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[1abastarsmda]

I keep hearing about these cashier's checks scams and I found a buyer for my car today.  He wants to pay me by cashier's check.  He is a used car dealer and I have called him back at the number he gave for the business and have located the business through directory assistance on the internet.  He is having the check drawn on a small local bank in this area (about 60 miles away from here).  I have confirmed their existence and plan on calling them to confirm that this is their check and that it is good.  I found their internet site and also confirmed them through the FDIC's website, which provided me with a link that took me to the same website.  I have the phone numbers for all their branches.  He told me that he can give me a contact person to talk to, but I would rather randomly ask whomever answers the phone there, in case there would be a conspiracy (now I'm sounding really paranoid).  I don't know if there is anything else I can do to protect myself beyond that.  I have checked out some sites on the internet, and they haven't told me anything more than I am already doing.  They did say to visit the bank to make sure it exists, but I feel pretty confident that they are there with the independent confirmation I did via the FDIC website.  Does anybody have any other suggestions?  I would rather he just showed up with cash, but I wouldn't expect a good business person to show up with cash.  I'm going to call my bank in the morning to see if they have any other suggestions or if they would like us to stop in for them to verify the check for me.  I'm already losing my shirt on this car, and I sure wouldn't want to end up with nothing.

[Jbbrown73]

You should be fine. I have bought and sold a lot of things with cashiers checks.  I would deposit or cash the check at your local bank before you hand over the car.  Your bank can verify it on the spot.

[07street]

when i sold our boat the guy who bought it had a cashiers check.  so before i allowed him to hook the boat to his truck we drove up to my bank.  they verified the check and deposited in my account .
the lady at the bank was able to call his bank to verify the check without any issues.


i do understand your concerns and i hope this goes well for you.  to be honest i think you have covered all the bases

[1abastarsmda]

when i sold our boat the guy who bought it had a cashiers check.  so before i allowed him to hook the boat to his truck we drove up to my bank.  they verified the check and deposited in my account .
the lady at the bank was able to call his bank to verify the check without any issues.


i do understand your concerns and i hope this goes well for you.  to be honest i think you have covered all the bases

I think I covered all bases except getting enough for the car.  When it's nice out, guess what I'm riding.  Yup, the SEUC or I'm riding around the course in a golf cart.  No time to drive that sweet toy and it just keeps losing value.  One less toy to play with now.

[SE-Randy]

One more thing I do when selling a bike to someone with a cashiers check is hold the title until the check clears the bank. Not a lot of good if the car is gone, but at least you haven't handed over the title to boot. Gives me a little peace of mind. To date have not been given a fake cashiers check, probably get one tomrrow now. Just my $.02 worth.

[RJ749]

Invest a couple hours, drive to his bank and exchange the car there and have them wire the money to your account.

It is possible to stop a cashier check.

If it is wired to your account, they can't reverse it without your authorization.

Odds are with the research you've done you are covered but do the above and be 100% sure you have the money.

[REGGAB]

Invest a couple hours, drive to his bank and exchange the car there and have them wire the money to your account.

It is possible to stop a cashier check.

If it is wired to your account, they can't reverse it without your authorization.

Odds are with the research you've done you are covered but do the above and be 100% sure you have the money.

Agree with Roger.  Other than cash, this sounds safest for you.

Something I don't understand though, and maybe it's just that I'm from Alabama, where cash money, a handshake, and a mutual tip of the hat between Gentlemen is still very much an accepted business practice, but 1abastarsmda mentions " I would rather he just showed up with cash, but I wouldn't expect a good business person to show up with cash."  Why wouldn't you expect a good business person to show up with cash?  Happens all the time around here.  Around here, if someone is buying or selling, terms are agreed to mutually before the deal goes down.  If cash is stipulated, then cash it is.   

[1abastarsmda]

Agree with Roger.  Other than cash, this sounds safest for you.

Something I don't understand though, and maybe it's just that I'm from Alabama, where cash money, a handshake, and a mutual tip of the hat between Gentlemen is still very much an accepted business practice, but 1abastarsmda mentions " I would rather he just showed up with cash, but I wouldn't expect a good business person to show up with cash."  Why wouldn't you expect a good business person to show up with cash?  Happens all the time around here.  Around here, if someone is buying or selling, terms are agreed to mutually before the deal goes down.  If cash is stipulated, then cash it is.   

