Best payment method for used car sale?

Joss

Joss

Joined
Nov 20, 2001
Messages
7,353
I'm selling my old car. What payment form should I request? Cashier's check?
 
Yes, cash or a cashier's check. Taking a personal check would be introduce a level of risk that you don't need. Transfer title immediately (concurrently) at the clerk's office (or whatever it is in your jurisdiction) and immediately cancel your insurance coverage to avoid additional grief (when the buyer kills a vanload of nuns and then claims that you still own the car.) It is also wise to draft (or get off the internet) a bill of sale stating that you, John Doe, have transferred title to the buyer, John Smith, for X dollars on X date. Two copies get signed by each party, and each party keeps a copy. This is just additional proof that you no longer own the vehicle. :)

cheers
 
Accept cash, or a certified check from a bank.

In Washington State, it is the buyers responsibility to transfer title. However, the seller must complete a Sellers report Of sale within 5 days of the sale. This releases you, the seller, of any financial responsibility for the vehicle.

You can go here to do the report of sale:

https://fortress.wa.gov/dol/rosprod/ or you can do it in person at a license agency. The online report is free, but doing it in person at an agency will cost you a fee.
 
I have accepted a personal check before. If my gut tells me the person I am dealing with is honest then I may accept a personal check. It also depends on the amount of money involved. If it's less than 5K, I might accept a personal check. More than that, probably not.
 
CODE 3 said:
Accept cash, or a certified check from a bank.

In Washington State, it is the buyers responsibility to transfer title. However, the seller must complete a Sellers report Of sale within 5 days of the sale. This releases you, the seller, of any financial responsibility for the vehicle.

You can go here to do the report of sale:

https://fortress.wa.gov/dol/rosprod/ or you can do it in person at a license agency. The online report is free, but doing it in person at an agency will cost you a fee.
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Yes, cash or certified check.

If your buyer doesn't know how to get a certified check, tell them to go to their bank say "I want a certified check payable to --------- in the amount of ----------." They'll pay their bank a small fee and receive a certified check. When it's presented to you, you can call the bank and confirm that it is indeed certified. (Assuming you receive the check during the bank's business hours, which is a good idea.)
 
I recently used a Certified check from my credit union to purchase a vehicle, and when I asked, they told me that this was the best method, because there is a record, and the funds are guaranteed. A cashiers check can be forged, and there is no recourse or record. Cash is king, but there is no paper trail.
 
I took a personal check once for an old Fiat Spyder. The a-hole claimed he was a MLB Umpire - we had talked several times and it was <$2k. The check bounced (account closed) and he responded with "my wife left me and closed the account."

I kept harassing him. The car was out of State. I finally lost track of him.

3 years later, I get a call from a 20 year old kid. He has the car at his G'ma's house in my city. The a-hole is the guy's Uncle and they don't hold a high opinion of him. He calls me after a title search; his uncle told him the car was free and clear - "he could have it." He called me to get a copy of title for reapplication. I got the address.

I show up with a buddy within the hour. Told him the POS Uncle had stiffed me and the convertible was leaving with me NOW. They behave like reasonable adults or the police would arrive next: either in response to the "stolen car" report or the altercation that would ensue if they chose to go the physical route.

I drove away in said Spyder.

Never, ever, ever again. Cashier's Check or cash.
 
Paddling_man said:
Cashier's Check or cash.
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CODE 3 said:
I recently used a Certified check from my credit union to purchase a vehicle, and when I asked, they told me that this was the best method, because there is a record, and the funds are guaranteed. A cashiers check can be forged, and there is no recourse or record. Cash is king, but there is no paper trail.
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Certified check is far better than a Cashier's check, from the seller's viewpoint.

Cashier's checks are similar in many ways to money orders...
for a variety of (pretty boring) reasons having to do with the law of commercial paper, the seller would prefer a Certified check to a Cashier's check.
 
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