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      05-08-2011, 08:14 PM   #1
rlb
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What is the safest payment to accept when selling a car?

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I'm selling my car and would like to know what is the safest type of payment to accept from the buyer. It seems like a Bank check is a little safer than a Certified check, but I read they can both be stopped. I would prefer cash but the sale amount is $11,000 and anything over $10k is scrutinized for possible money laundering.

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      05-08-2011, 08:24 PM   #2
TXe92
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Wire.... and anything of 10,000 is a CTR.. your not gonna get in trouble or audited by the government.. dont worry about it..
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      05-08-2011, 08:54 PM   #3
rlb
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I thought about that but when I checked the fees were like $30 to send and $20 to receive. Plus, the hassle of exchanging bank info...
I would like to go to their bank with them and get a Bank check and then go to my bank and deposit the Bank check. I am worried that they could stop the check, withdraw their funds, or reverse the check. Is a Bank check ok as long as I am at their bank when they issue it? Or should I really tell them I only want cash?
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      05-08-2011, 09:08 PM   #4
karlusmagnus
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Just do a wire. For $20 or $30, on a transaction the size of $11k, its cheap insurance.
I purchased several cars, by -
1. Wiring the money
2. Seller fedexing title to me
With title i got registration and picked up car in MSP. Other car was in SFO, and seller dropped it at shipping company. Went very well both times, considering the fact that I was in NY, and long distance sale etc.
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      05-08-2011, 09:17 PM   #5
tomtom11
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sell for 10k and take cash
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      05-08-2011, 10:33 PM   #6
CosmosMpower
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Cash. Too risky to use cashiers checks. If over 10K the bank will just ask you what the money was for and you just tell them it was for the sale of a car, no issues. I sold my last car for 18K in $100.00 bills. Met the buyer at my bank and had them verify the bills were legit, signed over the title. No issues.
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      05-09-2011, 12:01 AM   #7
fire_mike
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Meet them at their bank and be there when they get a cashiers check. You know it's legit that way.
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      05-09-2011, 11:18 AM   #8
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just hold the title until the check clears
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