gsrblack

I'm thinking about getting rid of my CL-S 6MT and wasn't sure what the safest way to sell a car privately....

I want to make sure that the person who is buying is legit and that the money I get from them clears.....what is the lowest risk way of doing this? Would a personal check be good enough, or is there fear that it would bounce? I don't want to sign the car over unless I have all the funds and waiting a few days for that wouldn't work out....

Suggestiongs?

BigLizard

cash money only!

SuperTrooper169

iTrader: (2)

I would say either a bank check or cash. I've always been taught to never take a personal check. You have to have the actual money or have been approved for the loan if you get a bank check. Personal check you don't know until you go to cash it.

BTW, what are you planning on asking? How many miles? You know I'm right here in AZ, lol!

distortedolskool

iTrader: (1)

when i bought my car i had a certified check from my bank and we met at his bank. his bank called mine and verified that it was in fact good. signed the title, shook hands and split.
do this or cash. and with cash you can buy one of those money highlighter pens from office depot i believe or do the transaction at a bank and they can do it for you. good luck!

AznStylez

hav any pics of ur CL-S??

pits200

Most people finance a car, so the financing company will provide them with a check for a certain amount and all they have to do is sign it and put it in the bank and provide you with a cashiers check.

No reason for anyone to give you a personal check nowadays.

Zippee

If they are buying it outright with no financing they might offer a personal check. If you don't know them you can ask that they provide a certified check or take the check to their bank before you sign over title.

VIPCLS

Go with the buyer to the bank and acutally sit and wait till they get a loan or either trust the person you are going to take a personal check from and call it a deal! Out of the states transactions are another story though and am sorry to say I cant speak on that.

pits200

Of course they could, but if they have the money in their bank account to pay it outright, they could just get a cashier's check from a bank for the amount.

tnobori1

I wouldn't even take a cashier's check... I'm that untrusting! LOL

Just go to the bank with the person to cash the check before you sign over the car. Otherwise... CASH!

artbran

iTrader: (2)

only problem is that in ANY bank, ANY transaction 10k and over in cash has to be reported.. So be careful with that. Dont deposit or withdraw more than $9500 at a time and you are ok...

pits200

Whats the big deal if it has to be reported??? You don't have to claim your used car on your taxes....

artbran

iTrader: (2)

yeah but if you take 10k into the bank in cash, the teller has an obligation to fill out a report that you for some reason have 10k in cash. That report gets sent to the IRS and the HQ of the bank. You then have to show proof of where you got it and why. My ex worked in a bank and she told me all of this.

I just dont remember if it applied to just cash or every transaction.

supaman8118

[QUOTE=tnobori1]I wouldn't even take a cashier's check... I'm that untrusting! LOL

Just go to the bank with the person to cash the check before you sign over the car. Otherwise... CASH![/QUOTE]
or tell them to get you a bank check... or money order maybe??

tnobori1

The only reason you should care if it gets reported is if you were selling something illegally. Selling a car is perfectly legal and getting more than 10k for a car is probably more common than not.

pits200

Ha, I understand where you are coming from. But I am an accountant and if you would have randomly deposited 10K in your bank account without any legit reason like when you are selling a car(e.g, lottery win, gambling win, money from estate.) then yes, it would look fishy to the IRS because those things are suppose to have taxes paid on it and counted as income.

But if you are actually selling something like a car, then there is no worry about being caught by the IRS for doing something fraudulent.

artbran

iTrader: (2)

yeah i agree. Just saying to watch out. The one time a guy came in with $14k after he sold his car and she still had to write a report for it. Its just a precaution..

pits200

Agreed, case closed. Secondly, I wouldn't want to be carrying over 10K in my pockets anyways. That would scare the hell out of me, I lose things all the time.

gsrblack

I'm thinking of selling my car for 2 reasons: 1) too hard to put our 5-month old into the back; 2) my wife can't drive manual which makes it an inconvenience when her car is not around.

Not sure what to ask for right now, but the car has under 62,000 miles and is in great shape.

As for pics, I don't have anything recent....it's pretty much a stock anthracite w/ spoiler (no navi).

GreenMonster

This should be covered (and has been in the past) in the car talk forums here, but since we're already into it here, I guess it doesn't have to be locked...

I'd only sell it for cash or a verified bank check. Like distortedolskool said, have your bank call the bank the check was issued from before releasing the title.

If you've earned the money legitimately (not from selling drugs or being a pimp), you've got nothing to worry about... Only real gansters need to worry about being reported.

I've written checks for $36K before (when I bought my house), and while I knew the bank would notify the IRS, I didn't care...

Read up on the BankSecrecy Act for more info:

http://en.wikipedia.org/wiki/Bank_Secrecy_Act

GreenMonster

Not many people are going to want to walk around with $15K cash... Bank check is easier to handle... A stack of 150 $100 bills is a pain to count out too...

I bought my 79 Vw bus for $4500 cash, and even then I wasn't totally comfortable walking around with that much cash.

ML03CLS

Cashiers check and go with the buyer to the bank to cash it.. Makes it easy to sign over the title and get your money in one easy transaction.

BigLizard

I know it's a pain to count but cash talks though.