• Welcome to the Two Wheeled Texans community! Feel free to hang out and lurk as long as you like. However, we would like to encourage you to register so that you can join the community and use the numerous features on the site. After registering, don't forget to post up an introduction!

Safest way to sell vehicle

Forums New posts
W

Windmill

0
Joined
Mar 5, 2015
Messages
9,423
Reaction score
7,259
Location
Thorndale TX
First Name
Clay
For instance I sell a truck with clear title for 10 K to a local Central TX. stranger. What is the safest way to do the deal. Not many want to do cash with that much. Is a certified or bank check safe these days, Should I hold vehicle till my bank says it is secured in my account. Do the deal at my bank, their bank? I know cash is best but less of a record. I heard if you deposit over 10K in an account it is noted to IRS? Not hiding anything just don't want any tags.
What do you people have to say on this. Lot of scams out there,
Thanks in advance
 
Doubt many folks will give you 10g and let you keep vehicle. I'd get cash at the bank and be sure it's good. Lol. Scary today.
 
Cashiers check

Sent from my SM-G965U using Tapatalk
 
bank cashiers check, but go with buyer to their bank to get the check to ensure it’s kosher. I would not accept any check unless I witness the bank transaction.

banks.org

How Much Money Can You Deposit Before the Bank Reports It?

To the average person, it would seem like making deposits into their savings or checking accounts would be viewed as a good thing. After all, doesn't a regular savings plan mean an individual handles their
banks.org banks.org
 
The local police set up a safe zone for selling stuff outside the police station. It's all on camera and police are ready. Free.

Watch out on the $10K sales. You can sell for any amount but if you structure the payments to avoid the $10K bank reporting, that is illegal. I.E., don't ask for two $5K checks.

People say Facebook Marketplace is the latest go to cause you get their Facebook id. I'd negotiate over FB, then sell on the cop's lots, and take only US postal money orders or what ever they call it. I dunno, I might take a cashier's check but I would have to ensure it's not a fake. I don't think I would take $10K cash, lots of fake $20s and $100s according to some I talk to.
 
Cashier's Check for sure for me. Call the bank listed on the cashier's check, most are more than willing to confirm if it is real or not.

Once you sell the vehicle, make sure to complete and submit the VTR-346 to your local DMV office ASAP or do it online through the DMV website. You can find the paper copy of that form on the DMV website or at your local DMV office. The online notification is quick and fairly simple. It's the notification of vehicle transfer form. It's you telling the DMV that you have sold the vehicle and who you sold it to. That information is added to the license plate record until they have the title transferred into their name. It will help clear you of any liability should the buyer do something like 'forget' to register it right away and charge up a pretty penny in toll fees.

Also, make sure you sign the 130-U, the title application form, where it says seller. I got burned on that once, and never again. I bought a vehicle once, forgot to get him to sign the 130-U, and then he pretty much disappeared.
 
A cashier's check can be forged just like any other check.
It's not fool-proof ...

www.thebalance.com

Avoid Common Cashier's Check Scams by Knowing How They Work

Cashier's checks were once considered safe, but they're commonly used in scams. Learn how to spot fraud and avoid losing money. See common examples.
www.thebalance.com www.thebalance.com

I insist upon cash ... it's just about the only safe way. But you still have to protect yourself.
Once, I handed the seller a wad of cash, thinking he had the title with him.
He said the title was inside his truck and he'd go get it.
He went to his truck, stuffed a couple hundred in a seat cushion and came back with the wad and title claiming the stack was short.
It was tense there for a minute, till he backed down.
I learned a valuable lesson that day.

A VTR-346 saved my bacon once when the buyer never transferred the title and I began getting delinquent tolls from Houston and Austin tollways and ultimately storage fees after the car was impounded and abandoned.

Also, make sure all signatures are the same, exact name as shown on the title. My formal name is "Mitchell" and I signed it "Mitch". DMV kicked it when the new buyer went to transfer.
 
Cash or bank wire transfer done at your bank.

Meet at the bank or a police station if you are worried about the cash.

