Selling my truck - Any tips or advice?

Anyone have any tips or advice on selling vehicles to individuals?

I have a potential buyer meeting me today to test drive the vehicle. He claims he's going to leave a deposit to hold the truck, while his bank wraps up his loan. I've never sold a vehicle to a individual, so I'm not sure what the proper protocol is. Is there a specific amount is should require for a 'holding' deposit? Sell price is $20k.

Anything else I should take into consideration?

Thanks!

Don't take a deposit. If you do he could string you along for a while, as in weeks. Better off just doing a verbal commitment and when he has his loan inline meet at a bank and complete the paper work.

^^^ Agreed to a point BUT... First person to show up with a XXXX certified check, money order or cash drives off in the truck.

If I were you, do your best to help that guy out but make it clear that it is first come first serve.

I so would not take a deposit. First one with cash wins. It's that simple, don't complicate it. If you have to drive to their bank and get cash or a bank check from there so be it. Worth the cab fare afterwards if needed.

Don't get emotional and don't take anything personal when selling a vehicle too. You'll find there are a lot of aggressive tire kickers out there, some scam artists and some shaddy guys. I always met in a public place too. Don't want low lifes showing up at my house, if they buy it then my comfort level goes way up and I don't worry about being cased at home.

Okay, thanks for the advice!

on every car i have taken a deposit everything has worked out great. u just have to be clear with them that they have x amount of days to get the loan taken care of. usually within 48 hours. if not and u have another buyer the deposit is yours. and always get a bill of sale signed

I totally agree with Rodney. I have sold 2 boats and 1 car by taking a deposit and giving the person 72 hours to complete the sale.
Every time it came thru perfectly. To put the buyer at ease i made his deposit refundable at anytime. You can also take back up offers or create a waiting list for other potential buyers. I did that with one of my boats and although I never needed the backup offer it was there if I did.
Good Luck

Or you could just not sell it. I don't think your accord will tow the boat and my truck barely tows mine. It won't handle both of them.

I ended up telling him a deposit wasn't necessary. We decided to take his offer, and he's (supposedly) bringing us a check within the next couple days... His claim, 'We can have this deal wrapped up before the end of the week.'

Bret,
I hear ya! I've talked myself out of selling it several times... That truck is my baby. I guess we'll use the Accord to push, while we use your truck to tow?

If you are selling it used, Make sure you have a bill of sale stating that you sold it in "as is" condition.

^^^^
ditto what Todd said. I sold a car for my grandmother a few years back, and the guy came back like a month later asking about some issue with the tires, and wanted his money back. I showed him the photo copied bill of sale, and told him to beat it. also make sure you are meeting in public places only, and bring a friend. if you can, bring a friend with a weapon. only partially kidding about that part. when I sold my boat, I had a neighbor who was a private investigator and had a ccw. he came along with me, as I was dealing with $20K in cash. I felt safer that way.

I was paid $9500 all in $20's for a car I sold a few years ago. I had never seen a lunchbox full of money before. You bet I packed heat.

The "sold as is" really important. You can find and download something off the web. Type in your state and sold as is waiver into google.

I would not take a check without seeing where it came from. Offer to meet him at his bank pink slip in hand. Typically the bank needs the pink slip anyhow, as they are the legal registered owners. You are actually selling it to the bank.

Usually though 99.5% of the deals are legit and you could hand the guy the keys and pink slip, watch them drive off to go and get a check for you, to have them return shortly with a legit check. The handshake deal may be gone today, but most people are trust worthy.

I am paranoid though and would cash the check at his bank LOL Even a cashiers check can be canceled up to a week later.

Edit: In the East Bay there was a really nice auto shop owner who sold a car for $20K cash. Two guys came into the shop shortly after and demanded the money. He refused to give it to them and they killed him. Cash is the best way to do business and I use a testing pen too make sure they are real bills. I also pack heat when dealing with that much cash. Just worried that after I drive off someone may follow me and try to take the cash. Once it is deposited in my bank life goes back to normal.

(Message edited by peter_c on February 16, 2010)

20K cash! Why? Gonna make it rain at the strip club?

If the guy is getting a loan from his bank they are not going to want to front him 20K cash... most loans I see at work for private party sales are done at the branch with transfers or cashiers checks. If the guy seems legit, see about meeting him at his bank with a scheduled apt time with a loan officer. They should be able to have everything done ahead of time for you... just show up with the title and get it done.