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Stefan Antwarg
03-18-2004, 6:31 AM
It looks like I have a buyer for my used car. How do you handle the logistics? How should the buyer pay (check, cash, money order, cashiers check)? Should I write up a basic contract? Any other suggestions?

Stefan

Dave Bartley
03-18-2004, 8:07 AM
Having sold many vehicles over the years, here is my suggestion's. I prefer CIF (cash in fist) but will take certified check or money orders.

The main issue, is to go to the license agency with them to make sure it is put into their name right away. Some States like mine this can be done online. This will clear you from any accident, parking tickets ect that may come up between the time of sale and when they get around to changing it over.

Most States will want a bill of sale that will include the vin#, and the milage and of course make and model. Bill of sale must be signed by the legal owner unless acompanied by a release of interest statement.

Arvin Brown
03-18-2004, 8:17 AM
You absolutely need a Bill of Sale! Here is a site you can pay for one specific for your state (I would just look at it and make my one):

http://www.uslegalforms.com/auto-bill-of-sale.htm

or I'm going to attach a free generic one.

As for money, I would only accept cash and no bill greater than $20. Reason - any other payment method could be forged - even a cashiers check believe it or not. Why only 20's. What if one is fake? Well then you are only out the $20 vs. a larger bill. Hope this helps.

Steven Wilson
03-18-2004, 10:46 AM
It looks like I have a buyer for my used car. How do you handle the logistics? How should the buyer pay (check, cash, money order, cashiers check)? Should I write up a basic contract? Any other suggestions?

Stefan

Cash is always king but if the sale is for a lot of money you or the other party maybe nervous carrying large sums of cash. When I sold a car a couple of years ago I had the buyer get a cashiers check from my bank and previous to the sale I had a copy of the buyers drivers license (to verify his address, etc). As for the bill of sale that is somewhat dependent on where you live. In our state, the title is constructed that it makes for a decent bill of sale. The buyer and I met at a local DMV office, he handed me the cashiers check, I signed the title and odometer statement, gave the title to the DMV clerk, and she obtained the registration and tax fee's from the buyer.

Dennis Peacock
03-18-2004, 11:02 AM
you or the other party maybe nervous carrying large sums of cash.

Gee, I wouldn't know about that.....How about sending me a BUNCH of paper money (the real stuff) and let me carry it around in my pockets for a few years to see if it makes me nervous or not. :D

Steven Wilson
03-18-2004, 11:15 AM
Gee, I wouldn't know about that.....How about sending me a BUNCH of paper money (the real stuff) and let me carry it around in my pockets for a few years to see if it makes me nervous or not. :D

I use to work in Saudi and carrying fair amounts of cash is the norm, not much petty theft there. Anyhow, when I was preparing to leave I had a day where I cashed out my bank account, had the proceeds from a couple of car sales, last paycheck (cashed), and severance pay (cash) all in my pocket - that made me nervous. I felt much better when I paid the movers, wired some money back to the sates, and had the rest in travelers checks. Having 560000 Riyals (app $150K) stuffed in you pockets is enough to make you nervous.

Ken Garlock
03-18-2004, 11:17 AM
Hi Stefan. The advice above is correct from my view. Let me relate what I did when buying a used truck from an individual.

1) I had the truck inspected by my mechanic. All was OK. The seller also met me at the mechanic to get the report.....

2) I met the seller at the DMV with a bank/cashier's check for the amount we had agreed upon. It was a handshake agreement.

3) When we got up to the clerk at the DMV, I gave the seller the check, he signed the ORIGINAL title over to me. (Be sure you have a clear title available, and not a memo title.) I immediately had the ownership processed by the DMV. The seller was done as soon as he had signed the title and taken the check in hand.

As the Russian said in the movie 2010, "Its a piece of pie." :)

Stefan Antwarg
03-18-2004, 8:03 PM
Thanks a lot everyone. This helps.

Stefan