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Old 03-30-2011, 12:25 PM   #1
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Guaranteed Money from Sale


I have a car for sale. A lot of people are offended when you require cash for the sale of an item.
When I sell this vehicle, I need the money immediately to purchase another vehicle. If I were to accept a check--which I won't---there is a period of days until the check clears both banks.
What is a safe way to sell an item and have the money immediately?

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Old 03-30-2011, 12:38 PM   #2
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I'm not positive on this, but I think cashier's checks from a bank do not have clearing time - because it is issued by the bank. I don't like dealing in cash for purchases of cars/boats/motorcycles, because I don't want to show up to some strangers house with thousands of dollars in cash currency.

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Old 03-30-2011, 12:42 PM   #3
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first, I won't purchase a car with cash. I tend to not enjoy the thought of walking up to a strangers house with $10k in my pocket. Too many people that would set you up to steal the cash.

as to the check taking so long to clear the bank; check the banking laws. If it's a local check, it clears overnight.

but anyway, do the deal at their bank where you can take them and their check, walk up to the counter and verify funds and then cash their check (and get a bank check, not cash) or just have the buyer use a cashiers check (although there was some fraudulent use of them as well to be concerned with)
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Old 03-30-2011, 12:44 PM   #4
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Originally Posted by hyunelan2 View Post
I'm not positive on this, but I think cashier's checks from a bank do not have clearing time - because it is issued by the bank. I don't like dealing in cash for purchases of cars/boats/motorcycles, because I don't want to show up to some strangers house with thousands of dollars in cash currency.
I feel the same way. When I inspect an item, I go prepared to write a check but I am not offended if the seller demands cash. In that case, I leave a deposit and have the seller meet me at my bank for the balance. I can pay with cash and maybe that is the best way. Just looking for more simple ideas.
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Old 03-30-2011, 11:45 PM   #5
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Too much funny money, etc... out there so I insist on a certified cheque when I sold my last two cars.
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Old 03-31-2011, 12:15 AM   #6
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When I sold my guitar to the guy in CA, we used Paypal. I suppose you could use Paypal to buy a car - it's really just an escrow of sorts. It took a day or two to clear his account and show up in my Paypal account and then it took 4-5 days to actually make it into my checking account.

I felt comfortable once the cash hit my Paypal, but I wondered how the buyer could feel comfortable since I could have sent him a box of duck feathers. Paypal offers some sort of buyer protection like a Visa, but how do you prove anything? What was to keep the buyer from getting the guitar ad claiming that I sent him a box of duck feather and demanding his money back. It all worked out, but I'm still scratching my head over it.
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Old 03-31-2011, 01:32 PM   #7
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Cashier's checks or bank checks should clear immediately - at least they always have for me - not sure if my bank was doing me a favor or what.

When I was 18 I bought a car for $5K and the lady asked for cash (she said it wasn't necessary, but she would prefer it). They didn't seem shady, nice house, nice neighborhood, I was there in the middle of the day etc, so I brought $5K in cash. I consider $5K my limit though. Every time I have bought a car after that I have used bank checks.
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Old 04-20-2011, 01:29 AM   #8
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I have bought and sold a lot of vehicles and i like to do cash only, but if they want to do a bank check i hold the car/title tell i have the money in my hand.
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Old 04-20-2011, 11:31 AM   #9
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I have bought and sold a lot of vehicles and i like to do cash only, but if they want to do a bank check i hold the car/title tell i have the money in my hand.
so, the guy giving you the money risks getting ripped off instead of you? Not saying you would do it and I understand the intent but there are just as many people ripping off people selling cars that aren't theirs as there are people writing bad checks.

Again, this is another reason the transaction needs to take place at a bank where the funds can be confirmed and transferred immediately to the seller.
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Old 04-20-2011, 11:52 AM   #10
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so, the guy giving you the money risks getting ripped off instead of you? Not saying you would do it and I understand the intent but there are just as many people ripping off people selling cars that aren't theirs as there are people writing bad checks.

Again, this is another reason the transaction needs to take place at a bank where the funds can be confirmed and transferred immediately to the seller.
That's what I did. I sold a 19K vehicle to a local (strainger). I let him drive the automobile as long as he wanted and he left his car with me. He was gone about one hour. This was done after a lot of conversation about vehicle and personal stiff.
He had no problem with us going to his bank and having a cashier's check made to me.
Maybe not entirely safe but better then a personal check taking days to clear.
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Old 04-20-2011, 01:01 PM   #11
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I have done bought cars from private sellers several ways but never with cash.
Point of Fact: cashier's checks in excess of $5000 MAY be subject to bank holds it's considered a bank note. Certified checks are more equivalent to cash but some banks still will put holds on them.

- I've gone with the seller to the bank to confirm funds
and
- I have bought cars/large purchases with certified checks and cashiers checks - one of my banks doesn't charge a fee for this BOA charges a nominal fee (a couple bucks last time).

Make sure you provide a written copy of your name to the buyer - I once bought a car via proxy (my Dad). I got a certified check and sent it to my dad with a power of attorney - spelled the guy's name wrong and it was a MAJOR hassle for my Dad and the seller. It all worked out ok. But it was a pain.
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Old 04-20-2011, 01:03 PM   #12
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Problem with Paypal as an escrow for car purchases is that they take a percentage. If your bank will do a certified/cashiers check for 1.50$ you're in much better shape.

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