Urgent info on sale/transport needed

[GNandGS]

This isnt exactly "tech" but I didnt know where to dump this....

I have a car for sale. Some may have noticed my spamming the sale section. It looks like I have a buyer with a verbal agreement but some unknowns are before me now.

1. Payment vs Title.
-- do I get the FULL amount first?
-- best method? Paypal or bank transfer? Or?
-- send title via Fedex or send with transporter?

2. Transporter
-- If I have the title pre-signed & sent, will transporter need MY signature?
-- Do transporters go directly to homes?

Im looking to be fair to potential buyer yet protect myself also.

 

[Fuelie600]

Don't know how each transporter handles things, but here is my take. Make sure the transporter is bonded---get 1/2 the money up front from the buyer---have the transporter collect the other 1/2 from the buyer upon delivery, BEFORE transfering over the title.
If it were my car, I would have the money paid up front, and let the buyer arrange transport or pick up.

 

[GNandGS]

MY pref would be full payment to paypal or bank wire ... is there a limit? Havent checked fees. With full payment, fedex the title and supporting docs direct to buyer. Since there isnt a rush, let the buyer arrange shipping. This leaves the transporter out of the process.

Would I be out of line to ask for that?

 

[gnxtc2]

I think there are escrow companies for a deal like this. They hold on to the car/title. Once they receive payment (of course they a small cut) they release the car and give your money to you.

https://www.escrow.com/solutions/vehicle/index.asp

Billy T.
gnxtc2@aol.com

 

[GNandGS]

aahhh yes. Forgot about that. Have to check and see if my presence is required (I'll be overseas) but thats a good one. Will present a few options. thanks!

 

[dwall]

Some things to check.

Yes - Let the buyer handle the transport.

You or your representative should accept cash, cashiers checks (verifiable) or verifiable bank wire of funds. A bill of sale (all appropriate car info included) signed by both parties is a good idea. When satisfied you have valid funds hand over/deliver the keys and the signed Title and keep a copy of the bill of sale. Beware - An acquaintance was burned by bogus cashier's check scheme on a used vehicle he sold. Talk to your bank about verification.

PayPal fees should be considered. Check with and on possible escrow companies. Ebay has a listing of DMV's you can consult with: eBay Motors Help : Buyer Guide : Bid : Tips

 

[GNandGS]

thanks dwall! Since I will not be here, I am leaving all transport to buyer. Im also instructing that fees are not my responsibility.

I have sent an email with a number of options. For cashiers check Im thinking it has to go immediately to bank (small town) for verification. I ASSume its something they can tell right away? Would only require transport to wait for verifying as car is only a few blocks from bank. Get the "ok" and call back to green-light the loading - saving 2 minutes.

 

[Lee Thompson]

Cashiers Check

Be very carefull here. Collect the cashiers check--take it to your bank--it will take 3-4 days for the $ to be COLLECTED and DEPOSITED into your account. Then and only then do you give up the car and title!!!!!!!!!!! Sorry but those checks can be forged eaisly on a computer (I hear). I sold a Jeep to a guy this summer. We met half way (75 miles each) He had a cashiers check and wanted the Jeep and title. I did give him the Jeep but kept the title until the amount was collected and in our account. Cash always work good.

 

[GNandGS]

Thanks Lee! How was he with not getting the title? Does paypal offer additional protection in this regard? I havent yet heard back from buyer, but Im kinda hoping he sends cash with a transporter just to keep things simple. Once I have money I'll give the title up.

Did NOT know it was 3 days for verification. Will certainly plan for that. Danke!

 

[Lee Thompson]

not happy

He was not happy but it was 7 PM on a Friday and I was more than willing to go back home with no sale than to give up the Jeep and title and worry myself sick untill Monday plus 3 more day to see if the $ were collected. Everything was on the up and up, BUT what if it was forged, I would have been shafted. Still could have lost the vehicle. I would NEVER do that again. If I ever sale to someone I don't know again--I will have the cash before anything leaves. You CAN NOT be too carefull. Best of luck.

