Does this sound reasonable?
Team Owner
Joined: Apr 2001
Posts: 54,204
Likes: 180
From: S.W. Ohio. . . . . . NRA Life Member
I know this doesn't help now, but always place this in your ads:
"Checks - of any type - will delay the final transfer of ownership 30 days."
I only once accepeted a cashiers check for a vehicle sale; that was due to me going with the guy to his bank (local sale) and he had the bank teller make out the check right there in front of me.
"Checks - of any type - will delay the final transfer of ownership 30 days."
I only once accepeted a cashiers check for a vehicle sale; that was due to me going with the guy to his bank (local sale) and he had the bank teller make out the check right there in front of me.
Melting Slicks
Joined: Aug 2003
Posts: 2,966
Likes: 5
From: Wichita Falls Tx
Let me ask what might be a logical question that might in some case speed the process up and everyone gets taken care of fairly.
Assuming the cashiers check is drawn on a well known "national" institution, (Wachovia, Wells Fargo, other), why not just call the bank it is drawn on and verify if it is real or fake.
Even if the check is drawn on XYZ bank in Podunk Texas, call the Podunck police dept, ask if indeed the XYZ bank exists, call the information operator to verify the phone number, and then call XYZ to make sure the check is good.
This comes from the son of a former banker.
What flaw do you see with this???
Assuming the cashiers check is drawn on a well known "national" institution, (Wachovia, Wells Fargo, other), why not just call the bank it is drawn on and verify if it is real or fake.
Even if the check is drawn on XYZ bank in Podunk Texas, call the Podunck police dept, ask if indeed the XYZ bank exists, call the information operator to verify the phone number, and then call XYZ to make sure the check is good.
This comes from the son of a former banker.
What flaw do you see with this???
Safety Car
Joined: Jun 2005
Posts: 3,561
Likes: 33
From: Clark NJ
St. Jude Donor '05 thru '26
Originally Posted by TexasMadMan
Since ebays cautions any buyer to never do wire transfers, I would imagaine many buyers will feel like they are getting scammed if a seller requires this.
By wire transfer do you mean Western Union transfer. That's a BIG red flag to any buyer.
Are you suggesting giving your bank information for funds to be transfered into your account? That could turn bad on you if the buyer was a scammer.
I say take 310 one hundred dollar bills laid across the palm of your hand is the safest way. Anyting else, good luck.
By wire transfer do you mean Western Union transfer. That's a BIG red flag to any buyer.
Are you suggesting giving your bank information for funds to be transfered into your account? That could turn bad on you if the buyer was a scammer.
I say take 310 one hundred dollar bills laid across the palm of your hand is the safest way. Anyting else, good luck.
Pro
Joined: May 2004
Posts: 669
Likes: 0
From: CA
B to B about $25.00 around here. As Western Airlines used to say "The ONLY way to fly" I just recently sold an 86 vert. for 60 $100.00's and 40 $50.00's. I took them to my bank and had them mark them. All were good, they said. My wife, a bank teller, then said you can put counterfits in vinegar and they will mark as good. Wonderful. So much for cash ! There are $20.00's, 50.00's and $100.00's floating around or neck of the woods. My teller's boyfriend sold a horse for $8500.00. Mostly bad bills. Horse gone- money gone- lesson learned. Buyer beware, hell, how about SELLER beware!
Thread Starter
Drifting
Joined: Feb 2002
Posts: 1,266
Likes: 0
From: Forest Lake MN
Originally Posted by TexasMadMan
Let me ask what might be a logical question that might in some case speed the process up and everyone gets taken care of fairly.
Assuming the cashiers check is drawn on a well known "national" institution, (Wachovia, Wells Fargo, other), why not just call the bank it is drawn on and verify if it is real or fake.
Even if the check is drawn on XYZ bank in Podunk Texas, call the Podunck police dept, ask if indeed the XYZ bank exists, call the information operator to verify the phone number, and then call XYZ to make sure the check is good.
This comes from the son of a former banker.
What flaw do you see with this???
