July 25, 2008, Newsletter Issue #53: Sealing the Used Car Deal

Tip of the Week

You’ve done the work. Finally, a buyer is ready to sign on the dotted line and drive away. The car is sold but can you count on the cash? Here are some tips to make sure you don’t get left holding an empty bag.

Decide Before the Buyer Arrives What Forms of Payment You Will Accept

For buyers that sound serious, it is a good idea to share this information via email or during a phone call. You don’t want to lose the sale because the buyer doesn’t have the form of payment you want.Cash is best, but given the amount of some used cars it isn’t always possible. If you accept a cashier’s check or money order be sure that it is valid (yes, fakes have been passed), verify funds on personal checks before your turn over the keys.Get Complete Contact Information for the Buyer

If the payment turns out to be invalid you should have some recourse. You can protect yourself by getting valid contact information from the buyer that you can use to follow up (in case the bad check was an honest mistake) or contact authorities if it wasn’t.Put All Agreements in Writing

Whether the car is sold as is or you intend to provide a warranty, you should be sure to detail it in writing. The buyer and the seller should receive signed copies of the document.

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