When Paying Cash
03-23-2017, 12:42 PM
#21
Le Mans Master
Buying a car is pretty complicated for some of you folks. Cashiers check plus cash, he signs over the title and you drive the car home. Took about a half hour with the test drive and I was on my way home. If you don't trust the guy after talking to him on the phone and in person and seeing where he lives then you should walk.
03-24-2017, 01:13 AM
#22
Melting Slicks
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St. Jude Donor '15-'16-'17-'18-'19-'20-'21-'22
To each his own but as I have stated before, crook can cancel a cashier's check or give you a forged cashier's check. He will have fun driving your car while you go to the bank to deposit your worthless cashier's check. But hey, it's your money. 
03-24-2017, 09:42 AM
#23
Drifting
When I sold my Camaro, I had the buyer meet me at my house the day after he agreed to buy it. He returned on a Saturday morning with his Dad and with cash. I did not ask for the cash at this time (when he arrived at my house).
From my house, I had the buyer follow me to the smog check station so that he could see that the smog certificate that we were going to get, was not manipulated or falsified (in California, the seller is legally responsible to obtain a smog certificate for the buyer before it changes hands). Once the smog check was final and the buyer witnessed that it passed, I paid for the smog certificate and asked the buyer to follow me to the AAA Office so we can complete the transaction.
Once we arrived at the AAA parking lot (in front of the entrance door), it was at that time I collected the cash (cameras are all over the place at businesses like these).
When I had the cash in my pocket, I handed him the keys to the Camaro and we all went into the AAA Office and completed the transaction so that we BOTH had peace-of-mind that everything was done correctly and legally. The car was legally removed from my name and immediately placed in his (the buyers) name before he took possession of it.
I was assured that the car was out of my name before I left the AAA office (in case he got into an accident while leaving) and he paid his taxes and fees and the car was put into his name with a temporary registration card in his hand.
The car changed hands and legal ownership was switched almost simultaneously.
He drove me back to my house in his new Camaro and he had a huge smile on his face thanking me when he dropped me off.
EVERYONE had peace-of-mind that no one was being tricked, duped or lied to. Read my experience of being tricked below.....
A word of wisdom.....
If you are the buyer of a Corvette, you want to be sure that there are no past unpaid registration fees due, unpaid parking tickets, or penalties or liens. These can be costly if you are unaware of them. You also want to be sure that the pink slip he hands you is legitimate and not forged or fake. AAA does all of this for you so it is much less stressful than standing in line at a crowded DMV office. The entire transaction at AAA took no more than 15 minutes (it would have taken hours at a crowded DMV office).
It is always best that you do this transaction at a DMV or at the AAA Office. You can back out of the deal if you discover something that you were mislead or uninformed about. If you do the transaction in your garage or at the supermarket parking lot, you have no assurances there are no surprises once the seller has your money and is long gone.
MY EXPERIENCE OF BEING TRICKED.....
I once bought a super-clean Ford Ranger in a Supermarket Parking Lot after reading about it on Craigslist. The seller said he worked at a Supermarket about 40 miles from me. So I agreed to view the truck there at his work...The truck was really clean and had really low miles. It drove well around the parking lot so I gave the seller cash right on the spot in the Supermarket Parking Lot and drove off with the truck. The next day, I called in sick to work so I could take care of the smog certificate and get the truck put into my name. Early in the morning, before I drove it anywhere, I took the truck to the Smog Check Station at my nearest intersection a few blocks from my home. The smog technician started the inspection and appeared to be nervous and seemed confused and worried. He kept pacing back and forth from his computer desk... I asked him what was wrong and I couldn't believe his response... I was SHOCKED and infuriated that the smog mechanic would not pass it for smog certificate (you NEED a current smog certificate in California in order to put a vehicle into your name).. The smog technician said "a different engine had been put into the truck" (it was not the original engine) and it did not have legal smog devices connected (but it was such a clean install so I did not suspect anything fraudulent).. The smog technician also said someone had disabled the check engine light and this was illegal. I WAS DUPED ! I WAS TRICKED ! And I WAS SCARED that I lost all of my money (thousands of dollars). I told myself, "that's why he wanted to meet in a Supermarket Parking Lot"....I immediately called the seller from the smog station that I was standing at, and of course, the seller did not answer his phone. I left a message and told him he committed fraud by not disclosing the truth about the truck and to please call me back. Good thing I had written his Drivers License number and info down when I gave him the cash. It was because of this, that he returned my call. Of course he played stupid and insisted that he knew nothing but said he would give me my money back after he got off of work that day (because I told him that he committed fraud and he didn't want legal trouble).. I brought my friend with me when I returned the truck and he had 3 or 4 thugs waiting for me when I pulled up to retrieve my money. He told me "how do I know you didn't do something to it or didn't commit a crime in it" (he was no longer as nice as he was the day before when I bought the truck)...... I rolled my eyes and said I took it home last night and directly took it to the smog station the next morning. His thugs looked the truck over and agreed that I didn't get into an accident or do anything to it so he gave my cash back to me.
