selling used car- payment form?

[Sagginit]

ok so i know a lot of people on here go the used car route. this is my first time selling a used car as opposed to buying. the amount is low enough that i know the person will not have a loan and a certified check from it. what is the best/safest way to get the money for it? i read to do the title signing at the bank. should i request cash and then go to my bank to deposit it with him? should i request a certified check only so i can sign the title and just go by myself? would it be safe to take a personal check and then cash it at his bank or go to my bank and deposit it?

i am worried if i take cash on the street i may get a counterfeit bill (i know i highly doubt it but you never know) or that if i go deposit his check asap at my bank if it later bounces i will be out the funds.

also he wants to pick it up, i cant let him drive away with it registered, insursed and with my plates on it. do i take them off and make him drive away without plates? he seems pressed for time and i would love a quick turnover so it doesn't take all day but i want to do it the right way. both times i bought used cars i got the title/paid, registered and insured and then changed the plates/drove off.

 

[angierae]

I can't speak for all states, but in Michigan, you would sign over the title, take the money, keep your plate, and they'd drive off - they have 48 hours or 3 days or something to get it insured and registered. Get a reciept for your own purposes.

I took cash when I sold my Escort, I wasn't really worried about fake bills. You could insist on a postal money order or something, I definitely wouldn't take a personal check.

 

[mrudman]

I'd just insist on cash.. wouldn't take a personal check.. even money orders can be forged.

If you're worried about counterfeit cash, buy a counterfeit pen (dd got one at the dollar store, lol), and mark the bills real quick before you hand over the keys.

 

[Sagginit]

i was thinking of getting a pen and saying cash. i used to work in retail so i know what to look for, you just never know until you use the pen. i figured when i sign the title over that will act as a receipt. i will look into nj laws on the dmv site right now, for some reason i just assumed it had to be registered and insured in his name to hand it over.

 

[starry_solo]

Info about transferring title:
http://www.state.nj.us/mvc/Vehicle/TransferringVehicle.htm

Have you thought about doing the transaction at the nearest Department of Motor Vehicles? Or if your AAA offers the DMV service?

Find one closest to the bank where his check is (if you decide to take a check) and cash it there (you might pay a cash processing fee if you don't have an account there).

Then, take the car to the DMV and change the title. After you have changed the title to his name, contact your insurance company.

 

[Cheshire Figment]

What I did a few years ago was went to my bank with the purchaser. I had one of the platform officers look up his bank in their system, call the correct branch of his bank, and verified with them that the three $1,000 money orders had been issued by them to him and were valid. I then deposited them and signed over the title to him. (note the car was not drivable at the time and he had come with a trailer to tow it away, so I was not worried about plates.

But you can check with your State Motor Vehicles and find out what needs to be done. Possibly you may be able to get a temporary (cardboard) plate from them that he could use for driving away.

 

[angierae]

i was thinking of getting a pen and saying cash. i used to work in retail so i know what to look for, you just never know until you use the pen. i figured when i sign the title over that will act as a receipt. i will look into nj laws on the dmv site right now, for some reason i just assumed it had to be registered and insured in his name to hand it over.

You also need a receipt for you to keep - if he never registers the car in his name, and it's used in a crime or whatever, you need proof that the car wasn't in your possession at the time.

 

[seashoreCM]

Get the appropriate forms (if there are any) from your registry of motor vehicles and you fill them out and he signs one (or a copy) that you make another copy to send to the registry and you keep a copy.

You take your plates off unless the plates must stay with the car.

You take your "registration" (a document) out of the glove compartment.

It is best to get your payment in cash.

 

[IDoDis]

We just bought a used car for DD. The seller let me keep the plate until I can get the car registered next week, although as a seller, I always take the plate off of the car before the buyer drives off.

All you need to do is fill out the back of the title and both buyer & seller sign the title. Make a copy of the front & back of the title. This is your documentation showing the car no longer belongs to you. Cancel your insurance. You are done. If the new owner wrecks the car, you are not responsible, even if the new owner has your plates on the car.

Also, we met the seller at our credit union and just transferred the money from our account to his account since he banked there, as well. Now we are selling a car and what I'll do is meet the buyer at their bank and have them give me a cashier's check or cash right from the bank.

 

[malibuconlee]

We sold a motorcycle when we lived in El Paso. Listed it on Craigslist. The guy that bought it was military and heading out to the field for a couple of weeks. He wrote us a check and neither of us had local banks. We deposited it via mail and it cleared our account before he came back to pick it up. Worked out well.

If you do take a check, before you hand over keys/title you could do what I did when calling on checks when I worked retail years ago. We would take returned checks, call the bank tell them who we were and ask if a check would clear. We would give acct # and they would tell us if it would go thru. If it did we would go to the bank and cash it. Made some angry customers, but hey, they shouldn't write checks that won't go thru.

You could do that, call the bank tell them the situation and ask if the transaction would go thru.

 

[tink_n_pooh]

When I sold my old car I drove it to the persons house who bought the car, got cash, signed the bill of sale, and took my plates off right there in their driveway. I made sure everything was out of the car including my insurance card and registration when I left. I just had a friend follow me there and give me a ride home, it was only about 30 minutes away so not a big deal at all

 

[TosaTrio]

Ask for cash, sign the title and take your plates. If you have concerns, meet in a very public place and get a counterfeit marker. I would be more concerned about a fake money order or cahisers check than counterfeit cash.