That is one of the problems with credit unions. I belong to two of them, but they only have local branches. If I was going out of town to buy a car, I would have no problem going to the sellers bank to facilitate a funds transfer. But there would be no local branch of my financial institution in a strange place for me to go to. I hate the thought of having to open an account at Wells Fargo or B of A, just to buy a car.

 

Yeah....it would be a pain for sure!

I would probably use B-OF-A, Wells Fargo or USBANK etc. They're everywhere!!

If they cut the check, they would verify funds available, and block the amount of the check so it would clear if they issued it! The person (buyer) then couldn't withdraw the account below the amount the check after it was issued.

 

I find it interesting that when dealing with huge sums of money like this, at least to me it seems like a huge sum, many people seem not to want to play it safe and do a little extra leg work. I think the suggestions of doing the final transaction at the bank, including driving the vehicle to the bank and completing the handing over of the keys in the parking lot, a well populated location, is the best bet for every one. I can't see why the buyer couldn't transfer the money to the seller's bank a week a head of time, or whatever time it takes for the seller's bank to verify it's legit, with some kind of arrangement that the bank holds the money until both seller and buyer meet at the bank. A purchase like this shouldn't be rushed.

I wouldn't go through this type of hassle if I was selling a car for $2000-3000 but for a sum like being talked about here I for one wouldn't feel comfortable carrying $25K in my pocket. Or even having it locked in my car. I also wouldn't trust anyone with a check of any kind for this kind of money.

The other side of the story is the guy who buys a car only by seeing pictures when he gets the car it turns out to be lemon. If you're going to cough up $25k+ for a car take a trip to look at it. A cheap plane ticket is around $500, maybe a little more. The very least find some one you trust close by to go over and do an inspection with their own digital camera and send you some unbiased pictures. With the interenet and these types of chat rooms you can usually form a long distance friendships that you can feel you can trust. I know at least a half dozen people here that I would trust to do this for me and I have never met them in person but I've conversed with them long enough to feel comfortable with them.

 

Ya, that idea of being at the purchasers bank and having them cut me a check for $25K and my having an account there as well--if need be--all sounds like the direction I want to go.

Good idea

 

For me I feel the same way.

 

I have no reason to think you did not hold title to the vehicle. It was not until your post #9, typed as I was typing my response, that you mentioned "builder" so I now assume you built a vehicle you have for sale. Since most new vehicles are financed, I mention a case I experienced.
I mention holding the title because two years ago I found a then one year old F150 that I was going to buy for my business. The seller was upside down in the vehicle and his bank maintained the position that they were not interested in working with him getting rid of the vehicle although I was talking cash deal. I guess the bank figured there was more money to be made in interest and fees if he defaulted. No short sale or any negotiations.
Sorry if I offended or pulled your chain the wrong way.

 

Sorry. Did at bark ya? haha. Didn't mean to come off that way. Its all good. I took no offense. I was just too abrupt in my response, not offended.

 

First thing is if he is giving you a cashier's check at his bank, and your there when the bank makes out the Cashier's Check... A cashier's check is a Bank Certified Check that the buyer has already payed the money to buy the check... If your there when they make the check you will see the transaction by him and his bank... Also allows you to have the title notorized at the same time...

 

There's been a lot of good advice offered so far. The last vehicle I sold was a mint condition 1982 Corvette. I had the buyer meet me at my bank with a bank check in hand. Once my bank accepted his check and deposited it into my account, I unloaded the car from the trailer and gave him the keys. Make sure you also file a release of reliability as soon as possible with your state's DMV to clear you of any liability on behalf of the new owner.

Another transfer method is PayPal. You'll have to work out who will eat the service fee if this is the preferred method of payment. I would never accept a personal check. Money orders and cashier's checks are safer, but you need to ensure the security features are visible. The check will feature a watermark, special ink, and/or ink which changes color when rubbed. Cash is preferred by many, but in today's economy I would be very cautious against counterfeit bills and the carriage of the cash. You can't be too safe these days. The buyer could have a buddy rob you somewhere afterward, then you're out of the cash and truck. If you prefer a cash transaction, complete the transaction inside a bank with a bank representative.

 

Regarding Cashier's checks, those have been stolen and counterfited also in the past. Even if your bank does call to verify that a stop payment has not been made on the item you still run a risk. I would recommend keeping a copy of the title and his driver's lic. number, address, etc. Another possible option might be to use an escrow account/ title co? Never have done that at one pt someone was mentioning a $25k transaction. I do not know the fees, but it might be worth the security of the transaction. Just a thought.
Be careful what ever method you select.

 

I sold a car 2 yrs ago ,the first thing i did was go to the bank &
open up another account for $50 .I told the buyer that i wanted cash in hand
or wire transfer,he was in texas so we did wire transfer.I gave him my account#
of the new $50 account & he sent me my $30,000 we had no trouble.
Just remember that money talks & bull**** walks.good luck in what ever you do
& be careful Bob

 

As a release of liability, I always print a sales contract. It says I got X amount of money, and the buyer received the vehicle. If they try to claim a charge-back later, you have their signature that says they got the vehicle.

Also, I would not trust PayPal on a sale that big. PayPal does more to protect the buyer than it does the seller.

If you don't draw the money from your account before you give them the car, they can file a claim against you and get the money back. Before you can prove they actually received the vehicle, and owed you the money, they can draw the money from their account and close it.

That's an over-simplification of the scam that is often run through PayPal, but it happens.

The bank check, at the bank, is the safest bet.

 

I bought the vicky for 32K. The seller took a certified check from Wells Fargo.

I would never transfer funds without seeing the vehicle in person. I have won three bids over the years on EBay and each wanted me to transfer the bucks electronically. When I arrived to purchase the vehicles, each was a mess and not as advertised. If I had transferred the funds, I would have been SOL. As it stood, because the misreopresented the vehicles, I walked on all three.

Also, you can bring it to ARCO Arena on sunday the 17th of April for the big swap.
Good luck, Jag

 

I wouldn't take a cashier's check for an amount that large. I found out that a buyer can go to his bank after the fact, claim fraud and stop payment on the check. If he does this right away, it won't clear & your bank will negate that deposit. You may be able to avoid this scenario if you talk to your bank manager and ask that they clear the check immediately.

Have the buyer wire transfer the money to your account. It doesn't make much difference whether you are with the buyer at your bank or whether he transfers it before he comes to pick up the truck.

If the buyer only has a cashier's check, go to his bank with him & cash the check on the spot. They can't stop payment after the check has cleared. Try not to look too nervous when you're walking around with $25k in your pocket.

Dan