Receiving Payment

Stumper · Nov 6, 2019

How is everyone receiving payment for cars they sell these days?? It used to be that Bank Checks, Certified Checks were as good as gold. You could receive one in payment and it was the same as cash. In recent years I keep running into bank delays of 7-10 days while they “clear” a check. Is this banking practice everywhere? Are there other options for receiving a large payment that is “guaranteed “? I have run into this problem a couple of times selling cars to someone out of state. The buyer obviously doesn’t want to carry a bag of cash with them to make payment and the seller does not want to sign over a title and let a car go down the road without knowing they have payment in hand. What options do we have???

69L48Z27 · Nov 6, 2019

Cash and make sure you get a bill checking pen. And yes, people carry bag fulls of money.

I’ll take bank checks but I have the buyer send me a picture of the check. Once I have that I’ll call the bank that generated it and and make sure they made the check and it’s legit. You’re fairly safe at that point. These and personal checks take 7 days to clear technically. I’ve had funds show up as soon as the next day.

Wire transfer is good too. Brokers are an option.

Bottom line is, if something stinks move on. Use your Sipdey Sense. You can also hold the title and mail it later.

Dennis H · Nov 6, 2019

I haven’t used cash for anything for ages.

dartforforty · Nov 6, 2019

Cash Is King

65hemi · Nov 6, 2019

When I bought the 65, I used bank to bank wire transfer. Safe. Secure.

Hey-O · Nov 6, 2019

When I bought my 65, he wanted cash in twenties, clean, bank wrapped twenties, that's what he got.

Jerry Hall · Nov 6, 2019

Receiving money, Cash. Purchasing, Cash or wire transfer with the seller at his bank. IMO.

SaddleLight · Nov 6, 2019

I recently sold a toyhauler and used my credit union to make sure everything was legit due to the large amount of money being traded. They told me that cash was the only "guaranteed funds". Printers have gotten so good that they don't take checks as guaranteed anything anymore. That was my experience with my bank.

Dreamcatcher · Nov 6, 2019

Cash!! I sold my drag car a couple years ago. The guy bulked a little when I said cash only but he finally agreed. Been told stories of bank checks being canceled after the sale. Cant chance it.

Jerry Hall · Nov 6, 2019

Dreamcatcher said:
Cash!! I sold my drag car a couple years ago. The guy bulked a little when I said cash only but he finally agreed. Been told stories of bank checks being canceled after the sale. Cant chance it.

I like your thinking. On a recent purchase, I had an agreement with the seller that I could walk away for any reason reason if the car was not to my satisfaction or I just didn't like it. I mailed a Certified Check to him about 10 days before I arrived. When I got there and made my inspection all that was left was to sign the paperwork ,load the car and go. As smooth of a transaction as I have ever had. The seller was secure with his money and I was satisfied that for any reason I could get that money back.

Sahara · Nov 6, 2019

Cash. It’s a pain in the ***, but so are many things in life.
I do a lot of stuff with EMT payment, but got boned once doing that by the bank, not the seller.

Slap Stick · Nov 6, 2019

The bank also wants to hold the money and draw interest on it before they release it to you.

67440chrg · Nov 6, 2019

Years ago when I bought my car it was a cash transaction. It was only about 1.5 hours away. I paid he signed and I drove it home.

66383 · Nov 6, 2019

Bought my car Dec. 2016. Took certified check. Owners credit union held it for 10 days. Said crooks are so good at printing these days. Luckily it was only 3 hours away. :mob:

slepr1 · Nov 6, 2019

Banks are greedy as f@ck. With computers and internet their is NO excuse for more than a 1 minute delay on checking funds with another bank. They can easily build a network amongst themselves to make check clearing fast and efficient. But they don't....too much money to be made. Here in Canada EACH of the major banks make at minimum 1 Billion dollars a month in profit. Bunch of SOB's.

In addition, they don't like taking cash and have the nerve to charge businesses for depositing cash! *******!

Time to smoke a big fattie to calm my nerves lol.

GetX'd · Nov 6, 2019

I accepted the bank check but had the buyer send it to me in advance of releasing the car. The check cleared and so did our transaction on the car.

Stumper · Nov 6, 2019

I know cash is best (with bills tested by pen) but some people are understandably worried carrying a large amount of cash across several states. I have someone coming to buy my car. We’ve agreed on a price but he has not seen it in person. Even though we have agreed on a deal by phone I know he wants to inspect it before buying. Can’t say that I blame him. I’ve done the same before buying - but I carried cash to look at it. He wants to bring the majority of payment by cashiers check with some cash ( I’m sure for a final negotiation...). He’s not comfortable making a 12 hour drive here with that much cash..

Fran Blacker · Nov 6, 2019

A buyer could open an account in a national bank with the money for purchasing a car. A branch in both your towns or near by. The only thing is the seller branch needs to have enough cash on hand. I asked if it would be a problem to withdraw $15k once, "We need a few days notice, because we'd be short funds for day to day business".

kiwigtx · Nov 6, 2019

slepr1 said:
In addition, they don't like taking cash and have the nerve to charge businesses for depositing cash! *******!

They do that here - in the name of "Cash handling fee" :mob:

That's what banks do, and now they charge the customer to touch their money. :mad:

Maybe I should charge a "Wire handling fee" for running cable on jobs now, on top of my labour rates.

Fran Blacker · Nov 6, 2019

Maybe old news

but the Aussies don't allow cash transactions over $10k. What is next!

Receiving Payment

FBBO Gold Member

Well-Known Member

FBBO Gold Member

Deceased, But not forgotton

Well-Known Member

FBBO Gold Member

FBBO Gold Member

Active Member

Will fish for food

FBBO Gold Member

FBBO Gold Member

Well-Known Member

Well-Known Member

DETAILS MATTER!

Well-Known Member

Making Life Great Again!

FBBO Gold Member

FBBO Gold Member

Henchman #4 and Jack-Stand Racer #2

FBBO Gold Member

Similar threads