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Just sold my car

datalink7

datalink7

Lifer
Hi all,

I just sold my car online. The guy wants to do a direct deposite from his bank to mine. I just go to my bank to set this up, right?

Also, is there some sort of online checklist (or your own checklist) that I can go over to make sure I do this right? I've never sold anything like this before and don't want to mess it up.

Thanks for any help 🙂

--datalink7
 
Originally posted by: datalink7
Hi all,

I just sold my car online. The guy wants to do a direct deposite from his bank to mine. I just go to my bank to set this up, right?

Also, is there some sort of online checklist (or your own checklist) that I can go over to make sure I do this right? I've never sold anything like this before and don't want to mess it up.

Thanks for any help 🙂

--datalink7
Click to expand...

Make sure he uses an escro website from a former eastern block country.
 
Get the money and make sure it clears. If you have the title, sign it over to him (your state might requre a notary to witness this). Done deal unless you're throwing in variable like:

loan remaining on car
 
In reality, I'd go to the bank and ask them. You're more likely to get expert advice on steps to take from them.
 
1) He is from Virginia and might be picking the car up in person, so no worries about an Eastern Block scam or something like that.😛

2) I own the car outright, so no worries there about loan left on the car. But good thought.

3) I'll be heading to the bank as soon as it opens... I just want to double and triple cover my bases 🙂

Thanks for the tips 🙂
 
Originally posted by: datalink7
1) He is from Virginia and might be picking the car up in person, so no worries about an Eastern Block scam or something like that.😛

2) I own the car outright, so no worries there about loan left on the car. But good thought.

3) I'll be heading to the bank as soon as it opens... I just want to double and triple cover my bases 🙂

Thanks for the tips 🙂
Click to expand...

Yeah, people in the USA would never try to rip off a fellow American...:roll:
 
Bill of Sale?
Smog Check/Inspection?

Not sure about the latter but in Cali a smog check is required at time of transfer of ownership.
 
Originally posted by: JulesMaximus
Originally posted by: datalink7
1) He is from Virginia and might be picking the car up in person, so no worries about an Eastern Block scam or something like that.😛

2) I own the car outright, so no worries there about loan left on the car. But good thought.

3) I'll be heading to the bank as soon as it opens... I just want to double and triple cover my bases 🙂

Thanks for the tips 🙂
Click to expand...

Yeah, people in the USA would never try to rip off a fellow American...:roll:
Click to expand...

Now my uncle from Nigeria...
 
Originally posted by: Passions
Did you charge him sales tax? I think you're supposed to or you have to say its a gift.
Click to expand...

He probably pays tax when he registers the vehicle in his state...
 
Originally posted by: MadCowDisease
Originally posted by: Passions
Did you charge him sales tax? I think you're supposed to or you have to say its a gift.
Click to expand...

He probably pays tax when he registers the vehicle in his state...
Click to expand...

Confirmed.

Otherwise we'd have TENS OF THOUSANDS people from CA/WA coming to Oregon (0% sales tax) to buy a new car.

Read the Edmunds.com Tips and Advice on selling cars.

He will most likely pay for the car by sending you a wire transfer, go to your bank branch and ask them for:

ABA routing code
Branch number
Branch physical address
Branch direct phone number

Your complete checking or savings account number
Your complete name and address

That's all the buyer needs in order to send a wire transfer to you.
 
I'm not sure if they have them in OR, but I know that in CA at the DMV they have Bill of Sale/Release of Liability forms.

It's a form that is either free or a couple bucks to file and it basically keeps you/your insurance company from being responsible for anything that he may crash into from the time you sell him the car to the time that he gets the title transferred/registers the car.

Not totally necessary, but a good idea anyways.
 
Originally posted by: MysticLlama
I'm not sure if they have them in OR, but I know that in CA at the DMV they have Bill of Sale/Release of Liability forms.

It's a form that is either free or a couple bucks to file and it basically keeps you/your insurance company from being responsible for anything that he may crash into from the time you sell him the car to the time that he gets the title transferred/registers the car.

Not totally necessary, but a good idea anyways.
Click to expand...

Good idea.

The Oregon DMV web site has a Bill of Sale (form 501) I would recommend filling out, signing and mailing to the buyer.
 
One last question.

Do I have to worry about anything by giving out my account number to this guy? We have talked several times, and I don't think he is going to scam me (obviously or I wouldn't be selling to him), but on the outside that he is what can he do with my account number if I give it to him so he can wire me the money?

Thanks again 🙂
 
your account number is on every check you hand out , it isn't much of a secret, any retailer cashier can write it down and post it on the internet
 
Originally posted by: FoBoT
your account number is on every check you hand out , it isn't much of a secret, any retailer cashier can write it down and post it on the internet
Click to expand...

Heh... good point. I guess I didn't think about that because I rarely write checks (only to pay bills, and then only those bills that don't accept cards).
 
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