Thinking about selling my Delorean-what's the best way to accept payment as a seller?

[bluespecial]

I am close to pulling the trigger on placing ads to sell my Delorean, but my immediate thought is what is the best way to accept payment from a buyer? Don't really feel comfortable with taking a cashier's check and handing over the title. Can you guys give me some feedback on what's the proper way to get paid?

[dodint]

Wire transfer. That's my preference as buyer and seller. The fee is nominal relative to the cost of most cars. If the buyer puts up a fuss, offer to pay the fee. If they persist, walk away.

[DMC5180]

Wire transfer. That's my preference as buyer and seller. The fee is nominal relative to the cost of most cars. If the buyer puts up a fuss, offer to pay the fee. If they persist, walk away.

+1

Typical Wire transfer fee is about $30 at most of the big banks.

Of course if they offer you a bag of that works too, but then you have to deal with that too.


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[Bitsyncmaster]

I had to pay cash for mine. At first he wanted a bank check but last minuet he decided cash. The bank just exchanged the check for cash no problem. I can't blame people to want cash with all the fake checks that turn up a lot.

[DMC5180]

I had to pay cash for mine. At first he wanted a bank check but last minuet he decided cash. The bank just exchanged the check for cash no problem. I can't blame people to want cash with all the fake checks that turn up a lot.

Banks tend to look at you suspiciously if you deposit large cash amounts if your not a business that deals with cash on a regular basis. Not to mention they are required to report any amounts over $3k


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[peternikkiskinner]

If contacted by an off shore r out of state buyer the best way is a reputable Escrow company. You receive cleared funds and the buyer gets the car uplifted and the title at the same time. I found it very hard to buy privately as an off shore purchaser and it ended up much easier to buy from a dealer.

I am close to pulling the trigger on placing ads to sell my Delorean, but my immediate thought is what is the best way to accept payment from a buyer? Don't really feel comfortable with taking a cashier's check and handing over the title. Can you guys give me some feedback on what's the proper way to get paid?

[David T]

How you accept payment and in what form is affected by the nature of the deal (local vs long distance) and timing (business day vs weekend) among other things. The safest way is a wire transfer but that can only happen on a business day and it is not immediate. Next we have certified or bank checks. While they were very secure, in recent years there have been many cases of counterfeit checks so many sellers will not accept them anymore. Even if you bank accepts it and deposits it, if it bounces back the bank will withdraw the funds from your account. Cash is very safe but then you have to handle large amounts of it, it is unwieldy, and banks are required to report large deposits. You could make small deposits over several days but even that can raise signals. And cash is also subject to counterfeiting. NEVER accept personal checks and especially if it is larger than the agreed amount and the buyer asks you to give him back change in cash! If it is an out-of-State transaction and it goes bad you will have no money, no car, and will have to pursue your interests in another State. Expensive and complicated. Using an intermediary can work if both sides trust him. A lawyer, a broker, a car transporter can all be an honest broker and make sure both sides deal honestly. There is usually an added cost which the buyer should pay. If the seller uses a dealer then it can be included in the dealer's commission.

[kbrown84]

+1 for wire transfer.

The last car I sold went to the Netherlands, and the buyer sent a deposit via PayPal, and within a week had wired the entire amount to my bank. I was surprised how easy it was!

[OverlandMan]

I used an escrow company in the past just to give me some added protection in a remote transaction. If the sale is local, cash is king followed by wire and finally cashiers check. If doing any kind of check, I require the buyer to meet at the bank to ensure the funds clear before signing over the title.