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]

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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]

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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]

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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]

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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]

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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]

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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.

[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]

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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]

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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]

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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.