Well, first, I don't think I would want to run around with $20,000 cash in my pocket to show up at a stranger's house to buy a car.  For my purposes, a receipt for the transaction and getting my money is fine, but in running a business, I would think that being able to prove out the transaction with a check would be helpful, although I'm not sure how easily they can track a cashier's check.  I'm not sure if a cash transaction of that size would require special documentation for the IRS.  I know that if I walked into a car dealer to purchase a car with $20,000 cash, they have to complete certain forms for he IRS for any cash transactions over $10,000.  I'm not sure if it applies with them being the buyer or not.  So, in essence, I do see some reasons why they wouldn't want to show up with cash.  If this was a $3000 sale, I would have probably told them cash deal only.

[ultrafxr]

Well, first, I don't think I would want to run around with $20,000 cash in my pocket to show up at a stranger's house to buy a car.  For my purposes, a receipt for the transaction and getting my money is fine, but in running a business, I would think that being able to prove out the transaction with a check would be helpful, although I'm not sure how easily they can track a cashier's check.  I'm not sure if a cash transaction of that size would require special documentation for the IRS.  I know that if I walked into a car dealer to purchase a car with $20,000 cash, they have to complete certain forms for he IRS for any cash transactions over $10,000.  I'm not sure if it applies with them being the buyer or not.  So, in essence, I do see some reasons why they wouldn't want to show up with cash.  If this was a $3000 sale, I would have probably told them cash deal only.

If you were to deposit over $10k in cash the bank would have to report it.  Possible drug or other illegal money you know.  As for cashiers check, those can be forged/bogus.  Happened to a friend of mine who sold his bike to an over the road truck driver who came through, paid with cashiers check which my friend took to his (not purchasers bank since that was out of town) and had verified before giving over the bike.  But bank where check was drawn returned it saying it was a forgery.  Cops found friends bike at a moco dealer several hundred miles away.  Dealer had bought it from the crook who of course had the title.  But dealer had to surrender the bike and friend got it back much to his relief and delight.  When it comes to crooks they can outsmart the best of us.  Like others said, I would take the check to the purchasers bank for verification or transfer.

[d-rock]

Take the time and meet at his bank.  If only for piece of mind.  Good luck

[1abastarsmda]

If you were to deposit over $10k in cash the bank would have to report it.  Possible drug or other illegal money you know.  As for cashiers check, those can be forged/bogus.  Happened to a friend of mine who sold his bike to an over the road truck driver who came through, paid with cashiers check which my friend took to his (not purchasers bank since that was out of town) and had verified before giving over the bike.  But bank where check was drawn returned it saying it was a forgery.  Cops found friends bike at a moco dealer several hundred miles away.  Dealer had bought it from the crook who of course had the title.  But dealer had to surrender the bike and friend got it back much to his relief and delight.  When it comes to crooks they can outsmart the best of us.  Like others said, I would take the check to the purchasers bank for verification or transfer.

After talking to both banks, it's almost impossible to sell something securely anymore.  I told him he needs to bring me cash, and that he will need to accompany me to the bank to complete the transaction.  I don't want them handing me the cash, taking the car, and then shooting me and taking back the cash.  I also told him that we need to have the cash verified not to be counterfeit and that I need them there to make sure we have complete support for the cash transaction over $10k that the bank will need to report.  What a headache!  Now I know why I normally just try to work my best deal on a trade and go that route.  After going through all of this, I suspect the deal is going to blow up somehow, because of my paranoia.

[miker]

When I sold my serk, I requested that if a cashiers check is issued it be from the bank I hold accounts in.
He did just that, then after he handed me the check, we zipped over to a branch and had it cleared to my account.

Then I happily signed the title and off it went...15 minutes peace of mind for both parties...

[1abastarsmda]

Take the time and meet at his bank.  If only for piece of mind.  Good luck

My bank told me that will still not get me to where I want to be.  They said that once the deal is done, he can still go back to his bank and tell them the check was lost and have them cancel payment, and then they have my car.

[miker]

Wire transfer work too, set up a new account at you r bank and have the money xfered, that is how I bough t and sold other big ticket items, RV's, boats and the like...The cahiers check drawn on you own bank is good to, you just have to deposit it beofre signing the title.  I have also accepted personal checks with the title to follow when the funds clear...

[1abastarsmda]

At this point, I'm just going to hope that they show up with the cash now.  Luckily, the SUV I'm selling is going to an old friend and former roommate that I have no trust issues with.  Then the real highway robbery begins when I go out to buy a new SUV.