I am getting closer to selling my C5 Corvette. After more thought and research, I am thinking of selling it directly myself on the Corvette Forum (so basically a private sell by me). Even on BaT and Cars&Bids, once the auction ends the buyer and seller have to go through a similar process as a private sell.
My question: In a private sell, how does one go about making sure the transaction goes through without issues, so both sides are protected, I.e. seller gets his money and buyer gets what they’ve purchased? I have never done one of these before.
Is there an Escrow service (similar to buying/selling houses) that can be used to protect both sides? I would feel better doing something like that.
there are so many options
cheapest ways:
- Can't go wrong with cash. Check for counterfeit bills with a UV penlight.
- Certified bank draft cheque. The buyer could even accompany you to the bank. (there will be a small fee. Talk to your financial institution). https://www.nbc.ca/personal/advice/banking/what-is-a-bank-draft.html
- Interac e-Transfer is instant, easy, and secure, but there are limits. (He'll have to request a temporary limit increase)
Of course there are plenty of escrow services. But they will take their cut.
https://budgeting.thenest.com/selling-car-using-escrow-account-22580.html
https://www.motorbiscuit.com/escrow-service-work-buying-selling-car/
Best option if cash is not using actual cash and instead using cashiers check. Whenever I purchase a car new from dealership I do cashiers check and that is what they prefer because they will be sure about the funds. But then you have to be careful for fake cashiers checks. So meet with the person at your own bank and make sure it clears and everything is fine with it. (Will add a link at the bottom of this post for what to watch out for as far as cashiers check scams and tips when using it).
If it's a big amount and the person is using a loan to pay for it have them ask their bank/credit union cut a check for that amount and again meet them at your own bank and make sure it clears.
Electronic payment such as Zelle can take a long time for large amounts so I don't think it's the best option unless you definitely have to use this method.
If selling to someone far (not local) which could happen if you end up using Bring a Trailer or Cars and Bids then use an escrow service to save any unnecessary headache; I personally think it would be worth it.
https://wallethub.com/edu/cashiers-check-scams/16192
