[NA]Texas car sale[NA]

Let'sgoflying!

Let'sgoflying!

Touchdown! Greaser!
Joined
Feb 23, 2005
Messages
20,773
Location
west Texas
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Display name:
Dave Taylor
What are acceptable methods of payment?
I said let's go to the bank but buyer does not bank at any of mine, she uses a credit union.
It is being financed by the credit union.
I figure I will have to go there with the signed title, then accept payment (in what form?) then go to my bank and deposit it.

Unacceptable:
Cash (it's too much $ for me to drive it across town)
personal check
ACH tfr (have heard these are not great)

Wire transfer?
Cashier's check?
Money Order?

what else to consider?
will keep insurance on it for a few days after
 
If you get a check straight from the teller at the CU, there isn't much chance for someone to mess with it. And, the people at the C.U. will know what your bank probably wants.
 
PayPal Friends & Family if the buyer is up for it (and it's < $10k).
 
Capt. Geoffrey Thorpe said:
If you get a check straight from the teller at the CU, there isn't much chance for someone to mess with it. And, the people at the C.U. will know what your bank probably wants.
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Do you mean a "cashier's check"?
Worried more about funds availability than someone 'messing with it'. (did you mean altering the check?)
 
Cash and a rough looking buddy to accompany you.
 
Let'sgoflying! said:
It says here to pull the tags (near the end) Really?
@AggieMike88

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If you mean the license plates.... I do advocate that is a very, VERY good idea to not allow the buyer to have the existing plates.

The plates are one of the main visible things that say you are the owner responsible for the car, both legally and financially.

If you left the plates on the car, accepted the cash, handed over the signed title, what assurances do you have that the buyer is going to do the proper steps to transfer ownership? His word?

I have encountered many people who did just that and got screwed over. The new owner didn't change ownership, and started running red lights (and their cameras) and travelling up and down the tollroads. Each time, the license plate is what the authority used to determine who got the bill or fine. And with the original plate there, and no change of ownership registered with the state.... can you guess who got the bill and had to deal with the mess?

I have also heard the story about a seller getting contacted by law enforcement because the car they sold was involved in a crime, and DMV says they still own the car.

My advice when selling a car privately is
  • Always remove and retain the plate. Then surrender to the DMV at next opportunity
  • Never accept the cash and hand over the title in your driveway. Always conduct the money transaction at the DMV office after you have witnessed the buyer filling out the appropriate change of ownership form, the new plates form, and paying his fees. THEN accept the cash and hand over the key.

Yes that last one is somewhat inconvenient for both parties, but it is the best way for you to protect yourself from a guy who never transfers the ownership.
 
jeez and we have the only dmv in Texas that has part time hours, is often closed when the sign says open, will turn people away because they are too busy or shortstaffed to handle requests for service...and when anyone does get in the door, there is an interminable wait.
 
Let'sgoflying! said:
Do you mean a "cashier's check"?
Worried more about funds availability than someone 'messing with it'. (did you mean altering the check?)
Click to expand...
Round here, you would get a cashiers check. How quickly funds will be available will depend on your bank - give them a call.
 
that does remind me of the time I got a call at 2am, my sold car had been in an accident.
Did not sleep much the rest of the night.
 
I see the dmv now has an online Sale Reported registry so as soon as it is sold I can go into their site and advise them.
 
Date
Location
Buyer
Seller
Vehicle full ID & description

No warranty / as-is statement
No lien statement?
some type of release or waiver?
 
My credit union suggested wire transfer when I wanted to transfer $10,000 from my account at a bank halfway across the country to my account with them. Problem is sometimes (always?) banks charge for wire transfer. Wells Fargo charged $30 to do a wire transfer from one WF account to another WF account at the same branch with both parties sitting right there.
 
Let'sgoflying! said:
Do you mean a "cashier's check"?
Worried more about funds availability than someone 'messing with it'. (did you mean altering the check?)
Click to expand...


