Safest ways to get paid as a seller in 2021?

As we prepare for a major move SWMBO and I are lightening our load quite a bit, and included in that is the sale of my E28.

Now, I've been buying and selling cars for about 15 years and usually it's been a cash deal, sometimes cashier's check or wire transfer for a few remote purchases. But I haven't sold anything really valuable in over 10 years, so I'm normally dealing in cash.

However with the sale of my E28 hopefully coming in above ~$10k, I'm realizing that I haven't handled a transaction for that much money in a long time. What is the safest way to request/accept payment that protects ME, the buyer?

I'm not as trusting as I used to be and it seems like there are new scams popping up every day. Is my understanding correct that wire transfers are very safe for the seller, with cashier's checks and cash less so (wait for clearing, potential counterfeiting, etc)? Even if cash is "safe" five figures is a lot of greenbacks to move around, and yes I know about the Civil Asset Forfeiture horror stories.

What have you all been doing? What is the preferred way to transact as a seller these days?

For bigger stuff, it prefer to go with the buyer to a bank branch to get cash or a cashiers check  that I can then take to my bank and deposit.  Hard for a scammer to claw that back, plus at those prices a lot of times, the buyer is getting a loan anyway, so the bank might want to inspect the vehicle.

Cash and inspect the bills carefully.

Remote sale? Wire transfer only.

Local sale? Wire transfer, cash or I accompany the buyer to his bank and watch the cashiers check being printed.

I do not take cashiers checks I haven't seen being printed (too many forgeries) and obviously don't take personal checks.

A cashiers check combined with a call to the issuing bank to verify authenticity seems about as safe as you can get. 
 

When I sold my Z4M I got a wire transfer from a local buyer, we went to his bank together.   When I bought my NSX I brought two cashiers checks and sent him pictures ahead of time so he could call my bank to verify they were authentic.  

I took cash for my last two sales. One of them was $12k. It was night and I felt really uncomfortable holding it until the bank opened the next day. 

I went to the bank and transferred money directly to the sellers for my last two private party purchases. It was very convenient that they both used the same bank that we do. 

We paid $10k cash for my daughter's car at a dealer. They looked at us like we were crazy. They must have asked 3-4 times "Cash, as in green paper bills?".

Cash is always king  just get paid at the bank and there is minimal risk  

Interac E-transfer? Set yours to auto deposit and once the payer sends they can't recall it. If you have a relationship with your bank they may be able to help with a trade solution.

CAinCA said:

We paid $10k cash for my daughter's car at a dealer. They looked at us like we were crazy. They must have asked 3-4 times "Cash, as in green paper bills?".

I probably would have said, "I've always wanted to buy a car with a briefcase full of money so I can feel like a movie gangster."  (Yeah, I know, that would fit into an envelope without too much trouble.)

I bought a car for $6k using PayPal. Just set it to "friends and family" and there was no fee. 

Anyone have any trouble actually getting "cash" at the bank?  A couple of years back I bought a $12 or 13k car and the first Wells Fargo didn't have that much cash on hand unless I took it in 20s.  That's a lot of 20s.  They were nice about it, called another nearby branch and sent me there.  I was shocked, that they had so little cash on hand.  Maybe it was just a fluke.

Cash works, but as noted it's always good to call ahead before showing up at the branch to fill a briefcase. Cash management at branches is pretty tight and they only keep on hand what is needed/projected. Cash also has risks - not only crime, but hope you don't get pulled over with that briefcase: in many jurisdiction it'll be seized and the local jurisdiction will try like hell to forfeit it.

I've used the meet-at-my-bank bit to buy last 2 cars from private owners, and they watch the check get drawn after I've seen the car and the title. But that only works if your bank has a branch nearby.

For distance purchases I don't think there are any other payment methods that work equally well for individual buyer and seller. Anything that's easily clawed back is a risk for the seller, secure payments to the seller mean the buyer can get stiffed on delivery since the payments take a while to process (or may be used as a deposit on a vapor-car). In the end, reputation and trust have to play an important role.

wake74 said:

Anyone have any trouble actually getting "cash" at the bank?  A couple of years back I bought a $12 or 13k car and the first Wells Fargo didn't have that much cash on hand unless I took it in 20s.  That's a lot of 20s.  They were nice about it, called another nearby branch and sent me there.  I was shocked, that they had so little cash on hand.  Maybe it was just a fluke.

If I need more than $8k cash, they request 2 days notice, they just don't keep much around. 

Cash, paid to you at your bank tellers window, directly deposited into your account for all to see.  Notarized bills of sale ... one for each of you, notarized (if required by your state)  title signed over to the buyer with the full selling price written on it in the sign over box.  Arrange your own ride home or Uber it.

einy makes a good point: "title signed over to the buyer with the full selling price written on it". It seems like at least half of the cars I've sold the buyer wanted me to write a lower price so they didn't have to pay as much sales tax. It bugs the E36 M3 out of me.

Don't get me wrong, I think it is b.s. that states (like Ohio) get to charge sales tax on a car every single time it is sold, but there is no way I will put myself at legal risk to save some fella that I don't know a few bucks.

So on a related note, how long does a cashier's check usually take to clear?

In reply to MadScientistMatt :

My old boss sent me from NY to West Virginia with $40k in a paper grocery bag to buy a rollback. It took forever for them to count it out and make sure the bills were real. 

Just be careful with all that cash. If you get pulled over, don't let the cops see it.

Teh E36 M3 said:

I bought a car for $6k using PayPal. Just set it to "friends and family" and there was no fee. 

And you have zero protection doing it that way.  

In reply to spitfirebill :

Just as much protection as if you're paying in cash, or doing a wire transfer, or paying with a cashiers check or....

There IS a fee if you pay friends and family, the buyer pays it, not the seller.  Goods and services pushes the service fee onto the seller...

In reply to Racebrick :

Quite frankly I am more afraid of this than many other things. Hauling wads of cash around is dangerous business these days.

I am moving away from PayPal in general for a variety of reasons. It seems like every third withdrawal I make these days is held up for fraud review, for no particular reasons. Lots of horror stories about PayPal just arbitrarily deciding you can't have the money in your account.

RevRico said:

So on a related note, how long does a cashier's check usually take to clear?

They clear like other checks, so should be safe after a day or three. 

In reply to paddygarcia :

They still take weeks to bounce if you received a fraudulent one, also like a regular check.

Exactly so, well put. 

Don't take one unless you've seen it drawn.