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Old 06-14-2019, 02:32 PM   #1
41panelmark
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Default Selling a vehicle and money questions...

Wondering how some of you are handling selling vehicles these days especially to someone out of state? I would like to hear suggestions on the safe methods and or tools you might have used with success. What banking services have you used?

thank you in advance.
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Old 06-14-2019, 02:37 PM   #2
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Default Re: Selling a vehicle and money questions...

Johnny Cash always works
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Old 06-14-2019, 02:41 PM   #3
barnfind
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Default Re: Selling a vehicle and money questions...

I bought a car off eBay last year.
Seller accepted Cash in person or Wire Transfer and willing to ship the vehicle.
A bit of a pain to make the 11 hour drive but was easier in the long run getting the right paper work for the new registration in person.

Sold a vehicle to an out of state owner a few months and I accepted a personal check with a copy of their driver's license. But I did some internet searching for background info.
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Old 06-14-2019, 02:50 PM   #4
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Default Re: Selling a vehicle and money questions...

Thanks guys, yes cash is the only way but do you accept a portion down and ask for the rest at the time of pick up? Do you give say, 10 days hold the down. Give the money back if the buyer changes his/her mind? I had not planned on using Ebay but can if it seems the best and most safe way to protect money, etc.. Those kind of things are what I am searching for.
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Old 06-14-2019, 02:53 PM   #5
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Default Re: Selling a vehicle and money questions...

I live down under in New Zealand and have found either wire transfer ( bank to bank ) or a bank check, seems to be the best way for buying cars or parts from the USA. I have never a problem with these methods.
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Old 06-14-2019, 02:58 PM   #6
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Default Re: Selling a vehicle and money questions...

I gave the buyer the bank routing number to my checking account. The buyer was then able to make a bank to bank - account to account transfer of the funds involved. When I received notification from my bank that the deposit had been made into my checking account I notified the buyer that he could make arrangements to have the car picked up at the address I provided to him. I was able to track the progress of transport to the buyer through the transport company. I sent the signed 'pink slip' via certified mail to the buyer after he took delivery of the car....
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Old 06-14-2019, 04:06 PM   #7
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Default Re: Selling a vehicle and money questions...

If you don't want to give your acct number you can go to your bank and open a savings acct. and after the sale is complete close that acct.
There are Brokers out there that will handle the sale for you. Believe I saw one listed on ClassicCars.com site. They were asking about $300 for the transaction. Sorry, Its been a long time ago so I may be mistaken where I saw it. Chap
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Old 06-14-2019, 04:50 PM   #8
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Default Re: Selling a vehicle and money questions...

Quote:
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If you don't want to give your acct number

You are giving out your account number and bank routing number every time you write a check - those numbers are imprinted on every check you write....
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Old 06-14-2019, 04:58 PM   #9
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Default Re: Selling a vehicle and money questions...

Quote:
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If you don't want to give your acct number you can go to your bank and open a savings acct. and after the sale is complete close that acct.
There are Brokers out there that will handle the sale for you. Believe I saw one listed on ClassicCars.com site. They were asking about $300 for the transaction. Sorry, Its been a long time ago so I may be mistaken where I saw it. Chap

I agree with not giving out a savings account number but I wouldn't use one for a buy/sell transaction anyway. I don't worry about giving out a checking account routing and/or account number for an ACH or wire transfer. Those numbers are on every check so they're already out there. Course, I don't keep a lot money in my checking account - I transfer it in from other accounts when needed.
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Old 06-14-2019, 05:14 PM   #10
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Default Re: Selling a vehicle and money questions...

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Originally Posted by petehoovie View Post
You are giving out your account number and bank routing number every time you write a check - those numbers are imprinted on every check you write....


I discussed this with my banker. The bank gave me a 'temporary number', good for the one transaction. When the funds were posted, they were transferred into one of my regular accounts, and the 'temporary' account was closed. The bank left me thinking that this is a normal business practice, for them.
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Old 06-14-2019, 05:18 PM   #11
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Default Re: Selling a vehicle and money questions...

