What Is The Safest Way To Sell Your Car?
Are you having second thoughts if it’s safe to sell your car to someone? Or are you excited to dispose of an old car and possibly earn a profit? Selling a vehicle is not an easy task, and at times can be worrisome. Nowadays, it may not be safe to sell a car to a complete stranger. You can be scammed, be victimized by a fraud or theft if you are not cautious. According to legaljobsite.net, one on ten adults will fall victim to a fraud or scam every year in the U.S. These scams often takes place online. You will need to be more vigilant in dealing with this kind of transaction to be safe and successful in reaching your goal. You might be asking, “how to safely sell a car?” or another question might be, “What is the safest way to transfer money when buying a car?” Here is a helpful guide when selling a car privately for cash.
Sell to Someone You Know.
You may want to consider this as your first option. Ask your friends and family if they know someone who is looking to buy a car. It lessens the probability of you interacting with strangers and possible scammers. You do not have to screen them thoroughly, as you might know them personally, and you can seamlessly get in touch with them. You can be sure of a safe transaction and that you do not have to worry about someone doing a fraudulent scheme. If no friends or family are considering buying a car yet, you can move on to the next option, which is to thoroughly screen potential buyers.
Screen Buyers Carefully.
You need to vet potential buyers thoroughly. As you post your car for sale on different selling platforms or social media sites, there could be a lot of interested people who may want to reach out to you. As you talk to different potential buyers, ask them a lot of questions and gauge them on how interested they are on buying the car. Start by asking their full name and inform them that you require to check their driver’s license before the test drive. If they hesitate, might as well hang up and no longer engage. Do not waste your time entertaining non-serious buyers.
Also, know the buyer's address. If the buyer is from overseas, it can bring you a lot of headaches pushing this kind of transaction. From dealing with the shipping process or delivery fees to possible money transfer scams, avoid this kind of buyer. Also, do not get involved with buyers who are willing to pay more but seemingly not interested to view or test drive the car. Anybody would want to test drive a vehicle before they purchase it, so that raises a red flag.
Lastly, we may also need to warn you about car flippers. They are professional buyers who are tough negotiators and may aggressively ask you for the lowest price. Though there is nothing wrong about selling a car to them, you might just lose the chance of turning your vehicle into a profit. If you are uncomfortable dealing with a car flipper, just decline their offer and end the communication.
Tag Someone Along.
After screening a potential buyer, you can now set an appointment to inspect and test drive the car. Ask the buyer who is coming along for the test drive. If the buyer has an evasive answer, it could be a warning sign for a possible trap. It is wise to bring a friend or a family member to accompany you for the said test drive. Police say there is less tendency that people will harm you if you are with someone. As mentioned, ask the buyer for proof of identity and check their valid driver’s license. If someone cannot accompany you, you can take a photo of the buyer’s driver’s license for reference and send it to a friend. You can also inform a friend or a loved one about your location and who you are going to meet, in case something happens. If there is something off with the situation, you can always walk away or cancel the meeting.
Meet in a Public Spot.
When you plan the appointment, make sure to meet in a public place. Public places like the mall’s parking lot, your office, or other populated areas have security and CCTVs that are safe places for meet-ups. Do not put yourself at risk to meet them at your home address. They are still strangers, and it is best to meet them in someplace crowded. Also, do not leave the keys or any valuables inside your vehicle when they test drive. Only hand them the keys when you are all inside the car. Let the buyer know about the route you have chosen (choose a populated area), before the test drive. Keep the test drive short at about 15 minutes max.
Rely on your Instincts.
Fraudsters can be very persuasive. They can earn your trust and do their schemes, so you have to be extremely cautious. Avoid buyers that present too-good-to-be-true offers. An example of a red flag is when a buyer tells you that a person owes them, and that person is the one who will pay you a cashier's check. Be careful as you may end up receiving a fraudulent check. Steer clear from anything that sounds complicated, tells too many details, and very suspicious kind of buyers. Be smart and trust your gut-instincts. Say no to wire money transfers, online payments, and other unusual forms of settlement.
Receiving Payments.
As a seller, you want to be assured of a smooth payment transaction. You can spot a serious buyer that has full interest in your vehicle when they start negotiating. It’s up to you to negotiate, but you can say no if the buyer is requesting a payment term. Payment terms can be a headache, especially when you were not able to receive their installments. You have to set an agreement on how you will receive the money. These payment options below will help you secure payment safety.
Pay by Cash. Paying by cash is a good payment option since you do not have to cash a check or wait for it to get cleared. If possible, you can tell your buyer to meet you at your bank so you can deposit the payment straight to your account. Have the teller count and check if the notes are legit. After the deposit, you can hand over the car keys to the buyer. If in case the buyer is uncomfortable carrying a large amount of cash, you can tell the buyer to meet you at their bank, so they can have it withdrawn to pay you.
Pay by Check. Let’s say the buyer was not able to pay by cash and pays you using a cashier’s check. You have to be clear that you would not transfer the paperwork or hand over the keys until the check clears. If it’s a personal check, you can ask the buyer to meet you at their bank so you can cash the check then have the vehicle transferred to them.
Escrow and other modes of payments. If you will agree to an escrow service, you are the ones who should choose a legit escrow, not the buyer. A buyer choosing their own escrow service is a bit suspicious. Other options like online payments, Paypal, wire transfers, money orders, are not safe and can be falsified, so do not transact with a buyer who insists on these options. Remember to be wise, stay focused, and do not be deceived by these fraudsters. You can also check our previous blog about “What Is the Safest Form of Payment When Selling a Car?” for other helpful information.
Sell to a Dealer.
Most people think that selling to a dealer will require them to buy a new car in exchange for the old one. There are different kinds of dealers in the market, and some can buy your vehicle without you buying a car from them. Selling to a dealer is also a safe and fast way of selling a car. However, you have to be aware that dealers will give low-price offers compared to what you can profit from private buyers. Though the offer is low, they can bring you convenience as they can help you with the paperwork and also pay you right away.
A Safe Way to Sell Your Car
We at “Sell My Car In Chicago with Enrique for Cash” are one of the high paying car buyers in Chicago. We can assure you that it is safe to sell your car to us for the following reasons:
With the current Covid-19 pandemic situation, we do virtual consultations, which means less face to face transactions. You can call us at (224) 236-7010, or you can get a free quote online. We also follow CDC updates and health protocols for everyone’s safety.
There's no need to bring your car to us. Once you contacted us, we will reach out to you with an offer. If you agree, we will schedule you for an appointment so we can inspect the car. Once all the details you have provided are verified, we will let you sign some paperwork and pay you by cash. Guaranteed Safe! Feel free to check our Yelp reviews for reference. Click on the button below for a free quote or Call us Today!
