Safest way to get payment when selling a classic?

-
EL5DEMON340

EL5DEMON340

Well-Known Member
Joined
Feb 6, 2009
Messages
4,196
Reaction score
499
Location
Aurora,IL
Selling one of my cars, wondering in this day and age what is the preferred method? Bank to bank wire? Certified bank check? Cash?? Thanks!
 
Cash, or bank check. That's all I do. Once you hand over the paperwork it doesn;t matter if things clear or not. If they can write a check, they can get cash or a bank check.
 
The safest way would be a stack of cash and a handshake! Out of state buyers I'd say a bank to bank wire transfer. My bank charges 15.00 for this service.
 
I sure wouldn't let the car leave my sight until I had full payment. I usually pay cash when buying a car so that the seller doesn't have to worry. We payed via money transfer (bank to bank) when we purchased the 2010 Challenger because we weren't going down to pick it up. We were having it shipped to us. I asked our bank first if there was any risk on our part (as the buyers). - Naturally there was. But we had done our best to check out the seller ahead of time and felt comfortable that everything would be OK. As long as you're choosing a route that the purchaser cannot finagle his money back after he's got the car you should be alright. Is the buyer picking it up in person? Are they local? I try to avoid transactions that have fees associated with them.
 
I have sold a few and the safest is cash and bank wire transfer.Do not do a money order or a certified check those can be cancelled just like a personal check.If they are going to pick up the car in person I would ask them to wire a deposit and the rest must be paid in cash.
 
bank checks can be forged, some guy up in canada got a restored charger stolen that way a couple years ago if i remember right
 
depends how much we are talking but:

Cash?? NO.. can and is counterfeited...

Certified bank check? NO.. can and is counterfeited...

Bank to bank wire? safest way by far...
 
He's local, it's a bigger amount, more than I would want to walk around with in cash.
 
Best way to do it is go directly to the bank branch and have them wire it or transfer straight to your account don't take any type checks due to the high amount of counterfeit ones showing up everywhere. Even cash is counterfeit now days. Most banks charge a small amount for the service but its cheaper then getting ripped off.
 
Tell him to meet you at your bank with the cash.I had 24K in my front pocket before. I wasn't nervous but my Buddy that was with me was...LOL
 
Meet the buyer in person @ their bank....I like cash $$, but if it's over $5K or so, you will have to fill out a form to deposit the $$ in your bank. Not a big deal IMO though....

NO tax issues that I'm aware of...
 
68383GTS said:
Not PayPal they can put a hold on the funds.No tax issues.
Click to expand...

I do use Paypal for a lot of transactions, but not for something like this. The fees are too high for one thing. And as 68383GTS has said there can be a hold put on the funds if the buyer isn't happy (or honest).
 
cash, plain and simple. Or wire transfer. if you don't want the money in your acct, then cash it is.
 
68383GTS said:
Tell him to meet you at your bank with the cash.I had 24K in my front pocket before. I wasn't nervous but my Buddy that was with me was...LOL
Click to expand...

Or meet at his bank and GET cash, LOL

I've heard that some of these bank "certified checks" are linked to the account of the guy who obtained it. If he planned this to the minute, and emptied his bank account before payment for the certified went through this could be a big problem. At least that's the way I was told.
 
I've read a little and it looks like it would be a taxable for the amount you made over what you paid. But I kept all the receipts so I probably could show a loss.
 
The truth of the matter is that most people don't report these sales, so most don't pay tax on them. If we all kept receipts for what we spent most of us would show losses. - Or very little gain.

For almost everybody here this is a hobby. We buy used parts from all over the country, buy the materials we need to recondition them and eventually move on to the next project. If we were to track every cent spent on gas, shipping, paints, electricity, storage, etc... we'd see that we're amongst the worst businessmen ever. Often we'll have to buy 2 or 3 vehicles to make one. Heck, even when we do our own labor we can end up upside-down on our investment.

Legally I suppose we should report the money changing hands. But as is we struggle to be able to afford what we do. If the government was to seriously crack down on all these transactions the outcome would be to shut down work at home hobbies. And hobbies like ours support a lot of other businesses that generate tax revenues. I'm sure that some may be reporting these sales. But most likely the cash obtained will be re-invested in the next vehicle. And so there is no actual profit.
 
Wire transfers are best but there is still a hold period. DO NOT let the car out of your site or hand over any paperwork until your bank tells you the transfer has cleared and the $$$ are in your account.
 
Pictures of dead presidents and founding fathers only please. What Uncle Sam don't know about, he can't fork with. Keeping the government out of our business is what caused this country to come about in the first place. You have a duty as an Amurrican to screw the man every chance you get...
 
When i purchased mine it was done via eft to his bank of choice,he wanted it split in 2 accounts so he wasn't paying uncle Sam taxes, i was worried sending a large amount to a person ive only spoken via telephone,but i had to trust him on his end and it turned out great.Still keep in touch with him and send him photos of the car and any updates i do to it.Even sent him a mag for Christmas a couple of years back which featured my car and he was rapped.We keep in touch by email.You here of scamming all the time and it worries you,as mentioned cover all bases.
 
Cash is the best way and the only way I deal.... Buying or selling.
 

Attachments

  • image.jpg
    76.6 KB · Views: 221
You must log in or register to reply here.
-

Back
Top