How do I make sure a check is good when selling a car?

How do I make sure a check is good when selling a car?

If the buyer for your used car pays via a check or money order rather than cash, accept only the exact amount of the negotiated sale price for the vehicle. Confirm with the issuing bank (or lender if it’s a payment with loan financing) that the check is valid.

What kind of check should I accept when selling my car?

Personal and Cashier’s Checks Besides cash, a certified cashier’s check is the most secure way to accept payment during a private sale. There is no guarantee that the buyer actually has the money in the account to cover the check, and you may find yourself in a situation with a bounced check.

Is a certified check as good as cash?

Because the face value is guaranteed, legitimate certified checks are as good as cash.

Are cashier’s checks instant?

Cashier’s checks are also useful in time-sensitive transactions. The funds are usually available immediately—in most cases, the next day. If you’re looking to make a big money purchase, a cashier’s check may be the quickest and safest way to go.

What to do with a personal check after selling a car?

Personal Check After Selling a Car. Or, better yet, agree to meet the buyer at his or her bank with the personal check and have the buyer cash it. You can then accept the cash or have a cashiers check made out to you. If the potential buyer balks at this, void the agreement and begin looking for a new buyer.

Can you get a payment check for a private car sale?

Although you can walk away from a private car sale with more money in your pocket, you also have more potential risk when you receive a payment check from a buyer. Make sure the payment is secure before you let someone drive off with your car. A buyer might want to pay for a car purchase with a variety of different kinds of checks.

How do I accept payment for my car?

You can wait until the check clears, or you can go with them to the bank and cash the check first before handing the title over. Either way, do not hand over the title until you have the money. This is one of the best ways to accept payment for your car.

How do you verify a check to buy a car?

Verify the Check When a buyer offers you any type of check to pay for a car, you will need to verify the authenticity of the check to prevent fraud. Before you accept any type of check, call the issuing bank and provide the numbers from the check for verification purposes.