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Smart Shopper Questions About Private Sale Transactions
236 messages, Last post on Nov 20, 2009 at 5:18 PM
You are in the Smart Shopper Forum. Your Hosts are kirstie_h & tidester
I have never bought from private party. i have tested the car, have come up with the price, now how would I pay and get the car? how would I know he/she is selling his/her car? not a case of fraud? tips? what are the common red flags in a car sale. for his part i do not have any problem to pay by vashier check/cash?
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Replying to: jahid (Jan 24, 2008 7:55 pm)
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Replying to: kiawah (Jan 25, 2008 5:46 am) how the title will be transfered. for a new car, I would have 30 days to apply. is there a reciept? or bank tellers notary stamp is the reciept? so i can prove i bought this car. my next question would be, if I have a kelly's blue book value (let us assume I can give the exact description of the car as an input for the car), is it the maximum I should pay? any rule of thumb?
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Replying to: jahid (Jan 25, 2008 10:21 am) Buyer looks at vehicle, drives it, has it inspected by mechanic if he wants, checks carfax for prior damage if he wants, has aunt/uncle/father look at it if he wants, goes get 2nd opinion if he wants...but at some point decides he wants it. Begins negotiation w/seller as to the price they are willing to agree on. This price is the market price, and it will be whatever the buyer and seller agree to....irregardless of what any books or websites might say. Seller brings the 'clear' title (no lien) and the keys to the buyers bank. Buyer brings a check, or just his account information. If you want to write a bill of sale just write up that buyer A, buys VIN#123234526345 wiggiewhat from seller B, on date 1/23/2008 for 12,000. You go to the notary bank teller, who witnesses seller signing the title, and notarizes it. Teller withdraws the money from buyers account, and issues a bank check to the seller. Buyer and seller sign the bill of sale, notarize it if you want. Seller goes home with check, deposits in his own bank. Buyer takes the title, keys, copy of bill of sale to state DMV. Fills out application for registration, title, and plates, provides proof of insurance. Buyer pays dmv the sales tax, registeration fees, plate fees, etc. You get perm or temp plates, based upon however your state handles it. You go home w/plates, bolt them on your back, and go driving. Some period of time later, you get new title in the mail. If your state originally issues paper temp plates, you get the real ones in the mail. This process at DMV will all vary state to state, but you get the picture.
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Replying to: jahid (Jan 25, 2008 10:21 am) Wherever it happens, the seller should hand you the keys, remotes, any service records available, owner's manual, radio code, and the title properly assigned to you. At this time, you will hand the seller the money in whatever form as been agreed upon. Depending upon your state (and/or the parties' inclinations), one or both of you may want to execute a bill of sale. As for price, KBB and the like are just guides (and not usually good ones) - see the Real World Trade-in Value topic. It's your responsiblity to do your homework ahead of time to have a clear idea of current market conditions. |
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Replying to: kiawah (Jan 25, 2008 2:22 pm) tidester, host SUVs and Smart Shopper
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Replying to: tidester (Jan 25, 2008 10:59 pm) My son received a reply on facebook offering to pay more than the asking price and send a tow truck and cash for the jeep. Is this legal? Scam?
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Replying to: middleageguy (Jan 27, 2008 6:53 am) Think about it... why would someone offer more than asking price? Are there no Jeep Wrangler's in this person's area? As far as I know, it's not a rare vehicle. Would a reasonable person likely buy a vehicle sight unseen? What would probably happen is that he would send you more than the amount and his "client" or "friend" would come & take your car away. Days later, your bank would tell you the check was a fake. So now you're out the money and the car is long gone. If someone will not show up in person to look at and pay for the vehicle, there's a good chance it's a scam. Maybe not, but it's probably not worth taking the chance when you can likely unload the vehicle locally using safer, traditional payment arrangements. Check out places like Craigslist for their warnings on the many variations of this scam.
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Replying to: kirstie_h (Jan 27, 2008 7:57 am) I am putting an add in the local paper. Thanks. |
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Replying to: middleageguy (Jan 27, 2008 6:53 am) |
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