[rak299]

I am replacing my car with an M3 and I think (hope) my car would be worth more to an enthusiast than to a dealer (340 ix, 6mt, track package, etc.) The mechanics seem difficult. What sorts of payment options are reasonably. Obviously, a bag of cash is good and a personal check is bad, but what about things in the middle?

[jmack]

The middle ground is bank check (aka cashier check aka certified check) and do the transaction at your bank's parking lot so you can deposit it right there.

[328iX]

Meet up at your bank, so whatever option they choose you can cash it in with them there.

For more expensive cars people don't pay cash because they'll finance with their institution and give you a cashiers check.

[chowser51]

Have them pay you with a cashier's check from their bank.
It's covid time so options are less and people are stupid. But make sure to get a verified form of payment.

I don't look old, I'm 46. Went to my bank. Told the kid, I need a cashier's check in this amount made out to Alfa Romeo Fiat Strongsville (for my X2) and gave him my name and account number. Kid said he couldn't override something because of the amount so his manager comes out. She's now questioning me about the check and asking if it was a scam because old people get scammed. I said it's made out to a car dealership, I'm buying a car. I know about these scams and what's upsetting to me is that it's been 20 minutes here and neither of you have asked to look at my driver's license to verify it's me because I don't recognize either of you.

[Billfitz]

Even cashiers checks can be forged with ease these days. If the buyer gets a check from a finance source let them cash it at their bank and give you the cash. The only other option I'd consider is doing the transaction at their bank, credit union or other financing source, so you'd get a certified check from that source.

[CajunBMW]

Originally Posted by Billfitz

Even cashiers checks can be forged with ease these days. If the buyer gets a check from a finance source let them cash it at their bank and give you the cash. The only other option I'd consider is doing the transaction at their bank, credit union or other financing source, so you'd get a certified check from that source.

+1 on this. Many years ago I sold my 5.0 mustang. Now I did it on the mustang club website and had a trusted fellow buy it, but we went to his credit union and did the notary signing of the paperwork at the bank and then I got a check right from the bank. In this case all worked out fine. In thinking about it, I believe that money was the down payment for my first bmw.

[rak299]

My problem with Cashier's checks is that you can put a stop payment order on one.

[sqwinny]

Originally Posted by chowser51

Have them pay you with a cashier's check from their bank.
It's covid time so options are less and people are stupid. But make sure to get a verified form of payment.

I don't look old, I'm 46. Went to my bank. Told the kid, I need a cashier's check in this amount made out to Alfa Romeo Fiat Strongsville (for my X2) and gave him my name and account number. Kid said he couldn't override something because of the amount so his manager comes out. She's now questioning me about the check and asking if it was a scam because old people get scammed. I said it's made out to a car dealership, I'm buying a car. I know about these scams and what's upsetting to me is that it's been 20 minutes here and neither of you have asked to look at my driver's license to verify it's me because I don't recognize either of you.

The same thing happened to me. The banking institution was determined to send it from them straight to the dealership themselves with certified mail and insurance. They would not let me walk over with the check to the dealership myself.

It took 4 days but the deal finally closed after they mailed the check and it was received.

[Psi5]

Cash is king! When I sold my E90, the buyer was not even all the way out of my driveway before I was headed to the bank with that cash!

Second choice, a cashier's check from the buyer's bank is OK so long as you meet at that bank and verify with the branch manager the check is valid and there is $ to back it up. Cashier's checks can be forged.

Third option is a lawyer or an escrow service. The buyer gives them the check and you hand over the keys/title to the car (don't sign it over yet). Once the check clears in a few days, you sign the title and they transfer the $ to you. The fee buys peace of mind for both buyer and seller.

[wilbur_the_goose]

Keep in mind the sales tax impact. In many states you pay sales tax in the difference between the sales price of what you trade and the cost of the new car.

AFAIK, that benefit does not apply if you sell the car yourself.

[BimR]

Use crypto! I guess you could settle for an instant bank transfer too.

[435gc]

PayPal?

