Selling a car - safest payment option?

[Pistol Pete]

Just wanted to hear your thoughts:

What's the safest payment option, other than cash obviously, when selling a vehicle (private sale)? This would be a larger sum of money ($10,000+), so I just want to make sure that the whole process goes as smoothly as possible, if you know what I mean ...

- I'm a bit hesitant about accepting a personal check.
- Talked to my bank (RBC) and they suggested a 'draft'. I guess it's suppose to be somewhat safer than a regular check.
- Then there are certified checks?

Also, depending on a bank, they will hold that money for minimum of 5 days before releasing it into your account.

Anyway, just wanted to hear your thoughts on this and your personal experience.

Thanks!

[canuck699]

Re: Selling a car - safest payment option?

checks are a bad idea, certified or not. bank drafts are ok, but your gonna end up with a hold on it (5 days sometimes 10).

Another option is if he banks at royal (assuming thats where you bank), he can always do a transfer to your account from his and its instant.

[D-BOMB]

Re: Selling a car - safest payment option?

cash is king

[longsock]

Re: Selling a car - safest payment option?

cash is king

ask for it all in 5s

[Canadian Turbo]

Re: Selling a car - safest payment option?

There should be no holds on drafts as the money comes right out of the persons account and is basically cash to the person who its too. Easiest and best way is a bank draft for sure.

[Pistol Pete]

Re: Selling a car - safest payment option?

checks are a bad idea, certified or not. bank drafts are ok, but your gonna end up with a hold on it (5 days sometimes 10).

Another option is if he banks at royal (assuming thats where you bank), he can always do a transfer to your account from his and its instant.

Yea, that would be the best option. Thanks man. Appreciate your input!

[Pistol Pete]

Re: Selling a car - safest payment option?

ask for it all in 5s

Ha. I don't know too many banks that would let you walk out with that kinda cash.

There should be no holds on drafts as the money comes right out of the persons account and is basically cash to the person who its too. Easiest and best way is a bank draft for sure.

Draft does seem like the safest option (other than direct transfer). When I spoke to RBC today they did mention how they hold the drafts for 5 days.

Thanks a lot!!

[Wildfire]

Re: Selling a car - safest payment option?

Bank Draft. They are easy to obtain. Personal Cheques (or checks' as you write them here! lol) are not always a good idea.... unless to wait for it to clear.

[Tuna]

Re: Selling a car - safest payment option?

I recently drove our car to BC and had a buyer out there so obviously I was concerned about this as well.

Best option (and a decent buyer shouldn't mind) is to go to YOUR bank with the buyer and their bank draft and ask the bank to verify and deposit it. Not all tellers know how to do this and will tell you they can't but I've done it twice. It seems to work even better if you ask them to put it on some of your debt like a line of credit.

I did this in BC. Myself and the buyer went to my bank (not my branch obviously) and I asked the teller to verify the check and deposit it. Once they said it was ok we signed the bill of sale in the parking lot.

I did the same in Alberta once too.

Edit: It was a bank draft I did this with.

[Pistol Pete]

Re: Selling a car - safest payment option?

Bank Draft. They are easy to obtain. Personal Cheques (or checks' as you write them here! lol) are not always a good idea.... unless to wait for it to clear.

Thanks man. hahah...you almost got me. "Cheque or Check" - the god damn word has so many meanings (if you look it up on dictionary.com)

[Pistol Pete]

Re: Selling a car - safest payment option?

I recently drove our car to BC and had a buyer out there so obviously I was concerned about this as well.

Best option (and a decent buyer shouldn't mind) is to go to YOUR bank with the buyer and their bank draft and ask the bank to verify and deposit it. Not all tellers know how to do this and will tell you they can't but I've done it twice. It seems to work even better if you ask them to put it on some of your debt like a line of credit.

I did this in BC. Myself and the buyer went to my bank (not my branch obviously) and I asked the teller to verify the check and deposit it. Once they said it was ok we signed the bill of sale in the parking lot.

I did the same in Alberta once too.

Edit: It was a bank draft I did this with.

Never thought about it like that. Thanks so much man. I really appreciate it. Although most of the bank tellers (at my branch in Airdrie) are pretty slow, so I may have to go to Calgary.

Good stuff.

[Satnam]

Re: Selling a car - safest payment option?

bank draft, and make sure the buyer also gets the receipt for it (the bank slip that shows money that is paying for the draft, and also a business card from the bank so your bank can contact them), then there will be no holds.

[luunta]

Re: Selling a car - safest payment option?

I recently drove our car to BC and had a buyer out there so obviously I was concerned about this as well.

Best option (and a decent buyer shouldn't mind) is to go to YOUR bank with the buyer and their bank draft and ask the bank to verify and deposit it. Not all tellers know how to do this and will tell you they can't but I've done it twice. It seems to work even better if you ask them to put it on some of your debt like a line of credit.

I did this in BC. Myself and the buyer went to my bank (not my branch obviously) and I asked the teller to verify the check and deposit it. Once they said it was ok we signed the bill of sale in the parking lot.

I did the same in Alberta once too.

Edit: It was a bank draft I did this with.

100% the way to do it. Do not get a bank draft UNLESS YOU DO IT THIS WAY. otherwise they will hold if 5 days guaranteed and then you'll be sucking your thumb asking yourself why both you and the buyer are unhappy. most tellers will tell you "THIS IS IMPOSSIBLE, PREPOSTEROUS, ETC" but you can kindly tell them to go **** themselves and get the manager. make sure your buyer notifies his bank that they will need to speak to your bank and clear everything through.

[J-hop]

Re: Selling a car - safest payment option?

I recently drove our car to BC and had a buyer out there so obviously I was concerned about this as well.

Best option (and a decent buyer shouldn't mind) is to go to YOUR bank with the buyer and their bank draft and ask the bank to verify and deposit it. Not all tellers know how to do this and will tell you they can't but I've done it twice. It seems to work even better if you ask them to put it on some of your debt like a line of credit.

I did this in BC. Myself and the buyer went to my bank (not my branch obviously) and I asked the teller to verify the check and deposit it. Once they said it was ok we signed the bill of sale in the parking lot.

I did the same in Alberta once too.

Edit: It was a bank draft I did this with.

huh, interesting way of going about it, this may be a little over kill but best to be safe. Bank drafts are as good as cash, the person can't just drain their account or something and leave you high and dry. As far as I know the only possible way you could get hooped is if they forge a bank draft. But when writing up a bill of sale you have to see a piece of the buyers ID anyways. I guess there is still a chance that they had a fake ID made and a bank draft but the chances of running into something like that would be kinda slim.

[luunta]

Re: Selling a car - safest payment option?

this is why you get the banks to talk to each other and verify and confirm the transfer. plus it has to be instant at that point.