I just sold my car. The buyer is from out of town. Of course he'd like to give me payment, transfer title and be on his way.

What's the most secure form of payment? I've heard there has been recent fake certified checks? Would I be better off getting a money order?
If I deposit the certified check while he's there, will the bank be able to immediately verify that the funds are there and clear it?

Thanks.

 

I would imagine that your bank wouldn't have too much trouble verifying the authenticity of any form of payment the buyer would try to give you. With a few phone calls, they'd probably know.

 

wire transfer is the safest, that and cold hard cash. I'd ask your bank officer for advice.

 

Cash is king. If the buyer can get cash, that's your best bet for sure.

 

Wire xfer hands down

 

He won't wire the funds until he see's the car. I won't release the car until I see the funds...
Talked to my banker, they said cashiers check works but cash is best.
I'm going to see if he'll bring cash instead.

 

If he brings cash, have him meet you in the bank and deposit it immediately. You don't want to get jacked and loose the hole thing, or your life.

Another option is an escrow service.

 

Does his bank have a branch in your town? Meet him at that branch. If he wants the car, go in the bank with him, have him write a check to cash, give it to the banker and ask them for a cashiers check in your name. They won't give you a chashiers check without making sure his account will cover it, and you will know it's not a fake.

 

Thanks for the advise people.
We're working on cash or wire transfer.
Just verified with my bank that even cashiers checks takes 2-3 days to verify. He'll be long gone by then...

 

Nothing is really safe these days, even coming from a bank these days.

But if you want the best, I would say wire transfer. To me, the term, "Cash is king" is getting less valid in this age of digital technology on top of scam artists. If a person wants to scam you, what makes you think he wouldn't pass you some/all fake dollars to you.

For cashier checks, well....there are fake ones, and there are ones that bounce. Yes, bounce!!! I just recently bought a house and the title/escrow company wouldn't accept it because there are cases where the cashier check bounce because the bank is going under. So, take your pick on the poisons.