NEED HELP: risks of selling a car private party on a Sunday (not kidding)
#1
Burning Brakes
Thread Starter
NEED HELP: risks of selling a car private party on a Sunday (not kidding)
Title is not meant to be funny or alarmist.
I need the collective wisdom of this group on how to make sure I don't get ripped off.
Here is my situation:
I am selling an SUV and have an interested buyer. He is from out-of-town and wants to come in person to inspect the vehicle before buying it. So far so good.
He has rescheduled the visit twice now with excuses that border a little on "dog ate my homework", but I am willing to give him the benefit of the doubt.
Now he wants to come Sunday. We had previously discussed payment and agreed that he would get a cashier's check drawn on Wells Fargo Bank, which is fine with me since I also bank there. We would together go to a branch near my house deposit the check and if no red flags were raised I'd hand him the title and part ways. I have done a previous transaction on a different car with a local buyer that way and everything was very easy and cordial.
Turns out (not surprisingly) Wells Fargo is not open Sunday. In light of the excuses I have gotten so far I am growing a little concerned about being presented with a phony cashier's check and that coming on Sunday is a calculated move to make it impossible for me to verify the validity of the check.
Here are options I can think of. I'd love to hear thoughts.
1) insist on cash- I could see how someone wouldn't want to drive across the state with a wad of cash, but what do I know
2) tell him (ahead of time) that I'll accept the cashier's check in trade for the car and mail him the title once the check clears
- what is my recourse if the check is really phony? I'd imagine it would be a royal hassle to retrieve a vehicle under such circumstances.
3) have the money wired to me ahead of time- I wouldn't do that if I were in the buyer's shoes since he has not seen the vehicle yet and committed to buy it
I don't see how getting cash is any harder than getting a (real) cashier's check. Still have to go to the bank to obtain it.
I don't want to come across to the buyer as being unreasonable to deal with if he is legit. The vehicle is an SUV and I am not exactly having people trip over each other to buy it.
Thanks in advance
I need the collective wisdom of this group on how to make sure I don't get ripped off.
Here is my situation:
I am selling an SUV and have an interested buyer. He is from out-of-town and wants to come in person to inspect the vehicle before buying it. So far so good.
He has rescheduled the visit twice now with excuses that border a little on "dog ate my homework", but I am willing to give him the benefit of the doubt.
Now he wants to come Sunday. We had previously discussed payment and agreed that he would get a cashier's check drawn on Wells Fargo Bank, which is fine with me since I also bank there. We would together go to a branch near my house deposit the check and if no red flags were raised I'd hand him the title and part ways. I have done a previous transaction on a different car with a local buyer that way and everything was very easy and cordial.
Turns out (not surprisingly) Wells Fargo is not open Sunday. In light of the excuses I have gotten so far I am growing a little concerned about being presented with a phony cashier's check and that coming on Sunday is a calculated move to make it impossible for me to verify the validity of the check.
Here are options I can think of. I'd love to hear thoughts.
1) insist on cash- I could see how someone wouldn't want to drive across the state with a wad of cash, but what do I know
2) tell him (ahead of time) that I'll accept the cashier's check in trade for the car and mail him the title once the check clears
- what is my recourse if the check is really phony? I'd imagine it would be a royal hassle to retrieve a vehicle under such circumstances.
3) have the money wired to me ahead of time- I wouldn't do that if I were in the buyer's shoes since he has not seen the vehicle yet and committed to buy it
I don't see how getting cash is any harder than getting a (real) cashier's check. Still have to go to the bank to obtain it.
I don't want to come across to the buyer as being unreasonable to deal with if he is legit. The vehicle is an SUV and I am not exactly having people trip over each other to buy it.
Thanks in advance
#2
I would just change the date from Sunday to a day the bank is open or explain that he's welcome to inspect the car Sunday, but if he decides to buy it the transaction would need to take place during normal bank hours as was previously agreed.
I'm not a big fan of the cash idea. On Sunday there's nowhere for you to take the cash. Which means there's at least one other person who knows where you live and the fact that you have a large sum of cash in your house. Doesn't feel right to me.
Jeff
I'm not a big fan of the cash idea. On Sunday there's nowhere for you to take the cash. Which means there's at least one other person who knows where you live and the fact that you have a large sum of cash in your house. Doesn't feel right to me.
Jeff
#3
Weathergirl
Rennlist Member
Rennlist Member
Wells Fargo Bank, which is fine with me since I also bank there.
#4
When purchasing or selling a private sale vehicle, both want a smooth "legit transaction and a good experience". When I was purchasing side my GT3, I offered to the seller (who was across the country)a copy of the cashiers check. By offering this, it accomplished two things.
1. Good faith
2. Gave him the ability to take this copy of the cashiers check to that bank to verify check was good.
So by the time I landed to finalize the deal both parties felt protected, then all we had to do was trade the original cashiers check (of course matched the forwarded copy) for the keys.
If this guy is legit:
1. He should understand for both of you to be comfortable with the logistics of the transaction.
2. He would of already had to draw this check from the bank before Sunday and therefore could offer you a copy at the very least prior to your final transaction.
Hope this helps.
1. Good faith
2. Gave him the ability to take this copy of the cashiers check to that bank to verify check was good.
So by the time I landed to finalize the deal both parties felt protected, then all we had to do was trade the original cashiers check (of course matched the forwarded copy) for the keys.
If this guy is legit:
1. He should understand for both of you to be comfortable with the logistics of the transaction.
2. He would of already had to draw this check from the bank before Sunday and therefore could offer you a copy at the very least prior to your final transaction.