That is is how I prefer to sell vehicles, either cash or meet them at their bank and have the bank issue me the cashiers check.

Brian
 
Let'sgoflying! said:
jeez and we have the only dmv in Texas that has part time hours, is often closed when the sign says open, will turn people away because they are too busy or shortstaffed to handle requests for service...and when anyone does get in the door, there is an interminable wait.
Click to expand...

If you had not have said Texas I would swear you just described the DMV here in Gallup. And the one here has another problem. It is staffed 100% by women so any asked question will never have the same answer by different people. And no one will know the correct answer anyway.

We used to go to the city of Grants to the DMV there, but now they tell us we can't go out of the county to another DMV.
 
Anyone know if the seller must complete the Sales Price box in form 130-U or is it standard practice to leave it blank.
(which means the buyer can put wth they want in there - I'm worried about come-backs to seller but am not adverse to buyer avoiding theft by the state.)
 
Let'sgoflying! said:
What do you want in your Bill of Sale.
Restrictions: one page.
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Description of vehicle (Make, model, model-year, VIN)
Price
Mileage
Day, time and location of the transaction
Parties agree that Vehicle sold as is, where is, without any warranty or assurances.

I also put in there that buyer acknowledges that it is his obligation to pay any sales tax and insure the vehicle the moment he drives off with it.
 
I've bought and sold a number of vehicles (ask my wife for a guess on how many and I promise she'll say 200+).

If it's ~$10K or less... Cash.

Greater than, I do it at a bank with a cashier's check.

So far so good. Sketchiest was driving to NJ from VA with $13k in cash because seller of truck I was buying literally refused any other form of payment. I will not go into detail, but I made sure I was protected from robbery to the best of my abilities (and the reality was the guy was just nervous about getting burnt by a bad check, was a nice guy and we seamlessly exchanged my cash for his truck).
 
You guys accepting cash, what do you do with that wad of 100's when the first one is refused by a shop because it fails the marker test?

Paypal? what does that cost. Off the cuff, it seems silly to use PP for this. Convince me other wise.
 
Let'sgoflying! said:
You guys accepting cash, what do you do with that wad of 100's when the first one is refused by a shop because it fails the marker test?

Paypal? what does that cost. Off the cuff, it seems silly to use PP for this. Convince me other wise.
Click to expand...

Knock on wood, hasn't happened.

I'm not a huge fan of pay pal, for no clearly articulable reason, so I can't help convince you there.
 
I try to deal in cash when I can. I sold a J-3 a couple years ago to a doctor. It was $40,000 and I told him I wanted cash. He thought I was absolutely crazy! He thought he was going to get shot and robbed packing $40 with him. WTH?
 
pigpenracing said:
I try to deal in cash when I can. I sold a J-3 a couple years ago to a doctor. It was $40,000 and I told him I wanted cash. He thought I was absolutely crazy! He thought he was going to get shot and robbed packing $40 with him. WTH?
Click to expand...

Thing I've continually been amazed by... When dealing in $100 bills, money really doesn't take up the space you'd think. I guess the movies have me trained to think it requires a briefcase.

That $13k I drove to NJ was in two envelopes from the bank, neither overstuffed, both in my pocket.
 
SaltH2OHokie said:
Thing I've continually been amazed by... When dealing in $100 bills, money really doesn't take up the space you'd think. I guess the movies have me trained to think it requires a briefcase.

That $13k I drove to NJ was in two envelopes from the bank, neither overstuffed, both in my pocket.
Click to expand...

Funny thing.... The Doc's comment was "Oh I'm just supposed to fill a briefcase with cash and drive over" LOL!
I was like hell yea, whats wring with that.
 
SaltH2OHokie said:
Thing I've continually been amazed by... When dealing in $100 bills, money really doesn't take up the space you'd think. I guess the movies have me trained to think it requires a briefcase.
Click to expand...

