I may have to list my NSX for sale in Spring - I just have some questions in preparing for that time. How do you sell a car in this price range? Sounds silly, but if I list it here or on Cars.com, how does that work for payment and title? I mean, what is the safe way to do it to protect yourself but also what gives the buyer some reassurances? Do they WIRE money to my bank? If they come with a Certified Check, do I go to their bank to cash it to make sure it's real? What if their bank isn't in my State and I can't do that? How have you done it? I'm assuming it won't be a local sale so just wondering how the process all works. Thanks for your suggestions, input and experiences.
How do you sell an NSX?
- Thread starter 1991NSX
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If it's an out of state sale, request a wire transfer. If transfers are done early in the day, the recipient receive it same day. I would not give the keys or title until the funds have cleared in your bank account. Certified checks still go through clearance processes and are not available immediately (unless it's the same bank). Avoid the weekend because of not being a business day.
I work for one of the largest financial institutes, we get asked these questions all the time.
I work for one of the largest financial institutes, we get asked these questions all the time.
^^^ What Hass says ---- or a suitcase full of cash also works :smile:
Depending on the branch, they might not be able to give you that much cash. I met the seller at my bank parking lot, I attempted to withdraw cash from the bank but they didn't have it available. The seller was next to me at the teller window, he accepted the cashiers check because it was issued in front of him.
Larger banks do have a verifying phone number on their checks, that might help but i always recommend waiting until check clears.
As a seller, you have a MUCH LOWER risk than a buyer in my opinion. That's because it's in your hands to decide when to let go of the car. The buyer has to pay you first, so whatever method they choose to pay you in, you have the luxury of making sure you are satisfied that the payment clears and is real BEFORE releasing the car and title. So I don't really see any issue regardless of how they pay you. Just make it clear that you will not release the car and title until your bank says it is 100% cleared. Simple.
A buyer on the other hand, has more risk because he has to let go of the money before he gets the car. That may involve trusting a stranger, or having to fly to you in person AND waiting till your bank gives the ALL CLEAR before he gets his car.
My method:
Every car I've sold was transacted inside a bank under the cameras. Nobody's gonna wanna get videotaped ripping you off. For double security print off a little automobile sales contract and have the banker witness the signatures then notarize it. For me this has removed the anxiety, which is very real, the fear of getting ripped off : )
I'm in the market to buy an NSX, hopefully soon. I plan to walk the seller into Chase or Wells Fargo and have the certified check cut on the spot, then I hand him the check, he signs me the title, I drive the car away. This method requires that somebody spend a little money traveling to where the car is, but it's worth it for peace-of-mind imo. No BS. (by the way, if you have a clean red one, one owner, I'll pay 10k over market value!)
Every car I've sold was transacted inside a bank under the cameras. Nobody's gonna wanna get videotaped ripping you off. For double security print off a little automobile sales contract and have the banker witness the signatures then notarize it. For me this has removed the anxiety, which is very real, the fear of getting ripped off : )
I'm in the market to buy an NSX, hopefully soon. I plan to walk the seller into Chase or Wells Fargo and have the certified check cut on the spot, then I hand him the check, he signs me the title, I drive the car away. This method requires that somebody spend a little money traveling to where the car is, but it's worth it for peace-of-mind imo. No BS. (by the way, if you have a clean red one, one owner, I'll pay 10k over market value!)
Prepping for sale:
Step 1: Make a post like yours. Perfect advertising (sorry, couldn't resist)
Step 2: Call John Vasos at Brookfield (you are very close to him) and have him do a PPI. Correct or declare all issues if you want to make the sale efficient. Make a few copies of the PPI, you will want to share them with a buyer.
Step 3: Do the same with a Carfax.
Step 4: As far as payment goes, just remember that you should never release the car until payment is completely settled (even with a wire, cashiers check, etc.)
Step 5: Sign and date the bill of sale AND the title on the spot. Never leave the document open (for resale without recording. If they are a dealer, they have a way to assign the title.)
Just remember that you have a highly desirable car right now. There should be no reason to cut any corners on the sale. Just when you think someone is rushing you to a close but won't let funds settle, move on. It wasn't a real deal anyway and the real buyer will be right behind them. There are already people telling you (above) they will pay up for a car.