I WAS SO LUCKY to have this transaction turn out this way with my money back in my pocket. I was so nervous and trembling when I got back in my vehicle to go home after getting my money back. When I was driving on the freeway back to his house with his truck to return it to him, the HOT ENGINE light came on and an audible alarm came on too. I didn't think I was going to make it back to the seller without it breaking down. But I did and I got my money back.
If I would have been smart and would have insisted on doing the transaction the way I sold my Camaro (see story above), with the seller taking the truck to the smog station WITH ME to witness the smog test at a facility of my choosing, I would never have handed thousands of dollars over to him in a Supermarket Parking Lot.
Take it from someone who learned the hard way - Do the transaction at the AAA Office or at the DMV.
Go with the seller to witness the smog check and you (buyer) choose the smog station. Not the seller !
From my house, I had the buyer follow me to the smog check station so that he could see that the smog certificate that we were going to get, was not manipulated or falsified (in California, the seller is legally responsible to obtain a smog certificate for the buyer before it changes hands). Once the smog check was final and the buyer witnessed that it passed, I paid for the smog certificate and asked the buyer to follow me to the AAA Office so we can complete the transaction.
Once we arrived at the AAA parking lot (in front of the entrance door), it was at that time I collected the cash (cameras are all over the place at businesses like these).
When I had the cash in my pocket, I handed him the keys to the Camaro and we all went into the AAA Office and completed the transaction so that we BOTH had peace-of-mind that everything was done correctly and legally. The car was legally removed from my name and immediately placed in his (the buyers) name before he took possession of it.
I was assured that the car was out of my name before I left the AAA office (in case he got into an accident while leaving) and he paid his taxes and fees and the car was put into his name with a temporary registration card in his hand.
The car changed hands and legal ownership was switched almost simultaneously.
He drove me back to my house in his new Camaro and he had a huge smile on his face thanking me when he dropped me off.
EVERYONE had peace-of-mind that no one was being tricked, duped or lied to. Read my experience of being tricked below.....
A word of wisdom.....
If you are the buyer of a Corvette, you want to be sure that there are no past unpaid registration fees due, unpaid parking tickets, or penalties or liens. These can be costly if you are unaware of them. You also want to be sure that the pink slip he hands you is legitimate and not forged or fake. AAA does all of this for you so it is much less stressful than standing in line at a crowded DMV office. The entire transaction at AAA took no more than 15 minutes (it would have taken hours at a crowded DMV office).
It is always best that you do this transaction at a DMV or at the AAA Office. You can back out of the deal if you discover something that you were mislead or uninformed about. If you do the transaction in your garage or at the supermarket parking lot, you have no assurances there are no surprises once the seller has your money and is long gone.
MY EXPERIENCE OF BEING TRICKED.....