Assuming the cashiers check is drawn on a well known "national" institution, (Wachovia, Wells Fargo, other), why not just call the bank it is drawn on and verify if it is real or fake.
Even if the check is drawn on XYZ bank in Podunk Texas, call the Podunck police dept, ask if indeed the XYZ bank exists, call the information operator to verify the phone number, and then call XYZ to make sure the check is good.
This comes from the son of a former banker.
What flaw do you see with this???
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Melting Slicks
Joined: Aug 2003
Posts: 2,966
Likes: 5
From: Wichita Falls Tx
It's a cryin' shame things have gone to hell over the years. It seems most everyone is a thief.
Let me share a quick story. In 1986 I purchased a mint 82 Collector Edition that was 250 miles away. I asked the owner if he had the original lien free title and he indicated he did so I traveled the distance to go buy his car with cashiers check in hand.
I showed up on a Sunday with my shoulder length hair to buy the car. After going over the car top to bottom for about 2 hours, I told the man I would take the car. I gave him the the cashiers check and he gave me the title. It was then I discovered the owner had been confused and a lien was still on the car. An out of state bank had the original title.
I told the owner I didn't feel comfortable about doing the deal this way. He said he understood, and for me to put the check back in my pocket and take the car with me any way. He said he trusted me enough to let his bank draft my bank and I could get the title from my bank. I told him I appreciated his trust in me and I wouldn't let him down.
I'll never forget a stranger trusting this long haired hippie for $14k.
Let me share a quick story. In 1986 I purchased a mint 82 Collector Edition that was 250 miles away. I asked the owner if he had the original lien free title and he indicated he did so I traveled the distance to go buy his car with cashiers check in hand.
I showed up on a Sunday with my shoulder length hair to buy the car. After going over the car top to bottom for about 2 hours, I told the man I would take the car. I gave him the the cashiers check and he gave me the title. It was then I discovered the owner had been confused and a lien was still on the car. An out of state bank had the original title.
I told the owner I didn't feel comfortable about doing the deal this way. He said he understood, and for me to put the check back in my pocket and take the car with me any way. He said he trusted me enough to let his bank draft my bank and I could get the title from my bank. I told him I appreciated his trust in me and I wouldn't let him down.
I'll never forget a stranger trusting this long haired hippie for $14k.
Last edited by TexasMadMan; Jul 27, 2005 at 07:37 PM.
Melting Slicks
Joined: Aug 2003
Posts: 2,966
Likes: 5
From: Wichita Falls Tx
Batmann:
I just got off the phone with my sister who worked over 25 years in the banking business. I posed the scenario you presented to her and she informed me if the purchaser of the bank cashier check tells the bank they want to cancel the check. They are required to fill out paper work and purchase an indemnity bond which will protect the seller if in fact the check has been used to purchase something.
Johnny B Good
Then the seller heads to Vegas with his cash or uses the money on the downpayment of a new Z06.
I just got off the phone with my sister who worked over 25 years in the banking business. I posed the scenario you presented to her and she informed me if the purchaser of the bank cashier check tells the bank they want to cancel the check. They are required to fill out paper work and purchase an indemnity bond which will protect the seller if in fact the check has been used to purchase something.
Johnny B Good
Then the seller heads to Vegas with his cash or uses the money on the downpayment of a new Z06.
Last edited by TexasMadMan; Jul 27, 2005 at 08:01 PM.
Safety Car
Joined: Jun 2005
Posts: 3,561
Likes: 33
From: Clark NJ
St. Jude Donor '05 thru '26
Originally Posted by TexasMadMan
Johnny B Good
Then the seller heads to Vegas with his cash or uses the money on the downpayment of a new Z06.
Then the seller heads to Vegas with his cash or uses the money on the downpayment of a new Z06.
BTY, I'm for going to Vegas with the cash.
Thread Starter
Drifting
Joined: Feb 2002
Posts: 1,266
Likes: 0
From: Forest Lake MN
Well, he has finally agreed to wire the funds into my account. They should be there tommorow. Once the funds are secure - I'll mail him the title. He can then have the car shipped to his location. I should have the funds for a few days before the car leaves...he is still shopping for a decent shipping rate. 
