? about selling big items on Craiglist

JJ&BB1146

I've never sold anything "big" on craiglist before, but I think we're getting ready to sell my car. Someone came out to look at it this weekend and I think they want it, they just need to get all the insurance & loan paperwork together. So, I have 2 questions:

1) What kind of payment shoudl I accept? I figured that it'd be a cashiers check or money order, but DH seems weary of that. To me, that seems like the only "sure" way. How does that work?

2) What kind of paperwork or anything do I need? I'm not familiar with Texas law, so I'm not sure how selling a car works here. Any advice?

Leigha12

I think you want something more secure like a certified check. Those checks are designed not to bounce, whereas a money order can, technically. With a certified check, the bank puts the money aside so it will definitely be there.

SaraLouiseBride08

Start from here:

http://www.ehow.com/how_4473823_sell-car-texas.html 

However, Craigslist says this:

"FAKE CASHIER CHECKS & MONEY ORDERS ARE COMMON, and BANKS WILL CASH THEM AND THEN HOLD YOU RESPONSIBLE when the fake is discovered weeks later."

I really prefer cash (and have received cash for both the cars I've sold on Craigslist) ... if it's a local person, volunteer to go to their bank with them. It gives you a neutral place to negotiate and fill out paperwork, and they can comfortably give you cash. Also, the bank will happilly make copies for you, so you both have copies o the bill of sale, title transfer paperwork, etc.

Good luck!

ETA: the fake cashier checks and money orders Craigslist talks about usually occur with out of town buyers, but it's possible to get one from a local person.
Also, if you still have a loan to pay off at your bank, talk to them about what they'll accept. My credit union was very specific about what they'd accept before they'd release the title.

FireChiefsBride

Part of it depends on whether or not you have the title.  We sold DH's Harley for cash.  We met the guy and traded cash for the title and paperwork signing it over.  Also, go to the DPS website after it's sold to fill out the transfer initiation paperwork.  That flags it as being in the process of transfer and lowers your liability for the vehicle until it's fully transferred.

JJ&BB1146

Leigha12:

I think you want something more secure like a certified check. Those checks are designed not to bounce, whereas a money order can, technically. With a certified check, the bank puts the money aside so it will definitely be there.

 

This might be a dumb question, but what's the difference between a cashier's check and a certified check?

gwynnetx

i would either accept cash or accompany the buyer to his or her bank.  i wouldn't take a money order or cashier's check.

ejayne

Ditto. Cash, or go to the bank with them! 

When I sold my car I got cash, and DH bought a car from someone on Craigslist, but he didn't have cash. He was pre-approved for a loan from his bank. The person he bought it from met him at the bank to fill out all the paperwork.

If you take cash, definitely send in the Transfer of Title form. If they don't do it, and you are still technically the owner of the vehicle, at least you won't be liable for any crimes where the car is involved.

https://vision21.txdot.gov/Vehicle/MainTransferNotification.aspx