What form of payment did you accept?

I'm trying to sell my Stang, but still owe on it. I've never sold a vehicle I actually owed on, so not sure what the best payment method would be.

I'm assuming they pay me, I pay Ford, Ford sends me the title, then do I sign and pass it on to the new owner, or would Ford just send it on to the new bank if they finance?

I'll probably end up putting it on ebay...

 

Call Ford for a "TO DATE" payoff amount and then have the person pay you in money order, cashiers check, or even cash. NO PERSONAL CHECKS! Get info from Ford to do a wire transfer. and then have the title sent to you express mail.. they can also send a payed in full over a fax that will do the new buyer some good getting and idea on taxes, insurance etc.... The new buyer wont have much luck temp tagging the thing until the title is released. takes a day or two.

 

I'm sure you already know this, but be very careful in what form of payment you accept, especially on e-bay. I see counterfeit cashier's checks and money orders on a daily basis. Of course be careful of the person from Nigeria who wants to send you a check for more than the sale price of the vehicle to cover "shipping".

I once sold a truck that I still owed on, but I sold it locally and the guy just went with me to the bank to pay it off and pick up the title.

 

Don't forget to complete all of your state's required paperwork in regards to "bill of sale" and personal property taxes.

I know about these things because I sold my RV to a nice old couple from Ft. Smith. Even though the Arkansas documents weren't required because I live in OK, I filled them out for their use.

As for your payment question, I took their cashier's check.

 

So, does anyone know what's the best way to determine if a cashier's check is real???

 

Take it to the bank?

 

Take it to the bank that it is drawn, the bank on the cashier's check. They can tell you. If there is no local branch, look the bank up on the internet (google or switchboard) and call them to verify the check number, amount, and payee (you). Never call the phone number printed on the check without verifying the number independently. I have seen quite a few that had 1-800-numbers that went directly to the crook. They use a forwarding service that can send the call to their cell phone in another country.

Don't take the check to your bank if the check is not drawn on them and ask them if it is good. The teller will likely not know and tell you it is good without checking it out. If it comes back, you will still be liable. Also, federal law limits the time your bank can hold the funds from a cashier's check you deposit and it is not long enough to make sure the check has cleared.

I would be happy to give you a hand in anyway I can, I deal with this stuff everyday. Just send me a PM.

 

Thanks for the info and advice! I just might be contacting you. I get really paranoid about these things anymore...

 

One more quick question. I "think" I may have the Stang sold out of state. He wants to send a cashier's check. I will check with the bank its drawn on, but how will I know for sure when it has truly cleared???

 

It is hard to be sure when the check has cleared. You could call the bank it is drawn on a couple of days after you deposit it and see if they will verify that it has cleared, but they may not cooperate. Under normal circumstances a legitimate check should clear the paying bank in no more than a week. But if you are dealing with a counterfeit, it could be longer.

 

Okay, well, I'm going to go ahead, and tell him I'll take his cashier's check, but I will also tell him the car will not ship until the check clears. If he objects, I'll look for another buyer. I'd rather risk losing a sale, than a lot of money or my car...

I will be sure to call the bank after looking them up online. If you don't mind I might even run them by you to make sure I've got the correct info on the bank...?

 

Caution on your part is good, but remember to look at this from the seller's point of view too.

No way would I hand you over a cashier's check without taking possesion of the property. From my (buyer's) point of view, you may be one of those people who skips town with my money and the car I just "bought". Now what I would do is to let you send me the title after the check clears and you have the lien release.

 

I agree, and thought about that. That's why I say I would rather be over cautious and lose the sale. Because what happens if I get the check, he gets the car, check bounces, and now I have a title, but no car?

This is the main reason I first wanted to go ahead and trade for a new car for the fiance. I hate dealing with this kind of stuff. I don't mind selling old cars for cash, but there's so many crooks out there anymore that I really don't trust anyone...

 

Then you report it to the police. They treat it just as a stolen car, only difference is, you have some info on who has it and it should be easier to recover.

 

I'll be happy to help out any way I can.

Another thought would be to have the guy wire you the money from his bank to your bank right into your account. Once the money is received via wire you are good to go. If you're nervous about giving him your account number for the wire, set up a small account with nothing in it to receive the wire.