Robert59
Well-known Member
If you sell a vehicle to someone and they pay by check and check is no good will your auto insurance consider it stolen?
That would be the only smart way to handle any private-party transaction involving a check. AND don't release the car until the title is changed to the new buyer's name, otherwise you'll be responsible for anything that happens while he's driving it.The buyer told me the check will be from Loan company. I'm thinking about holding the vehicle till the check clears.
Yeah, a good scam artist can really create a nightmare. Not worth it to me. I've never sold or bought a car privately.there was a story locally about a guy who sold a 60k Porsche ... he went with the buyer to his bank . he got a bank check and signed the car over .
when the check didn't clear he called the bank .
it seems the buyer put a stop on the bank check claiming it was lost .....
so the seller went to the police only to find out the car was legally signed over so it was not stolen . the police said this is a civil matter and not criminal .
i never heard the follow up to the story to see if he ever tracked down the buyer
Their insurance likely covered it. But it is a hassle when you have to wait for your money.my last car went through a crazy situation .
our dealer gives you a choice trading in the car .
you can take the regular wholesale price dealers give you or if you don't mind waiting to get paid they will put the car on their used car lot and sell it retail , then give you a higher price when sold ,.
we opted to do that .
well a buyer left a deposit for my jeep and came back a few weeks later to buy it .
they could not find the jeep ... they then noticed that about a dozen used vehicles were missing from the lot .
turns out a sales manager they had fired had sold the cars under the table very cheaply and stole the money .
it was a mess since the vehicle was legally sold by someone authorized to do so ... the only crime was he stole the money .
he fled to greece so he was gone .
the cars were sold legally interstate .so the fbi i had to get involved .
it took just short of 10 months to finally get paid by the dealership . they did give us full retail though to make up for the hassle which was thousands more .
Their insurance likely covered it. But it is a hassle when you have to wait for your money.