Just wondering if anyone had any tips, I'm selling my s2k and I want to avoid getting a fraudulent cashiers check. I've read up on how to spot the fakes, but lots of REAL checks are floating around that have been stolen, altered etc. Most sites tell you to find the number of the bank and call to verify the check, but is this 100% safe? and what if the buyer is coming with a cashiers check from say Canada? I'm thinking since its a sizable amount of money my local bank where I do business might be willing to inspect the check, maybe certify it BEFORE I sign the title over? Its my understanding that if the check is (even weeks after being deposited) found to be fake that I am responsible for the funds? please any tips welcome! I want to avoid a potential nightmare.

Thanks,

 

Well the safest way is to be present at the bank when the check is issued. I would be inclined to drive a distance to make sure.. maybe make plans to deliver the car instead of having it picked up. Go to the bank, get the check, leave the car.

 

do not - i repeat DO NOT take a personal check - you want a certified bank check that is drawn from a well known US bank and once the buyer gives you the said check you both go to the bank to validate it.

do not ship the S to the buyer

who holds the title to your s2k? you or the bank? if it's the bank, they will require the car to be paid off before you get the title. when i sold my S the buyer flew out from Chicago and then had the payment wired the to my bank and the bank gave him the title

 

oh and if the buyer is from Cananda - a wire payment / Cash is the safest way to go...

cubby will be online soon and he will give you more ideas -

also get all the info you can on the buyer ie name, address, real phone number (home, work, cell) and a copy of licience etc etc

 

Cubby likes wires....

Any decent bank will help you determine if the Official/Cashiers/Certified Check is valid, ie call originating bank, look for clues for forgery etc. However, even then it could be Stopped.

I've never used an escrow service, but you might want to look into it.

 

My thought is if I call the guy back and request cash, still have the bank verify the currency obviously - I'd be pretty much solid. If the buyer refuses to bring cash somethings fishy, and if he refuses to go into the bank with me (where he'd be being filmed) then obviously he's a fraud and doesn't want to be caught on camera. The cashiers check just worries me, maybe I'm being too cautions but this is a lot of money to be fooling around with.

thanks for the input!

 

Not too many people want to walk around with cash.

Wire transfer!

 

request a wire transfer after he sees the car and wants to buy it - it takes about 15 minutes at the bank

buyer - i love the car and i'll pay you 20k for it

you - that's great, I love you man - wire the funds into my bank and i'll give you the title

buyer - ok let's go to your bank

you (after you get the wire)

or

buyer - i love the car and i'll pay you 20k for it

you - great it's 20k, did you bring cash?

buyer yup

you (after you get the cash)

as for getting caught on camera - don't you watch the tv show "caught on camera

 

I'm a big fan of the bank, cashier's check, or counter draft. Technically they can be stopped, but it's not easy to do, any good bank will only cancel one because you might have lost it or it was destroyed. Once you have that check made at your bank, that money is gone and is represented by the check. Just make sure you track down the bank that wrote the check and verify that it's valid. Look the bank up on your own and don't trust a number the buyer gives you; they might give you a bogus number to verify it with. If baffles me how you can buy a million dollar house with a bank check, but people still won't trust them for some of the smaller purchases made on this site. It just seems a lot easier to me to verify the validity of one check than it is a big pile of hundred dollar bills.

 

IF the buyer is bringing a Cashiers Check have them cash it on their account. Or if it is a Personal Check have them make it out to cash and cash it on their own and bring the cash.

When I sold my Silvia the kid brought me a Military Loan Check. I cahsed it and took the money. Held it at my house so that if it were a fraud they wouldn't be able to take it from my account. Then I gave him the 1 Key and the car. I keep the title spare key and copy of his drivers and military ID for a wee and a half till I knew it was clear and mailed it all back to him.

The best thing to do is to have him cash the check out on his account or have the bank wire transfer as Cubby said.