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  #1  
Old 05-24-2019, 12:44 PM
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safest form of payment selling car to total stranger

I am not talking about a car valued at a few hundred dollars, when cash is acceptable.

Would you accept $5,000 in cash for payment from a total stranger? If so, in what denomination? Any concern with counterfeit? Where would you do such a transaction?
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  #2  
Old 05-24-2019, 12:55 PM
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The safest form of payment is a bank wire transfer. With this type of transaction the seller is able to confirm with their bank that the full payment has been deposited in their account before releasing the car and transferring the registration. For smaller payments ($500 or less), I have found PayPal to be very safe and secure. Most banks will charge the buyer $25-$50 for a bank wire transfer. Too much counterfeit currency and cashiers checks out there.
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Old 05-24-2019, 01:39 PM
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I like cash if I can meet them at the bank and put it right into my account. For larger sums I'd want a wire transfer.
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..I also have a 427 Cobra replica with an aluminum chassis.
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Old 05-24-2019, 02:16 PM
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Old 05-24-2019, 02:21 PM
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Cash, and accept it at the bank so the teller can immediately check for counterfeit and deposit it so it is safe and you are not carrying a bunch of cash.
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  #6  
Old 05-24-2019, 03:23 PM
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Compared to sending it, receiving cash is safe and easy.

PayPal, Venmo, wire to your bank... unless you keep a stack in the mattress, there’s really no need to complicate things. I bought my car from a guy across the country with PayPal. No problem.
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Old 05-24-2019, 03:35 PM
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Notes on wire transfers

I bought my first Benz from a used car dealer in Arlington VA. As I was sitting in the office, two guys walked in with a brown paper lunch bag filled with tens and twenties and bought a late model BMW for about $16K cash. I didn't ask where they got the funds, and the dealer didn't seem concerned about counterfeit bills. But that was before IRS Form 8300 (Report of Cash Payments Over $10,000).

BWhitmore is correct that wire transfers are the safest method. They are (pretty much) irreversible and the buyer's bank won't send the funds unless they're actually available.

But timing can be an issue, so if you choose this method, do it first thing in the morning. Banks have a cutoff time for initiating a wire transfer, typically 15:00, but even if the sender meets the cutoff time there's no guarantee the receiving bank will process the transfer immediately. You could find yourself waiting until the next business day, and your buyer may be unhappy about that.
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Old 05-24-2019, 03:47 PM
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As for paypal, there's friends and famiy (no fee) and products and services (fee). If products and services, what are acceptable proof to paypal that the car was transferred to the new owner?
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85 300D turbo pristine w 157k when purchased 161K now
83 300 D turbo 297K runs great. SOLD!
83 240D 4 spd manual- parted out then junked
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  #9  
Old 05-24-2019, 03:51 PM
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I’ve only ever used “friends and family.”
Is some advantage gained by paying them a fee?
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  #10  
Old 05-24-2019, 04:02 PM
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Quote:
Originally Posted by Shern View Post
I’ve only ever used “friends and family.”
Is some advantage gained by paying them a fee?
No advantage to me as the seller. What if the buyer wants to pay by products and services?
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85 300D turbo pristine w 157k when purchased 161K now
83 300 D turbo 297K runs great. SOLD!
83 240D 4 spd manual- parted out then junked
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  #11  
Old 05-24-2019, 05:54 PM
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I'm thinking that " products and services " is reversible.

Another issue is timing of the title transfer. If a notary is required to transfer a title, you can get a one time " I am selling this car " document with a notary stamp, sign the title then present this to the buyer.
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  #12  
Old 05-24-2019, 06:00 PM
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Another rule that I try to follow from experience, never buy or sell a car to a friend or family member if possible.
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  #13  
Old 05-24-2019, 06:04 PM
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It is the buyer’s choice when using PayPal to pay using products & services or to a friend. If using products & services, the buyer is afforded protection by PayPal including reversing the payment. Unfortunately, the seller actually pays for this protection, not the buyer.
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  #14  
Old 05-24-2019, 06:35 PM
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Cash or check if he goes immediately to the bank with me to cash the check. I'll take cash from anyone and have sold vehicles for up to $9k for cash. It says "legal tender for all debts public and private" right on the bills. It also says "In God we trust." Implied is "all others pay cash". Ben Franklins or even his brother Grant are good enough for me.

I complete the title and keep a copy so that I'm officially removed from liability when the sale is complete. I also have 2 bills of sale where both of us sign. I keep copies of all docs including the buyer's picture ID. Some people leave the title open and there is no formal documentation of the transaction and they are still responsible for the vehicle as far as the state is concerned.
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  #15  
Old 05-24-2019, 07:46 PM
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With asset forfeiture laws, police departments can seize cash that you're carrying and charge it with being up to no good, then they get to keep it. This makes carrying large sums dangerous, especially if you lack complexion protection.
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