Sold an RV for 18K once. That's a lot of cash, but it went fine.
 
Cashiers checks are fine. But you either need to go to the buyers bank and witness them issue it, or call them to verify the authenticity. If the later, independently look up the banks phone number, don’t use one printed on the check - it could be part of a scam.

Very few buyers have 10k without borrowing. The most likely scenario for something in that price range is to meet at their bank and sit down with their loan officer. In that case, you will hand the title over on the loan officer and they will give you a check. The buyer is just signing loan documents and gets the keys only when both you and the bank are satisfied.
 
Tuco said:
bank cashiers check, but go with buyer to their bank to get the check to ensure it’s kosher. I would not accept any check unless I witness the bank transaction.

banks.org

How Much Money Can You Deposit Before the Bank Reports It?

To the average person, it would seem like making deposits into their savings or checking accounts would be viewed as a good thing. After all, doesn't a regular savings plan mean an individual handles their
banks.org banks.org
Click to expand...

I flew to Amarillo to buy a car. Owner picked me up at the airport. I drove the car for 5 plus miles and it was as promised then drove to Wellsfargo. I witnessed me getting cashiers check ..... signed title etc... dropped him off at home. Smooth transaction..... but..... we had spoken 3 plus times and knew both of us were no BS guys. No texting and endless mails😳
 
Also, keep the license plates. They belong to YOU, not the vehicle. The buyer can get a temporary plate to use to get home. "The TxDMV encourages you to transfer your plates because it protects you. Your local county tax assessor-collector's office will assist with the transfer and issue you a new registration sticker for your vehicle."

Here's the checklist.

Motorists | TxDMV.gov

www.txdmv.gov www.txdmv.gov


And don't forget the government extortion sticker....err toll tag, if you have one.
 
Cash. If you are very concerned about fake bills, pick up a counterfeit bill detection pen. Cheap investment for several K transaction.
 
Cash, at your bank. He gets the keys when the teller gives you a deposit receipt. Keep the plates and do the rest of the paperwork there.
 
Here's a twist for ya. I have a 95 GMC pickup, old ugly and reliable just like me with a quarter million miles on it. I bought it in Iowa 12 years ago as a work truck for a project up there. As of last year, I no longer go back to Iowa with it, and later this year want to get rid of it when the big projects around my home are done, he said hopefully. I'm refurbishing an 87 Ranger I've had since new.
The GMC is still an Iowa title. I went to transfer it years ago, but some moron at DMV put 3 Ton on the title, which it clearly ain't. There was a request for some special inspection to prove it's not a 3 Ton (seriously??) and other hoops and such to go through costing a couple hundred bucks I got a similar response from Iowa DMV and it was their fault!! Nuts to all of that, and the yearly sticker cost is half of what it is in Texas.
Truck's in mechanically great shape, but it has true dual exhaust with no converter. I don't know, but doubt that passes a state title transfer even just to the actual owner. So if I sell this thing, we can't just go to the title place and transfer right then and there, so what should I do? Is that VTR-346 sufficient to protect me?
 
The issue with meeting at the bank is that most folks have jobs that require attention during normal banking hours.
 
Guy buying my bike, got loan from his local credit union, wants me to go with him so they can cut me a check and they take title. Wants me to keep bike until my bank clears and verifies the fund transfer. I told him I want cash but he has to take loan.... you guys see any holes in this process? Yes I'm paranoid.
 
The credit union can’t give you cash? Sounds strange. However if it’s a reputable cu, I don’t see an issue with this setup. But then I’m not a scammer. and don’t think like the low life they are.
 
Not if you go to bank with him. They'll cut you a check. I've done it twice, once buying, once selling. Super Duke time?
 
Tuco said:
The credit union can’t give you cash? Sounds strange. However if it’s a reputable cu, I don’t see an issue with this setup. But then I’m not a scammer. and don’t think like the low life they are.
Click to expand...
seems they have a policy of not giving cash for large sums
 
You must log in or register to reply here.
Back
Top