I'm getting ready to advertise a pickup that I need to sell. I think I'll list it for 6k. My question for you guys is what's a good way to protect myself from watching my truck drive off while I hold a bad check? To me 6k is a little much to be expecting someone to deal cash, but maybe thats just because I've never done it. One thought I had was to call the DMV and get a rough idea how much the taxes and fees would be, and factor that into the amount he pays. Then I could transfer the title myself as soon as the check clears like a dealer would. I'm just not sure it thats a thing only licensed dealers can do.
- Thread starter 770guy
- Start date
Last time I bought a vehicle it was 6K and I paid in cash.......money talks.....BS walks.
Just tell anyone looking at it you want cahs in hand and tell em with a small down you will hold it for them for x number of days till they can show up with cash or cashiers check.
Rick
Just tell anyone looking at it you want cahs in hand and tell em with a small down you will hold it for them for x number of days till they can show up with cash or cashiers check.
Rick
Zachary Hoyt
Well-known Member
Cash is not unreasonable in my view, or a cashier's check is good. I think that USPS money orders are only available up to $1k.
Zach
Zach
Go to your bank or the buyers bank together & have him or her get you cash before signing over the truck . Banks around here have their own Notary to do title transfers . That"s how I did it a year ago when I bought my latest used truck . Or have the buyer bring you (6) $1,000.00 USPS money orders .HTH ! Merry CHRISTmas & God bless, Ken
Wheat Farmer
Well-known Member
I too sold a pickup for 6K. He said he wanted to drive the pickup to the bank and get cash. WE (We) drove the pickup to the bank got the cash and counted it out from hem to me in front of a bank teller. Everything OK, but I think it could have went wrong. If they have their Money,your pickup, and you have paper. Bad guys don't need the paper.
Walt Davies
Well-known Member
Transfer the money Via payPal if things go wrong PayPal will reimburse you. Al you a d the buyer needs is a good email and bank account. I have used Pay
Pal for all kinds or money transfers with never a problem.
Walt
Pal for all kinds or money transfers with never a problem.
Walt
I see several people say "Cashiers check", I wouldn't take one on a bet from someone I didn't trust. There are websites that give you the print page to make fake checks - all you need is blank check stock (Staples?) and fill in the dollar amount. Unless you are an expert I doubt you could tell a real one from a fake - I know banks can't.
Our foster child's mother is an expert on that. She bought 3 cars from a dealership with a "Cashiers check" that was worth the paper it was written on.
Our foster child's mother is an expert on that. She bought 3 cars from a dealership with a "Cashiers check" that was worth the paper it was written on.
As long as you don't walk along waving the money in everyone's face, screaming "HEY LOOK AT ALL THIS MONEY!" nobody is going to know you have a large amount of cash.
Cashiers checks are easy to fake. Banks can't even tell when they're fake. They don't know until several days later when the check won't clear. By then your car is long gone and you're on the hook for the money.
Cashiers checks are easy to fake. Banks can't even tell when they're fake. They don't know until several days later when the check won't clear. By then your car is long gone and you're on the hook for the money.
Anonymous-0
Well-known Member
Drive the truck with you and the new owner both in it to the bank, get your money then drive the truck with you and the new owner both in it to your DMV office, get the truck transferred from your name to his/hers.
Done. Everybody is happy.
Never let a vehicle leave your possession with it still in your name.
jon f mn
Well-known Member
Make SURE you also transfer the title. Went through that recently with a car we gave to our son, who then sold it. 2 days later it was involved in a hit and run and the police were at my door. We were lucky to have the tear off piece from the title and a pic with the guy looking at the car, otherwise it would have been bad. Then a couple of weeks later we went through it again with the towing co.
Most banks don't have cashiers checks anymore; they have gone to "Official Bank Checks" where they actually take the money from the account - but I imagine that thieves have been able to make those fake by now too.
Have the buyer bring bring cash, go to your bank and deposit the cash to your account and get title notarized if required in your state, then go to MVD and get the title transfered over to them right away - otherwise you are still liable if there is an accident at any point in the process. I would not let the buyer drive the vehicle until the title is transfered.
Have the buyer bring bring cash, go to your bank and deposit the cash to your account and get title notarized if required in your state, then go to MVD and get the title transfered over to them right away - otherwise you are still liable if there is an accident at any point in the process. I would not let the buyer drive the vehicle until the title is transfered.
don t-9n180179
Member
In God we trust, All others pay cash.
Piece of mind is invaluable.
JMHO....don t. ...
Piece of mind is invaluable.
JMHO....don t. ...
I think many states now have a Seller's Report of Sale on the title- if you sell, you tear it off, fill in the buyer's information, and as long as you send to Dept. of Licensing within 5 days of sale, you are off the hook, even if buyer never transfers it. So that takes care of that portion of the problem, at least.
Many buyers are bright enough to know about all the problems with scammers these days- last couple of tractors I sold, we negotiated a bit, and when we arrived at a price, the buyer pulled out a roll and started peeling off $100's. Did have one guy on a $1,000 car deal try to chisel me for another hundred when it came time to pay- "Oh, I guess I only have $900." I smiled and said "You might want to dig a little deeper in that wallet, so you don't have to come back a second time." He smiled back, and magically came up with the other hundred. I know that some of you would have handed him back the $900 and told him to get the he!! out of here, but I REALLY wanted that car to be gone. Not many guys will take a "mechanic's special" anymore, and I didn't want to let this fish slip off the hook.
