Selling a car that is over $15k precautions?

[vital]

If the buyer offers a check, do I go with him to his bank or my bank to verify the check?
If its through a bank loan, what precautions should I make?
When should I officially hand over signed title and keys?

 

[rommelrommel]

His bank, they can turn it into cash. Your bank could need a week or more to verify it and get the cash.

If he's taking a loan out, that doesn't concern you too much... if he has the cash it's good. If he pulled a fast one to get the loan, that's between him and the issuer.

Signed title and keys at the bank when he hands over the cash.

 

[Mermaidman]

Both of you at his bank. Have the buyer get a cashier's check from the bank teller, and you witness the transaction. Buyer gives you the cashier's check. (The buyer's personal check doesn't enter the equation as far as you are concerned.)

The key point is that cashiers checks can be fake or stolen, and you want to witness that it came from the bank. If the buyer should show up with the cashiers check, I would verify it at the issuing bank before signing over the title.
>$15,000 in cash is inconvenient to carry around.

 

[mmntech]

Only take a certified cheques for anything over a few hundred dollars. This way the bank guarantees the funds are available, and the cheque will never bounce. In other words it's as good as cash.

 

[vital]

Are there anything else they should sign if I am selling the car As Is without warranty or is it assumed legally that when you purchase a used car it is always sold as is without warranty unless stated and warranty is transferable?

 

[ElFenix]

Only take a certified cheques for anything over a few hundred dollars. This way the bank guarantees the funds are available, and the cheque will never bounce. In other words it's as good as cash.

but only do it in person watching him buy the check, there's a lot of forged cashier's checks out there.

 

[vital]

Thanks for the responses. I just sold a car to someone bringing 18k in paper cash counted at the bank.

 

[Mide]

I did this before when I sold a my old Honda Fit. We arranged to meet at his bank and he had a cashier's check from that same bank in hand. We both went in and I talked to the teller to verify that the money was there and all was well. She did. We went outside and signed the Bill of sale and title and handed the keys over. I went to my bank, deposited the money and all went well.

 

[master7045]

I did this before when I sold a my old Honda Fit. We arranged to meet at his bank and he had a cashier's check from that same bank in hand. We both went in and I talked to the teller to verify that the money was there and all was well. She did. We went outside and signed the Bill of sale and title and handed the keys over. I went to my bank, deposited the money and all went well.

Did the exact same thing when selling a Pontiac GrandAm via craigslist. Except we signed the bill of sale & title in the bank, it was cold outside

 

[master7045]

*Delete Dup post, sorry.