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How To Protect Myself When Selling a Car

Rito

Member
May 2, 2021
57
46
Gatineau
Hi Folks,

For the first time, I've decided to sell my car privately as opposed to trading it in for my new Tesla. I have a potential buyer who has offered my asking price, and I want to make sure that I don't get scammed in some way. I owe some on this current car, and he has proposed to pay the rest of the loan as well as my portion with bank drafts. We would meet at my personal bank first to deposit my half, and then head to the bank with my auto loan to pay the rest off there and finalize the deal. I've read some horror stories of fraudulent bank drafts and want to hear from some recommendations from experienced sellers.

Thanks!
 

glide

Active Member
Jun 6, 2018
3,804
5,348
USA
Hi Folks,

For the first time, I've decided to sell my car privately as opposed to trading it in for my new Tesla. I have a potential buyer who has offered my asking price, and I want to make sure that I don't get scammed in some way. I owe some on this current car, and he has proposed to pay the rest of the loan as well as my portion with bank drafts. We would meet at my personal bank first to deposit my half, and then head to the bank with my auto loan to pay the rest off there and finalize the deal. I've read some horror stories of fraudulent bank drafts and want to hear from some recommendations from experienced sellers.

Thanks!
If your bank accepts a fraudulent bank draft at the point of transaction…well…that’s on them.
The only way I would consider this a risk is if you were not meeting at the bank and paying the loan off immediately.
 

dabbler

Member
Nov 30, 2015
263
122
Toledo, OH
I do all my car sales in person with the seller at my bank when possible. If not, all financial transactions are via wire transfers at my bank and theirs. Once funds have been received, title is provided FedEx. I hold the car and title until all financial transitions are complete. Money can also be held in escrow to protect both parties.
 
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qdeathstar

Completely Serious
May 17, 2019
3,800
4,028
VB
Always wear your rubbers 👍

1622297155378.jpeg
 

DanCar

Active Member
Oct 2, 2013
2,030
2,126
SF Bay Area
The obvious solution is to demand a certified check. Then verify the check with the issuing bank.
Scammers know how to falsify certified checks and the bank will accept them. Then 5 days later the bank will revert the funds and you are out of a car and the money.
 

DanCar

Active Member
Oct 2, 2013
2,030
2,126
SF Bay Area
... I don't get scammed in some way. ...
Use common sense. If the person is reputable then go with the flow. Ask for personal information that you are comfortable asking for and giving. Like: profession or social media page(s). They may get scammed also so you need to share too. Take a pic of driver's license. What vehicle are they driving? If they don't share personal information, if they are "out of town", then that should raise some red flags.
 

designrs

Member
Jun 24, 2020
218
243
Jacksonville, FL
The obvious solution is to demand a certified check. Then verify the check with the issuing bank.

Agreed. The best would be if you and the buyer happened to use the same bank.
Either way, verify any money orders or cashier checks with the issuing bank and be sure that you are calling trusted phone number of the bank. Even car dealers, especially high-end ones, verify everything.
 

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