Advice on accepting car sale payment

[SVT10th]

Anyone have advice on the best way to accept payment?

This is the first time that I've sold a car in a private sale for more than only a few thousand dollars. I have someone that is likely coming to look at the Cobra this weekend. Since the buyer is coming from CT, there's a good chance we won't be able to make the transaction at the bank during bank hours.

Obviously cash works, but I'd be a little nervous with $25K in cash in my pocket. How would you handle the transaction?

[390gtconv]

Accept a BANK check. Means buyer pays bank first. I wouldn't do any other way. If he comes on a Sat morning and does have a major bank such as Bank of America, he can go and get check before noon. And then drive it home. Otherwise buyer has to make 2 trips. OR if he has cash. Deposit you can take and hold 'til final sale. Up to you if you wanna make deposit non refundable.

[ToplessPony94]

Accept a BANK check. Means buyer pays bank first. I wouldn't do any other way. If he comes on a Sat morning and does have a major bank such as Bank of America, he can go and get check before noon. And then drive it home. Otherwise buyer has to make 2 trips. OR if he has cash. Deposit you can take and hold 'til final sale. Up to you if you wanna make deposit non refundable.

And do not accept a "bank check" he brings with him unless it is only a deposit. These are too easy to fake these days. Go with him to the bank to get the check to make sure the actual bank issues it fresh after checking his account.

[TorchredSVT]

Cash, Bank check or wire transfer

Wire Transfer is safe, instant and can be traced.

When Justin sold his car, the buyer wire transferred him 21k...he called his bank to verify and it was confirmed in a matter of minutes. When I sold my old GT, i got 13k in cash....that was fun :)

[390gtconv]

I can ask my neighbor for details as he flips cars.
I think he has an account set up in a Federal bank. The buyer makes a deposit into his Federal account and bank backs the deposit. No screwing a Federal bank.

Can get more details if need be

[390gtconv]

Anyone have advice on the best way to accept payment?

This is the first time that I've sold a car in a private sale for more than only a few thousand dollars. I have someone that is likely coming to look at the Cobra this weekend. Since the buyer is coming from CT, there's a good chance we won't be able to make the transaction at the bank during bank hours.

Obviously cash works, but I'd be a little nervous with $25K in cash in my pocket. How would you handle the transaction?

Sooooo, give us an update.

[390gtconv]

Sooooo, give us an update.

Any update if sale & cash went ok?

[SVT10th]

He passed on it.
He's looking for a super-clean, almost brand-new condition Cobra. Probably something more like Joe and Loreen's or Ians.

[TorchredSVT]

on to the next!!!!!!

have you put the add on craigslist yet?

[SVT10th]

on to the next!!!!!!
have you put the add on craigslist yet?
Not yet. Would rather sell it to someone who knows what it is, rather than some yahoo who just wants a fast car.

[Jibber]

He passed on it.
He's looking for a super-clean, almost brand-new condition Cobra. Probably something more like Joe and Loreen's or Ians.

Yours Isn't super clean??? Come on..... No offense to the others you've listed, but I would classify your car right in line with theirs.....maybe even better in some aspects.....