car. Lots of red flags too, she showed up to check out the car in a beater that made my Sentra bat worthy lol. Weirdest car sale I’ve had.

Hahaha holly shit...I'm pretty sure she goes to the same gym as me. I've seen her driving the car and it just clicked to me that it was your old one. I would never in a 100 years believe that girl drove an E53 until I saw it for myself.

[Buster]

I’m only an asshole on beyond haha.

that's my schtick

- - - Updated - - -


I've read cases where a private sale was done; received a bank draft; went to deposit it to the seller's bank but it was fraudulent; went to report the case to CPS and the driver's license was fake too.

I like the one where the bank teller hands you the draft. So long as the teller isn't in on it...

/tinfoilhat

this

[Kloubek]

I was thinking of accompanying the buyer to his bank and getting a bank draft in my name and depositing it in my bank right after. Would that be the safest method? Any chance of the bank clawing back the funds?



This is what I did when I bought my XFR. We had the additional issue of there being an outstanding loan to clear up, but even if that wasn't part of the equation, seeing the bank create the draft in front of you guarantees you safety.

[ThePenIsMightier]

^This (what Buster emphasized)-squared.

There are no standards for how banks incorporate security features into bank drafts. None!

[Buster]

Honestly, I just force buyers to wire me the money. If they don't like that, then go fuck your mother.

[flipstah]

Honestly, I just force buyers to wire me the money. If they don't like that, then go fuck your mother.

This is your theme song blasting as you drive away,

NaFd8ucHLuo

[Buster]

This is your theme song blasting as you drive away,

NaFd8ucHLuo

I was giving me old water softener away on Kijiji *for free*, and a dude asked if I could warranty that it still worked.

[rage2]

Hahaha holly shit...I'm pretty sure she goes to the same gym as me. I've seen her driving the car and it just clicked to me that it was your old one. I would never in a 100 years believe that girl drove an E53 until I saw it for myself.
How’s the car looking these days?

Don’t judge a book by it’s cover. I mean I’m rolling around in a beater Sentra right now, should go test drive some cars rolling up in that haha. But ya, aside from the red flags (she also had a Quebec phone number still) it was the smoothest transaction I had on the day of the sale. She even drove me home.

[ThePenIsMightier]

Avril hasn't aged a bit!

[andyg16]

It looked good last time I saw, I was honestly so confused at first. I was tempted to ask who helped spec her car thinking she might have bought it new lol now it all adds up.

[Rocket1k78]

I've read cases where a private sale was done; received a bank draft; went to deposit it to the seller's bank but it was fraudulent; went to report the case to CPS and the driver's license was fake too.

I like the one where the bank teller hands you the draft. So long as the teller isn't in on it...

/tinfoilhat

This is very real. I honestly thought i got scammed in october with a fake one. Kijiji deal was just way too smooth, had it listed high and the service sus light came on the day before viewing and the buyer didnt ask for a cent off. They came back with a draft and took the truck. I realized a couple hours after that i forgot to take the plate off so i texted her and then noticed it was a green text instead of the blue like before. All texts before were quick but an hour went by with nothing so i called them and sure as shit it goes straight to voicemail. Its saturday night now so i cant even run to the bank with it. Send another text and same thing, i call them sunday and again goes straight to voicemail. I even googled how to tell a fake draft on sunday lol Monday morning she finally calls me to say they went straight out to their farm and theres no reception there.

[2020]

Thanks for the replies
I’ve confirmed with the buyer that we will go together and get a bank draft from the teller. He’s seems cool with that, then I’ll walk across the plaza to deposit it right away at my bank. Should work out unless the teller is in on the scam.

[RX_EVOLV]

If you are both using the same bank and they can just do a money transfer on the spot without even going through the bank draft route.

[heavyD]

How’s the car looking these days?

Don’t judge a book by it’s cover. I mean I’m rolling around in a beater Sentra right now, should go test drive some cars rolling up in that haha. But ya, aside from the red flags (she also had a Quebec phone number still) it was the smoothest transaction I had on the day of the sale. She even drove me home.

When you getting your new car?

[jaylo]

Yeah, great to spectate, not to be a part of.

