Thinking about selling a car...

[Mach1Run]

Ok, so I am seriously thinking of selling my Mach 1. I just don't drive it much anymore or even have much time to mess with it.

I have never sold a car to an individual before, so I am wondering how you keep from getting hosed on the deal and what papers you want to have on hand at the time of sale. I cringe just thinking of some tire kicker going for a test drive just to joy ride or them crashing it during a test drive.

Once you actually get a serious buyer and are ready to do the deal how do you make sure you get the cash? Obviously no personal checks so that pretty much leaves what, bank drafts or money orders? How would you make sure they're real?

Other than pulling the plates when the new owner takes possession of the car, is there a standard bill of sale to use to give them?

That's all I can think of at the moment. I know I am probably making this harder than it should be but I would hate to have a deal turn into a total clusterfuck because I didn't ask any questions.

[Osiris]

I'll give you $10

[Binky]

You don't HAVE to sell it to an individual. You can sell it to a wholesaler and they just might make it worth your while.

As for getting money, people have gone to the buyers bank and done a cashiers check right at the teller.

[Alex]

Just don't flash your headlights near Osiris or he will give you a ticket on addition to that $10

[SSsierra90]

I always do bill of sale and cash only. No test drives unless I see cash. Tax office should have a dummy form bill of sale or you can Google a template.

[GrayStangGT]

Accept cash only, period. If they want to do something different offer to meet at their bank to get cash. If you don't pull the plates there is a form that you can file at the tax office to show that the car has been sold and no longer belongs to you. I just google a bill of sale and print one off. Always carry a gun or two and bring a friend who has a gun. As far as test drives and tire kickers you just have to trust your instincts on that.

[Skidmark]

A cashier's check is a non-reversible check. I accept those without issues.

Like GrayStangGT said, you can file to show the car no longer belongs to you so you don't get tolls, etc, but you can do it online.

https://vision21.txdmv.gov/Vehicle/MainTransferNotification.aspx

[dville_gt]

If you are selling it for more then 10k do not accept cash, you are required to file a form 8300 and run the risk that the money is dirty, in which case you can lose big (the irs will still take the money from you even if the car is gone). If you fail to file the 8300 or stack your deposits you can go to prision. Best to do a wire at their bank IMO. Cashiers checks can be canceled if reported as lost by the buyer from what I recall.

[dville_gt]

Also, make sure you sign the title properly (front/back) and fill out a 130-U and sign it otherwise you'll be hearing from the seller shortly.

[War Machine]

How many miles? I'd give you wholesale or sell it for a fee

[Mach1Run]

You don't HAVE to sell it to an individual. You can sell it to a wholesaler and they just might make it worth your while.

As for getting money, people have gone to the buyers bank and done a cashiers check right at the teller.

I thought about the wholesaler idea but don't think they would give me enough since its modified. Do they even deal with modified cars?

If you are selling it for more then 10k do not accept cash, you are required to file a form 8300 and run the risk that the money is dirty, in which case you can lose big (the irs will still take the money from you even if the car is gone). If you fail to file the 8300 or stack your deposits you can go to prision. Best to do a wire at their bank IMO. Cashiers checks can be canceled if reported as lost by the buyer from what I recall.

Would be more than $10k or I wouldn't sell. I did also wonder about sales over 10k. Would a form 8300 be needed for the wire trans / or a cashiers check?

[GrayStangGT]

If you are selling it for more then 10k do not accept cash, you are required to file a form 8300 and run the risk that the money is dirty, in which case you can lose big (the irs will still take the money from you even if the car is gone). If you fail to file the 8300 or stack your deposits you can go to prision. Best to do a wire at their bank IMO. Cashiers checks can be canceled if reported as lost by the buyer from what I recall.

I thought 8300 was just for cash transactions for business if it was over 10k?

http://www.irs.gov/businesses/small/article/0,,id=148821,00.html

Who must file Form 8300?
Any persons who receive more than $10,000 while conducting their trade or business must file a Form 8300. The $10,000 may occur in a single transaction, or a series of related transactions.

[Osiris]

Just don't flash your headlights near Osiris or he will give you a ticket on addition to that $10

That's right.

[dville_gt]

I guess you are right, I'd still be weary of accepting over 10k in cash however.

[Gtracer]

That's right.

Better watch out, the way Alex is holding (keeps bringing it up) onto that $hit, you might just catch him peeking into your window while you shower....