Guidance on Selling My Camaro

[Jonster]

Be careful because cashier checks can easily be forged. Don't jump the gun

[DZ28]

The only way you know for sure the transaction is legit is cash or wire transfer. I've sold many cars $30-65K and will only take cash or wire transfer. If you hand your bank cash they will or should release the title immediately. Checks take at least 10 days...

[Southern Comfort]

So with these potential pitfalls, it's easy to why so many people just trade in and be done with it...

If you are serious about selling to the public it's gonna take some work, and you will take some risks. Just decide which risks you are willing to take and can survive if it goes badly.

[Scrappy Doo]

Just meet the buyer at your bank where the loan is through. Buyer brings a cashier's check which your bank verifies is good. You square things with the bank, then head to the DMV and do the title transfer.

If the car is free and clear with no security interests, then just meet at bank, verify check, then to dmv for title transfer and you are good to go.

(At least here in MN that is the easiest way)

[l008com]

How does a wire transfer work?

[l008com]

Originally Posted by Scrappy Doo

Just meet the buyer at your bank where the loan is through. Buyer brings a cashier's check which your bank verifies is good. You square things with the bank, then head to the DMV and do the title transfer.

If the car is free and clear with no security interests, then just meet at bank, verify check, then to dmv for title transfer and you are good to go.

(At least here in MN that is the easiest way)

But a fake money order/cashier's check will look good, then come back weeks later if it's forged. Also there IS no loan, I will already have the title in hand. And the bank the loan is with, is not "my bank". My bank is just a local bank. The loan was with a regional bank picked by a dealership years ago. But again that loan is gone and I have no relationship with that bank any more.

[Jonster]

Originally Posted by l008com

How does a wire transfer work?

It is kind of like a direct deposit. They need your routing number and they can put funds directly into the account. It is probably the most expensive way to transfer funds, but the most secure way to make sure you get it fast.

[l008com]

How much would a wire transfer cost? Who charges the fees, the sender's bank or the recipients bank? (or both)

[Jonster]

Originally Posted by l008com

How much would a wire transfer cost? Who charges the fees, the sender's bank or the recipients bank? (or both)

As far as cost goes: http://www.mybanktracker.com/news/20...er-fees-banks/

Here is a list of pros and cons that may answer your questions:
source: http://community.tradekey.com/articl..._Transfer.html
PROS

1. Bank Wire Transfer offers security as both parties (sender & recipient) must be identified by the bank. It is hard to send or get money anonymously, so it’s harder to pull off a scam with a bank wire transfer, if both parties use their better judgment.

2. Payments are more certain - banks only send money if the sender has available funds, and it is difficult for the sender to retrieve the money back.

3. Bank wire transfers are fast and because of the certainty mentioned above, transferred funds are considered ‘cleared’ immediately when received.

4. Sometimes it takes a while for the receiving bank to show the proceeds in the recipient’s account, but the money moves quickly.

5. The bank wire transfer system is reliable and robust because it is used for so many important and large transactions. As a result, there are redundancies built in to reduce the impact of failures or disasters.

CONS

1. Banks collect payment for the service from the sender as well as from the recipient. The sending bank typically collects a fee separate from the funds being transferred, while the receiving bank and intermediate banks through which the transfer travels deduct fees from the money being transferred so that the recipient receives less than when the sender sent.

2. Some transactions are more risky. For example, if you do a bank wire transfer to an office that pays out the proceeds in cash (such as a retail shop in a strip-mall), it is harder to verify who got the money.

3. Once the amount has been transferred to the account of the recipient, the money cannot be simply returned. Even if the money is credited to a wrong bank account by mistake (e.g. an incorrect bank account number or forged signature etc) the transfer cannot be simply reversed, once the money has been credited to the account of the recipient.

[Partlow]

Wow some of you guys are taking this way too far. Listen man first you need a bill of sale that will be copied for you and him. Also make sure he has proof of I'd, snap a pic of his license with your phone.


Second.. for 20k you'll get a cashiers check or a check from whoever they're financing with.

Now heres where everyone is taking it too far, simply do the transaction during the day so his bank or finance place is open. You CALL them and have them verify the check. Wallah you're done. Mail him the title once you receive it..

Thats it

[l008com]

I looked into wire transfers and they're pretty cheap. Around $20 to send and at my bank, nothing to receive. I assume a wire transfer can't be "undone", so that protects me. What protects the buyer?

[Partlow]

wire transfers are a joke and you'll sound like a terrorist asking a buyer to do a wire xfer

[Jonster]

the buyer really has no say in wire transfers. Once it's done...it's done.

[Partlow]

wire transfers make the seller sound sketchy... asking for a wire transfer is like taking a money order from kenya..