So I sold my car on ebay last week. When listing the auction, I specified that I would like either cash or cashier's check. I know that there are scams involving cashier's checks, so I was going to call the bank and verify whether or not they issued the check or not. The buyer just informed me, that he would like to pay with a money order. Is that as good as cash for $2,000? Should I ask for a cashier's check instead? Please give any advice.

 

A cashier's check would be a decent idea, but depending on the money order you may be able to call and verify it. If you do get a money order, I'd ask for only a USPS one. That way, its very easy to find out which branch it is from and it ifs legit or not.

 

Western union money orders are readily available at most gas stations and cost little... or have him use AMEX Traveler's Checks, which are an even better bet.

 

Be careful. Cashier's checks are often forged. One of the most common scams with money orders is reporting it lost as soon as it is given to you. If you decide to accept the money orders, get the buyer's copy (probably a stub the tears off the money order) and I would still cash them immediately. If he pays you with Western Union MOs, you can contact their money order department (separate from the money transfer business) and verify it hasn't been reported or stolen.

David

 

Thanks for the help guys. Hopefully I won't get scammed.

 

Money orders can be purchased and then cancelled. That's a common scam. They are also easily forged as well.

Take either cash or a cashier's check. The validity of a bank cashier's check is easily vaildated by calling the issuing bank.

Andrew

 

be very carefull with both, cashiers checks and money orders. (i work for a financial institution) and i see counterfeit examples on the daily basis. if you recieve either of them as payment... dont sign nor release the car untill the funds have cleared in your account. (even if you call it in for verification) many times those automated verification numbers are part of the scam.

in conclusion... dont give anything away untill the funds have completely cleared.

 

I talked with the buyer this morning, and we agreed that he will pay cash.