tim414

Has anyone sold a car to out of State buyer? What is the process so that both parties are protected?

My bank tells me a wire transfer is best from his bank to mine. They say it's the fastest and safest way.

His bank tells him I need to go and open a account at his bank so that instant ACH transfer of funds can take place. We bank at different banks.

So there is a difference....'ACH instant transfer' vs 'wire transfer'.

His bank manager is telling him I need to go and open a account at his bank, and then get a cashiers check to deposit at my bank, after the ACH transfer is done. I'm told it's a instant transfer and as good as cash.

My bank says that he simply needs to wire funds direct to my bank. They state that is safest way and funds are immediately available.

Any advice is greatly appreciated. I have never sold a car to out of state buyer before.

Thanks in advance.

dave89gta

My last 2 cars have been bought out of town (1 out of state). I paid both times using a bank check and went to the seller's bank with them to deposit the check. I guess it could have been fake, but they agreed in both cases and it went off without a hitch.

Wire transfer is the safest for you, and it's not the same as an ACH transfer. They should be able to do an ACH even though you're at a different bank, so there's no reason to get another account. However, there are likely fees on both receiving and sending ends for transfers (wire or ACH).

I sold a car to an out of state buyer by collecting a deposit via Paypal up front, then having him wire the funds to me before coming to pick up the car (he knew for sure he was buying it). He came down a week later, after the wire had cleared, and picked up the car.

Allzwell

Have them wire transfer to your bank

It's a simple process, your bank can give you all the routing numbers and it will be safe in your account

Street Rat

I bought a car from a fellow in Arkansas. Boy I sure had to jump through hoops to get it registered and inspected here in Texas. I went there and paid cash in person.

sxeC7

His bank is just trying to get a new account and save the buyer $$. Wire transfers are a cost to the sender, go that route.
Go to www.txdmv.gov for transfer info. In Texas the plates stay with the car so the buyer may want to keep them, if he's driving the car home. Make sure you file a Notice of Transfer with the DMV asap to avoid any liability. I'd also do a standard bill of sales form and keep a signed copy for reference,

dave89gta

- Wires can cost the receiver as well. Chase charges me $20 for an incoming wire. I usually just add that to the sale price.
- The plates can stay with the car in TX, but they can't be transferred anyway in this case. The buyer can get a vehicle transportation permit from Texas, and probably other states, which allows him to transport it home.
- Agree on the Bill of Sale. It's even better to sign it and have it notarized as a further safeguard.