Advice on selling car / motorcycle
01-01-2010, 07:56 PM
#1
Three Wheelin'
Thread Starter
Advice on selling car / motorcycle
Gents - I have always gotten great advice on this site, and need some more now. I am likely going to be selling my Harley this weekend...in the $17,000 range. Since I have never sold a car (or any vehicle asset) private party, what is the "safest" way to conduct the transaction. Obviously, making the guy come with cash is likely the smartest, but may not be feasible to bring that much money to the transaction. I would normally have thought a cashiers check from a reputable bank was best, but was recently informed that there have been scams here (for example, I was not aware that once the cashiers check was "cashed" by me, even my bank verified that there were funds in the buys bank, that the cashiers check could bounce if the funds were later transferred out). I thought about a "wire transfer," and then informing the buyer that I would not give him the bike / title until the funds holding period expired, etc.
Anyway, since I am sure many of you have transacted cars private party, for much higher values, what is best way to handle? Appreciate the advice. Thanks
Anyway, since I am sure many of you have transacted cars private party, for much higher values, what is best way to handle? Appreciate the advice. Thanks
01-02-2010, 08:35 AM
#3
Three Wheelin'
Thread Starter
Yeah...I somewhat convinced myself the best option was a) meet at the bank with the $17K in cash, and b) go in and have them verify that the bills are not counterfeit c) sign title
01-02-2010, 09:02 AM
#4
Burning Brakes
That is the best (cash at the bank) but as you say not always feasible. The more you know/trust the buyer, the more risk you can take including a personal check...
I would get his/her information as many times/ways as you can and check each for inconsistencies. For example, if the email has any signature info (or other tracing info), how does that compare with the address when it is given to you in another form (over the phone)? Use google maps or earth to see what the address is, and whether your vehicle "fits" that location as well as if it is what the buyer described. If local, you can drive by, but also get some friends references. Is the buyer on Facebook or LinkedIn? Connect with him in as many ways as possible. Have a few long phone chats to extract more info and again look for inconsistencies.
Check out any references (people you know in common?)
When selling I am careful not to reveal much about myself. I start by creating a unique email account just for that sale (and then once the check clears I delete it). I sold a BMW X3 last summer so my email address was X34Sale@gmail.com or something like that. I advertised on message boards, Autotrader, Cars.com and CraigsList. The buyer was from the area but I didn't know them. We always met at a Starbucks (safer than at either home, a bit more of a pain, and their suggestion). They brought the family which gave me a bit more confidence they were for real - and in the end they financed the purchase so I took the title and vehicle to their credit union and exchanged for the CU check which was drafted in my presence. Pretty safe.
Previously we sold a BMWZ3 using the same approach - but the buyer flew in from out of state. My wife handled it as I was at work, and we agreed she would go with him to the bank and deposit his check (this will at least get his photo on the security camera). In the end she trusted him and accepted his check at our house, gave him the title and keys and he drove off never to be heard from again. The check was good.
Don't send anything official (title) over the web or in the mail without being very certain (paid and cleared) that it is safe. If the buyer wants a remote transaction (sends you money to ship the vehicle), talk to a title company about how to handle it (escrow) or check with one of the dealers that regularly does this (maybe for a fee they'll help you out?).
Last tip, when you do meet in person copy any vehicle license plates and his drivers license number. Then take a bunch of pics including him standing next to the car. If there is resistance, be wary - he knows you can use that picture and info to help track him down.
All that sounds more daunting than it is. I've probably sold 30 vehicles over as many years and never had a problem -- I even financed one once.
I would get his/her information as many times/ways as you can and check each for inconsistencies. For example, if the email has any signature info (or other tracing info), how does that compare with the address when it is given to you in another form (over the phone)? Use google maps or earth to see what the address is, and whether your vehicle "fits" that location as well as if it is what the buyer described. If local, you can drive by, but also get some friends references. Is the buyer on Facebook or LinkedIn? Connect with him in as many ways as possible. Have a few long phone chats to extract more info and again look for inconsistencies.
Check out any references (people you know in common?)
When selling I am careful not to reveal much about myself. I start by creating a unique email account just for that sale (and then once the check clears I delete it). I sold a BMW X3 last summer so my email address was X34Sale@gmail.com or something like that. I advertised on message boards, Autotrader, Cars.com and CraigsList. The buyer was from the area but I didn't know them. We always met at a Starbucks (safer than at either home, a bit more of a pain, and their suggestion). They brought the family which gave me a bit more confidence they were for real - and in the end they financed the purchase so I took the title and vehicle to their credit union and exchanged for the CU check which was drafted in my presence. Pretty safe.
