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Even if you know how to sell your car, and you've gotten it ready by cleaning it and taking care of any major issues, many people are unsure about what forms of payment should be accepted. If you're not careful about payment, you can end up with no car and no money to show for it. Here are some simple tips that you should follow when you're accepting payment for your vehicle.
Cash is, of course, always an acceptable form of payment. If you are accepting very large bills as payment, you may be concerned about counterfeit bills. To quell any concerns, invest in a counterfeit pen, which will indicate if the bills are real or fake. A counterfeit pen typically runs less than $3, so it's an inexpensive way to be sure you're not getting scammed.
When you decide to accept a certified check, you should be diligent in assuring that the check is valid. Any bank that issues these types of checks is going to use several forms of security, including watermarks, heat sensitive security marks, and textured background images. These are just some of the security features that you can look out for when you're determining if a certified check is valid.
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Even if a personal check is a real check, that doesn't mean that the person has the funds to back it up. Instead of risking finding out that a check is bounced after your vehicle and the buyer are already long gone; don't accept personal checks in the first place.
You should never offer a loan type payment situation to someone who is purchasing your car. You don't know if they'll continue to make payments, and they could bolt without finishing their payments. If they can't afford to pay cash, they can ask a bank for a loan, not you.
When you're selling your car, make sure that you are keeping the issue of accepting payment as simple as possible. Ask for cash or certified checks, and be wary of those wishing to pay with a personal check or hoping that you'll allow them to make payments on your car.
