What is the safest way for obtaining funds on your car sale?
Asked by Ron_Apollo008 Apr 07, 2017 at 10:27 PM about the 2009 Porsche 911 Carrera S Coupe RWD
Question type: Car Selling & Trading In
Safest way for receiving funds when selling your car?
7 Answers
A cashiers check drawn on the same bank as you bank at. Do the transaction at your bank and have them verify funds.
CASH. BTW even cashier's checks can be faked. Scammers have gone so far as to establish an 800 number and "verify" their own fake cashier's checks. Do as FoR suggets and only accept it if it's from your own bank and after they verify it in person.
I do the transaction at my bank and get them to verify the funds before I hand over the vehicle. I prefer to go with the buyer to their bank, watch them withdraw the funds or obtain the cashiers check, then they come with me to my bank. I pay it in, then I give them the car and title. It's a little more complex when there are bank loans involved, but for me that is only when I am buying a car that has a loan - I pay off the loan directly and give any balance to the seller.
My50thCarrera answered 5 years ago
When you payoff the loan balance, the bank will mail the title to the seller, and he/she will have to sign it over to you upon receiving the balance. What precautions do you take to ensure that the seller does not disappear with the car. Don't get me wrong, I am the seller and I want to offer the buyer the utmost protection for peace of mind, and I am curious how to do that. Any advice?
