How do you sell a car privately and deal with buyers bank loan? November 13, 2009
Posted by Banking in : Buying & Selling , trackback
I’m selling my car for 20k. I know most likely the buyer will have a check from a bank loan, not cash.
So my question is…..
How do I deal with the payment transaction?
Do I wait until the check clears in my bank?
Do I hold the car until the check clears?
What would be the step by step?
By: DMI
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Comments»
Strongly Suggest Calling your Bank And do a Check Verification over the phone they verify if the funds are available. Transactions this large are normally done Sitting in the parking lot of your bank…
If the banker says yes this check is verified with X dollars and X dollars is available.. then do you have the keys and the title over to the New owner if they say no you ask them what the french?
I think Two ways to deal with this.
Meet the buyer at your bank to handle the transaction.
Insist on a Bank Draft. A check drawn on the Bank not against the buyer’s account. 100% guaranteed and verifiable. Have your bank verify funds before closing the transaction. It takes one phone call. Once the funds are verified you can sign the title and transfer ownership.
Or you can ask for a wire transfer from the buyers bank to yours. This is the most secure transaction as it keeps the funds out of your (or the buyers) hands and puts the burden on the bank.
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APPLICANTS NAME………….
ADDRESS………
CITY……………
STATE……………….
COUNTRY………..
ZIP…………………….
TELEPHONE………….
DATE……………..
AMOUNT OF LOAN NEEDED……….
LOAN DURATION…………….
PURPOSE OF LOAN……………
OCCUPATION……………….
MARITAL STATUS…………….
INCOME AMOUNT…………
JOB TITLE………………
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