Selling a car question.

[Gladius]

BIMMERPOST / Classifieds

Asking Price:

None

Item Interest

I have a buyer for my car, who is paying "cash" for the car. I've told him that a bank check is ok. Is there a way for me to call the bank to verify that the check is good, or that it is funded? E.g., if he gives me the bank info and check number, would the bank tell me if it's a valid check?

Or is there a better way to get payment for the car? He's out of state and flying in to pick up the car, but the timing may not work out for me to get to the bank before he leaves with the car, so I want to do my diligence ahead of time.

TIA.

[Solonng]

Get him to wire the money to your account..once the bank releases it and you see it, then you can close the deal..safest way in my opionion

[myicedm3]

very nice car you were selling, wish you were closer to me

how much did you wind up selling for?

[smmmurf]

Go with him to the bank to get the check

[james9631]

Perhaps the buyer should give you a certified check from his bank.

[Grail05]

DONT MAKE THE DEAL UNTIL IT CLEARS... doesnt matter if its good but until it clears thats all that matters

[kcdude24]

Originally Posted by james9631

Perhaps the buyer should give you a certified check from his bank.

These can be reversed/cancelled by the issuing entity...let alone fake....have him fly in to inspect and if acceptable go to your bank, complete the sale and have him kick off a wire. It should post by close of business.

[persian54]

he can send you a wire and it'll clear in 1-2 business days, depending on some conditions

it's a cheap $15 fee or something.

[Darth One]

have him fly in with a cashier's check for the agreed on purchase price. meet him at his bank with the car (hopefully he banks at a national bank that has a branch near you). when I bought my car private party I actually had my bank cut the cashier's check in front of him to make sure there we no doubts. it also helped that that very bank branch was where his company banked so everything was aboveboard.

at the bank, he can do any inspections or test drives you agreed to and if all goes well he hands you the check, you sign over the title, both of you sign the final bill of sale, and you're all set.

note that I was asked to notarize the bill of sale so you might want to arrange for that ahead of time if applicable. hope this helps.

edit - if I were the buyer I would not wire you any money without a car, a title, and a bill of sale. especially before I even saw you or the car in person.

edit 2: I just reread your op and it seems like you won't be around when he picks up the car. that could be problematic IMHO. don't you want to just schedule time where you both can be present and do the deal face to face? that way you can ask each other all the questions you need to, and have the title and check change possession at the same time to avoid a lot of discomfort

[Yea Boi]

I say bank check is fine when he arrives, just dont give him the title to the car until the check clears into the bank, cuz technically you still own the car until the title is signed over. Thats my opinion. Congrats on selling your car.

[fighterfox]

Hi

Dont give the title until funds are cleared you have to mail the title to him anyway so wait and then mail him title and dont ship the car also until everything is cleared....

[persian54]

Originally Posted by Darth One

edit - if I were the buyer I would not wire you any money without a car, a title, and a bill of sale. especially before I even saw you or the car in person.

Yes very true

But he can wire the money when they meet as well

Hell, if you bank at the same institution, it would be super easy

This is the reason I have an account with most major banks.

[mamadub]

Originally Posted by kcdude24

These can be reversed/cancelled by the issuing entity...let alone fake....have him fly in to inspect and if acceptable go to your bank, complete the sale and have him kick off a wire. It should post by close of business.

So true. You can not trust cashier/bank checks to real anymore.

[kcdude24]

Originally Posted by mamadub

So true. You can not trust cashier/bank checks to real anymore.

Any bank,incl credit unions and such, should be able to kick off a wire and have it post by 3pm.

[kcdude24]

Only other hitch is having a temp tag to drive home...no way to get a plate since the deal is not done until he arrives for inspection. Some states will issue temp tags but others will not.

[baliano]

Congrats on the sale...my deal is still pending....if it goes through I could bring you a suitcase full of cash;-)

[Gladius]

Hehe, I'll let you know.