[lemonchicken]

Originally Posted by rak299

I am replacing my car with an M3 and I think (hope) my car would be worth more to an enthusiast than to a dealer (340 ix, 6mt, track package, etc.) The mechanics seem difficult. What sorts of payment options are reasonably. Obviously, a bag of cash is good and a personal check is bad, but what about things in the middle?

I used Tred to sell my father-in-laws car. very reasonable fees for what they did. biggest service was they acted as escrow. when they had verified funds, they arranged for shipping of car. I'd highly recommend them or some other escrow service instead of taking $20-$30k in cash. Assuming that's the range a 340i is going for these days? Looking at the paperwork, Tred only charged me $99 total. including listing on all the car sites and handling dmv, escrow and managing shipping.

[PK2348]

Originally Posted by wilbur_the_goose

Keep in mind the sales tax impact. In many states you pay sales tax in the difference between the sales price of what you trade and the cost of the new car.

AFAIK, that benefit does not apply if you sell the car yourself.

+1, went through this few times, after taking into account sales tax savings, the difference between private party sale and dealer trade in becomes less than significant.
Do check out sales tax rules in your state. My only experience is in the state of NY

[tex2670]

Originally Posted by jmack

The middle ground is bank check (aka cashier check aka certified check) and do the transaction at your bank's parking lot so you can deposit it right there.

Originally Posted by 328iX

Meet up at your bank, so whatever option they choose you can cash it in with them there.

For more expensive cars people don't pay cash because they'll finance with their institution and give you a cashiers check.

I'd actually suggest meeting at the buyer's bank. It's really easy to counterfeit a bank or cashier's check these days, and if you meet at the seller's bank, the bank may not immediately catch a counterfeit check. That's how so many people get scammed nowadays -- "Sorry I overpaid you; deposit the check, keep the original amount we agreed on, and wire me the excess" then by the time the bank determines the check is fake, it's too late for you.

If you are at the buyer's bank, you can see them drawing the bank check.

[tex2670]

Originally Posted by wilbur_the_goose

Keep in mind the sales tax impact. In many states you pay sales tax in the difference between the sales price of what you trade and the cost of the new car.

AFAIK, that benefit does not apply if you sell the car yourself.

So here in PA (in most counties), at 6% sale tax on a $10,000 trade, if you could sell privately for over $10,600, you come out ahead. You just have to know the numbers.

[tex2670]

Originally Posted by 435gc

PayPal?

Fees. Use Venmo or Apple Pay.

[cfm56d7b]

I suggest an escrow service which practically eliminates the risks.

https://www.escrow.com/cars

[SoCal_NSX]

I just sold my Explorer yesterday for free using OfferUp....It was super easy

I went to CarMax for shits and giggles to see what they would offer me, as expected it just wasn't enough so I put it up on OfferUp for $3500 more than what they offered me and sold it with in two weeks to a great buyer for $3000 more than what CarMax was going to give me...I've sold many cars over the years privately and never had any issues. It helps getting a good buyer that has their financing ready to go.... finalize it at your own bank or the buyers bank to make it a safe transaction if you like

I even owed $5100 on it, but since buyer used his credit union they made it super easy by paying off my balance directly and cutting me a check for the remaining balance, just deposited $12000 into my bank today with no issues.


Now its time to get me a new Jeep !!! Putting in my final build order today!!!

[SoCal_NSX]

Originally Posted by lemonchicken

I used Tred to sell my father-in-laws car. very reasonable fees for what they did. biggest service was they acted as escrow. when they had verified funds, they arranged for shipping of car. I'd highly recommend them or some other escrow service instead of taking $20-$30k in cash. Assuming that's the range a 340i is going for these days? Looking at the paperwork, Tred only charged me $99 total. including listing on all the car sites and handling dmv, escrow and managing shipping.

That is great you had a good experience...I looked into them before listing my Explorer but was scared off by how many bad reviews they have received. It is brutal

https://www.bbb.org/us/wa/tacoma/pro...stomer-reviews