What type of payment will you accept when selling a car?

[jeryst]

I plan on selling a couple of cars soon, and I was wondering what others do when they sell a car, as far as payment goes.

Personal checks are too risky.
I've been told by my credit union that bank checks and certified checks can be bad as well.
Money orders are being forged, even postal ones.
Wire transfers are very expensive. Western Union wanted almost $200 when a guy bought a motorcycle off me for $2500.
Most people balk at carrying large sums of cash.

I though about holding the title until the bank check clears, but if a buyer is not local he will want to do everything on the same day and not make any more trips.

What do you guys that frequently sell cars do? What type of payment should I arrange for if I want to sell a car at Carlisle?

[Moparal]

I sold a max wedge engine for 10k and the guy sent me walmart money order. Just went up , showed my license, and they cashed it right there. Got 4 payments by pay pal for 5k each for a barracuda. And have gotten large checks a bunch of times. Most people will pay in advance allowing enough time for checks to clear before picking up the car or whatever.

[Alaskan_TA]

I sold a car for just north of 14K. Payment was a cashiers check from his bank. Oddly enough, the check did not have a phone number for his bank on it. It did clear after 10 days, but he got NOTHING until then.

No matter what the payment type, make sure it clears before the buyer gets anything in return.

Barry

[Topcat]

Last week end, I had my old commuter car for sale on Craigslist. I got an e-mail from some guy in Africa saying he would send me a cashiers check from SunTrust bank.  Then take car to nearest Port...blah blah blah....

Of course I refused his offer with a big NO. 

[360 'CUDA]

Last week end, I had my old commuter car for sale on Craigslist. I got an e-mail from some guy in Africa saying he would send me a cashiers check from SunTrust bank.  Then take car to nearest Port...blah blah blah....

Of course I refused his offer with a big NO. 

I know that guy!!!  He seems honest to me.  I had a hood for sale and he was gonna pay me $90,000 more then I listed it for... 

[FM3V6M]

I accept wire transfers only...what a coupls hundered $$ when your dealing with a Mopar worth thousands?

[dougs bs23]

I know that guy!!!  He seems honest to me.  I had a hood for sale and he was gonna pay me $90,000 more then I listed it for... 

Hey, is that the same guy that always emails me asking to deposit 10 thousand dollars in my bank acount and send him 1 thousand and keep the rest. I think hes from the Ivory Coast

[BIGSHCLUNK]

Wire transfers around here are usually $15. Cash IS Cash. I guess an honest person's bank check/money order is all good. The dishonest will find there ways! Waiting till something "clears" is always good but can be hard to do. 

This probly didnt help at all.  HMMMM have your payment in GOLD BARS!!!! 

[ShelbyDogg]

I have 20 bad cashier's checks that I filed into my bad check folder.    When I list a car, then contacted by a scammer, I lead them along and get their checks.  Got one last week.  I was listing a car with a bad engine for $500. The guy's secretary accidentally made out the check for $2500.  If I send him the extra $1900, I can keep $100 for my trouble. (Gee thanks!).

I've been "screwing" these guys out of bad checks, being sent Overnight FedEx or UPS. One guy I had going for weeks, telling him that my wife ran off with her boyfriend after cashing his check. I told him to stop payment on it and send me another one.  He started threatening me by saying that I was screwing him and he was going to go to the FBI.    I calmed him down and said that I was looking for my wife and will try to get his money back.  I later had him contact a previous Nigerian Scammer saying that this other guy told me that he was his shipper and I sent him the Western Union money.   I saved many of the e-mails to document that one. Its great reading.
   P.S.  NEVER CALL THE PHONE NUMBER ON THE CHECK, IT IS BOGUS TOO! Look up the bank yourself with Google or directory assistance.


KIDDING ASIDE...
When I bought my Chally Vert on ebay last October.  I photo copied my cashier's check and faxed it to his bank. I also talked to the bank to verify that there was a car.  The ebay seller agreed to not require a deposit since my wife and I was worried that there wasn't really a car when I first called him.   He said come to Texas, look at it, If I don't buy it, others wanted it.  We did the deal in the bank with a bank rep handling the notary and paperwork. Never bring cash and never go to meet someone to sell your car by yourself or in an unsafe area.   I have a friend whose friend went to sell his Mercedes.  It was the second time this guy saw it so he decided to meet him again to close the deal and left with the title and car.  They found his murdered body a few days later and his car on a used car lot. 

There was a story a few months back, in MCG, about a father and son.  They answered an ad for an inherited Hemi car that was for sale cheap.  "Bring cash", the guy says.  Long story short....  they are lucky to still be alive.

here are some pics.  Remember,  SHELBY was my DOG.   
Be Careful,
Rob

[old man]

Sometimes the best lessons are the hardest ones learned. I had a 73 Grand Prix that we were selling to get us out of debt. The next door neighbor wanted it and since I knew him I took a check and he took the car. A few days later my bank called about all the overdrafts we were having. I found out the check bounced. I went next door and he was gone and so was the car. I filed charges and he was found six months later 6 states away. I got a phonecall from a dealership in Kentucky saying they had the car and I could get it back. But the motor was blown and someone had stolen the tires and wheels and they had a bill of over $3000 for the new motor he told them to install in the car. I told them to keep it. He got one year in the county jail and I lost the $1500 I sold the car for and all the overdraft charges. Now I won't take a check for a piece of bubblegum. When I sold the 71 Cuda I told the buyer Cash Only and he brought the cash when he came for the car.
 I was going to buy a 69 Coronet R/T in Florida but after a few emails and phone calls I became worried about bringing cash down. My last email told him I would do the deal but we would meet in the lobby of the police station in Fort lauderdale and make the transfer there. I never heard anything back from him and his phone no longer worked. I did report this to the police there but I'm sure they couldn't find him. All I can say is watch your back.

[ChallengerHK]

Checks - the problem with clearing is that federal laws require the banks to "clear" a check after a certain time (something like a week, maybe two) but if the check later bounces they can still remove the money from your account.  "Clearing" a check is no guarantee.  Maybe if you're dealing with high-ticket items and talking with someone in person to explain what's going on rather than just checking the account it might work.

Nigerian Scams - It's fund to mess with them, but when you respondto their e-mails you get on a circulated list that basically says "This is a real e-mail address," so you get even more of them.  I just circular file them all.

Cash - I'd be leary about carrying large sums of cash as well, but if you meet during the day in a good place, like, say, a police station, it seems realtively safe.

[GoodysGotaCuda]

Cash, or something the CLEARS and is 110% in your account before anything is traded.

[MEK-Dangerfield]

How about Western Union? 

  I have NO experience in the matter, but it would be up to them to show and give the cash to someone at Western Union, and wire it to you.



  Mike

[Jacksboys]

Hey Rob,

I would be careful doing that kind of stuff, I have heard of people getting hurt because of joking with the scammers.

Also since I work at UPS, I have seen several of those fake checks come in, but most of the time the shipping numbers used to send the checks are fake.  This makes it real hard to catch or track the scammer.

[ShelbyDogg]

I'm pretty safe Clinton.

The Scammers have my fake name, My work address, and a fax machine number.  They try to call many times but all they get is a fax tone.  They can fax me something if they like.

I say screw them as long as you can so they are tied up and can't screw anonther unsuspecting seller