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Message
Other than cash - what to accept as payment for car?
Posted on 8/29/16 at 11:03 am
Posted on 8/29/16 at 11:03 am
If I sell my car privately, what should I be weary of in payment?
I am planning on selling my car and asking $25k. Most folks would need to get a loan from the bank for this price. Would they be able to just get a loan in cash? Or would the bank make a check payable to me?
Want to make sure I dont get screwed and could use the extra couple grand I would miss out on if I traded it in.
eta: the car is not paid off so I will need to pay the bank to get the title....
not sure how all of this works to get title to new owner
I am planning on selling my car and asking $25k. Most folks would need to get a loan from the bank for this price. Would they be able to just get a loan in cash? Or would the bank make a check payable to me?
Want to make sure I dont get screwed and could use the extra couple grand I would miss out on if I traded it in.
eta: the car is not paid off so I will need to pay the bank to get the title....
not sure how all of this works to get title to new owner
This post was edited on 8/29/16 at 11:07 am
8
Posted on 8/29/16 at 11:32 am to Theboot32
6 Oxen and a mule
Posted on 8/29/16 at 11:36 am to Theboot32
Cashiers check
Posted on 8/29/16 at 12:09 pm to Theboot32
I would be fine with a cashier's check or a wire transfer.
Posted on 8/29/16 at 2:11 pm to Theboot32
Hookers
Blow.
Blow.
Posted on 8/29/16 at 2:17 pm to Theboot32
(no message)
This post was edited on 12/21/21 at 10:39 am
Posted on 8/29/16 at 2:38 pm to Theboot32
quote:
eta: the car is not paid off so I will need to pay the bank to get the title.... not sure how all of this works to get title to new owner
Pay off the car with a certified check to ensure the title can be released quicker, then have to sign it over. Really only way to do it.
My guess, 10-15 days to process.
Posted on 8/29/16 at 3:22 pm to Coach Guidry
Their lending institution will need a 10 day payoff quote from yours. Two separate cashiers checks would be issued.. One to your lien holder in their name and one to you for the difference. A lot of the details can be handled between the two companies via e mail and fax. You will both have to be present on the buying part as signatures/ notaries are required.
Posted on 8/29/16 at 6:46 pm to Theboot32
Cashier's check.
Or certified check.
I would also let them wire money, and I would take a credit card if they paid the processing fee.
(2.75%)
Or certified check.
I would also let them wire money, and I would take a credit card if they paid the processing fee.
(2.75%)
Posted on 8/29/16 at 6:47 pm to Coach Guidry
Yeah, you sell with a bill of sale, you notify the lender that you are selling the car and are going to pay off the loan and they can talk with the title place and make it all happen.
Posted on 8/29/16 at 9:32 pm to Napoleon
Cashier's check is a certified check. Don't take a counter check, it will look like the preliminary checks you get when you get a new checking account.
Safest way, alert bank they will be getting 10 day payoff from buyer's bank/etc., alert your bank that the sell amount is this much and no less. Have them cut the check directly to your bank and not you. If it were to be a scam, you get free representation by your bank's lawyers.
Safest way, alert bank they will be getting 10 day payoff from buyer's bank/etc., alert your bank that the sell amount is this much and no less. Have them cut the check directly to your bank and not you. If it were to be a scam, you get free representation by your bank's lawyers.
Posted on 8/29/16 at 9:52 pm to Sparetime
Bare minimum: do the transaction at your bank. Have your bank call the one who issued the cashiers check to verify funds.
Posted on 8/31/16 at 3:36 pm to GaryMyMan
quote:
Bare minimum: do the transaction at your bank. Have your bank call the one who issued the cashiers check to verify funds.
This. I wouldn't take a check at your house, I'd have them meet you at your bank. Should not be a big deal at all.
Posted on 8/31/16 at 7:05 pm to Theboot32
Bitcoin? 
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