Previously we sold a BMWZ3 using the same approach - but the buyer flew in from out of state. My wife handled it as I was at work, and we agreed she would go with him to the bank and deposit his check (this will at least get his photo on the security camera). In the end she trusted him and accepted his check at our house, gave him the title and keys and he drove off never to be heard from again. The check was good.
Don't send anything official (title) over the web or in the mail without being very certain (paid and cleared) that it is safe. If the buyer wants a remote transaction (sends you money to ship the vehicle), talk to a title company about how to handle it (escrow) or check with one of the dealers that regularly does this (maybe for a fee they'll help you out?).
Last tip, when you do meet in person copy any vehicle license plates and his drivers license number. Then take a bunch of pics including him standing next to the car. If there is resistance, be wary - he knows you can use that picture and info to help track him down.
All that sounds more daunting than it is. I've probably sold 30 vehicles over as many years and never had a problem -- I even financed one once.
01-02-2010, 11:40 AM
#5
I once met a buyer at the bank (their bank) and had them generate the cashiers check with me... A second time, we were lucky to be both customers of the same bank, and we again met at the bank and they instantly transferred the money from their checking to my checking...
From the OP metioning scams, I'm wondering how is it, once a bank generates a cashiers check, the funds are pulled from the buyers account, that the buyer can then somehow reclaim those funds??? Is this even possible?
From the OP metioning scams, I'm wondering how is it, once a bank generates a cashiers check, the funds are pulled from the buyers account, that the buyer can then somehow reclaim those funds??? Is this even possible?
01-02-2010, 12:01 PM
#6
Burning Brakes
There's a thread in OT (Have to be a member to see it) on a typical scam. The "buyer" sight-unseen offers full price for the car and sends a check for more than that to cover shipping. The seller is to deposit the check and pay the shipper, and ship the car. All the wrong information gets to the buyer and the check is of course no good, but the seller may not find out for many days/weeks because the scammer knows how to work the banking system for maximum delay. Its a common CL scam when you list anything (not just vehicles) for sale.
https://rennlist.com/forums/off-topi...k-arrived.html
https://rennlist.com/forums/off-topi...k-arrived.html
01-02-2010, 01:23 PM
#7
A few years back I was selling my heavily customized 2000 soft tail Hog, the experience was so bad I ended up giving it to my sister. My wife got concerned about the "buyers" showing up at our place, not all HD buyers are people you'd want to invite into your house. She convinced me to give it away. After 8-10 of these miscreants I was more than happy to give it away and be done with it. My sister was happy, she'd been riding a '74 HD for years and it was constantly breaking down and stranding her. My wife was very happy.
My advice - find a friend/relative you can give a great deal to. You'll save yourself some potential headaches.
My advice - find a friend/relative you can give a great deal to. You'll save yourself some potential headaches.
Trending Topics
01-02-2010, 01:58 PM
#8
Take it to a HD dealer for a wholesale deal if you don't want the hassle.
Most ppl would freak at the hit or they think they can retail themselves to freedom. Me personally after being in retail sales - the time and effort is generally more than the price difference I may capture.
Being on a Porsche forum - I think you could take the wholesale hit and have your check by this afternoon.
Of course - I do have a huge garage - got a pic?
Most ppl would freak at the hit or they think they can retail themselves to freedom. Me personally after being in retail sales - the time and effort is generally more than the price difference I may capture.
Being on a Porsche forum - I think you could take the wholesale hit and have your check by this afternoon.
Of course - I do have a huge garage - got a pic?
01-02-2010, 03:20 PM
#9
Burning Brakes
I have bought and sold many cars throughout my life.
When I sell, I always insist on a certified check. Upon receipt
of the check, I will call the bank to ensure it is real and everything
is in line.
Even when I receive a certified check, I will always hold the title
for a few days just to ensure the transaction is finally complete.
When I bought my 997 a few months ago, I talked to the owner
many times before we got together on price.
I flew into Chicago, met at the Porsche Exchange, had the PPI
performed, and wrote the owner a personal check.
He held the title for about a week and sent it to my office.
Apparently, the owner had a pretty good gut feeling about the transaction
and everything went very smoothly. We both did what we
said we would.
When I sell, I always insist on a certified check. Upon receipt
of the check, I will call the bank to ensure it is real and everything
is in line.
Even when I receive a certified check, I will always hold the title
for a few days just to ensure the transaction is finally complete.
When I bought my 997 a few months ago, I talked to the owner
many times before we got together on price.
I flew into Chicago, met at the Porsche Exchange, had the PPI
performed, and wrote the owner a personal check.
He held the title for about a week and sent it to my office.
Apparently, the owner had a pretty good gut feeling about the transaction
and everything went very smoothly. We both did what we
said we would.
01-02-2010, 05:06 PM
#10
Three Wheelin'
Thread Starter
