Selling Jeep private party - what payment to accept?
I'm curious with those that have had experience selling private party. What forms of payment do you accept and are secure? Other websites say wait for a check to clear, which can take up to a week, but I know a buyer wouldn't wait around a week for a check to clear and have you not give them the vehicle? I assume a cashiers check issued by all banks is guaranteed or is this not the case?
I know cash would probably be best but my Jeep is worth close to $30,000 and I doubt anybody will pay that in cash since it's a lot of money.
Lastly, does anyone have any experience selling a vehicle on ebay? Is this safe to have it paid via paypal?
Paypal will take a chunk of change out of your transaction. Their processing fee. You could accept a bank draft or certified check. Allow time in the transaction to call the issuing bank and verify funds.
Make sure after the transaction that the buyer does not drive the Jeep with an open title. In other words make sure the ownership is transferred to the buyer. If that does not happen you could be liable for an accident caused by the buyer in your Jeep.
With the amount of $$$ you want for your Jeep that probably will not be a problem because there will more than likely will be a lien holder that will be on the title.
Same for the money. If you want that much for your Jeep there will be a loan involved.
I would just like to say something about doing cash deal in the Craigslist world:
It's the most common way for counterfeiters to pass bad notes. If you sell an Iphone on Craigslist for $400 the you not only have to check that you were paid the full amount but that they are all legit bills or else your giving your Iphone up for nothing.
I tried selling a Honda dirt bike for 4k on CL in 2010 and while counting the hundred dollar bills I noticed that all the bills had the same serial numbers. After noticing this I kept my mouth shut and told him I was only going to accept a bank certified check, a money order, or cashier's check, and directed him to the closest bank (.4 miles away). He must of knew I caught on because he got pissed, said he was going to the bank, then left and never came back.
For large transactions its always more secure to accept a cashiers check, a money order, or cashier's check and call the issuer to verify the funds. Personal check is also acceptable but only after the funds have cleared in 3-5 business days.
I have found out that the easiest thing for me is I send them to a local Credit Union and have them get me a check... The folks here at the credit union advice the person and helps them the best that they can... get them a certified check or get them a loan on a small interest rate...
Last year I sold my Jeep for 2004 TJ-X for $12,500. I sent them to the a local credit union and they brought me a credit union check certified check.
Last month I sold my wife's 2008 Honda CR-V for $15,800. I sent the couple to the credit union that I bank with and they got a loan with an interest rate of 3.4%. They were even told they got a good deal because the car was appraised at a higher value, which made them feel even better... I ended up with a Credit Union check that I later deposit into my account to which was used toward the purchase of a new car.
Traditional banks are not always that helpful and they offer much higher interest rates.
__________________ 2012 Jeep Rubicon Unlimited 3.6L V6 24V VVT Engine, 5sp Auto Trans. Connectivity Group, Max Tow, Hard Top(Black), 4:10 gears... Bright White Clear Coat.
I wouldn't use PayPal, even for a deposit. Not only will they take their cut, they may opt to "hold" the money in float, for weeks. Your account will show the money in your balance but it will not be "available".