Current best practice for preowned vehicle transaction

[chassis]

What is the current best practice to sell to a private party?

Venmo and the like don’t settle transactions within an hour on the same day in the range of $20k do they? Is a $20k transaction possible at all on those platforms?

Cashier’s or bank check?

I want a payment solution with no brick and mortar bank involvement.

Thanks for any input.

[Humdizzle]

best way i've found is to have the dealership do a ppi and hold the car there. put the filled out title in the glovebox when you drop it off. take off your plates. put both keys on the key ring.

after ppi is over he wires you the money. adjust the bill of sale if needed. wires are pretty much instant and you can always check with your bank to confirm. then you call the dealer and release the car to him.

basically don't ever let your car leave before getting the money. the title and paperwork can always be sorted out later. money can't (if you're buying private get a pic of the title before hand to ensure if there is a lien or not)

[freakystyly]

Need to be extra careful with e transfers. There is little to nothing you can do in reversing transactions.

I was going to say briefcase full of bills... I've done that before on a cheap car.

[dgoldenz]

Crypto if you don’t want a bank involved. I’d want a bank involved though. Meet at bank, buyer wires money or draws cashier check in your presence so you know it’s legit, take money and sign over title. Pretty simple.

[OkieSnuffBox]

Go to bank with bill of sale and title. They will have a notary there.

Use a cashier's check or similar. Done.

Last one I sold was cash. So I did the first step, bank counted the $12k in cash, all was good, BOS and title signed, car was his.

[Alfisti]

WHy do you guys need to meet at a bank? Buyer just goes to the bank and does a wire.....why is this seemingly so complicated in the USA?

[chassis]

Originally Posted by Humdizzle

best way i've found is to have the dealership do a ppi and hold the car there. put the filled out title in the glovebox when you drop it off. take off your plates. put both keys on the key ring.

after ppi is over he wires you the money. adjust the bill of sale if needed. wires are pretty much instant and you can always check with your bank to confirm. then you call the dealer and release the car to him.

basically don't ever let your car leave before getting the money. the title and paperwork can always be sorted out later. money can't (if you're buying private get a pic of the title before hand to ensure if there is a lien or not)

Interesting idea, thanks. What does the dealer charge for this effort?

[dgoldenz]

Originally Posted by Alfisti

WHy do you guys need to meet at a bank? Buyer just goes to the bank and does a wire.....why is this seemingly so complicated in the USA?

Because then the buyer is trusting that you aren't going to run away with the money. If you were a buyer would you be comfortable just wiring a large amount of money to someone you don't know when there is no recourse for your money at all if they don't give you the car? As a buyer, I want the title and the keys when I'm handing over the money.

[dgoldenz]

Originally Posted by Humdizzle

best way i've found is to have the dealership do a ppi and hold the car there. put the filled out title in the glovebox when you drop it off. take off your plates. put both keys on the key ring.

after ppi is over he wires you the money. adjust the bill of sale if needed. wires are pretty much instant and you can always check with your bank to confirm. then you call the dealer and release the car to him.

basically don't ever let your car leave before getting the money. the title and paperwork can always be sorted out later. money can't (if you're buying private get a pic of the title before hand to ensure if there is a lien or not)

Filling out the title when you don't have the money yet is a pretty bad idea. You can always request another title if it doesn't work out but what a hassle that would be. What if the buyer finds something on the PPI and backs out? It's not that hard to go meet someone and do everything in one transaction. I also wouldn't trust the dealer to give possession of the car to the buyer, you never know what stupid things might happen that could create a huge mess.

A buyer would have to be very stupid to hand over the money without proof of title and getting the paperwork/keys at the same time, but some people are stupid...

[Alfisti]

Originally Posted by dgoldenz

Because then the buyer is trusting that you aren't going to run away with the money. If you were a buyer would you be comfortable just wiring a large amount of money to someone you don't know when there is no recourse for your money at all if they don't give you the car? As a buyer, I want the title and the keys when I'm handing over the money.

It's a cash wire, once the teller pushes it through, it's done. Car is mine.

[dgoldenz]

Originally Posted by Alfisti

It's a cash wire, once the teller pushes it through, it's done. Car is mine.

And what happens when they don’t hand you the keys or give you the car?

[Alfisti]

We both sign a sale agreement first.

Again, why is this so complicated?

[dgoldenz]

Originally Posted by Alfisti

We both sign a sale agreement first.

Again, why is this so complicated?

Scammers usually abide by sales agreements. Don’t be an idiot, protect yourself by doing it in person. It’s not that hard.

[Alfisti]

How do you buy from someone say out of state then?

[DocL]

Originally Posted by Alfisti

How do you buy from someone say out of state then?

I've used my attorney to hold the money in his escrow account for both selling and buying a used car from an individual. Gives everyone security. Once attorney gets money, new owner gets title either in person or by FedEx overnight. Same thing in reverse if I buy privately.

[dgoldenz]

Originally Posted by Alfisti

How do you buy from someone say out of state then?

Well, they do have airplanes....

[pikkagtr]

20k gold bar ingot

[Humdizzle]

Originally Posted by chassis

Interesting idea, thanks. What does the dealer charge for this effort?

nothing. they won't get involved though. they will let the car sit on their lot a few days or a week after ppi. they aren't going to hold your title or anything, you'll have to leave that in the locked glovebox. just call them and tell them hey release my car to bob

i've done this with my m3 and 458. once i get my money im good, buyer can arrange shipping or fly down to pick it up. if buyer doesn't like sending me money before picking up the car, tough shit, i have the car so i set the rules of how the transaction goes.

[Alfisti]

I think you have more goodwill at dealers than most though. Just wandering in asking for this is going to be met with a "go fuck yourself" face.

[H2O_Doc]

I've bought out of state and conducted the sale at a bank and I've done it with an individual but at a dealership. The dealership was in a small town where personal relationships were important and they knew the seller. It was actually quite easy and kind of interesting. Rural PA.

[OkieSnuffBox]

Originally Posted by DocL

I've used my attorney to hold the money in his escrow account for both selling and buying a used car from an individual. Gives everyone security. Once attorney gets money, new owner gets title either in person or by FedEx overnight. Same thing in reverse if I buy privately.

No need to involve an attorney. Bank will do it just fine. Purchased an E30 that way before.

[chassis]

Originally Posted by H2O_Doc

I've bought out of state and conducted the sale at a bank and I've done it with an individual but at a dealership. The dealership was in a small town where personal relationships were important and they knew the seller. It was actually quite easy and kind of interesting. Rural PA.

Thanks. What was the interaction with the dealership? You met the seller in the dealer parking lot, and exchanged title for what? What role did the dealer play?