Exchanging money

Asked by Jul 15, 2017 at 08:10 PM about the 2005 Honda Accord

Question type: Car Selling & Trading In

Hi, once we have an interested buyer, how do we
securely exchange the car for money to make sure
there is no bounced check, etc?

4 Answers

126,555

I would clear the funds at your bank. Talk to the bank about what they will accept without a waiting period. Usually this can only be a cashiers check drawn on your bank.

2,810

suggest they bring cash

126,555

Cash can be a set up for a robbery. Do the cash transaction at your bank and have them inspect the bills for counterfeit.

82,615

Draw up a contract and make 2 copies. One for you and one for your buyer. Among other things, clearly state that the vehicle and title will not be released until the funds clear your bank! You should both sign both copies of the contract. You keep one copy and the buyer keeps the other copy. You can write the contract yourself and it's perfectly legal and binding as long as all parties (sellers and buyers) sign it. HTH. -Jim

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