NEED HELP: risks of selling a car private party on a Sunday (not kidding)

[ard]

Title is not meant to be funny or alarmist.

I need the collective wisdom of this group on how to make sure I don't get ripped off.



Here is my situation:

I am selling an SUV and have an interested buyer. He is from out-of-town and wants to come in person to inspect the vehicle before buying it. So far so good.

He has rescheduled the visit twice now with excuses that border a little on "dog ate my homework", but I am willing to give him the benefit of the doubt.

Now he wants to come Sunday. We had previously discussed payment and agreed that he would get a cashier's check drawn on Wells Fargo Bank, which is fine with me since I also bank there. We would together go to a branch near my house deposit the check and if no red flags were raised I'd hand him the title and part ways. I have done a previous transaction on a different car with a local buyer that way and everything was very easy and cordial.

Turns out (not surprisingly) Wells Fargo is not open Sunday. In light of the excuses I have gotten so far I am growing a little concerned about being presented with a phony cashier's check and that coming on Sunday is a calculated move to make it impossible for me to verify the validity of the check.

Here are options I can think of. I'd love to hear thoughts.

1) insist on cash
- I could see how someone wouldn't want to drive across the state with a wad of cash, but what do I know

2) tell him (ahead of time) that I'll accept the cashier's check in trade for the car and mail him the title once the check clears
- what is my recourse if the check is really phony? I'd imagine it would be a royal hassle to retrieve a vehicle under such circumstances.

3) have the money wired to me ahead of time
- I wouldn't do that if I were in the buyer's shoes since he has not seen the vehicle yet and committed to buy it

I don't see how getting cash is any harder than getting a (real) cashier's check. Still have to go to the bank to obtain it.

I don't want to come across to the buyer as being unreasonable to deal with if he is legit. The vehicle is an SUV and I am not exactly having people trip over each other to buy it.

Thanks in advance

[racer]

1) It is hard to get cash. It means his local bank needs to have the available funds on site. Not a lot of banks have/do this (Then again, I don't know if the car is selling for $500 or $50,000. Within reason cash can work. I think once you get over about $10K banks and others (irs etc) start getting suspicious)

2) Sounds good, but that takes a lot of trust on BOTH parties. What if he wrecks the car driving home? Now you are out a car and money, no?

3) Wire transfer is the most secure method, imho.

4) No sales on a Sunday.

5) Don't get suckered in by the appeal of the sale. Set ground rules. Maybe get him to send a sizeable deposit to "hold the car". Make it refundable if you want, that's your call.

If it doesn't feel right, it probably isn't. Trust your gut. There will be other buyers, but it may take some time. Not sure how badly you must sell your car though.

[runfaster]

I hate selling cars...I get so paranoid about getting ripped off that it makes the whole thing almost not worth selling anything.

The simplest thing to do is to make the transaction in a parking lot close to your bank during normal banking hours. Or something to that effect.

The above post is correct...If it feels wrong, than it probably is.

Cheers,
Craig

[ard]

Thanks for the responses so far.

Car is selling in the low teens, FWIW, but I do understand the hassles on both sides concerning > $10K cash withdrawals / deposits.

I don't have to sell, but all the hue and cry over gas prices and the environment hasn't made selling a V8 SUV easy and that has shown in the responses I have gotten so far.

I had never thought about the potential for a loss due to accident if I release the vehicle prior to known whether the funds are good. Thanks for pointing that out.

"On the other side of town" (i.e. Rennlist - http://forums.rennlist.com/rennforums/showthread.php?t=463453) , it has been suggested that the buyer send me a copy of the cashier's check before coming and I take it to Wells Fargo and have them tell me whether it is good. When the buyer comes I verify that the copy and original match and if so, I can feel secure in releasing the vehicle and title.


Thoughts?

[yo911]

Too complicated, too much hassle, too many changed appts. Too many too many's.

It's either your way, or no way! Just too many creepies out there. And meet in a public place, not your house.

I'd never take a cashier's check for any transaction, unless I can verify with the bank. I don't do Sundays, period.

IF you do cash, buy yourself a counterfeit marker. I use one every time someone gives me cash now after having a buyer slip me fake bills. You can get one at any office supply store. Then check EVERY bill. Some counterfeiters even make fake smaller denominations like $5 and $10, like the fraud that cheated me out of a $200.

[ossiblue]

I agree with the above posts--set your ground rules and stick by them.

Think of it this way, if you were the buyer, would you be offended by having to buy on a day the bank is open? Would you be offended if the seller wanted to guarantee that you really had the money? Would you not be aware of all the possible scams that fake buyers pull on private sellers?

My guess is if this buyer is legit, he will understand and comply with meeting you on a day the bank is open without complaint. Given what you've posted, however, I also think you'll never hear from him again and that's no loss to you.

[Macroni]

If you feel a risk do not do it. Set your terms.
L

[ard]

Thank you for all the suggestions. To be blunt I agree that I shouldn't let greed allow me to let my guard down.

Someone suggested that there are Wells Fargo locations that are open Sundays. I checked Wells Fargo's website and there is a branch that is open on Sunday near my house - it's just one I never go to and hadn't thought of.

I really appreciate all the responses that I have gotten on this. I am glad to find that I am not the only one with angst about selling a vehicle. Every so often a thread about buying / selling logistics pops up on PP and hopefully this one will help someone in the future.

[gt3racerich]

Get Cash.
Should not be a big deal.
Rich

[budge96]

If possible obtain a decent deposit to hold the vehicle,either ask for the balance in cash or on
a day the bank is open to verify cashiers' check validity.
Don't meet the person alone and try and handle transaction in somewhat public place if you're that wary.
Likely if they sound shady err on the side of reason ,tell 'em its off the market..

[dmilzoff]

I "sold" my 914-6 to someone overseas who sent me a Cashier's Check for the full amount. The bank was a large bank from Texas (I'm in NY.) When I called the bank in Texas they told me that the account number did not exist and the check was fake.
I have a very good looking Cashier's Check for $27K if anyone wants it. I'll take $ 10.00
Overseas or face to face, you need to CALL the bank where the check was drawn on and verify if the money is available. The bank will have no problem in talking to you. Your bank cannot help you to verify the check.
BTW, I still have the car and I never heard from the buyers after they sent the check.

David

[ard]

Hi,

thanks for all the feedback posted.

Just to update this thread. I sold the vehicle to that buyer on that Sunday. I found a Wells Fargo branch that was open on Sunday, and met the buyer there with a friend who accompanied me. Went for a test drive with the buyer and after agreeing on the sale presented the cashier's check drawn on Wells Fargo to the teller who verified its authenticity and deposited it into my account. Signed 2 copies of a sales agreement I had drawn up, handed over the title and we parted ways. Good, cordial transaction.

/alex