Acceptable payment method?

[Craigums]

What are the safest forms of acceptable payment besides cash if you were selling a vehicle to an unknown person...say off C-list for example. I've sold items before but never for more than $2,000 so I always said cash only. This time around the value is around $4,000-$5,000 and I understand that some people may not feel comfortable bringing a wad of cash to me. I obviously wouldn't feel comfortable taking a personal check either so what is the proper procedure so both I and the buyer are safe?

[highlife4me]

You could do a wire transfer from his bank to your bank and then have your bank put the money in your account. I had to do this once and it took less than an hour to complete the transaction.

[DTro]

Cashiers check.

[Gordie]

I have used paypal for a purchase of a car and a mud motor. don't see why that wouldn't work for you.

[Ufatz]

Brain did simple: the buyer brings you a cashiers check. Done.

[Capt. H (Ret.)]

I think you tell the buyer up front what you think is acceptable and they either agree to it or move on. Bad checks, especially out of state checks, are a pain to try and collect if they are insufficient funds. If you are selling something that is titled then sign and date the title and pull the plates off of the vehicle if it is an automobile. Make a copy of the signed and dated title for you records so it doesn't come back and bite you in the but(t). Try not to overlook protecting yourself just to get rid of a vehicle, boat or whatever. There and honest people out there but then there are some that aren't too honest.

Mike

[Shack]

If it is a large ticket item/purchase and a would be buyer is set on using a personal check, such as when buying a vehicle, I will/have agreed to meet them right at their bank and have the funds verified and get the funds while I sign the title away right in the bank. Then we head on over to the DMV together and make sure the title is switched over.

You can have them make the check out to "cash" if that fills your fancy but I assume they want some connection to the transaction so in most cases the check will have your name on it for this.

I do not trust a cashiers check unless the funds can be verified and even then it must be from a reliable source/bank. Even with a cashier's check I will still want to meet them at their bank. Just too many ways today a person can get the wool pulled over their eyes.

Here is an example of a bogus cashier's check:

Some ways to spot a bogus cashier's check:

To avoid being a victim of a counterfeit cashier’s check, law enforcement recommends the following steps:

Inspect the cashier's check.

Ensure the amount of the check matches in figures and words.

Check to see that the account number is not shiny in appearance.

Be watchful that the drawer's signature is not traced.

Official checks are generally perforated on at least one side.

Inspect the check for additions, deletions, or other alterations.

Contact the financial institution on which the check was drawn to ensure legitimacy.

Obtain the bank's telephone number from a reliable source, not from the check itself.

Be cautious when dealing with individuals outside of your own country.

[LwnmwnMan2]

I just bought a 2011 Dodge Ram in New York.

My bank wired his bank the money $24,000. His bank gave him the lien release. My wife and I flew out, he met us at the airport, we got in the truck and headed back to MN.

Either use PayPal, meet at your bank and make sure the funds are good or have him give you $100 to hold it, and when the money has been transferred bank to bank the buyer can pick it up.

Personally, I've taken personal checks for $5k+ and not had an issue with it.

I find out as many details as possible though about the person, including license plate numbers, vehicle, email addresses, phone numbers, etc.

Yes, I know all of those can be faked / stolen, but that's the chance you take. Usually once you meet the person you can get an idea if the person is good or not as well, if you've been dealing long enough.

[Ufatz]

Couple observations:

Yes, it is possible to fake almost anything. A person has to use a bit of commons sense in any transaction. But cashiers checks in this case would seem to be the most foolproof way for two people to do a simple deal.

I am suprised at how many people rush to give Pay Pal some of their hard earned money. How much of the proposed transaction does PPal put in their vault?

[Hookmaster]

I just bought a used car off of Craig's list a few months ago. The seller said cash only. I said you won't take a bank cashier's check? He said no he's been burned on those before. So it was 2 trips. The first one to check out the car and pay a $400 dollar down payment and filling out a purchase agreement, then a second trip with the balance totaling $9000. There was no way I was taking 9 grand in cash with me the first time I met someone.