I once bought a super-clean Ford Ranger in a Supermarket Parking Lot after reading about it on Craigslist. The seller said he worked at a Supermarket about 40 miles from me. So I agreed to view the truck there at his work...The truck was really clean and had really low miles. It drove well around the parking lot so I gave the seller cash right on the spot in the Supermarket Parking Lot and drove off with the truck. The next day, I called in sick to work so I could take care of the smog certificate and get the truck put into my name. Early in the morning, before I drove it anywhere, I took the truck to the Smog Check Station at my nearest intersection a few blocks from my home. The smog technician started the inspection and appeared to be nervous and seemed confused and worried. He kept pacing back and forth from his computer desk... I asked him what was wrong and I couldn't believe his response... I was SHOCKED and infuriated that the smog mechanic would not pass it for smog certificate (you NEED a current smog certificate in California in order to put a vehicle into your name).. The smog technician said "a different engine had been put into the truck" (it was not the original engine) and it did not have legal smog devices connected (but it was such a clean install so I did not suspect anything fraudulent).. The smog technician also said someone had disabled the check engine light and this was illegal. I WAS DUPED ! I WAS TRICKED ! And I WAS SCARED that I lost all of my money (thousands of dollars). I told myself, "that's why he wanted to meet in a Supermarket Parking Lot"....I immediately called the seller from the smog station that I was standing at, and of course, the seller did not answer his phone. I left a message and told him he committed fraud by not disclosing the truth about the truck and to please call me back. Good thing I had written his Drivers License number and info down when I gave him the cash. It was because of this, that he returned my call. Of course he played stupid and insisted that he knew nothing but said he would give me my money back after he got off of work that day (because I told him that he committed fraud and he didn't want legal trouble).. I brought my friend with me when I returned the truck and he had 3 or 4 thugs waiting for me when I pulled up to retrieve my money. He told me "how do I know you didn't do something to it or didn't commit a crime in it" (he was no longer as nice as he was the day before when I bought the truck)...... I rolled my eyes and said I took it home last night and directly took it to the smog station the next morning. His thugs looked the truck over and agreed that I didn't get into an accident or do anything to it so he gave my cash back to me.
I WAS SO LUCKY to have this transaction turn out this way with my money back in my pocket. I was so nervous and trembling when I got back in my vehicle to go home after getting my money back. When I was driving on the freeway back to his house with his truck to return it to him, the HOT ENGINE light came on and an audible alarm came on too. I didn't think I was going to make it back to the seller without it breaking down. But I did and I got my money back.
If I would have been smart and would have insisted on doing the transaction the way I sold my Camaro (see story above), with the seller taking the truck to the smog station WITH ME to witness the smog test at a facility of my choosing, I would never have handed thousands of dollars over to him in a Supermarket Parking Lot.
Take it from someone who learned the hard way - Do the transaction at the AAA Office or at the DMV.
Go with the seller to witness the smog check and you (buyer) choose the smog station. Not the seller !
Dayummnn!!!! I am glad I live where no one has even heard of a smog check.
03-24-2017, 10:59 AM
#24
Le Mans Master
A cashier’s check is a draft guaranteed by a bank, drawn from the bank’s own funds and signed by a cashier or teller. It’s used in place of cash, personal checks, credit cards or money orders.
The most important difference with a regular check is that the financial institution that issues a cashier’s check covers its face value instead of the purchaser. Sellers ask for this kind of payment because it’s guaranteed, since the funds are drawn against the bank rather than a personal account.
The most important difference with a regular check is that the financial institution that issues a cashier’s check covers its face value instead of the purchaser. Sellers ask for this kind of payment because it’s guaranteed, since the funds are drawn against the bank rather than a personal account.
Last edited by JR-01; 03-24-2017 at 11:00 AM.
03-24-2017, 11:27 AM
#26
Pro
For small transactions, cash swap for title. For something of a bit more substance, there are a lot of options called out in this thread.
One additional thought, if you weren't inclined to manage this yourself... Use an attorney as an escrow service. A few hundred dollars and the attorney's office should be able to handle title searches with DMV, outstanding tickets, liens, etc.
You deliver gross amounts due (vehicle cost and fees for service) to attorney, seller delivers title to attorney and attorney distributes. Costs a few bucks, but someone else manages.
Many ways to skin the cat, just depends on the stakes involved.
One additional thought, if you weren't inclined to manage this yourself... Use an attorney as an escrow service. A few hundred dollars and the attorney's office should be able to handle title searches with DMV, outstanding tickets, liens, etc.
