Just sold a car, got a couple of questions...

[Naim]

I just sold a car (Audi S4)...
People came from Indiana (I'm in Milwaukee Wi)...
They put $500 down and are going to give me a cashiers check for the rest.
I am going to drive down to Chicago meeting them half way, where they will give me the cahsiers check and I will give them the car and title.

What is a good way to make sure that a cashiers check is good (not fake)???
It's not that I don't trust the people, it's just that I want to cover my butt.

Thanks.

[Mr. Bill]

Don't know a way to tell it is good, but I have been told Cashiers Checks are not guaranteed and can actually bounce.

When I bought my SVX (from across country), I did a bank draft from my credit union to the seller's credit union. It should only take a day and it does cost a little (I think about $15 or so) BUT you know for sure you got the bucks and they are good.

Good luck - these things can be a little scary.

[UberRoo]

Do the paperwork together. Call the banks and licensing offices in the area where you'll meet to make the exchange. Find a bank that will deposit or cash the check; or can do an instant funds-availability check. If you just cash the check and it bounces, so what? You have the cash. Also, some banks have a notary on staff. That can be nice for certifying the bill of sale. Afterwards you can caravan (or carpool) to a licensing office. Just call ahead to make sure of their hours, possible fees, and that the necessary people will be working at the time.

I did this once. It worked out great because it was convenient for both parties. Neither party felt like they might get screwed. It was necessary paperwork for both of us, so since we had to do it anyway, we agreed to do it at the same time and place. When I did this, the bank's notary called in sick so we ended up driving to a different branch, but otherwise it was a beautiful plan.

[gsodonis]

Originally Posted by Mr. Bill

I did a bank draft from my credit union to the seller's credit union.

I sold my WRX to a fellow in Ohio. Since my bank 'owned' the title to the car, they would not hand me (or him) the title to the car for a cashiers check. They explained that bogus cashiers checks are one of the fastest growing scams in the US. It can take banks days to finalize a cashiers check transaction and by the time they do, the buyer, your car, the title to it and the money can be gone.

And according to State Farm (my insurer), if you do get scammed that way, to add insult to injury, that is not theft - it's fraud. The difference there is you cannot claim theft against your insurance policy since you willingly GAVE the person the car, the keys and the title. The insurance company doesn't give you ANY money. Instead, it's up to you to pursue this in court to try and recover your car or your money.

I ended up arranging a bank transfer with the seller. My bank gave me and the buyer a list of all of the steps to follow and made it really easy. Essentially, the buyer called his bank once he was with me and agreed to buy the the car. We did this while sitting at my bank. Once the transfer came through, the teller verified that the funds were indeed in my account and I then gave him the title (ofter paying the bank what I still owed on the note of course). Everybody wins (especially you DON'T LOSE). It's the safest way.

[Naim]

Originally Posted by gsodonis

I sold my WRX to a fellow in Ohio. Since my bank 'owned' the title to the car, they would not hand me (or him) the title to the car for a cashiers check. They explained that bogus cashiers checks are one of the fastest growing scams in the US. It can take banks days to finalize a cashiers check transaction and by the time they do, the buyer, your car, the title to it and the money can be gone.

And according to State Farm (my insurer), if you do get scammed that way, to add insult to injury, that is not theft - it's fraud. The difference there is you cannot claim theft against your insurance policy since you willingly GAVE the person the car, the keys and the title. The insurance company doesn't give you ANY money. Instead, it's up to you to pursue this in court to try and recover your car or your money.

I ended up arranging a bank transfer with the seller. My bank gave me and the buyer a list of all of the steps to follow and made it really easy. Essentially, the buyer called his bank once he was with me and agreed to buy the the car. We did this while sitting at my bank. Once the transfer came through, the teller verified that the funds were indeed in my account and I then gave him the title (ofter paying the bank what I still owed on the note of course). Everybody wins (especially you DON'T LOSE). It's the safest way.

That sounds like a good idea.. I will see if my bank will be willing to do that... (I'll be at a out of state) which might a issue.

[mohrds]

Originally Posted by Naim

I just sold a car (Audi S4)...
People came from Indiana (I'm in Milwaukee Wi)...
They put $500 down and are going to give me a cashiers check for the rest.
I am going to drive down to Chicago meeting them half way, where they will give me the cahsiers check and I will give them the car and title.

What is a good way to make sure that a cashiers check is good (not fake)???
It's not that I don't trust the people, it's just that I want to cover my butt.

Thanks.

You can also have them fax a copy of the cashiers check to you. Then before you head to meet them, have your bank call the issuing bank for verification of funds availability. Once your bank says its legit, all you need to do is make sure the check they give you matches the fax they sent

Congrats on selling the car.

Doug

[TomsSVX]

well, if they have the cash.... a money order would be your best shot. Any post office has them.
They are gaurenteed

Tom

[Matthewmongan]

have them fax the bank or you a copy of the cashier's check, after they validate it your good to go. i have had some knuckle heads rip me off at my old work before. needless to say maryland recovery nolonger takes checks of any kind.

Most money orders only go up to $500, I believe. Could take a few...

[TomsSVX]

Originally Posted by ThetaReactor

Most money orders only go up to $500, I believe. Could take a few...

I needed a money order for my insurance down payment. It was over 600 I dunno bout that

Tom

Ever heard of a certified bank cheque? They work well and don't bounce. They pay their bank. Then the cheque is written to you directly from the bank. No phone calls to make, no bank tellers to bother, etc.