Good luck. I am in Chicago. I drive mine up to Milwaukee for work every so often, so I am happy to meet and provide some third party reference if someone needs it.
Step 1: Make a post like yours. Perfect advertising (sorry, couldn't resist)
Step 2: Call John Vasos at Brookfield (you are very close to him) and have him do a PPI. Correct or declare all issues if you want to make the sale efficient. Make a few copies of the PPI, you will want to share them with a buyer.
Step 3: Do the same with a Carfax.
Step 4: As far as payment goes, just remember that you should never release the car until payment is completely settled (even with a wire, cashiers check, etc.)
Step 5: Sign and date the bill of sale AND the title on the spot. Never leave the document open (for resale without recording. If they are a dealer, they have a way to assign the title.)
Just remember that you have a highly desirable car right now. There should be no reason to cut any corners on the sale. Just when you think someone is rushing you to a close but won't let funds settle, move on. It wasn't a real deal anyway and the real buyer will be right behind them. There are already people telling you (above) they will pay up for a car.
Good luck. I am in Chicago. I drive mine up to Milwaukee for work every so often, so I am happy to meet and provide some third party reference if someone needs it.
Speedmaster gave good info.
As a buyer of mine in 2008, long distance purchase.
The seller suggested bringing cash... but I was like ya right, here I'm flying to Reno, NV to meet somebody I've never met with a large amount of cash. How do I know somebody won't rob me, since there are people who will know I'm coming to town with cash. I get robbed, all cash, no way to prove it or retrieve it. Not happening on my end as a buyer.
His end, all the scams with fake Cashiers Checks... can't blame him for not being comfortable with that option as the seller.
The best case would have been if we both had the same bank to just transfer, but we didn't.
What we ended up doing, was he took my banks cashiers check and held the title until it cleared. I had the car and the bill of sale. But he worked at the Honda Dealership in Reno, which was nice. He had all the legitimate paperwork and I felt comfortable with the deal.
It took three days if I remember correctly for the cashiers check to clear & I received the title in the mail. But not all buyers may feel comfortable in that scenario.
I'm thinking now, as it was mentioned above you could do a wire transfer from one institution to another.
As a buyer of mine in 2008, long distance purchase.
The seller suggested bringing cash... but I was like ya right, here I'm flying to Reno, NV to meet somebody I've never met with a large amount of cash. How do I know somebody won't rob me, since there are people who will know I'm coming to town with cash. I get robbed, all cash, no way to prove it or retrieve it. Not happening on my end as a buyer.
His end, all the scams with fake Cashiers Checks... can't blame him for not being comfortable with that option as the seller.
The best case would have been if we both had the same bank to just transfer, but we didn't.
What we ended up doing, was he took my banks cashiers check and held the title until it cleared. I had the car and the bill of sale. But he worked at the Honda Dealership in Reno, which was nice. He had all the legitimate paperwork and I felt comfortable with the deal.
It took three days if I remember correctly for the cashiers check to clear & I received the title in the mail. But not all buyers may feel comfortable in that scenario.
I'm thinking now, as it was mentioned above you could do a wire transfer from one institution to another.
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How do you sell an NSX? YOU DON'T...... sorry that is the best answer I can give.
Thank you all for taking the time to answer my questions! Very helpful. When this happens I want to make sure the buyer and seller(me) all feel as warm and fuzzy as possible over the large transaction.
Bear: It's red/black but I am the 3rd owner. 60k on the odo and it's one of the best I've seen, will hate to let her go after 9 years of blissful ownership but I have 4 cars (3 sports cars and 1 sport sedan) and because of having 3 houses as well, I need to simplify as my wife will be retiring next year.
Bear: It's red/black but I am the 3rd owner. 60k on the odo and it's one of the best I've seen, will hate to let her go after 9 years of blissful ownership but I have 4 cars (3 sports cars and 1 sport sedan) and because of having 3 houses as well, I need to simplify as my wife will be retiring next year.
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I did a wire transfer when I bought mine. Took about 2 hours to clear, although it took his bank another hour to verify the funds
