Selling your vehicle can be time consuming. It can also be dangerous unless you are very careful. If you're trading the auto in for a newer model, the details of any transaction will be the primary responsibility of the dealer. If you've decided to sell your car for cash, all the responsibility will be on your shoulders.
Unless you are living in a rural area of the country where everybody knows their neighbors, there's a good chance most of the people who respond to your ad about a vehicle for sale are going to be strangers. If this is the case, it's important to take precautions to ensure you stay safe. Don't meet strangers in private places for one thing.
A potential buyer will want to test drive the vehicle before committing to the purchase. This is fine as long as you have a copy of his driver's license before he sets off. You need a legal bill of sale ready that includes all the pertinent information. In the bill of sale it must say you are selling the car as is, where is.
You never want to accept a personal check unless you're holding the vehicle title until the personal check clears. You can't assume cashier's checks are legitimate, because they can be forged just like personal checks. Accepting only cash is the best way to ensure you're getting paid, but this isn't a fool proof plan either. If you lose the money, or it is stolen, you won't be able to do anything about it.
You can ask the individual buying the vehicle to meet you at his bank to complete the transaction. That way you can take his personal check and turn around and get a legitimate cashier's check made out to you. You can deposit the cashier's check into your own account and have the funds available in a day or two. You should pay for the transaction fee because this is being done for your convenience.
Another option is to meet the purchaser at the bank where you do business. The buyer will have to bring the money with him so you can deposit it immediately. You have to have all the paperwork with you to give to the buyer. You might ask a bank manager to let you borrow a private room so you will be away from the public while you are transacting business.
Meeting at the banks can be an inconvenience for you and the buyer because banks are only open during regular business hours. You could open a temporary account at a branch in one of the big box stores. They have extended hours, are public, and have security cameras.
If you're selling to someone out of town and shipping the car, you may need to use an online escrow service. These services will accept the payment for you, hold the funds until they clear, and then disperse them. You get the funds as soon as the buyer accepts the vehicle.
Unless you are living in a rural area of the country where everybody knows their neighbors, there's a good chance most of the people who respond to your ad about a vehicle for sale are going to be strangers. If this is the case, it's important to take precautions to ensure you stay safe. Don't meet strangers in private places for one thing.
A potential buyer will want to test drive the vehicle before committing to the purchase. This is fine as long as you have a copy of his driver's license before he sets off. You need a legal bill of sale ready that includes all the pertinent information. In the bill of sale it must say you are selling the car as is, where is.
You never want to accept a personal check unless you're holding the vehicle title until the personal check clears. You can't assume cashier's checks are legitimate, because they can be forged just like personal checks. Accepting only cash is the best way to ensure you're getting paid, but this isn't a fool proof plan either. If you lose the money, or it is stolen, you won't be able to do anything about it.
You can ask the individual buying the vehicle to meet you at his bank to complete the transaction. That way you can take his personal check and turn around and get a legitimate cashier's check made out to you. You can deposit the cashier's check into your own account and have the funds available in a day or two. You should pay for the transaction fee because this is being done for your convenience.
Another option is to meet the purchaser at the bank where you do business. The buyer will have to bring the money with him so you can deposit it immediately. You have to have all the paperwork with you to give to the buyer. You might ask a bank manager to let you borrow a private room so you will be away from the public while you are transacting business.
Meeting at the banks can be an inconvenience for you and the buyer because banks are only open during regular business hours. You could open a temporary account at a branch in one of the big box stores. They have extended hours, are public, and have security cameras.
If you're selling to someone out of town and shipping the car, you may need to use an online escrow service. These services will accept the payment for you, hold the funds until they clear, and then disperse them. You get the funds as soon as the buyer accepts the vehicle.
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