First time selling car in private sale.

Discussion in 'The Garage' started by JMapleton, Dec 29, 2012.

  1. JMapleton

    JMapleton Diamond Member

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    I'm considering selling my car in a private sale. I've never done this before. Every car I've ever disposed of was through a trade in. I think I can get a lot more selling it privately than the dealer can offer.

    How would I go about doing such a transaction?

    How would I receive payment. No way in heck am I going to accept a personal check. Is it acceptable to ask for all cash for a $10k car? Can bank checks be forged? What about cashiers checks?

    Thanks.
     
  2. Jumpem

    Jumpem Lifer

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    Get payment. Wait for it to clear before transferring the title. I've also held onto the vehicle until then before.
     
  3. Ketchup

    Ketchup Lifer

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    I got cash for the last car I sold. My dad took a personal check, and everything went fine. Personal preference. If it bothers you that much, just ask for a PayPal payment.
     
  4. Doppel

    Doppel Lifer

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    Cash or cashier's check is the standard, and it will work fine for you. Also download some elementary sales certificate, have you both sign it, and ask to see their license as well just so you know it's them.

    Cash is fine even up to $10k.

    In the end you should remember this is not some idiot off craigslist buying your stereo. If they act like a total scumbag thief they have just conducted grand theft auto. It's a really dumb way to try and scam somebody so you're unlikely to have any issues with the actual transaction.

    The main issues you'll have selling private party are dealing with the dregs of society, the people who say they'll show and never do, and those who offer offensive low ball offers on the car. It is a pain in the ass selling private, though you stand to make hundreds if not a grand or more difference vs trading in.
     
  5. WilliamM2

    WilliamM2 Golden Member

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    How would taking PayPal help in any way?
     
  6. Ketchup

    Ketchup Lifer

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    If you both have smartphones.
     
  7. Squisher

    Squisher Lifer

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    Because Michigan doesn't require both parties present to transfer title, Michigan specifies that the seller have the buyer fill out his portion of the title and then the seller make a copy. I guess this is to keep the buyer from knocking over a liquor store on the way home and then ditching the car only to have fingers pointed at you.

    If you're really paranoid you can specify that any cashiers checks be from a local bank and you can call them to verify that the check with that check number was made out in the correct amount. This would be to stop check washers, but I've never gone to that length. Usually people buying my vehicles show up with their wife and kids and don't really fit the bill for international check washers.
     
  8. WilliamM2

    WilliamM2 Golden Member

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    And that helps how? The buyer could easily do a chargeback, PayPal would probably be the easiest way possible to scam a seller.
     
  9. rommelrommel

    rommelrommel Platinum Member

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    Meet at the bank?
     
  10. Zivic

    Zivic Diamond Member

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    green cash money or a cashier's check while at the bank it is drawn from.
     
  11. Ketchup

    Ketchup Lifer

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    Eh, just an idea. I think rommelrommel has a good idea if it is a pretty good chunk of change.
     
  12. waggy

    waggy No Lifer

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    1) take cash or cashiers check. for 10k meet at bank and take it straight from cashier

    2) write out a bill of sale. all it really needs is the VIN, date, marked "as is" (though its used so implied) and if possible scan the buyers ID (smart buyer won't let you though) and make sure they sign 2 copies. one for you and for them.

    as for the title and plates fallow local laws.
     
  13. senttoschool

    senttoschool Golden Member

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  14. boomhower

    boomhower Diamond Member

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    I'd meet at the bank. I've run across enough fake bills that look very real and pass counterfeit pens I wouldn't be comfortable with it.
     
  15. NutBucket

    NutBucket Lifer

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    Yep, meet at bank. Last sale for me was easy since the buyer and I had the same bank. Walk up to the teller, provide both account numbers and the money is moved. Easy.