What are my payment options?
Cars.com Payout Options
Cars.com is amazing for getting a lot of eyes on your listing, but it doesn’t have any transactional infrastructure.
Listings sites, such as Cars.com and eBay Motors, function as “meetingplaces.” Meetingplaces connect potential buyers and sellers—and then leave them in the lurch to negotiate all of the logistical details that go into getting the transaction done.
For example, Cars.com doesn’t provide payment support. They leave you and the buyer to navigate payment on your own. Here are your options:
- Cash: risky and inconvenient.
- Bank transfer: cumbersome, exposes your banking info to strangers.
- PayPal: transaction fees and transfer limits.
- Checks: slow, inconvenient.
Fortunately, we’ve created a better way. Our payment solution is called PrivateAuto Pay. It’s so easy and intuitive, you’ll wonder where it’s been all your life.
Risks of cash payments
Is Cash Good?
Physical cash is a bit sketchy, especially in high-value transactions.
Here are the drawbacks to receiving a physical cash payment:
- Counterfeit cash: while counterfeiting is rare, do you know for sure that the bills are genuine?
- Paperwork: do you know how to do the bill of sale and title transfer for your state? Will you have a record of the transaction in case the other party wants to contest it?
- Physical safety: do you know the person you’re dealing with? How do you know they’re not going to attack you and take back their cash as soon as you’ve transferred the title and handed them the keys?
- Inconvenience and awkwardness: do you enjoy counting out stacks of bills under the watchful eye of a stranger?
PrivateAuto Pay allows you to pay cash—digitally. All the benefits of physical cash, none of the drawbacks.
Is PayPal any good?
Are Payment Apps a Good Way to Get Paid?
Peer-to-peer payment apps like PayPal seem convenient, but they’re awful for a private-party car transaction.
- Low sending limits are unsuitable for high-dollar payments. PayPal has a $10K limit on personal accounts.
- PayPal’s fees of 2-3% quickly add up on large payments.
- Venmo has a limit of $4,999 per transaction, which is woefully inadequate for most cars.
- PrivateAuto Pay is like Venmo for high-dollar transactions.
Are bank transfers safe?
Are Bank Transfers Any Good?
Bank transfers are an annoying and cumbersome way to get paid.
1. Inconvenient. You and the buyer need to have multiple back-and-forth exchanges to orchestrate the transaction. You’ve got better things to do with your time and attention.
2. Slow. Transfers can take days to fully process due to low account limits. If you’re smart, you won’t hand over the title until you’ve received the funds into your account. This forces the buyer to pay you, then wait—an act of faith on their part. It also turns what could be a quick transaction into a drawn-out affair.
3. Potentially risky. Exposing your bank account details opens the door to fraud.
PrivateAuto Pay enables instant transfers between verified user accounts 24/7 with no limits or transfer fees. Encrypted data keeps your information secure. You get escrow-like safeguards in the palm of your hand, and the PrivateAuto deal flow keeps both you and the buyer protected.
Can credit card payments any good?
Are Credit Cards A Good Way to Get Paid?
Credit card payments have processing fees and are a potential fraud risk.
- Credit card processors such as Stripe charge 2–3% or more of the total transaction amount. Say you’re selling a $40K Wrangler: that’s $800–$1200 diverted from your pocket.
- There is always the risk of chargebacks or fraudulent transactions when accepting credit cards, especially from strangers. Buyers can initiate disputes and reversals more easily.
Risks of checks
Are Checks Safe?
If you’re smart, you won’t even think of accepting a personal check unless you wait for it to clear—and who wants to deal with that delay and uncertainty?
While cashier’s checks are more trustworthy, even they can be forged. The only way for you to be certain a cashier’s check is good: meet the buyer at their bank and have the bank verify the funds.
If you want to skip the inconvenience (and the limited banker’s hours), welcome to PrivateAuto Pay.
What is PrivateAuto Pay?
PrivateAuto Pay is our banking integration that facilitates instantaneous, unlimited fund transfers, any time of day, any day of the week. No transfer fees. No hassle. Just pure convenience.
PrivateAuto Pay is great for users of PrivateAuto, but what about someone selling their car on Cars.com? We’re glad you asked.
That’s why DealNow was developed. It allows you to start a deal on any site, and close the sale anytime. DealNow helps you avoid fraud, sign documents, and instantly transact online.
What is DealNow?
DealNow for Sellers on Cars.com
1. Invite the buyer to DealNow via a custom link.
2. Enjoy identity verification, in-app messaging, and a test drive scheduling feature (none of which require you to exchange contact info).
3. Meet the buyer and let the buyer drive your car.
4. You and the buyer go together through a step-by-step transaction process in which you each confirm relevant details. From mileage to the VIN to the condition of the vehicle, we help you both prevent any errors.
5. You and the buyer each electronically sign an official bill of sale. This is stored in your DealNow account as a legal record you can refer to down the road.
6. The buyer is prompted to initiate payment.
7. You instantly get a notification of funds received in your DealNow account and confirm receipt.
8. You sign over the car title and hand over the keys.
DealNow is so smooth, so safe, and so fast that you’ll never want to sell a car without it. No matter where you find your buyer—from Cars.com to Craigslist to the friend of a friend—DealNow will help you get the deal done and get paid, right now.
Cars.com FAQ
How can I protect myself in private-party car sales?
To protect yourself when selling a car privately, we recommend the following practices:
1. Don’t give out your contact information.
2. Verify that the buyer has the funds to purchase the vehicle.
3. Deal with verified buyers only.
4. Receive payment through PrivateAuto Pay.
Do I need to use an escrow service when selling a car on Cars.com?
Many sellers choose to use a third-party escrow service when selling a vehicle on Cars.com or other listing sites. An escrow service acts as a neutral third party that holds the payment from the buyer until the seller provides proof that the vehicle has been transferred properly.
Escrow services keep you safe—provided you choose a legitimate one and don’t fall prey to an escrow scam—but they’re slow and costly.
PrivateAuto Pay gives you escrow-like safeguards without the hassle and expense of a third party. Choose DealNow to close your Cars.com sale, and our technology will empower you to drive the deal on your terms: safely, conveniently, and quickly.
Does Cars.com charge seller fees?
Cars.com does not have any listing fees.
What are the most popular alternatives to Cars.com?
If you’re thinking about selling a car online, alternatives to Cars.com include:
– Social media. Facebook Marketplace allows you to list your car for sale. There are also plenty of Facebook Groups designed to help people sell, and trade vehicles.
– Classified ads websites. Craigslist is nationwide, but most cities have local classified ad websites for car transactions. For example, Salt Lake City, Utah, has KSL Cars.
– Other car listing websites such as CarGurus, and Autotrader allow you to list your vehicle for sale to reach targeted buyers actively searching for cars. These sites offer various listing options.
– PrivateAuto is a secure peer-to-peer marketplace designed specifically for private-party used car transactions. We give you technology solutions for every stage of the deal—from listing to paperwork to payments—for a streamlined experience. If you want to auction your vehicle, PrivateAuto’s auction feature gives you all the benefits of a self-serve auction, backed by the power of PrivateAuto Pay and our transactional infrastructure.
Whether you opt to use PrivateAuto or another site, you can always take advantage of our transactional features by using DealNow.
Additional Resources
Andy Lewis
Contributing Author
Andy Lewis is the Chief Technology Officer (CTO) at PrivateAuto, bringing over 30 years of expertise in the technology field to the forefront of the online marketplace….