Tips on financial side of selling a used car

[Rock_Hudstone]

Originally Posted By: edwardh1
Say a car worth only $3000-$4000.
First I will ask for cash.
But then how do you make sure the cash is not counterfeit money?

Ask for all single dollar bills; the least counterfeited note.

Anyway, the real counterfeiters are down in Washington at the Federal Reserve.

All kidding aside, $3000-4000 is not that much money anymore. Highly unlikely some guy buying an old used car would intentionally pass off counterfeit bills on you. Too much of a paper trail left behind, pardon the pun.

If you're still worried, ask for hundreds and familairize yourself with the feel and the anti-counterfeiting measures on the bills; holograms, security strips etc.

 

[stephen9666]

Originally Posted By: Kruse
Originally Posted By: stephen9666
I pity the OP. The people who comment in threads like this are often the paranoid type.



Or maybe some of our recommendations come from experience. You could have 100 fantastic transactions and then have one bad one and you will forever remember the one bad one. After that, you will be paranoid like we are.


I take reasonable steps when selling a vehicle, selling on Craigslist, etc. But recommendations telling the OP things like not to physically touch the money seem like they may be a little bit of a stretch.

 

[hattaresguy]

I have always took cash, you guys worry to much.

 

[bvance554]

This has never crossed my mind. I guess I just trust my fellow man...

 

[Lyman]

I have sold many cars over the years and I deal in cash only. I used to own a bar and am used to checking bills. Had plenty of bad ones over the years. The last one I sold was for $10k. All hundreds and yes all good ones. Don't take a check unless it's a bank teller handing it to you.
The above post about the pens to check bills is right on the money. Worthless! Every bad bill I ever had my hands on was printed on good paper (bleached 1s or 5s)
A bank is a great place to sell a car.

 

[SteveSRT8]

Ouch. No trust here, except in myself.

I used to run to the auction every other week, and we usually turned the cars for pocket money quickly.

Cash or trade only, never a check unless we are at the bank. Not all deals are good ones, if you've only had good ones then chances are you haven't had very many!

 

[Kruse]

Originally Posted By: SteveSRT8

Cash or trade only, never a check unless we are at the bank. Not all deals are good ones, if you've only had good ones then chances are you haven't had very many!


Bingo. And even then, I watch everything. About 15 years ago, I had a bank teller try to cheat me out of $1500. Always keep your eyes open and watch for the red flags.

 

[cptbarkey]

paranoia all over this thread. i've sold several cars for cash and never had an issue, perhaps i'm lucky but how about some actual stories of people who caught people with fake money?

 

[Win]

Originally Posted By: cptbarkey
paranoia all over this thread. i've sold several cars for cash and never had an issue, perhaps i'm lucky but how about some actual stories of people who caught people with fake money?



About a decade ago I had a client who was a two bit buyer / seller of used cars, in cash.

He did a transaction at a two bit bank, bank allegedly checked the cash and proclaimed cash to be good.

The cash was not good, he spent it somewhere else, somewhere else's real bank detected counterfeit bills, two bit car buyer / seller was arrested and charged.

Defendant died before the case came to trial, so I don't know who the jury would have believed or what the jury would have done with it.

My recollection was that the counterfeiters had somehow washed $1 or $10 bills to turn them into $100's so they escaped most casual counterfeit detection systems.

edit: In an abundance of caution, I insisted on being paid with a check for my fee.

 

[SLCraig]

When I sold my Maxima I met the guy at a local coffee shop to have a look at the car, test drive it, etc.
He agreed to buy, so we went and got the safety certificate (I knew it would pass without a hitch) and then went to the bank and put the money right into my account. (We have the same bank, which in Canada is very common) He gave me a ride home and was on his way.

The process was a piece of cake.

 

[Doog]

I meet them at my bank and have them purchase a bank check made out to me. I then deposit the check in my account. Then we go to the title bureau and transfer the title. If they refuse to do these simple steps I walk. Remember, just signing over a title does not remove it from your name. They can go out and crash into someone and you are still liable until the vehicle is actually titled to them.

 

[surfstar]

Originally Posted By: Doog
Remember, just signing over a title does not remove it from your name. They can go out and crash into someone and you are still liable until the vehicle is actually titled to them.


CA has a release of liability "When this form is properly completed and the information is recorded by DMV, liability for parking and/or traffic violations and civil litigation resulting from operation after the date of sale becomes the responsibility of the new buyer."
This takes effect before the title is fully transferred to the new owner even.

 

[cptbarkey]

texas also has a release of liability form. i've gotten a few parking tickets and toll notices from jerks who have done both and thank god for that form.

 

[Doog]

Many states have release of liability. If the new buyer has a serious wreck while intoxicated or DUI and kills someone they will come back and litigate claiming they didn't know or agree to accept liability. In the case of non-English speaking buyers they will claim they no-habla. Then you are in for some really huge defense litigation costs. If the new buyer is an illegal alien you will be held responsible because they usually flee.

Better not rely on that form. You can get really burned.

 

[eljefino]

Originally Posted By: cptbarkey
texas also has a release of liability form. i've gotten a few parking tickets and toll notices from jerks who have done both and thank god for that form.


Yeah but you guys have the plates stay with the car after sale, that just seems weird!

 

[cptbarkey]

Originally Posted By: eljefino
Originally Posted By: cptbarkey
texas also has a release of liability form. i've gotten a few parking tickets and toll notices from jerks who have done both and thank god for that form.


Yeah but you guys have the plates stay with the car after sale, that just seems weird!


its optional, for an extra 5 bucks you can get new tags if you want. also the seller can opt to keep the plates for whatever reason. i have a cool tow truck plate and a few others sitting in the garage from reselling.