Selling a vehicle can take up a lot of time. It also has the potential to be dangerous unless you are careful. When you trade in a vehicle for something new, the transaction details are primarily the responsibility of the dealer. When you decide to sell your car for cash, you bear all the responsibility.
Unless you live in a tiny community, where everybody knows everybody else, it's a good bet that some of the people interested in your ad about the vehicle will be strangers to you. When this is the case, you have to be very careful and take measures to ensure everyone's safety. Don't be caught alone with people you don't know.
If you are going to allow a potential buyer to test drive the auto, be sure to get a copy of his driver's license. You will need a bill of sale handy with all the blank spaces filled in. Be sure that the information about selling the vehicle as is has been included.
You never want to accept a personal check unless you're holding the vehicle title until the personal check clears. You can't assume cashier's checks are legitimate, because they can be forged just like personal checks. Accepting only cash is the best way to ensure you're getting paid, but this isn't a fool proof plan either. If you lose the money, or it is stolen, you won't be able to do anything about it.
You can ask the individual buying the vehicle to meet you at his bank to complete the transaction. That way you can take his personal check and turn around and get a legitimate cashier's check made out to you. You can deposit the cashier's check into your own account and have the funds available in a day or two. You should pay for the transaction fee because this is being done for your convenience.
Another option is to meet the purchaser at the bank where you do business. The buyer will have to bring the money with him so you can deposit it immediately. You have to have all the paperwork with you to give to the buyer. You might ask a bank manager to let you borrow a private room so you will be away from the public while you are transacting business.
Meeting at the banks can be an inconvenience for you and the buyer because banks are only open during regular business hours. You could open a temporary account at a branch in one of the big box stores. They have extended hours, are public, and have security cameras.
An online escrow service can work if you are dealing with someone who lives out of town. The escrow service takes the payment, holds it until it clears, and disperses the funds. You get the money when the buyer gets the car.
Unless you live in a tiny community, where everybody knows everybody else, it's a good bet that some of the people interested in your ad about the vehicle will be strangers to you. When this is the case, you have to be very careful and take measures to ensure everyone's safety. Don't be caught alone with people you don't know.
If you are going to allow a potential buyer to test drive the auto, be sure to get a copy of his driver's license. You will need a bill of sale handy with all the blank spaces filled in. Be sure that the information about selling the vehicle as is has been included.
You never want to accept a personal check unless you're holding the vehicle title until the personal check clears. You can't assume cashier's checks are legitimate, because they can be forged just like personal checks. Accepting only cash is the best way to ensure you're getting paid, but this isn't a fool proof plan either. If you lose the money, or it is stolen, you won't be able to do anything about it.
You can ask the individual buying the vehicle to meet you at his bank to complete the transaction. That way you can take his personal check and turn around and get a legitimate cashier's check made out to you. You can deposit the cashier's check into your own account and have the funds available in a day or two. You should pay for the transaction fee because this is being done for your convenience.
Another option is to meet the purchaser at the bank where you do business. The buyer will have to bring the money with him so you can deposit it immediately. You have to have all the paperwork with you to give to the buyer. You might ask a bank manager to let you borrow a private room so you will be away from the public while you are transacting business.
Meeting at the banks can be an inconvenience for you and the buyer because banks are only open during regular business hours. You could open a temporary account at a branch in one of the big box stores. They have extended hours, are public, and have security cameras.
An online escrow service can work if you are dealing with someone who lives out of town. The escrow service takes the payment, holds it until it clears, and disperses the funds. You get the money when the buyer gets the car.
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