You deliver gross amounts due (vehicle cost and fees for service) to attorney, seller delivers title to attorney and attorney distributes. Costs a few bucks, but someone else manages.
Many ways to skin the cat, just depends on the stakes involved.
03-24-2017, 04:52 PM
#27
Melting Slicks
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St. Jude Donor '15-'16-'17-'18-'19-'20-'21-'22
Can you cancel a cashier's check. The answer is yes.
Can you forge a cashier's check. The answer is yes
I rest my case.
03-24-2017, 05:16 PM
#28
Le Mans Master
Auto thieves do not use cashiers checks to steal cars. They do not want to leave paper trails or create witnesses to their crimes. They usually do not want to get caught and go to prison and yes they do think about it a lot. They would be caught as soon as they tried to register the car.
Like I said some of you watch too much TV and really don't know much about the real world. A bank cashiers check is as good as cash. Period.
Last edited by JR-01; 03-24-2017 at 05:23 PM.
03-24-2017, 05:24 PM
#29
Safety Car
Member Since: Jan 2006
Location: Smyrna/Vinings, Georgia
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Cash is not unreasonable, just use your head. Cashier's checks suck, sometimes take six weeks or more to come back as bad. Wire transfer is good. Don't let anyone make a deposit into your account, ever.
Pretty easy to take a seller's "temperature" when buying a car. No need for paranoia
Only way to take Bank Cashiers Check is to call bank and verify. Fakes exist and the crooks care less about punishment.
Pretty easy to take a seller's "temperature" when buying a car. No need for paranoia
Only way to take Bank Cashiers Check is to call bank and verify. Fakes exist and the crooks care less about punishment.
Last edited by hope2; 03-24-2017 at 05:33 PM.
03-24-2017, 05:26 PM
#30
Le Mans Master
Cash is not unreasonable, just use your head. Cashier's checks suck, sometimes take six weeks or more to come back as bad. Wire transfer is good. Don't let anyone make a deposit into your account, ever.
Pretty easy to take a seller's "temperature" when buying a car. No need for paranoia
Pretty easy to take a seller's "temperature" when buying a car. No need for paranoia
If you think it's a forgery, simply call the bank and ask.
Has anyone ever had or heard of a case of buying a car with a forged check?
Last edited by JR-01; 03-24-2017 at 05:29 PM.
03-24-2017, 05:30 PM
#31
Melting Slicks
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St. Jude Donor '15-'16-'17-'18-'19-'20-'21-'22
No, you can not cancel a cashiers check. It is the same as cash. I worked for a commercial finance company for 8 years and collected millions of dollars in cashiers checks. We accepted cashiers checks because they were the same as cash. They could not be cancelled.
Auto thieves do not use cashiers checks to steal cars. They do not want to leave paper trails or create witnesses to their crimes. They usually do not want to get caught and go to prison and yes they do think about it a lot. They would be caught as soon as they tried to register the car.
Like I said some of you watch too much TV and really don't know much about the real world. A bank cashiers check is as good as cash. Period.
Auto thieves do not use cashiers checks to steal cars. They do not want to leave paper trails or create witnesses to their crimes. They usually do not want to get caught and go to prison and yes they do think about it a lot. They would be caught as soon as they tried to register the car.
Like I said some of you watch too much TV and really don't know much about the real world. A bank cashiers check is as good as cash. Period.
Last edited by laurent_zo6; 03-24-2017 at 05:32 PM.
03-24-2017, 05:31 PM
#32
Melting Slicks
Member Since: Aug 2013
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St. Jude Donor '15-'16-'17-'18-'19-'20-'21-'22
No, you can not cancel a cashiers check. It is the same as cash. I worked for a commercial finance company for 8 years and collected millions of dollars in cashiers checks. We accepted cashiers checks because they were the same as cash. They could not be cancelled.
Auto thieves do not use cashiers checks to steal cars. They do not want to leave paper trails or create witnesses to their crimes. They usually do not want to get caught and go to prison and yes they do think about it a lot. They would be caught as soon as they tried to register the car.
Like I said some of you watch too much TV and really don't know much about the real world. A bank cashiers check is as good as cash. Period.
