UrS4

Hi guys,

I am hopefully selling my car tomorrow morning. Problem is, I have never sold a car via private party. This is my second car and my parents sold my first one for me while I was at school.

If this guy wants the car, what type of payment is the most secure? Personal check, cashiers check, money order, ???

Also, should I make up a contract like form indicating the sale, VIN#, dollar amount, date, sellers and buyers name, etc.

If this guy gives me a personal check, do I just say he can't take the car until the check clears??

I don't want him to have the car and title and me with a bouncing check.

What do I do?

dkano

Only take a cashiers check, even better if it's from a local bank that you're familiar with. Don't take a personal check and give him/her the car right away, heard too many stories of people taking personal checks for a car and the guy dissapearing with the car then the check bounces. If they want to wait to take the car after the check clears, then it might be ok.
You could write up a contract just to be safe I guess, I'm not sure how it works in Chicago, but here in New York you have to sign the title over to them and there's also a form from the DMV that has to be filled out so they can go register the car under their name. You don't have to worry about going to the DMV and getting that form though, if it's necessary, the buyer has to go get it, then bring it to your so you can sign it.

blackout

My last car, I was showing it to a guy and when he got back from driving it he goes to his wife "pay the man" She hands me $9,500 in cash. I was like dam! I just transferred the title and they took her home.

Scaught

Cash!!!!!!!!!! Mullah!!!!!! Dinero!!!!! IT works really well. He goes to the bank, gets the money, CASH, you get the money and then you go to the casino on the way to your bank, You are going to need to win around 8,000$ more cash dollars so that you can get started with your mods as soon as you get your GT. Cai/tunner, exhaust system, wheels and tires, start thinking about the supercharger, Lot's to do and you need lot's of CASH. So sit down at the no limit blackjack table, throw it all down for just one hand and let it RIP!!!! Stay with a 17 or better. Dealer will bust. You now can modify your new GT right out of the box. No saving, no doing it one piece at a time.

Cash+Casino=One bad *** GT

blackout

Yep, thats the easiest most sufficient way. Make sure you count it at least two times, I counted it three times before I was happy. Make sure you have a nice place to hide it too!

LesteR723

tell him to "test drive" it up to the bank lol

Philostang

Hi UrS4,

Hope this is not too late--it's about 8am Chicago time, and hey! you're a fellow Chicagoan! Welcome.

Anyway, when I've sold cars it has always been cash. Cashiers check would be fine as well--listen to dkano. If the guy gets pissy about waiting on a personal check or on you just refusing one (you can do that too), I would get suspicious about him. People know that this is a big investment and that personal checks are not safe, so you buyer should be willing to work with you on this if he's honest.

There's no extra form you need to use in Chicago, just sign away the back of the title. I always made up a sales reciept with every piece of relevant information I could think of: names, address, and phone numbers of buyer and seller, VIN #, Year/Make/Model, date of sale, mileage, disclosure of non-warranty (the "as-is" clause), and Zodiac sign (I'm a Scorpio). Ok, maybe scrap the Zodiac sign...but make two copies so you can keep one and your buyer gets one.

Good luck with the sale!
Best,
-j

Route 99

Here's some notes I have saved about how to sell a car:

Draw up a bill of sale listing the vehicle identification number (VIN; this number can be found on the title, or on the left-hand side of the dashboard); also the year, make and model -- and the sales price. Date the document. State that the vehicle is sold "as is" -- so that any unforeseen problem that develops later on is understood to be the buyer's problem, not yours. Print your name and the buyer's name; each of you sign the document. It's a good idea to have a copy of the bill of sale for each party. The final step is to sign over the title; there is a box where the owner must sign so that the buyer can go to the department of motor vehicles and get a new title issued in his name.

Get the money. Do not release the car or the paperwork until you have payment in full: either in cash, or in the form of a certified check or money order in your hand. A personal check can bounce and a promise to pay is only as good as your faith in the person making the vow.

But here is what I would do. I'd go to the buyer's bank with him. Have him get the money from his bank and give me the cash. If it was more cash than I felt comfortable carrying around in my wallet, I'd ask his bank to wire the money to my savings institution. I'd give the car buyer's bank my savings institution's phone number. My saving institution would then provide his bank with the routing instructions to wire the money directly into my account. My savings institution does not charge a fee for money that is wired into it. Maybe the car buyer's bank would charge a fee for wiring the money. I'd be willing to pay a small fee for the convenience and safety of wiring the money directly into my account.

But here's a question I'd like answered. I've read that it's a good idea to remove your license plates. The idea expressed was to never allow the car to be driven away with your old tags still on it. Acquiring new tags is the responsibility of the buyer -- and you don't want to be getting parking bills and/or photo radar tickets months down the road because someone else is driving around in your old car with your old tags still on it.

But if you remove your license plates, how does the buyer drive away legally? I've never removed my license plates when selling a car nor have I had a seller remove his plates when I've purchased a car. Anyone have an answer for this?

I've also read that you should notify your local motor vehicle department that the vehicle has been sold. I don't remember ever doing that when I've sold a car. Is that required? I'm in California. Is there a form now that the seller must send into the DMV?

Philostang

Hey Ed, Welcome!

The license plate thing is a tough one. I admit, I've always gone the honor route with this one. I leave them on and ask for the buyer to mail them back to me as soon as they get the car home (I've done the same for others). Never had a problem with it. I figure if some ticket does come up you have the bill of sale with the date of sale to support you...but that's not foolproof, I'm sure.

I know a buddy of mine once put the bill of sale on his back window for the ride home, but the cop that pulled him over said that it was the paper in the window that drew him to the car like a magnet. Not good.

Any other suggestions out there?
Best,
-j

VaporDude

To answer the "How does the buyer get the car home" question. The seller can offer to drive it to the buyers house and have a family member follow then to pick them up if they are local or a reasonable distance to drive. If they are too far away, then the buyer can arrange for the transportation of the car if you don't mind keeping the car at your house or a day or two. But I would definately remove the tags once I do a fiinal departure of the car.