Secure way of being paid for car sale?

[5.0calypso93lx]

Yep :(

Besides cold hard cash what is the best way to get paid on a car purchase? I've never really dealt with anyone this far out of town buying a car and with the buyer wanting to purchase from a distance.

I know Paypal is safe from a sellers perspective, but I know the guy doesn't want to cover a 3% fee on this dollar amount.

My bank said a cashiers check takes 7-10 days to clear and then up to another 10 to verify that that money is real. I bank with US Bank and buyer banks with Associated Bank out of Wisconsin.

I'm not letting the title or car go without knowing the money is 100% safe in my bank account.

Dude has zero feedback on ebay, but I did have him call me and spoke to him for a while beforehand. I know nothing is 100%, but dude seems way too knowledgeable about foxes to be flaky.

[Maximus]

CASH in hand! Why cant he hand you hundred dollar bills?

[KB1]

I usually take a $500.0 no refundable deposit, then CA$H in person, if they do not show you keep the $500.00.

[5.0calypso93lx]

CASH in hand! Why cant he hand you hundred dollar bills?


I usually take a $500.0 no refundable deposit, then CA$H in person, if they do not show you keep the $500.00.

I can make that push. I am getting a $500 deposit via paypal today. Guy lives in Wisconsin and don't think can make the trip down here in person. He provided full name, address, email, phone number and bank information so far. He's going to call me when he gets off work so we can discuss further. If he wants to use a shipping company that is going to be my only concern. If a buddy of his or someone he knows is coming to pick it up I'm going to tell him I would greatly prefer cash monies. I made it very clear to him the car and title go nowhere until I have the full amount and it's cleared in my bank.

[redfirepearlgt]

Get earnest money up front like KB1 stated. A cashiers check is well the safest way aside from cash. A cashiers check is made out to the seller (your name) and the bank then places that amount of money from the person's account in a reserve account to cover it. The buyer has no access to that money once he has ordered the cashiers check and it is printed up. The bank knows before the check leaves the bank who the check will be deposited by.

Thanks to terrorism and organized crime obtaining cash amounts above $5000 from one's account is difficult these days. I found that out when I went to purchase my truck a few years ago for $7500. Had I not known the bank manager the teller would have never allowed me (by law) to withdraw that amount. So thank your drug lords and terrorists for that.

[5.0calypso93lx]

Get earnest money up front like KB1 stated. A cashiers check is well the safest way aside from cash. A cashiers check is made out to the seller (your name) and the bank then places that amount of money from the person's account in a reserve account to cover it. The buyer has no access to that money once he has ordered the cashiers check and it is printed up. The bank knows before the check leaves the bank who the check will be deposited by.

Thanks to terrorism and organized crime obtaining cash amounts above $5000 from one's account is difficult these days. I found that out when I went to purchase my truck a few years ago for $7500. Had I not known the bank manager the teller would have never allowed me (by law) to withdraw that amount. So thank your drug lords and terrorists for that.

I asked my rep at US Bank about that and they said a cashiers check can take 7-10 days to clear and another 10 days to verify the funds are good. Kinda of how the craigslist scammers get away with it because at first the Cashiers check seems good. I'd be fine with that if dude is willing to wait. That's a long time to be out a couple G's with nothing to show for it.

[TooFast98Cobra]

Wire it and pay the $25 fee

[redfirepearlgt]

Better yet. He gets a loan for the car. The check is made out to you personally. He brings you the check made out by the loaning bank with all documentation showing approval of the loan. You call the bank and verify the loan. DONE. This way there is no chance of him not having sufficient funds. He can then pay off the loan within the 30 day grace period and pay little to no interest or turn over title to the bank and carry the loan through maturity.

Come to think of it that is how we purchased a car for my wife years ago from a private individual. I gave him a down payment after looking at the car and then returned with a check for the balance from a loan I obtained. Then all I had to do was decide to either carry the loan or pay it off in 30 days from my savings account.