Auto thieves do not use cashiers checks to steal cars. They do not want to leave paper trails or create witnesses to their crimes. They usually do not want to get caught and go to prison and yes they do think about it a lot. They would be caught as soon as they tried to register the car.
Like I said some of you watch too much TV and really don't know much about the real world. A bank cashiers check is as good as cash. Period.
Can you cancel a cashier's check?:
There will be a fee to stop the payment and it will usually be pricier than to stop payment on a regular personal check. Different banks have different regulations, but once a cashier's check has been canceled, you have to wait for a period of up to 90 days before the bank can issue you a refund.May 6, 2016
03-24-2017, 05:32 PM
#33
Le Mans Master
Can you cancel a cashier's check?:
There will be a fee to stop the payment and it will usually be pricier than to stop payment on a regular personal check. Different banks have different regulations, but once a cashier's check has been canceled, you have to wait for a period of up to 90 days before the bank can issue you a refund.May 6, 2016
There will be a fee to stop the payment and it will usually be pricier than to stop payment on a regular personal check. Different banks have different regulations, but once a cashier's check has been canceled, you have to wait for a period of up to 90 days before the bank can issue you a refund.May 6, 2016
Can you stop payment on a cashiers check?
The simple answer is that a stop payment is NOT permitted on a cashier's check, teller's check, or certified check regardless of the reasoning behind it! Section 3.411 of the UCC imposes damages against a bank that wrongfully refuses to honor a cashier\'s, teller\'s or certified check or stops pay on one of those.
You really should do the research and learn about cashiers checks, money orders, certified checks etc. I have had a lot of experience with them.
Last edited by JR-01; 03-24-2017 at 05:39 PM.
03-24-2017, 05:39 PM
#34
Melting Slicks
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St. Jude Donor '15-'16-'17-'18-'19-'20-'21-'22
Second, anyone can go/call to their bank and say that the cashier's check was lost, stolen or destroyed. The section 3-312 claim procedure may be used and the sale will be in limbo for 90 to 120 days.
It's not necessarily a crook, it may be someone who has second thought, contact the seller who does not want to give him his money back.
03-24-2017, 05:47 PM
#35
Le Mans Master
First as I wrote in my previous post, a cashier's check can be forged so why would anyone accept a cashier's check
Second, anyone can go/call to their bank and say that the cashier's check was lost, stolen or destroyed. The section 3-312 claim procedure may be used and the sale will be in limbo for 90 to 120 days.
It's not necessarily a crook, it may be someone who has second thought, contact the seller who does not want to give him his money back.
Second, anyone can go/call to their bank and say that the cashier's check was lost, stolen or destroyed. The section 3-312 claim procedure may be used and the sale will be in limbo for 90 to 120 days.
It's not necessarily a crook, it may be someone who has second thought, contact the seller who does not want to give him his money back.
Cashiers checks can be easily verified as legit. They can only be cashed by the person it's made out to or the purchaser. It is against federal law for banks to stop payment on them. They are as safe as cash and the best method to make large purchases. You are so misinformed that you should stop giving bad advice. Go talk to a banker. He will set you straight.
If you really want to get ripped off, answer a Craiglist ad with 20K in cash.
How to spot forged check:
A genuine cashier’s check will display a legitimate bank name, but many fakes will too. You can tell a check is fake if you can’t find legitimate information about the issuing bank online or if the check was mailed from overseas (as is often, but not always, the case).
Check Amount Fakes are often written in an amount far exceeding the amount required, which is intended to coax the victim into wiring back the balance to the scammer.
Safety Features Fakes are sometimes missing security thread, watermarks, microprints, color-shifting ink, instructions for the bank teller (on the front or back of the check), etc. On the other hand, they may contain these features — but in poor quality.
Payee Name The payee's name should already be printed on a cashier’s check (this is done at the bank by a teller). If the payee line is blank, the check is fake.
Bank Phone Number A genuine cashier's check always includes a phone number for the issuing bank. That number is often missing on a fake check or is fake itself.
Suspicious Communication Scammers often communicate with their victims using poor grammar/spelling or vague language. They may also refuse to meet in person or send an email or a text message indicating they’re not from your area.