I just sold my Model A after 9 years of fun (now have a 40 coupe), it started it's journey to ITALY last night. About 2 weeks ago the buyer looked at car and made offer, I accepted, gave me a handfull of 100's. His cousin completed the sale last night with the remainder in cash. Easy-pleasy. Same way I bought it 9 years ago.
The 40 was different, I gave the seller a handfull of 100's and he was willing to take a bank ck for the rest. Guess I came away as looking honest. Paul in CT
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Old 06-14-2019, 06:43 PM   #12
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Default Re: Selling a vehicle and money questions...

I'll add, having considerable amounts of cash on your person or withdrawn/deposited to accounts can sometimes be a problem. Authorities sometimes don't accept the "I'm buying/selling a car" answer. Know the risks.
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Old 06-14-2019, 06:55 PM   #13
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Default Re: Selling a vehicle and money questions...

When I bought my 32 coupe, the owner wanted all in cash. I was in another state so I notified the branch of my bank in his home town that I would be there to withdraw X amount of dollars in cash so they would have it on hand. He went with me to the bank, I withdrew the cash and gave it to him and I proceeded to his house with trailer in tow and took possession of the car and paperwork. It was a long drive but was a safe and easy transaction.
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Old 06-14-2019, 08:50 PM   #14
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Lightbulb Re: Selling a vehicle and money questions...

Quote:
Originally Posted by 41panelmark View Post
Wondering how some of you are handling selling vehicles these days especially to someone out of state? I would like to hear suggestions on the safe methods and or tools you might have used with success. What banking services have you used?

thank you in advance.
You posted the same thread on the MTFCA forum.

Here is my reply there:




Why not sell your car here in the classifieds ?


Jim
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Old 06-15-2019, 03:07 AM   #15
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Default Re: Selling a vehicle and money questions...

When buying a car, on 3 separate occasions I have made a cash transaction at the DMV window upon successful registration transfer. The clerks on each occasion were amused and went along with it, even though I suspect that their bosses would not have approved.

On selling a car once, I met in a McDonald's parking lot. In a joking way, I explained to the buyer that my friend in the back seat was holding my Glock. The buyer wasn't really sure if I was joking, and the transaction went smoothly. There was no gun, but my spur of the moment feeling was that it was necessary to tell him that.
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Old 06-15-2019, 04:14 AM   #16
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Default Re: Selling a vehicle and money questions...

Adopt the philanthropist (Bill Gates) approach.....just give 'em the car and watch them smile
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Old 06-15-2019, 12:48 PM   #17
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Thumbs down Re: Selling a vehicle and money questions...

Quote:
Originally Posted by ford38v8 View Post

On selling a car once, I met in a McDonald's parking lot. In a joking way, I explained to the buyer that my friend in the back seat was holding my Glock. The buyer wasn't really sure if I was joking, and the transaction went smoothly. There was no gun, but my spur of the moment feeling was that it was necessary to tell him that.
That is not even remotely funny - you are threatening someone with a deadly weapon.


Jim
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Old 06-15-2019, 04:04 PM   #18
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Default Re: Selling a vehicle and money questions...

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That is not even remotely funny - you are threatening someone with a deadly weapon.


Jim
Not a threat unless the other person actually sees the weapon.
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Old 06-15-2019, 08:04 PM   #19
trulyvintage
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Thumbs down Re: Selling a vehicle and money questions...

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Not a threat unless the other person actually sees the weapon.
If you verbalize a threat with reference to use of a deadly weapon - that is assault.

You donít have to produce a weapon.

Ask a police officer.


Jim
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Old 06-16-2019, 01:04 AM   #20
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Default Re: Selling a vehicle and money questions...

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Originally Posted by trulyvintage View Post
If you verbalize a threat with reference to use of a deadly weapon - that is assault.

You don’t have to produce a weapon.

Ask a police officer.


Jim
Some things you missed.... TJ is a retired Police Officer, there was no gun, and no joke.
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