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Purchasing user car off CL..What form of payment is recommended?

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calisoldier83
1/16/13 10:31 AM
Hi,


I was wondering what method of payment if preferred on the buyers end of things when purchasing a used car. Checks are the most convenient, however, for the seller they are the worst form of payment. Cash leaves no trail, and money orders have to be processed by the post office. What approach do you guys take when buying a big ticket item (~10k) from a individual seller?
WikiPost
1/16/13 10:31 AM
Dawgswin
1/16/13 10:41 AM
A cashier's check is still the easiest thing from my experience. I don't see how a cashier's check would be a bad form of payment for a seller.
ellory
1/16/13 10:44 AM
Dawgswin said:   

A cashier's check is still the easiest thing from my experience. I don't see how a cashier's check would be a bad form of payment for a seller.

Because they can be fake

Meet in the buyer's bank. Have them get cash. Then either buy a cashier's check or open/deposit the cash into your own account
skadoo323
1/16/13 10:47 AM
ellory said:   

Dawgswin said:   

A cashier's check is still the easiest thing from my experience. I don't see how a cashier's check would be a bad form of payment for a seller.

Because they can be fake

Meet in the buyer's bank. Have them get cash. Then either buy a cashier's check or open/deposit the cash into your own account



I agree. I would meet at a bank and take care of the transaction.

Also depending on what state you are in the vehicle in still legally owned by the previous owner until you register the newly purchased vehicles and transfer the title.
Dawgswin
1/16/13 10:47 AM
That's a really good point I didn't consider mentioning. Each sale I've gone through for a vehicle I've insisted on meeting at the bank, whether buying or selling...
CrazierRus
1/16/13 11:13 AM
Bank. They can also notarize the Bill of Sale
sailinlight
1/16/13 11:17 AM
I always prefer cash
BenH
1/16/13 11:20 AM
I can't tell if you are asking as the buyer or the seller.

In either case, and whatever the payment, you should write up a receipt that states what is being sold and for how much. If you are the seller you probably want to insure it is 100% accurate for the amount incase there is a problem with the payment. Although as the buyer you might suggest writing up the value as less (for tax purposes - shady though).

If you are the buyer, it really doesn't matter what you use - as long as the seller accepts it. You can hand them $50s printer on horse manure and as long as they accept it and give you the vehicle - who cares? You have possession of the vehicle and the title. I'm not suggesting you scam a seller - I'm just saying *you* shouldn't really worry about the form of payment.

If you are the seller - as others have stated meeting at the bank is good. I have sold a couple cars and some expensive furniture (ranging from $300-3000) CL before. I have always just accepted cash as payment at point of sale - never bothered to go to bank. Counterfeit money is not that easy to come by and not normally something one needs to worry about. You should gauge your buyer though and if you suspect they are ultra-shady you might want to suggest a ride over to the bank.

When accepting a large amount of cash, you may also want to consider the risk you pose keeping that even over night when someone from CL knows you have it on your property. Again, this should be a personal call on the reputation of the buying party.
xelint
1/16/13 11:22 AM
I thought H&B was the preferred commodity for CL?
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