have some people looking at my car soon (need pointers on how what to do)

[Semidevil]

so I posted my car on craigslist today and I got an email from a guy who wants to see it. I priced it just a bit below NADA, KBB.

I looked up the guys name and it's a man in his 40's, software engineer.

He asked me for availability to look at the car on wednesday after 4. So here is what I plan:

- Meet him in a public place. Maybe have him just come to my work parking lot, or drive to a gas station?

- I'll bring all the documents, title, car fax, etc etc

- I already have a limit on how low I will go if we do negotiate.

Question:
Usually, when you let them test drive, do you take any sort of collateral? Do you take a pic of their ID?

If he does end up buying the car, how do you deal with the payment? It's going to be about 16k, so I doubt he will have the cash. I guess I should be wary if he writes a check. What will the payment be like if he does pay?

A lot of dumb questions, I know, but I just want to know what to expect.

Any thing I need to know to do or not do?

 

[herm0016]

go with on the test drive. It could be a cashiers check or cash, those are the only payments I would take. if a personal check, get dl number and call the back to verify the cash is in the account before you hand over the title.

 

[cardiac]

go with on the test drive. It could be a cashiers check or cash, those are the only payments I would take. if a personal check, get dl number and call the back to verify the cash is in the account before you hand over the title.

He can drain a personal account before you can get down there to cash it. Do the final transaction at YOUR bank, and cashiers check only (Or a direct transfer - the bank can handle that). Don't hand over the title until you have cash in hand (Or your bank account)

 

[power_hour]

Insist on bank transfers. No trades, no ship me the car bullshit either. And remember if the guy acts a bit too friendly and willing to pay full pop without so much as a test drive its probably a scam.

 

[Zivic]

feel the person out on the test drive. I would likely go with, but it depends on the situation. If you trust him to take the car on his own, I usually just take the keys to his vehicle in exchange.

take cash or cashier's/bank check only. He may bring it in cash, so don't act surprised if he pulls out the green backs.

I have had good luck selling vehicles on craigs and most people that I have dealt with understand the 'rules' of craigs.

 

[slugg]

I did a direct transfer from the buyer's bank to mine when I sold my old car. It cost $30, but that's negligible considering the security you get plus the fact that the car sold for thousands.

 

[jolancer]

The way some people deal with such a selling situation is often personal preference. some people are worried about others coming to were you live, others arnt, some people let others test drive on there own, others wont. I personally don't care if someone comes to were i live, but i would not let them take my car for a drive without me, i just dont have that level of trust lol.

I personaly dont have experience with used vehicals that expensive but from my experience and friends and family iv seen... people often give up the car as soon as they recieve payment, but technically if you don't have the buyer take the title and register at the DMV first to get new plates to put on the car... your still liable for anything that could possibly go wrong between the time they take the car and actually get it registered in there name.

IMO also the point people make about Cash/bank checks... Is fine and dandy if you dont plan on having payment clear befor you hand over the car, but If you didnt already know the Reason some people say CASH ONLY is for Tax purposes and the amount you and the seller agree to report to the DMV... you can use that perhaps in negotiation cause if they want you to go lower(even if you planed on it) propose they report that you sold the vehical for an even lower price to the DMV otherwise you have to keep the price up to pay the additional tax.

EDIT: dunno if this is your first experience selling a car, but i guess the most general advice IMO - along the lines of what i mentioned about registration... is just make sure you take the time to let them look with leasure so they dont feel like your hastling them, and viseversa, if someones hastling you about not handing over the keys right away, thats what would bother me personally.

 

[Zivic]

I personaly dont have experience with used vehicals that expensive but from my experience and friends and family iv seen... people often give up the car as soon as they recieve payment, but technically if you don't have the buyer take the title and register at the DMV first to get new plates to put on the car... your still liable for anything that could possibly go wrong between the time they take the car and actually get it registered in there name.

Not true... you write up a bill of sale with both parties information.. and they fill out the info on the title and you submit the card to the dmv to show the sale. even if they never register the car, you still have two forms of documentation showing you sold them the car, with one of them being filed by your to the dmv

They did a news story on a case like this and a woman was fighting traffic tickets on a car that was traded in a couple yrs ago... she never submitted the title card to the dmv and didn't keep the sales documents so at that point she had a trouble, but if you due your homework and fill out the proper forms, your window of liability is close to nill

edit:
a third form of documentation would be the bank transaction

 

[phucheneh]

You can also have the bank notarize your bill of sale. In my state, you have to do this to get temp tags if you don't have the title in hand... i.e. the seller owes on the car, and has to use your purchase money to pay off and have title mailed.

 

[jolancer]

Zivic - you maybe right. but i personaly wouldnt risk it. especially knowing how little a bill of sale actually means in real world situations.. i know this is an extreme highly improbable example but just for example - if they get into an accident and badly injure or kill someone, and your plates are still on the car... some how i doubt they will be paying the bill

EDIT: taking phucheneh's info into consideration - a notarized bill of sale would probably do the trick. But my personal preference would still be to not give my car untill i were no longer registered to it

 

[Zargon]

Zivic - you maybe right. but i personaly wouldnt risk it. especially knowing how little a bill of sale actually means in real world situations.. i know this is an extreme highly improbable example but just for example - if they get into an accident and badly injure or kill someone, and your plates are still on the car... some how i doubt they will be paying the bill

EDIT: taking phucheneh's info into consideration - a notarized bill of sale would probably do the trick. But my personal preference would still be to not give my car untill i were no longer registered to it

that depends on your states contract laws


OP: Certified/Official Check. Cash would make me leery at 16K. If you are that worried about it being shady, have someone else with you, and dont bring the title, and get his keys while he test drives

 

[MustISO]

When I sold my car I had the buyer fill out a bill of sale which I found online. Your MVA should have a sample of one. I went with them on the test drive and they paid case for the car.

http://www.dmv.org/bill-of-sale.php