accept a cashier's check for car sale?
#1
Lexus Champion
Thread Starter
accept a cashier's check for car sale?
I'm selling a car with a lien -- buyer is not local, wants to mail me the cashier's check and whenever the funds clear to my account he will arrange pickup of the car.
I told him to send the check to the lien-holder and he said no, only to me.... I know I know scammer...I'm assuming he would claim the check was lost or stolen AFTER the fund have cleared and into my account???? or am I missing something?
thanks for your help.
I told him to send the check to the lien-holder and he said no, only to me.... I know I know scammer...I'm assuming he would claim the check was lost or stolen AFTER the fund have cleared and into my account???? or am I missing something?
thanks for your help.
#2
Forum Administrator
iTrader: (2)
If you are not desperate to sell, wait for another buyer.
Otherwise, does the bank he's using have a local presence where you could walk in and cash it? Even if it does not, find out where the check will be drawn, call that bank and ask how to tell if a cashier's check from them is genuine. Link below has a good suggestion on getting contact info from the bank (don't get it from the check).
https://www.occ.gov/news-events/news...ry-2007-1.html
Otherwise, does the bank he's using have a local presence where you could walk in and cash it? Even if it does not, find out where the check will be drawn, call that bank and ask how to tell if a cashier's check from them is genuine. Link below has a good suggestion on getting contact info from the bank (don't get it from the check).
https://www.occ.gov/news-events/news...ry-2007-1.html
#3
Super Moderator
Here is what will happen:
You will receive the check and deposit it at your bank.
1-2 days later, the check will "clear" and the funds will be made available to you.
The car will be picked up.
10+ days after the deposit, the forgery will be identified and the ACH will be reversed.
Demand a bank wire to the lien holder or no sale.
You will receive the check and deposit it at your bank.
1-2 days later, the check will "clear" and the funds will be made available to you.
The car will be picked up.
10+ days after the deposit, the forgery will be identified and the ACH will be reversed.
Demand a bank wire to the lien holder or no sale.
#4
Lexus Champion
I'm selling a car with a lien -- buyer is not local, wants to mail me the cashier's check and whenever the funds clear to my account he will arrange pickup of the car.
I told him to send the check to the lien-holder and he said no, only to me.... I know I know scammer...I'm assuming he would claim the check was lost or stolen AFTER the fund have cleared and into my account???? or am I missing something?
thanks for your help.
I told him to send the check to the lien-holder and he said no, only to me.... I know I know scammer...I'm assuming he would claim the check was lost or stolen AFTER the fund have cleared and into my account???? or am I missing something?
thanks for your help.
I was selling a couch years ago, and I got multiple purchase offers overnight where they were all going to pay me more than my Craiglist ad said. And I thought that was really odd. So I Googled it. And what I found were many stories of buyers who overpaid with a "typo" in the "cashier's check" -- $5000 instead of $500, or transposed digits, etc. Then correspondence back and forth with the buyer saying "Keep $XX extra for your trouble, and Western Union the difference back to me." And the seller's bank account showed the funds, so they went ahead. And then days later, after seller thought the funds "cleared", it turned out the check was fraudulent, and the bank reversed the deposit.
If you really wait the 10-15 days for the check to "clear" per the banking system rules, rather than when the bank shows the funds "deposited" in your account, you should be ok.
#6
Lexus Champion
Thread Starter
#7
I sold a 91 mr2 years ago locally and the guy hands me a cashiers check. I tell him i will not except this and he huffs and puffs so i said i will drive you to your bank and you give back the check and pay me in cash.
We get to the bank and he heads to the teller and says this guy will not accept a cashiers check for a car, and her reply was i wouldn't either.
We get to the bank and he heads to the teller and says this guy will not accept a cashiers check for a car, and her reply was i wouldn't either.
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#8
Pole Position
@geko29 has outlined exactly how this works, and yes it’s likely a scam. Have you explored selling to the likes of Carmax etc? Chances are you’ll get a similar offer and they are geared up to handle cars with liens.
#9
Pole Position
I've paid w/ a cashiers check for a few vehicles before w/ no issues....I'd think the buyer would want to know what the pay off is, then of you go to your bank/credit union & pay it off. Then hit up a title/license place for a title & plates.....
#10
Lexus Champion
Right - that's another red flag. If buyer was legit, he'd be worried that seller would pocket the full amount and not pay off the lien.
#11
Lexus Test Driver
One time I had to fight a dealer and it lasted months of begging for my car title so I can't imagine the risk of handing some Joe Shmoe a check "hoping he will pay the lein".
I've done some really dumb things in my life but.... Heck no, nooooooo way on that. lol
#12
Lexus Fanatic
Nothing for me to add here, except to listen to all the excellent advice you received above.
#13
Super Moderator
Back in 1991, my father sold his 1986 Jaguar XJ6. He insisted that he and the buyer go to the buyer's bank and get the cashier's check made right there in front of my father. The buyer was a little hesitant wondering why my father would not take a personal check. Gee I wonder why back then....hmmm....even today. In the end, it was okay as the teller handed my father the cashiers check and no issue occurred.
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