Hi, I havent post much on here but i need some help. Ive never really sold a car privately, but this time I am. I have an offer on my car, I just want to know the safest way to receive payment.

I owe 23,000 on the car and i have an offer for 29,500. How do I proceed? I am just very skeptic because of all the scams with cashiers check. The buyer wants to send me wire transfer.

Many thanks

 

Tell him paypal. Thats what I know when it comes to the internet for payment.

 

NO!! Make him go to the bank with you and pay off your loan and the bank will deposit the rest of the money in your account! This way the bank takes care of everything...Also depending what state your in, you will need a form from the bank to give him a paperless copy of the title....Most of the time the bank does not have the title on file....When I sold mine, I took him to the bank and got a cashiers check from his bank and then drove to mine and deposited in my account! If you have to take a wire/ money order, make sure it clears in full before signing any paper work and giving him the keys!

 

Also be very careful of scams like you said! I sold one of my motorcycles and I had one guy send me a money order that was fake! Luckily I caught it before I ever signed any paper work! Has the guy came to see the car yet? Do you have his address? Do you have his phone #? Does he communicate through email only? Things to asks yourself about the buyer! If any are no those would be some red flags to me! I finally caught the guy with the money order scam online and chewed him out! Guess what he said!?! Do you want to work for me! I'll make your rich! WTF!!

 

I appreciate all the responses. The guy is from ilinois, he saw car on eBay and was interested because he is a broker and his clients' son wants the car. He wants to pay off my car and wire me the difference. Should I give him instructions to send cashiers check to pay my car and have him wire me the difference? How long do I wait until everything is clear before giving him car?

Thanks again

 

so all your communication is via web?

 

No we talk over the phone. He is a broker and on eBay he sold two cars...seems Luke the real deal. He wants the pay off info so he cab send a certified check to BMW...then when the car is paid off I release it along with signing over the title.

Sound safe?

 

No, not really, it doesn't sound safe. I would follow Skeeter's advice, the man knows of what he speaks

 

Sounds pretty safe, one thing you may consider is you contact your lien holder (BMW or whomever) and let them know your sitution, then have the buyer work directly with your lien holder's rep you spoke with on paying off the note. Typically this can be done at the dealership, or bank holding the lien, even if its remotely. Typically financial instituions are set up to make sure the transaction is done correctly.

Good luck with the sale.

 

Three ways to proceed:
1 Electronic transfer of funds into your account (best)
2 Certified check first cleared into your account
3 Cash

You should pay off the loan yourself. Asking the buyer to pay off the loan and you is too complicated.