Sale of Car to Out of State Buyer

[John L.]

I have a question regarding the safest way for payment when we are selling our cars to an out of state buyer - this is the first time we have sold a car to an unknown out of state buyer so I may be a bit naive.
We have just completed the negotiations for the sale of two of our vintage cars with an individual from out of state. He will be sending a transport to pick up the cars in two weeks and not sure if he is coming himself or not. Now I know we need to sign the title and notarize per the state requirments.
Regarding the payment from him, I could ask for cash (which I preferr) but wondering if a bank draft or another method would be just as convenient and safe if this person does not want to be carrying this sum of money. What would others suggest.
Thanks,
John.

[Dick W.]

Re: Sale of Car to Out of State Buyer

I only accept wire transfers. I have a bank account just for wire transfers and paypay transfers. I sweep it daily and only leave a few dollars in it. I do not accept bank checks as they are too easy to forge. If you have to accept cash, I would have him meet you at your bank and let them check the bills.

All the states that I have knowledge of, you must sign and assign the title in the presence of a notary public. States frown on assignment of title in blank

[Rick A.]

Re: Sale of Car to Out of State Buyer

Agree with PapaSmurf

[Michael G.]

Re: Sale of Car to Out of State Buyer

I only accept wire transfers. I have a bank account just for wire transfers and paypay transfers. I sweep it daily and only leave a few dollars in it. I do not accept bank checks as they are too easy to forge. If you have to accept cash, I would have him meet you at your bank and let them check the bills.

All the states that I have knowledge of, you must sign and assign the title in the presence of a notary public. States frown on assignment of title in blank

My last out of state sale was done by wire transfer to my bank. Worked beautifully.

[Stuart C.]

Re: Sale of Car to Out of State Buyer

DITTO ON WIRE TRANSFER.........cashiers checks are worthless now since they are so easy to counterfiet and it takes a couple days after you deposit to find out its bad.....

[Michael G.]

Re: Sale of Car to Out of State Buyer

I only accept wire transfers. I have a bank account just for wire transfers and paypay transfers. I sweep it daily and only leave a few dollars in it. I do not accept bank checks as they are too easy to forge. If you have to accept cash, I would have him meet you at your bank and let them check the bills.

All the states that I have knowledge of, you must sign and assign the title in the presence of a notary public. States frown on assignment of title in blank

My last out of state sale was done by wire transfer to my bank. Worked beautifully.

[Tom D.]

Re: Sale of Car to Out of State Buyer

Wire transfer for sure. It helps to have a small bank, so they can watch for the money for you; Perhaps even give you a call when it comes in. The larger the bank, the higher the chance they will screw it up.

[Paul Y.]

Re: Sale of Car to Out of State Buyer

[QUOTE=Dick Whittington (8804);638918]I only accept wire transfers. I have a bank account just for wire transfers and paypay transfers. I sweep it daily and only leave a few dollars in it. I do not accept bank checks as they are too easy to forge. If you have to accept cash, I would have him meet you at your bank and let them check the bills.

All the states that I have knowledge of, you must sign and assign the title in the presence of a notary public. States frown on assignment of title in blank[/QUOTE Colorado does not require notory assignment and you can sign the blank buyer line before you go to DMV. Seems a little loose to me but that is the way it's been for many years.

[John L.]

Re: Sale of Car to Out of State Buyer

Thanks for everyone's input. Spoke with the buyer and we agreed on the wire transfer....he is going to send us a blank bill of sale which apparently we fill out the VIN number and sign then scan the title and forward to him at which point he will transfer the $$s and come pick up the car and title. Regarding the title he wanted us to sign but not notorize since he would like this as an "open title ???" so he can flip the car in the not too distant future. I need to follow up with the Ohio BMV on this step.
Thanks to all.
JmL

[Stuart C.]

Re: Sale of Car to Out of State Buyer

keeping the title 'Open' is not unusual in dealing with older collector cars........title jumping is illegal but when you deal with a car say from my great State of Georgia who will not issue titles on older cars ( can't remember cutoff date) or issue a title from a bill of sale its not an uncommon thing...
It makes it hard for someone from say Ga to sell a car out of state on just a bill of sale since most folks want to title the car in their states......so thats why a lot of folks keep an open title in their hand( along with a current bill of sale)

[Paul J.]

Re: Sale of Car to Out of State Buyer

keeping the title 'Open' is not unusual in dealing with older collector cars........title jumping is illegal but when you deal with a car say from my great State of Georgia who will not issue titles on older cars ( can't remember cutoff date) or issue a title from a bill of sale its not an uncommon thing...
It makes it hard for someone from say Ga to sell a car out of state on just a bill of sale since most folks want to title the car in their states......so thats why a lot of folks keep an open title in their hand( along with a current bill of sale)

You also "jump" the taxes with an open title. That's why it is illegal.