When I sold my S4 it was a super weird sale. Same thing, guy showed up in a mid 90s altima that was beat to shit. Didn't even have both shoes on when he got out of the car, and it looked like he lived in it. Then the second time we met, he showed up in a clean, reasonably new, tastefully modded STI. After that, it was a normal-ish deal, paid w/ draft like an adult. :dunno:

I have used this tactic many times. The poorer you look, the more buying power you have.

Obvious that if I show up in a BMW in a private or any dealership, no negotiation.

I showed up in my e-bike with my cool bicycle outfit (biked from downtown to Deerfoot Meadows) to Porsche Calgary and they were looking at me like I'm crazy.

[bjstare]

I have used this tactic many times. The poorer you look, the more buying power you have.
[snip]

Maybe this works if the seller is under pressure to make the sale. In my case, I didn't need to sell. It's irrelevant to me if the buyer looks homeless or hood rich, all I care about is if they're willing to pay what I think is a fair price.

The most negotiating power (regardless of what side you're on) comes from being ready to walk away.

[rage2]

If you are both using the same bank and they can just do a money transfer on the spot without even going through the bank draft route.
The only issue is, in rare circumstances, banks can reverse the transfer if there’s a problem and put the responsibility on you. This is what my bank told me. They can’t reverse a legit draft, or a wire transfer. Both goes through more stringent checks before it’s issued and it’s on the issuer if there’s problems.

When you getting your new car?
No clue. Think all the truckers left for Ottawa.

[killramos]

I maintain there is a market opportunity for an escrow service specializing in exactly these types of transaction.

[ExtraSlow]

I maintain there is a market opportunity for an escrow service specializing in exactly these types of transaction.

Any lawyers office should be able to provide this service, but the speed and cost might both be unpalatable.

[Buster]

The only issue is, in rare circumstances, banks can reverse the transfer if there’s a problem and put the responsibility on you. This is what my bank told me. They can’t reverse a legit draft, or a wire transfer. Both goes through more stringent checks before it’s issued and it’s on the issuer if there’s problems.

No clue. Think all the truckers left for Ottawa.

There basically had to be deliberate fraud on your part to get it reversed.

[killramos]

Any lawyers office should be able to provide this service, but the speed and cost might both be unpalatable.

Right. I mean not at the fees a lawyer would charge. Focus would be on speed and volume.

[ExtraSlow]

I dont think there's a business there.

[you&me]

https://www.escrow.com/

[killramos]

https://www.escrow.com/

This exactly

[ExtraSlow]

There ya go. It exists. I was totally wrong.

[arcticcat522]

There ya go. It exists. I was totally wrong.

First time for everything.

[flipstah]

The only issue is, in rare circumstances, banks can reverse the transfer if there’s a problem and put the responsibility on you. This is what my bank told me. They can’t reverse a legit draft, or a wire transfer. Both goes through more stringent checks before it’s issued and it’s on the issuer if there’s problems.

No clue. Think all the truckers left for Ottawa.

You’re thinking about Interac e Transfers. I can send you money and while you auto deposit, I can ask the bank to get it back with a claim like a credit card chargeback

[rage2]

You’re thinking about Interac e Transfers. I can send you money and while you auto deposit, I can ask the bank to get it back with a claim like a credit card chargeback
No. I’m talking same bank transfer from one account to another. Although I’m sure same can apply with e transfers.

Let’s say for example someone hacks into my account and transfers 10k into your account. The bank can reverse that, and go after you if you’ve spent that money. Now, if someone goes to a bank and issues a 10k draft where you deposit that draft, or wire transfers 10k from my account to you. The bank is responsible for the due diligence on both those transactions, and the fraud now lies with the bank and it’s not your problem.

That’s how it was explained to me.

[G-ZUS]

No. I’m talking same bank transfer from one account to another.

Really? I thought etransfers were gone as soon as you sent them

[ExtraSlow]

So someone who is selling a car, check out this escrow.com service and post your thoughts. Would you use it? Would love a review.

[rage2]

Really? I thought etransfers were gone as soon as you sent them
That’s what this guy thought.

https://toronto.ctvnews.ca/ontario-man-loses-1-000-merchandise-in-apparent-e-transfer-fraud-1.5080749

[ThePenIsMightier]

We need more solutions for this imaginary problem.
50-Grand in cash fits in two pockets. My pantoloons have 4 reasonable pockets. A small satchel or fanny pack fits enough cash to purchase a Ferrari.
Legal Tender is best tender. Even better than chicken tender.