Although I've enjoyed my cayenne s over the last year, I'm thinking about selling it because of my lack of driving it and it depreciating. Sorry if this is a little OT, but since it is such a large sum of money, how have you guys sold in the past when doing it private? Obviously, someone isn't going to hand over 80k in cash.

I can ask for a cashier's check, but it takes like 3-5 days for my bank to process and by that time, I've already signed the pinks over to him and he can technically cancel it.....Hmm...need to think about this, but wanted to get peoples thoughts.

 

You can pay a small fee for the bank to guarantee it on the spot or at least they use to when I use to get large payments for products.

 

Use escrow.com when you find a buyer or sell it to carmax and get a good check in about an hour.

 

I have used a wire transfer when selling cars of similar value. Or go to his bank with him and get a cashier's check (so you know it's a real cashier's check).

 

Ya. Thanks guys. I think you can call his bank also to verify it is real, but I heard you could actually cancel the money order with good reason.

 

I second this. Have used them before to sell a car from Alaska to the Lower 48. Perfect transaction.

 

I usually just ask what bank he banks at. Usually, he/she has an account where I have an account. If he/she likes the vehicle, we go to the bank together, wait in line together, I wait behind him as he purchases Cashier's Check, he finishes buying it, hands it to me, I go to same teller and deposit it. Right afterwards, I hand him the pink.

 

Just do a bank verify from where the cashier check was issued. Usually your branch manager can call the bank where the cashiers check was issued at to verify good standing and that indeed it was real. Mine has done it everytime.

 

I would do a wire bank to bank transfer. Make sure the funds are in your account by contacting your bank before you sign over the title. Contact your bank/credit union for best way for them to handle it. Sometimes it is not instantaneous. I am very leary of cashier checks as they can be stopped. You never know.

Good luck.

 

This is skewed for the seller. What do you recommend if the OP was buying...just make a wire transfer for $80K to some guy's bank account and wait for the car and title to show up?

 

Yes, it is skewed to the seller a bit. But he owns the car. And a prudent buy checks out the car and the seller too.

My experiences, with distant buyers, including overseas, which is more complicated as it takes 2 days for an electronic transfer to get executed. I never would hand over the keys and title until the monies are transfered.

I execute a bill of sale, and a sent copy of a signed title (showing no liens), then my bank / credit union works with the receiving bank for the funds. Once that is executed, I provide the original paperwork, keys and he owns the car. If he is uneasy with that, then it would be an escrow account. But that has never occurred for me, yet.

As mentioned it is best to contact your bank/credit unionfirst to best understand how they handle it. They do it all the time to protect their customers.

 

Money order and cashier checks just can't be cancelled. You can cancel if it its been loss but they also make you wait a few weeks.

Normally I get funds wire or cashier check and verify funds. Either way I make sure to get enough identification to feel comfortable and worst case I have insurance

As a buyer I wire or next day air cashier check if seller proves to me he is the legal owner and has title.

 

[QUOTE=C4SxM5;3848435 You can cancel if it its been loss but they also make you wait a few weeks.

Normally I get funds wire or cashier check and verify funds. Either way I make sure to get enough identification to feel comfortable and worst case I have insurance

As a buyer I wire or next day air cashier check if seller proves to me he is the legal owner and has title.[/QUOTE]

Guess it depends on someones comfort feeling with the buyer. If I don't know someone, I think of the transaction to be criminal proof.

With my credit union, a very large one, I can fill out paperwork to allow cashier checks, and money orders can be cancelled. Sure it is over the line, but someone was crook/criminal, it can be done, and still have the my too - as it can take days or the check to clear.

More importantly, how do you know if the cashiers check, or certified check is real? Sure you can call the bank to verify funds, but I want zero chance of any degree of risk. It is the 21st century - I always do electronic - bank to bank getting the buyers account number. Often buyer places the funds in a separate account to protect their security of me knowing their personal account number.

That all said, when I am the seller, and the buyer does not want to agree to my terms for the transaction, including verifying my reputation, it is clearly someone I don't want to sell too. Just like if you were renting a property - if tenant does not want to agree to terms of lease, it raises a flag to me.

 

Thanks everyone for the recommendations. I think I'll go to the bank with him to get the cashier's check. Anyways, bye bye Cayenne soon. So sad...

 

was kind of thinking the same thing, mine just sits at home alot and doesnt get much use. if you dont mind me asking, how much are you selling yours for? what year, miles and original msrp is ur car? i blue booked mine and its coming up at about $70-72k, i dont even have 4k miles on it and would hate lose $15-20k on it in a year, thanks in advanced