Fraud Alert The Office of the Comptroller of Currency (OCC) announces reported fraud cases on its website. If you received a cashier’s check from one of the implicated institutions — especially near the date the fraud was announced — you may have a fake. Keep in mind that the list includes only reported cases.
Check Amount Fakes are often written in an amount far exceeding the amount required, which is intended to coax the victim into wiring back the balance to the scammer.
Safety Features Fakes are sometimes missing security thread, watermarks, microprints, color-shifting ink, instructions for the bank teller (on the front or back of the check), etc. On the other hand, they may contain these features — but in poor quality.
Payee Name The payee's name should already be printed on a cashier’s check (this is done at the bank by a teller). If the payee line is blank, the check is fake.
Bank Phone Number A genuine cashier's check always includes a phone number for the issuing bank. That number is often missing on a fake check or is fake itself.
Suspicious Communication Scammers often communicate with their victims using poor grammar/spelling or vague language. They may also refuse to meet in person or send an email or a text message indicating they’re not from your area.
Fraud Alert The Office of the Comptroller of Currency (OCC) announces reported fraud cases on its website. If you received a cashier’s check from one of the implicated institutions — especially near the date the fraud was announced — you may have a fake. Keep in mind that the list includes only reported cases.
Last edited by JR-01; 03-24-2017 at 06:12 PM.
03-24-2017, 06:40 PM
#36
Instructor
I've always done deals in cash at my bank so that the money can be checked and counted. they can also notarize the title so it can be transferred to the new owner.
03-24-2017, 06:55 PM
#37
Melting Slicks
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St. Jude Donor '15-'16-'17-'18-'19-'20-'21-'22
Money can be counterfeited so why would anyone accept cash?
Cashiers checks can be easily verified as legit. They can only be cashed by the person it's made out to or the purchaser. It is against federal law for banks to stop payment on them. They are as safe as cash and the best method to make large purchases. You are so misinformed that you should stop giving bad advice. Go talk to a banker. He will set you straight.
If you really want to get ripped off, answer a Craiglist ad with 20K in cash.
How to spot forged check:
Cashiers checks can be easily verified as legit. They can only be cashed by the person it's made out to or the purchaser. It is against federal law for banks to stop payment on them. They are as safe as cash and the best method to make large purchases. You are so misinformed that you should stop giving bad advice. Go talk to a banker. He will set you straight.
If you really want to get ripped off, answer a Craiglist ad with 20K in cash.
How to spot forged check:
You really should stop giving people the wrong advice. You want to accept a cashier's check, good for you.
Stay living in fairyland where crooks rarely inhabit.
03-24-2017, 07:31 PM
#38
Le Mans Master
The fact is, it is dangerous to carry large amounts of cash on you. A child knows that much. A cashiers check is safe and can be easily verified. And the truth is it is a against the law to stop payment on a cashiers check. Most large transactions in this country are made with cashiers checks, not cash. There is a good reason.
Give it up before you start looking like a fool. Only a fool would carry large sums of cash to make purchases.
Crooks don't use forged cashiers checks to buy cars. Too easy to get caught.
Last edited by JR-01; 03-24-2017 at 07:50 PM.
03-25-2017, 12:15 AM
#39
Drifting
Friend did cash deal. It was in front of Louisiana Notary Public. I witnessed. He had no problem registering in his home state of Alabama.
I think I was more concerned about those stacks of 20s than anyone else in the transaction.
Got himself a damn nice 2001 Coupe!
I think I was more concerned about those stacks of 20s than anyone else in the transaction.
Got himself a damn nice 2001 Coupe!
Last edited by UM Rebel; 03-25-2017 at 12:20 AM.
03-25-2017, 02:24 AM
#40
Advanced
No way would I carry a large amount of cash to pay for a car. Anything over $5k... forget it. When I bought my Z06 last month, the seller drove it up here. We went to my Credit Union & did a wire transfer for most of it, and a cashier's check for the rest. Before leaving the Credit Union, he signed the title over to me, and I drove him back home. We BOTH had peace of mind that the transaction was legit.