Range_Rat

Wire transfer only for worry free transaction. Too many uncontrollable variables otherwise.

redzr1

When I sold my 2008 C6 Convertible mid last November prior to purchasing a C7, my bank held the check for seven business days before funds were available. It was deposited prior to Thanksgiving, so the seven business days grew the delay into two full weeks real time. Next time it will only be a wire transfer for a sale that large.

JerryU

Back when I bought my C6 from Kerbeck, that is what they required as I paid for the car the morning I picked it up. It was a check with the Bank’s Name.

jdsaengine

Another vote for wire transfer or cash. I've sold 4 accepting cash. Last one was $32,000 in hundred dollar bills. I stayed with the buyer and my wife took the bills to the bank to make sure they were not printed on a HP printer. It was a big wad of bills

orca1946

Thanks for all the replies drivers. I am close to finishing the deal.
A wire transfer sounds S IF IT IS MOST USED NOW.
What do you think of $20,500 for a 2006 Z51 coupe with 59,950 miles on it as selling price to a private buyer?

direct007

I think with the new laws, you are opening up a can of worms taking $10k cash or more into a bank. There are currency reporting laws that banks now have to contend with.

JerryU

Not to just raise more issues but it’s not as simple as it sounds. For example, I had a buyer fly from 1500 miles away on a Friday. He had said Saturday but I insisted on Friday when the bank and department of motor vehicles were open so he could get a temporary plate as I was not going to allow my plate to be used! Had to tell him to call his insurance company to be sure he was covered.

In that case, he had a check from a Credit Union and I asked to see a copy, which he faxed on Thursday. I called the CFO of the large Credit Union and varied the check was good! Never did mention that to him and still made him go to the bank where I deposited the check and signed over the bill of sale. Was there a risk, sure although one I accepted.

There are brokers, escrow companies that will for a fee, hold the title until a wire transfer clears. It is not instant. That assures you get your money and the buyer is assured if it clears they get the signed title sent next day air.

I sure would not wire money before I saw the car! Where a bank check can be signed in front of you when you give them the signed over title.

Keppler

If the buyer banks with a national bank which has a local branch near you it is easy.

The buyer deposits the sum into his checking account. The two of you go to the local branch near you.

The buyer gives the bank his debit card and the bank writes you a cashiers check.

Kevin A Jones

Same thing I was thinking. Best to split your large cash deposits up to skirt the reporting laws.

Strake

Wire Xfer for sure.....

I got burned with a counterfeit Cashier's check years ago when selling my wife's Rolex. The check was very good. Had my bank look at it first, and when photo copied, it showed the water marks and said "void" on the photocopy. All the right size, color and printed addresses, etc.

I personally called the Chase bank and spoke with 2 different management folks who confirmed the numbers on the check were all legit.....

Turned out they were the "Master" Account numbers for Chase Bank.

I won't take one any longer.

Kent1999

FYI — That’s called “Structuring” and it is a Federal crime. Up to 5 years in Club Fed if you are convicted.

Best to just make your lump sum deposit — you have a signed bill of sale as your defense to prove the money’s provenance if, for some reason, it is ever investigated (which it very likely will NOT be, unless such events are repeated or there are other, shall we say, “irregularities” in your life).

Kevin A Jones

i didn't know that!!!!!!! Thanks!

pkincy

Ouch. That simple act is illegal on its face.

My procedure is to make the sale during business hours. Meet at the buyer's bank. Sit with him while he buys the cashiers check from the bank. Sign the title when you receive the check. Then drive with him to the DMV or AAA office and watch him pay the registration and sign the state release of liability form.

In the case of an out of state sale, I only had one and there the buyer had a friend inspect the car and when that was okayed he mailed me a check that I cashed. About 2 weeks later he flew out and I picked him up at the airport and gave him the car and the signed title and the Bill of Sale and the Release of Liability and he headed off cross country back home in the car. Nevertheless I had him send me a copy of his new state registration when he got home before I canceled my insurance.

Daughter is a claims exec at an insurance company. They had a case where an owner sold a big rig tractor to a guy and canceled his insurance on the sold rig. A month later the new owner ran over a minivan full of people, killing and injuring them. The new owner had not yet registered the tractor in his name. The old owner had not filed a release of liability in his state, so was still technically the owner and of course liable for the destruction and now had no insurance to cover the BI/Med claims.

AORoads

good price.

jdsaengine

Actually, now that you said that I remember we had to sign several forms verifying where the cash came from and making copy of ID to make the deposit. Did not seem like a big deal at the time which was just about 1yr ago now.