Overhaulin'

What's the best way to collect money from a private car sale?

I just put my car up for sale, which could sell for as high as $20K. What the best way to receive the cash so I don't get taken?

Public Comments

1. You can take cash, but do the transaction at a bank and deposit it so you don't get robbed (by his friends) on the way home. You can take a bank check BUT only if you go to the bank with the buyer, and see him draw the money (making sure the check is real). These days I can get a bank check for $5 face value, and photoshop it to $25,000 and print it up on my color printer and you would never know. === Also let the buyer know that you will be taking a photocopy of the buyer's driver's license as record. That alone will scare away most fake bank check writers. Good Luck...
2. Cash is good if the buyer will agree but most people don't want to walk around with $20K in their pocket. Other than cash meet the buyer at his bank to get a cashiers check. That's the only way to be sure the check is genuine. These days there are excellent counterfeits being made of tellers checks and cashiers checks. Your bank will accept them at first and credit your account but in a week or two when the fraud is discovered the money is withdrawn. If your car is financed his bank can probably contact your lienholder to have the lien released so that you can give him a clear title. Contact your lienholder beforehand to find out their procedure.