Overhaulin'

What form of payment should I take for my car sale?

I am selling my car and recent scam with counterfeit cashiers checks worries me. When I close the deal, what form of payment should I accept to be sure? what is an escrow account? sorry, I am just ignorant.

Public Comments

1. Why not just make an escrow account? That way you get the money when they get the car and its totally electronic so you don't have to worry about being robbed.
2. Cash, or go to the buyer's bank with them, you can finalize the sale there, even get the bill of sale notorized, while you are there.
3. i own a shop and always ask for cash this way you,ll be protected,i never accept checks for anything unless it from my family and there's some of them i wouldn't take a check from,cash always ,on a car sale,good luck hope this helps.
4. You can still take a cashiers check, but let the buyer know, they will not recieved the car until the check clears. IF they are ok with that...then cool. If they are not willing to do that, tell them bring u cash. Just don't sign over anything thing your funds are confirmed. Also if you want, ask if you can meet them at there bank and watch the check being issued. When I bought my Nissan, the seller asked to accompany me to the bank. I had no problem since my Credit Union financed the car. Just make it work for you, even if the buyer is inconvienced. Good luck
5. Don't take a personal check, or a check from a credit card. Thats what the people that bought my old care wanted to do. I took a cashier's check but I met them at their bank so I knew it was legit. Personally, if they can give you a cashiers check, they can give you cash sicne they HAVE to have the money to get the cashiers check. If you don't know the individual, cash is the best choice.
6. Cash works very well but if they insist on a cashiers check, don't finish the deal untill you clear the check through your own bank.
7. Cash - no personal checks. Or go with the buyer to their bank, and have it cashed there. Or tell the buyer that you will hand over the keys after you get the check cashed (not cleared). Oh, be sure to write up some type of contract - with names, signatures, full car description, and the offer amount. Its not much, but its something, and the judge will be impressed if a problem happens down the road.
8. Escrow? Go to the bank with them? Why? CASH ONLY! That's it. Why would a buyer NOT agree to pay cash? They'll say they have a check, but not cash? Tell them to go to the bank and bring cash. You'll be happy to wait 30 minutes. Oh, the bank is closed... OK, lets do it tomorrow. If they insist on NOT paying cash, something is wrong. I bought a car a month ago. I told the seller I did not have $20,000 in cash with me, but I'd bring it the next day. I did. Everybody is happy.
9. CASH
10. The counterfeit cashier's check scam is an international scam. Cashier's checks are the most secure form of payment. Just make sure you get a cashier's check from a local bank, and have your bank inspect the check before you transact. Also make sure you SEE their drivers license, and the name and photo match. Write down the license number. Otherwise, get cash.