 

[Lee Thompson]

Cashiers Check

Another little looked over fact. A cashiers check can be cancelled by the purchaser after he gives it to you.

 

[GNandGS]

This is excellent. Im too assuming and trusting sometimes... ok, so how does one counter the uneasy feeling of giving up your money with no car? Im sure thats how some would view this?

 

[dwall]

Cashiers checks can be forged.

Everything Lee says is true. It does come down to confidence in the buyer and the ability to verify the cashiers check.

I believe most checks can be verified as to issue amount with a phone number on the check from the issuing institution. However the check could still be cancelled as Lee said. What you can do with the number is verify the individual had funds to draft the check, the date and time etc., but you might still have a problem with business hours. If the bank is not open you have no one to talk to.

The following seems complicated but it worked for me. On one occasion I asked an individual to furnish a letter on bank letterhead, dated, signed by an officer of the bank, stating the bank guaranteed payment to me on a personal check of the stated amount drawn on checking account #xxxxx, in John Doe's name, address etc. In addition that check must be presented for payment within 14 days of the given date. What that bank did in the background was collect and hold a cashiers check for the same amount from the buyer's account in their vault until his personal check to me cleared.

In the end, the best answer is "CASH talks and nobody walks" as the old man once said. Well maybe it was more than once, I was a slow learner. OUCH!

 

[GNandGS]

Thanks a ton guys! I just sent a note explaining that any form of check will need to clear first.... that cash would be best.

The buyer is contemplating flying out as part of this process. I assume this is to see car first and to arrange take care of payment. This would mean they wouldnt have transportation arranged yet and would need to leave car with me. Now knowing some folks have trust issues I mentioned for $50 he could store it for pickup later.

Thanks again everyone, Im sure to have not realized these things in the rush.

Wondering: if a person was too nervous to carry that much cash - then what?

 

[Lee_Burough]

The moderator in the For sale section is dhauser (Doug Hauser). Look in his signature for contact information, then call him for advice about shipping and payment.

When I bought a TTA from him, he took the check and held the title until the check cleared. We wrote a bill of sale which specified the details of the payment, possession of the car and mailing the title when the check cleared. I've done the same with the sale of that same car three years later.

The best way to receive money is by direct transfer to your bank account. Its done in an hour or three and is certified and final.

Shipping is the buyer's concern.

Good luck

 

[yullose]

The last three cars I sold, all went out of state. (Two Camaros & Gray T-type in sig)

I delivered all of them personally, for a fee.
One went to the West coast, the other two went halfway across the country.

All three cars were paid in full, including the delivery fee... UP FRONT.

I wouldn't accept anything else.

By delivering them myself, I maintained complete control of the car at all times, right up to the point of handing the keys to the buyer. No risk of damage during transport, unless it was done by me personally.

The Red Camaro was paid via bank wire transfer. $32,200 wired directly into my checking account. $2200 covered the cost of delivery to the West coast, personally, in an enclosed car trailer.
The other two cars were paid for via certified bank check, and were also delivered personally, on a car trailer.

The problem with accepting a partial payment, or a deposit, is it opens up the possibility a buyer may "change his mind" or nitpick the car upon delivery. This opens up a whole 'nuther can of worms.

Some may not like buying this way, but for me, it's the ONLY way to sell a car.

I got burned on a deal a couple years ago... A guy bought an '85 Z-28 from me off of Ebay. He didn't give me a deposit or any form of payment. He said he just pay me in full when he came to pick up the car. He showed up with a car trailer, and his wife. Wife decides she doesn't like the car so the deal is ruined. Had to relist the car and dispute the seller fees with ebay.

 

[57loboy]

In the end, the best answer is "CASH talks and nobody walks" as the old man once said.

Don't forget that handling over $10k in cash (whether bills or coins) will require that the bank you go to deposit that money in report the transaction to the IRS. They set this up some years ago to address money laundering concerns. For people on the up-and-up, this isn't an issue, but just wanted to let you know that "Big Brother" (aka: Internal Revenue Service) is notified whenever $10k in cash is withdrawn and/or deposited.

 

[GNandGS]

If you want, I can sell the car to you for $9,999

Thanks!