I’m not talking about the overpay for shipping scam or anything like that. I’m looking to private sell my car for $8K-$10K. I know that faked cashier checks are the rage now and the age-old scam of using a credit card or now paypal then protesting the charge. Besides having the buyer pay in 80 to100 One-Hundred Dollar bills or going into the bank with the when they pick up the cashier’s check, how to I avoid a bad payment on the car?
Tell people in your social and work circles that you’re selling the car before you advertise it. Someone you know and trust may want to buy it. Other than that, take cash only.
Take the cash. I once sold a 20-year old Bentley for $20K and got it all in $100 bills.Took a while to count it, and I got funny looks when I took it to the bank to deposit (the teller probably thought it was a drug deal), but the only way IMHO.
It is also advisable, when you get a potential buyer to look at it, to not have them come to your home. Meet at a shopping center, garage or some other public place.
I knew about the second part but thanks for the reminder.
“sorry, cash only”. Has worked for me.
Cashier’s check? Or wait for the check to clear before handing over the keys?
Most of the time, the buyer’s money to purchase your vehicle is in his/her bank. (Or so the buyer claims.)
If someone wants to buy your vehicle, tell them both of you must meet at their bank. Wherein a bank employee will write you a bank check.
Another vote for cash. There’s no way I would accept a check of any kind from a stranger, nor would I expect a stranger to accept one from me. If I can’t scrape up the cash, I can’t afford it anyway.
Actually happened to a guy I knew. He advertised his car for sale, met a buyer in a car park, took him for a drive around the block, then the seller got out of the car, to let the buyer try it out, buyer scooched across from the passenger seat, drove off, left yer man standing in the ‘middle of nowhere’. And that was in the days before mobile phones etc.
Another scam I’ve heard of is where a buyer offers you a cheque for more than the asking price, and asks if you can pay them back the extra in cash. The cheque is no good.
Absolute best way not to get scammed, is having your buddy hold a lil .25 against the temple of the buyer’s young daughter. Once you are paid to your satisfaction, the girl is released.
There’s always the chance the buyer isn’t that tight with the kid, of course.
+1
Keep in mind that in some areas, you’ll lose a lot of potential sales from people who want the car and have the money if you demand cash-only, because the buyer will balk at carrying that much cash around on personal safety grounds (especially if the buyer is older, female, or has vision/mobility issues).
The “meet at the buyer’s bank to obtain cashier’s check” idea seems the best choice.
Got my first one today. Some back and forth via email and they asked if I accept a cashier’s check. I replied that if they were concerned about carrying around that much cash we could complete the deal in the parking lot of their bank and let me worry about carrying around the cash. Their reply?
Needless to say I didn’t reply.
Eh, tell him to make out the cashier’s check to the shipping agent, who can cash it and give you the cash. Or at least, that’s what I’d be tempted to do.
Bank wire transfer should be safe, also.
At least in The US of A …
A check can “clear” but days / weeks later you are notified that the check is counterfeit and you are left holding da bag (i.e., scammed).
Meet the buyer at their bank and get the banker involved in the transaction is the way to go.
Any potential buyer that goes into a story of woe (a third party, moving, out of town, etc … instead of a plain and simple purchase) is un drapeau rouge (a red flag).
If you go this route, you have to resolve to not back down. Gotta pull the trigger or everyone’s gonna think you a coward. But you won’t be scammed twice.
A check “clearing” doesn’t really mean that the money is yours. It just means that nothing really obvious got caught by the banks yet. Banks can find fraud or error and pull back the money for at least 30 days (might be longer, I don’t remember). No car buyer is going to wait that long.
Do not accept a personal check from anyone you wouldn’t also accept an IOU scrawled on a napkin in crayon. They’re not much better.
One more vote for doing the sale at the buyer’s bank. He can get cash or a check while you watch. Any decent bank will give you a table to sign the paperwork at.
I sold a car for $8,000, asked for cash and got it. It wasn’t a huge stack of money.
Otherwise I’d only accept going to the buyer’s bank with the buyer and watch the teller cut me a check. Any other check is potentially only worth the paper it’s printed on.
A wire transfer might be ok but I always worry about the lack of controls on who can transfer money out of my account.
On what basis? If this were possible, why would any money ever remain in anyone’s account?