Hope this helps.
#5
Addict
Lifetime Rennlist
Member
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How is he going to get temporary plates on a Sunday?
You aren't letting him use yours are you?
I agree with trying to verify funds or requiring cash.
You aren't letting him use yours are you?
I agree with trying to verify funds or requiring cash.
#7
Rennlist Member
How about this? Use Wells Fargo as an independent go-between. Before closing on Friday, you give the title to a bank rep., he sends to the same bank rep. the cashier's check (which the bank rep. verifies). If the deal goes through, on Monday, bank rep. mails him the title, deposits the cashier's check in your account. If not, he returns the title to you, returns the cashier' check to prospective buyer.
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#8
Rennlist Member
I agree with RallyJon...
and you can verify his check prior to Sunday.
explain your concern, he should not be offended. He doesn't know you, you don't know him. Ask for the check # and call the bank prior to that day, verify the check.
Ensure the check # is the same on Sunday.
I have done a transaction this way and it worked well.
and you can verify his check prior to Sunday.
explain your concern, he should not be offended. He doesn't know you, you don't know him. Ask for the check # and call the bank prior to that day, verify the check.
Ensure the check # is the same on Sunday.
I have done a transaction this way and it worked well.
#9
Instructor
Is his day pass on Sundays?
My only experiences with out of town buyers: one paid cash and other paid by cashier's check on a Saturday while my bank was open. Seems like a huge element of trust involved if deal is done on a non-business day.
My only experiences with out of town buyers: one paid cash and other paid by cashier's check on a Saturday while my bank was open. Seems like a huge element of trust involved if deal is done on a non-business day.
#10
Three Wheelin'
Yeah, Rallyjon and trackrat both have right ideas. I agree.
Cash is generally not an option. Neither party is generally happy carrying around tens of thousands. and yes, generally getting more than a several thou in cash from a bank requires a call-ahead by a day or more. seriously - ask your bank next time you stop by. In addition, The law requires that you report cash payments of more than $10K to the federal government in order to thwart money laundering, tax evasion, drug dealers, etc. Don't know why but that would give me the heebie jeebies. I think the law applies to businesses in general but banks don't want to be on the error of omission side.
Dave
Cash is generally not an option. Neither party is generally happy carrying around tens of thousands. and yes, generally getting more than a several thou in cash from a bank requires a call-ahead by a day or more. seriously - ask your bank next time you stop by. In addition, The law requires that you report cash payments of more than $10K to the federal government in order to thwart money laundering, tax evasion, drug dealers, etc. Don't know why but that would give me the heebie jeebies. I think the law applies to businesses in general but banks don't want to be on the error of omission side.
Dave
#11
Burning Brakes
Thread Starter
Dumb question perhaps but why would I NOT let him use my plates? I am in California and I am not aware of temporary plates. I have always left the plates on cars I have sold in the past (I never had customized plates I wanted to keep).
#12
Burning Brakes
Thread Starter
That's a great idea RallyJon. I'll try that avenue. I wonder though whether a bank rep would buy my story and check on some person's financials based on my word. I am just your average walk-up customer, not a known face in the branch.
#13
Drifting
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How about this? Use Wells Fargo as an independent go-between. Before closing on Friday, you give the title to a bank rep., he sends to the same bank rep. the cashier's check (which the bank rep. verifies). If the deal goes through, on Monday, bank rep. mails him the title, deposits the cashier's check in your account. If not, he returns the title to you, returns the cashier' check to prospective buyer.
I like the idea of the buyer faxing you his check on Friday so you can run to your bank to verify, then match up the check with the fax on Sunday, similar to Mark's idea. Or ask him to wire it to you Friday. That's how I bought my 993.
BTW - plates usually stay with the car in CA, unless they're personalized, etc..
#14
Burning Brakes
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options 1 and 2 are fine. Also insist on his coming on another day of the week when Wells Fargo is open.
I don't know how much a rep will let you check into another person's account and balance without their expressed consent, even if you have a photocopy of a cashier's check. Not that they won't for sure, but I would not count on it. I guess the only way I could see that happening is if both of you go to the bank and the rep says right there "yes the buyer does have enough in his account" with both of you standing there. This gets back to not doing the transaction on Sunday.
I would say he's welcome to come check out the car on Sunday, but transaction later? Maybe wiring it to you after he's seen it?
Wiring is tough to expect the buyer to do, without having seen the car.
Whatever you do, PLEASE DO NOT HANDLE THIS WITHOUT OTHERS PRESENT. Many accounts of people getting robbed when "potential buyers" come knocking after first making contact through Craigslist, Autotrader, etc. When I bought my M3, the seller came to my office during office hours.
I don't know how much a rep will let you check into another person's account and balance without their expressed consent, even if you have a photocopy of a cashier's check. Not that they won't for sure, but I would not count on it. I guess the only way I could see that happening is if both of you go to the bank and the rep says right there "yes the buyer does have enough in his account" with both of you standing there. This gets back to not doing the transaction on Sunday.
I would say he's welcome to come check out the car on Sunday, but transaction later? Maybe wiring it to you after he's seen it?
Wiring is tough to expect the buyer to do, without having seen the car.
Whatever you do, PLEASE DO NOT HANDLE THIS WITHOUT OTHERS PRESENT. Many accounts of people getting robbed when "potential buyers" come knocking after first making contact through Craigslist, Autotrader, etc. When I bought my M3, the seller came to my office during office hours.