[04 Venom]

A certified check is different from a cashier's check in that is certifies that the amount of the check is on deposit and the funds have been sequestered. There have been instances of counterfeit certfied checks. I sold Terminator in 2007 for $28.5K paid by certified check. I asked the buyer where the check was being drawn and I called the bank before he arrived to verify that he had an accouint there and that they issued the certified check.

[redfirepearlgt]

A certified check is different from a cashier's check in that is certifies that the amount of the check is on deposit and the funds have been sequestered. There have been instances of counterfeit certfied checks. I sold Terminator in 2007 for $28.5K paid by certified check. I asked the buyer where the check was being drawn and I called the bank before he arrived to verify that he had an accouint there and that they issued the certified check.

That's what I meant James. Certified not cashiers check in my first post.

[zlou363lx]

often any banker at the bank will be able to call the buyer's bank to verify if the certified or cashier's check was real. i had to do this often when i worked at PNC. other bank's might not answer a non bank employee, but they never had a problem when i would call them with the check in hand to give them the needed information to see that the check is guaranteed. i always wrote the name of the associate that i spoke with down in the memo area.

[dsmawd350]

yep wire transfer. when I sold my Shelby motor dude wired 8500 bucks. a few hrs later I was able to go to the bank and get cold hard cash

[cstreu1026]

When my father in law sold his RX7 to a guy in Seattle he had his bank talk to the buyer's bank and they handled getting the money transferred but that might be a luxury of dealing with a small town bank. I doubt anyone at US Bank will get that involved.

[70mm_LS1_Eater]

Get earnest money up front like KB1 stated. A cashiers check is well the safest way aside from cash. A cashiers check is made out to the seller (your name) and the bank then places that amount of money from the person's account in a reserve account to cover it. The buyer has no access to that money once he has ordered the cashiers check and it is printed up. The bank knows before the check leaves the bank who the check will be deposited by.

Thanks to terrorism and organized crime obtaining cash amounts above $5000 from one's account is difficult these days. I found that out when I went to purchase my truck a few years ago for $7500. Had I not known the bank manager the teller would have never allowed me (by law) to withdraw that amount. So thank your drug lords and terrorists for that.

You can get up to $9999 out. It's the $10k mark that's a big deal.

And cash or bank transfer is the best way. Or split the 3% fee with him if you need to do it through PayPal. I'd prefer a bank transfer if it was me and he couldn't come give you cash in person.

[Gene]

You can get up to $9999 out. It's the $10k mark that's a big deal.

Even getting out over $10k in cash isn't a big deal. If you withdraw the amount of money over $10k, it's money that's already in the banking system so the IRS knows about it. It's when you SPEND the $10k is when they're supposed to fill out the IRS Form 8300.

Chad - There is no law regarding how much you can withdraw from a bank. If the teller told you that, then he or she was an idiot or the bank was trying not to lose your business.

[Goldenpony]

100% down and no easy payments. Cash.

[devous1]

When I sell shit its cash and only cash. I was a banker for about 7 years and there are just too many ways to get screwed now.

Paypal is not safe. I've been paid paypal and had the funds pulled back out of my acct because the seller was either fraudulent or didn't have funds to clear the payment.

Any check can easily be counterfeited now with copy machines and I don't care who calls who to verify shit.

Cash is King!

[draggin50]

I went to my bank and got out $23,000 and they didn't make me fill anything out and I got cash in hand.

[mustangrodtp]

Cash or Bank Wire

[redfirepearlgt]

I went to my bank and got out $23,000 and they didn't make me fill anything out and I got cash in hand.

Dag Brian. Could go get another 23K for me? LOL!

[full force]

CASH....I did paypal once for 6500 was verified and I instantly transferred to a 3rd account to make sure all cleared... not something I would like to do again, cash is best, the guy I took PAypal from gave me enough info that I was ok with it... he came with buisness check didnt realize I said cash only.... I refused check but took the paypal, worked out ok... but the guy is in Wisconsin, not that far tell him to come get the car... I fly to Texas for trucks and drive them home...