I know this is probably the best way to go after wire transfer when selling a car but this local buyer said he owns a small business and would really rather pay the entire amount in cash.

Whats the best way to handle this? I dont really deal with cash much (aside from my ATM withdrawals ) so I wont be able to tell a fake bill easily - whats the best course of actions here?

Thanks

 

if he local, have him meet you at the bank, have your bank inspect the cash and depoist it right into your account

 

Yep meet at your bank. I love cash buyers as even bank checks can take 24 hours to clear in some cases. Plus if you neet a notary for title you should have one at the bank.

 

+1 on the Bank

 

buy a pen! and lay the money out! swipe the pen across the rows of cash. Easy!

 

I would meet at a bank. Safer for everyone.

 

have him give you a cashiers check.. everyone is safe.

 

so the machine they use to count stacks of cash also verifies that its authentic (that fast) ?

 

Don't want to hijack this thread but also had a question on an out of state sale. I'm in CA, he's in AZ.

Buyer is purchasing car thru his Credit Union and they are cutting a check for the entire amount. I hold a clear title for the car in my name. His CU will not cut a check without a signed title. Here's what I proposed:

- Buyer places a PayPal deposit on my car
- I sign the title and send it to his AZ CU (who I've talked to at length) FedEx overnight
- Once the CU receive the signed title they will wire the entire amount to my bank
- Buyer flies out next day or two and picks up car and drives it home

Does sound reasonable?

I've also sent his CU a copy of the title, copy of registration and copy of the smog test. We will also need a POA document and a bill of sale along with a VIN verification form according to his CU.

Thanks in advance.

 

I don't think cashiers checks are a viable method. I was told by my bank that cashiers checks may still need 24 hours or more to clear. This surprised the hell out of me. It seems they can easily be counterfeit and made with color printers.

 

have him give you a cashiers check then when it clears give him the title or even have the bank hold on to the title.. I have done this in the past.

 

buyer insists on cash... almost too good to be true.

 

No, but almost all banks have staff that are trained to spot counterfeit bills.

 

Let's just say I'm in the industry, 997express is correct. Both cashiers checks and bank checks will take time to clear. Another way of stating this is, they can both be stopped. Therefore, if you want a guaranteed method of payment you have two choices, a wire or cash.

 

If he's a local guy with a business, the chances of him trying to pull some kind of scam are very, very small.