Selling Car - How to Get $$$

[DanDi58]

I am selling my daughter's 2016 Grand Cherokee. She has moved to NYC and no longer needs it. We paid off the loan and I am awaiting the title with the lien removed. Once I have that, I'll advertise it.

My question is - I plan on selling this for upper teens/low $20's, the most expensive used car I've ever sold. Asking for cash only (like I have in past transactions where the car prices were less than a couple thousand) isn't really realistic, so I am looking at a bank check. My question is, knowing that it could take a few days for it to clear (or at least be determined by the bank that the check is, indeed, valid) what's the best way to do this?

 

[jmaddr]

No way would I accept a personal check. Even cashier's checks can be faked and sometimes aren't discovered until days later. Money Orders have a maximum and I would only use the postal service which I think is $1k.

Honestly, if you really need assurances, cash is king. I would go with him/her to their bank and have them purchase a cashier's check right there with you (offer to pay the fee) so you know the cashier's check is valid and legit. Then immediately take out your mobile and deposit that check right in your banking app before you leave so you are not walking out with that much cash. They may want to do a ACH transfer (maybe you'll get lucky and you both use the same bank) but I prefer the anonymity of a check. Check with your bank on depositing a check so large via mobile deposit is allowable.

 

[Ostrichsak]

Simple solution: you don't release the car until you have clear funds in your account. Period. Anything beyond that & you open yourself to being the victim of fraud. You may run a low percentage of buyers off but... So?