Selling process

I would not be waiting 2 weeks but that is up to you. If they have an acceptable form of payment (talk to your banker) you need to give them the car, signed title and a bill of sale. Check your states DMV website for more requirements your state may have. Keep in mind that checks take 2 weeks to clear IF they ever do.

I would ask for a 500 dollar non refundable deposit to hold the car that long.

Really up to you. Are you sure it is a real person and not a scammer? I agree with F_O_R, would not hold it without a deposit.