Several years ago a friend of mine sold his diesel pusher RV. $100,000.oo. The buyer wanted to pay in cash. The guy had the money in a pillow case. My buddy was a deputy sheriff then, and the guy that bought it was from Las Vegas. He counted it, I counted it and the buyer counted it. We all came up with the same amount, and they all passed the marker test. Seller and buyer was happy.

And my buddy paid for my lunch at Dairy Queen for my trouble....:lol::lol:
 
Then there is the whole Asset Forfeiture Program or whatever the LE do jour calls theirs.
Get stopped for a brake light out and all of a sudden your cash is in their vehicle.
Google that for some fun reading.
 
Zeldman said:
Several years ago a friend of mine sold his diesel pusher RV. $100,000.oo. The buyer wanted to pay in cash. The guy had the money in a pillow case. My buddy was a deputy sheriff then, and the guy that bought it was from Las Vegas. He counted it, I counted it and the buyer counted it. We all came up with the same amount, and they all passed the marker test. Seller and buyer was happy.

And my buddy paid for my lunch at Dairy Queen for my trouble....:lol::lol:
Click to expand...

I know lots of people that keep their cash at home in the safe.
 
Let'sgoflying! said:
Then there is the whole Asset Forfeiture Program or whatever the LE do jour calls theirs.
Get stopped for a brake light out and all of a sudden your cash is in their vehicle.
Google that for some fun reading.
Click to expand...

I didn't know there was a law for the maximum amount of cash someone can carry.
 
pigpenracing said:
I didn't know there was a law for the maximum amount of cash someone can carry.
Click to expand...

Someone came up with the idea that if you are carrying a large amount of cash then you either did something wrong or you are about to do something wrong, so it is confiscated until you can prove you paid taxes on it.

I put a 75% down payment on the house and the bank wanted to know where that money came from, on the loan application. I told them Charles Schwab. If you want more information call them.
 
Large sums are “always drugs or money laundering”, so - they get your money.
 
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Let'sgoflying! said:
You guys accepting cash, what do you do with that wad of 100's when the first one is refused by a shop because it fails the marker test?
Click to expand...

I only accept 'new' post 2013 $100 bills. They are not like the old ones that you could produce on a Canon photocopier. If you know the features they are easy to check.
 
Let'sgoflying! said:
I see the dmv now has an online Sale Reported registry so as soon as it is sold I can go into their site and advise them.
Click to expand...
Yes... but this may not officially release you of ownership and still leave you on the hook until the new buyer updates the registration and turns in the title.

As far as the office you described being open part time... are you certain you aren't referencing the local Department of Public Safety? The place I was referring to is your county tax office, or even better the regional office of the Texas DMV.

For the latter, the web page describing the regional office is https://www.txdmv.gov/regional-service-centers/elpaso, and they show hours of 8:00 to 5:00 local time, M-F.
 
3 hours drive, Mike.
but you might be right about doing the transfer at the tax office; thanks.
 
I tell people that if they want to keep their plates, they have two choices if I’m buying the car.... Either they deliver the car to my place, or they pay for the rollback to get it there, on their dime. Haven’t had anyone want to keep the plates yet.
As to the paperwork, it’s all filled out and signed, and they get a copy of it all before I leave. I usually hit the tax office within 24 hours, to do the title change.
Only had questions on one car we sold. Got contacted by the cops when they confiscated a Porsche we sold. Told them it had been sold about 5 years earlier. Could have retreived it if I wanted to, but it was torn up bad at that point.
 
Let'sgoflying! said:
Paypal? what does that cost. Off the cuff, it seems silly to use PP for this. Convince me other wise.
Click to expand...

It’s free for a ‘Friends and Family’ transaction up to $10’000.


A ‘Friends and Family’ transaction basically means no protection for the person sending the money. You can’t file a complaint and reverse it if you didn’t get your goods in return. In that way it’s essentially the same as paying cash.
 
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