Many buyers are bright enough to know about all the problems with scammers these days- last couple of tractors I sold, we negotiated a bit, and when we arrived at a price, the buyer pulled out a roll and started peeling off $100's. Did have one guy on a $1,000 car deal try to chisel me for another hundred when it came time to pay- "Oh, I guess I only have $900." I smiled and said "You might want to dig a little deeper in that wallet, so you don't have to come back a second time." He smiled back, and magically came up with the other hundred. I know that some of you would have handed him back the $900 and told him to get the he!! out of here, but I REALLY wanted that car to be gone. Not many guys will take a "mechanic's special" anymore, and I didn't want to let this fish slip off the hook.
bjb in TX from Ne
Member
When I bought my truck a few years ago I brought $1000 cash and $7500 as a cashiers check from a bank. He was leery of the check b/c he had gotten burned by a fake bank check before. The solution was I gave him the money, he signed the title over, and I left the truck as collateral for a week until he was satisfied the check cleared.
Traditional Farmer
Well-known Member
- Location
- Virginia
Any type of check can be a fraud,Cash is the only way to be 100% sure and you need to get one of those marking pencils to make sure the cash ain't
counterfeit.Carry one in the truck all the time.
$6000 ain't that much its only 3 Golden Eagle 1 Ounce coins plus a little change.
counterfeit.Carry one in the truck all the time.
$6000 ain't that much its only 3 Golden Eagle 1 Ounce coins plus a little change.
Can you get/use coins like that as legal tender?
Problem is these days the biggest bill is $100. The stack of $100's gets pretty tall right quick when you're talking 10's of thousands of $$$.
Only problem with the coin deal is that the seller's probably never heard of a Golden Eagle coin before and thinks you're scamming.
Wire transfer or cash is your most bulletproof method. I still take a lot of checks but I deal with people constantly so I can mostly read who does and doesn't have the money behind them. A wire transfer is irreversible my bank says. A bank check can even have a stop payment issued. 6 grand in 100's will still fit in your pocket, I really don't sweat carrying that when I need to anymore, front pocket and don't tell everyone.
Traditional Farmer
Well-known Member
- Location
- Virginia
Gold Eagles are going for $1740 as we speak according to the Monex Metals site.
Cliff Nelson
Well-known Member
The last 2 vehicles we bought we gave the seller a personal check and received a bill of sale stating the vehicle and title would change hands after the check cleared. We took delivery of both within two business days. When selling all buyers have brought cash and taken the vehicle and title with them. Either way works good but still need to be careful.
Traditional Farmer
Well-known Member
- Location
- Virginia
Buyer can get the bank to Stop Payment on a Cashiers check then its a civil matter not a
criminal bad check issue.
criminal bad check issue.
770guy, IT Is this Simple,,,,
Follow these Simple Rules,
#1-CASH, always good, Money and Property change hands Immediatly
#2-U.S. Postal Money Order,,same as #1
#3-Am Ex Travelers checks,, same as #1
#4-Certified Bank Check,, same as #1
#5-a check, (The Property) Does not leave your premises till the check clears the Bank, PERIOD!!!
NO EXCEPTIONS, Even Your Mother follows these rules!
Later,
John A.
Follow these Simple Rules,
#1-CASH, always good, Money and Property change hands Immediatly
#2-U.S. Postal Money Order,,same as #1
#3-Am Ex Travelers checks,, same as #1
#4-Certified Bank Check,, same as #1
#5-a check, (The Property) Does not leave your premises till the check clears the Bank, PERIOD!!!
NO EXCEPTIONS, Even Your Mother follows these rules!
Later,
John A.
Clodbuster
Member
Hold a signed contract that includes "as is, no warranty" signed by you both with the VIN on it. Hold the title until the check clears, the vehicle too, if you are worried.
Number one red flag: They want to meet you in another county. If they give you a bad check there you have to fight it in the other county where it happened. Happened to a neighbor years ago, got set up good, he finally got his money after a legal battle.
Number one red flag: They want to meet you in another county. If they give you a bad check there you have to fight it in the other county where it happened. Happened to a neighbor years ago, got set up good, he finally got his money after a legal battle.
Thanks for the good advice guys! I think I'll just list it as a cash sale. My main concern was maybe turning off a few guys buy not accepting checks, but if I have to wait a little longer to find someone willing to deal in cash I'm going to call that minor inconvenience cheap insurance. Besides I'm already getting around to selling it way later than I planned! So if you guys know anybody with 6k in cash who needs a 95 Chevy 2500 with 63k miles and a bit of a rust problem send them my way!
I either do cash or bank transfer. For just $6000 I would just go cash sale only. It is not that much in today's market. Sixty, one hundred dollars bills is not that tall of a stack of money.
If you do a bank transfer. All you have to do is go to your bank during normal business hours. Your bank calls his bank and they can do a transfer of funds between the two banks. It costs $20-30 dollars but is 100% safe. You never have his account information and he never has yours. The banks transfer it between their Federal reserve accounts.
I do this fairly often on larger amounts. It is safer for both parties.
I will not take any form of check from anyone I have not don't business with before. Cashiers checks can be easily forged these days.
If you do a bank transfer. All you have to do is go to your bank during normal business hours. Your bank calls his bank and they can do a transfer of funds between the two banks. It costs $20-30 dollars but is 100% safe. You never have his account information and he never has yours. The banks transfer it between their Federal reserve accounts.
I do this fairly often on larger amounts. It is safer for both parties.
I will not take any form of check from anyone I have not don't business with before. Cashiers checks can be easily forged these days.
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