what type of payment to accept(or not) when selling a car

[AlanCasida]

I may have asked this before but I am thinking about selling my low mile 2004 Mach 1 and am concerned about what type of payment to accept. I know the obvious stuff to stay away from, like personal checks and questionable Money orders but do you any of you have problems with Certified Banks or something similar? Is there anything else to definitely stay away from? I have never tried to sell a vehicle of this kind of value before. Most everything I have sold before was for cash. Thanks

[BattlestarGalactic]

I've only sold one high dollar vehicle(my 2000 PSD back in 2002).  It was on Ebay and the buyer was in OK.  I told him that ALL the money would need to be bank transferred and proven before he came to get the vehicle.  He sent me $5k deposit, then the remaining $15K the day before he left.  I confirmed it was in my account that afternoon.  He came the next day and drove it home.

I was not going to take any chances and if the buyer did not like it, then oh well.

If by chance the buyer would happen to use the same bank, you could go to local branch and do the the transfer on the spot.  I did that buying my HD a few years back.  It was local,  but we happen to both use the same bank.  We walked in, transferred money, they notarized the title for me.  Presto.

[cjshaker]

Like Larry mentioned, distance can play a big role. If there is distance between you and the buyer, I would want funds transferred and verified before handing over the title. Understanding that the buyer might want some protection also, I might concede and ask for a certified bank check, then call the bank and verify the funds and legitimacy of the check before handing over anything. Anything less and I'd probably decline. Basically, wire transfer, certified bank check or direct deposit are the only ways I feel comfortable.

If it's more local, then I'd probably do the deal at a bank, whether it was a certified check or wire transfer. Verify the funds, then do the deal. I've had my bank call the buyers bank to verify the check before. Either way, I'd make sure that you have ALL the information about the buyer; address (verify by drivers license), bank used, place of employment etc. Use the excuse you need the info if there are any problems and you need to get ahold of them.

[machoneman]

Copy of driver's license, pic of the vehicle he came in (if...), then a cell phone pic of the buyer (to compare to the license). 

[shady]

Certified bank or cashier checks can be cancelled. They are a no-no.

[e philpott]

the scammers like to ask for routing and account number so they can transfer money to your account so don't do that  …. when you ask the scammer for their account and routing number so you can withdraw X amount of money from them they usually don't call back …. I've only sold cars local and deal with local banks so I can't really help you but Larry's method seems good

[Falcon67]

The Mustang roller is for sale - cash only.  No cash, no title.  Thanks.   

[machoneman]

The Mustang roller is for sale - cash only.  No cash, no title.  Thanks.   

Yeah, when I sold race cars long ago (or bought them) it was cash only.

But in today's world and much higher prices, I'd say that one would have to accapt a bank transfer, certified check or other wire transfer to clear my account first and only afterwards give up the car/title. I mean, who would carry say $45,000 in cash for my old 'Stang? They'd be worried the police might stop them (I see many stories on this btw on the web some seized at airports after scanning, etc.) and illegally seize the cash as drug money, no kidding!

[RJP]

Cashier's checks can be printed out on a decent desk top printer even possibly showing a slight and faint water mark. IMO, do not use a cashier's check, bank desk check or a money order as they can be forged. My preferred method for a long distance sale is a wire transfer. On one particular out of state sale I opened a separate bank account with a minimal deposit for the wire transfer to be deposited to just to be safe. When the transaction was complete I moved the funds into my regular account and closed the "dummy" account, that will protect your regular account info.   

[cjshaker]

Cashier's checks can be printed out on a decent desk top printer even possibly showing a slight and faint water mark. IMO, do not use a cashier's check, bank desk check or a money order as they can be forged. My preferred method for a long distance sale is a wire transfer. On one particular out of state sale I opened a separate bank account with a minimal deposit for the wire transfer to be deposited to just to be safe. When the transaction was complete I moved the funds into my regular account and closed the "dummy" account, that will protect your regular account info.

That's why I suggested calling the bank to verify the funds and check. At some point, some trust has to come into play regardless. Wire transfer is probably the only "safe" deal, but as a buyer, I'd have issues with that because then I could be the one getting scammed. I do the "dummy account" also, with PayPal; as soon as the funds show up, I transfer to my regular account.

[machoneman]

Cashier's checks can be printed out on a decent desk top printer even possibly showing a slight and faint water mark. IMO, do not use a cashier's check, bank desk check or a money order as they can be forged. My preferred method for a long distance sale is a wire transfer. On one particular out of state sale I opened a separate bank account with a minimal deposit for the wire transfer to be deposited to just to be safe. When the transaction was complete I moved the funds into my regular account and closed the "dummy" account, that will protect your regular account info.

Yeah, I should have put wire transfer 1st and other other methods as distant 2nd or 3rd choices.

[Gregwill16]

Wire transfer is the "go to" for large transactions. I discussed it with my bank President whom I also know and he deals in high priced classic vettes (notice I didn't say friends), after being asked to share my bank account and routing number needed for the wire. He said there is not much they could do with them anyhow. That still didn't give me a warm fuzzy either and the "dummy account" isn't a bad idea.

[67428GT500]

Actually you can't cancel a bank check without turning it in.  If you file a claim for loss and it was issued to an individual and it's across state lines you're also dealing with federal charges. I would NEVER wire a sum of money to anyone for anything I hadn't set eyes on.
I flew from Dallas to Raleigh, NC and bought a car. I went with an American Airlines Federal Credit Union Bank Check. No issues. The seller verified the the check. As stated, once anyone has your routing and checking account number you might as well as given your credit card number to them.                                          -Keith