Burning Brakes
Joined: Oct 2004
Posts: 925
Likes: 4
From: EXTON PA
bank clearing proceedures
Originally Posted by batmann
I sold my 2000 Vert on ebay on Monday.
Here is what the buyer would like to do...
Dave,
Alright I think I have things figured out. As of now I am going to send
you the cashiers check tomorrow and I will either have it to you the same
day or by Thursday morning. In there I will include 2 bill of sales one for
me and one for you. I will also have a pre-stamped envelope for rush
delivery so you can get the title and bill of sale back to me quickly. As of
now I am planning on having the car picked up on thursday for delivery. Can
you let me know exactly how much the deductible is for this warranty so I
can include the numbers in the bill of sale. It does not look like I will be
having the vehicle inspected, it just will take to long to get someone out
there. The car looks like it is in excellent condition anyways. Is there
anything that I need to know about the car or is it as said? Also what
address should I send the stuff to, because you have a different address on
ebay than the one you sent to me? Let me know about all this and hopefuly
everything else will go smoothly. Thanks for all of your time, again I
really appreciate it.
Thanks,
Here is what I'm thinking of replying with...
Jordan,
If you want to pick up the car on Thursday - you will have to do a wire transfer today to the account listed below. If you are going to send a cashiers check - I'll release the car & the title once both banks have cleared the check...this could take 7 to 10 days - per my bank rep. Another option is to use an "eBay approved" escrow company (we can split the cost - if there is one). Any of these methods will work for me.
BTW - I still do not have your contact info. I'll also need a copy of your DL to submit to the MN DMV...this shows them who the car has been sold to...and releases me from ownership liability in MN.
I'll have to look at the warranty info tonight...it's at home.
The car is like new...with a GM warranty well into 2007.
You can send mail to...
XXXXX
Dave
Here is what the buyer would like to do...
Dave,
Alright I think I have things figured out. As of now I am going to send
you the cashiers check tomorrow and I will either have it to you the same
day or by Thursday morning. In there I will include 2 bill of sales one for
me and one for you. I will also have a pre-stamped envelope for rush
delivery so you can get the title and bill of sale back to me quickly. As of
now I am planning on having the car picked up on thursday for delivery. Can
you let me know exactly how much the deductible is for this warranty so I
can include the numbers in the bill of sale. It does not look like I will be
having the vehicle inspected, it just will take to long to get someone out
there. The car looks like it is in excellent condition anyways. Is there
anything that I need to know about the car or is it as said? Also what
address should I send the stuff to, because you have a different address on
ebay than the one you sent to me? Let me know about all this and hopefuly
everything else will go smoothly. Thanks for all of your time, again I
really appreciate it.
Thanks,
Here is what I'm thinking of replying with...
Jordan,
If you want to pick up the car on Thursday - you will have to do a wire transfer today to the account listed below. If you are going to send a cashiers check - I'll release the car & the title once both banks have cleared the check...this could take 7 to 10 days - per my bank rep. Another option is to use an "eBay approved" escrow company (we can split the cost - if there is one). Any of these methods will work for me.
BTW - I still do not have your contact info. I'll also need a copy of your DL to submit to the MN DMV...this shows them who the car has been sold to...and releases me from ownership liability in MN.
I'll have to look at the warranty info tonight...it's at home.
The car is like new...with a GM warranty well into 2007.
You can send mail to...
XXXXX
Dave
Check with your bank about check clearing proceedures and the best way to protect yourself from bad checks / fraud. Never let your car go with a third party delivery service or mail your car title unless you have all the finances completed and verified. If someone approaches you with a deal that would not allow this time frame to check and verify finances..... just pass. Also careful of giving out your address..this con can provide locations of a vette to be stolen.
Last edited by kg54trains; Jul 28, 2005 at 02:37 PM.
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Cover your butt. You are doing what I would in this case.