Selling a car safely private party - FMVperformance.com : The site for all your Ford Mazda and Volvo needs
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post #1 of 13 (permalink) Old 05-16-2012, 07:24 PM Thread Starter
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Selling a car safely private party

Ok so I have finally settled on a price, and I am getting rid of my Speed 3. The guy is 2 hours away. We have met and he seems legit. There are some circumstances making it difficult for one of us not to be taking a risk in this transaction. As soon as the car is sold, and the money hits my account I am using those funds to buy a new Focus. So I can't let him take delivery until the money is officially in my account. Also, I am in Outside Sales so I absolutely MUST have a car at all times, and I can't buy the new one until I get paid for mine.

However, he needs to be physically at his Credit Union (1 location) to start a wire. My bank (USAA = no physical branches) is telling me a wire xfer can take up to 24 hours. My suggestion was to wire me the funds on Monday, and as soon as they hit my account, he can come get the car or we can meet halfway. But of course his concern is letting go of the money with no collateral that I will actually show up with the car. Any signed forms we can fill out that will ease his mind if we go this route?

Any suggestions? And before you suggest Western Union, they want $700 for the transfer.

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post #2 of 13 (permalink) Old 05-16-2012, 07:43 PM
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Re: Selling a car safely private party

Why can't he bring cash or cashiers check? I wouldn't accept anything else.
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post #3 of 13 (permalink) Old 05-16-2012, 08:49 PM
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Re: Selling a car safely private party

yea. any Credit union should be able to give him a cashiers check written to you directly from them. this is whats considered the norm even.
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post #4 of 13 (permalink) Old 05-16-2012, 09:15 PM Thread Starter
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Re: Selling a car safely private party

Here's the thing, my bank doesnt have physical branches so I would have to FedEx the check to them, and then wait another week for it to clear. I need those funds in order to purchase my new car. So that leaves me carless for a week which I can't have with work. My only other options are to rent a car for a week, (which I'd like to leave as a last resort), or to finance the car and then pay it off after the check clears.

Either way a cashier's check can be cancelled and I really don't feel that comfortable giving the guy my car when it is going to take me a week to really see the money. If I keep the title until the check clears, am I covered if the money doesn't come through for some reason?

2007 MS3 Sport: Cosmic Blue For Sale!
Current mods: Cobb SRI, M3M Shifter Bushings


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post #5 of 13 (permalink) Old 05-16-2012, 09:30 PM
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Re: Selling a car safely private party

If you had a real bank this wouldn't be an issue. Go open an account t at a real bank.
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post #6 of 13 (permalink) Old 05-16-2012, 09:30 PM
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Re: Selling a car safely private party

Can't you just sign the cashiers check over to the dealership when you buy the car?

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post #7 of 13 (permalink) Old 05-17-2012, 09:58 AM
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Re: Selling a car safely private party

it's simple you drive to his credit union. do the bank transfer while there. confirm via cell phone with your bank that the money has been transfered. The bank will be able to give you a confirmation # of the wire transfer (his bank) even if your bank drags their feet. I have found that even though funds aren't physically transfered until end of buisness day your bank will be able to track the transfer. The 24 hrs is usually saying you wont have access to the funds until then. The actual transfer should be almost immediate. It's like when you cash a check. the funds are there but you don't have access until the check clears.

Once transfered you hand him a signed title and bill of sale and drive home in the car. He can arrange to pick up the car from your location. He is then "technically" in possession of your vehicle but there is still time for you to drive it back before he can transfer ownership.

Then go to the car dealership and do what you need to do. If you smart you will even pre-purchase the car and sign all intended paperwork so you only need to hand them a check at delivery. The dealership will proccess all the paperwork with you just tell them full payment will be made at delivery.

this only works if you are in possesion of the title. also have his bank make photo copies of both of your drivers liscences. so that you have confirmed name and address if something should arise.

plan b is use paypal and possibly pay the fees (it's supposedly free if you use your bank accounts opposed to a debit card/credit card)


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post #8 of 13 (permalink) Old 05-17-2012, 02:53 PM
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Re: Selling a car safely private party

If you have a smartphone or scanner you can scan the check into USAA and it credits your account right away. This is up to a $10,000 check so if the price is higher you could have it broken up into two or more checks. Then write the dealership a check and by the time they go to cash the other checks will have completely cleared. I bank with USAA as well and that's what I do.

Another possibilty would be to have a friend you really, really, really trust to have the check made out to that has a physical branch and have them cash it for you and you can take cash to the dealer. Obvioulsy go with the friend, not suggesting handing them a check.

Usually a bank won't cancel a cashier's check. They already have the money from the person and if they cancel I think you have can take some legal action. Not really sure but they are pretty safe to use.


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post #9 of 13 (permalink) Old 05-17-2012, 02:59 PM
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Re: Selling a car safely private party

If you have no way to deposit a check into your bank account without using FedEx, you might be retarded.


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post #10 of 13 (permalink) Old 05-17-2012, 06:00 PM
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Re: Selling a car safely private party

[quote author=Alec Trevelyan link=topic=210076.msg4230512#msg4230512 date=1337281183]
If you have no way to deposit a check into your bank account without using FedEx, you might be retarded.
[/quote]
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