What's your budget, I'll sell mine!

 

Not a bad idea if you could get them to. Last two cars I bought was for cash and last one sold was for cash. I knew one guy but not the other guy. Checked them out best I could, turned out ok.

 

When I sold my 73 a few years ago my bank told me not to accept cash. due to counterfeit cash being easy to get. I had the buyer get a cashiers check from the bank that I was using. The branch manager then verified that the buyer had got a cashiers check and the number - she veiwed the check on the banks computer system and gave me a copy of the check to verify the buyer's check.

 

I never touch the funds when I sell a vehicle.

I meet them at my bank. Have them deposit the funds directly into my account and have the teller confirm the funds are good, then I hand them the keys and the signed title. Eliminates the possibility of bad bills or phony cashiers checks.

 

I'm not sure that's correct!
A cashiers check is an agreement between the bank and the person to whom it is written. If you are in the bank that issues the check, it won't be counterfeit, so unless the bank goes broke before your bank get the funds from the Federal Reserve Bank from the issuing bank, you're safe. Even then, FDIC insurance would cover it.
The issuing bank has a right of offset only against their own customer's funds, like in a savings account, if for instance, the source of the funds turns out to be insufficient.
That's the whole reason for a cashiers check. it's drawn on the bank, not a customers account.
At least that's the way it worked 20 years ago when I worked for a financial institution. Correct me if I'm wrong.

 

^^^
You are correct, Ed.

 

It's funny that he wouldn't take a cashiers check from you, but used a cashiers check to send you back your deposit! Dang!

 

I did this too when I sold my C5. It took them more than 10 minutes though, more like half an hour before we were done, but I did not mind as I don't sell cars very often at all.

 

When I bought my GS from this guy, he had to sell it because he was going through a divorce, and it was either keep his house, or the car. We made a deal, I had my bank payoff his loan. I went to his house with a cashiers check for the balance to trade it for the keys. He suddenly had sellers remorse and didn't want to go through with the deal. He wanted to simply give me gas money as compensation and wanted to unroll the deal.

I just asked him what was going on and just let him vent. He said he loved the car and didn't want to part with it. Then after he composed himself he said we made a deal and he wanted to keep his house, which was an awesome A-Frame, so he handed me the keys. I jumped in the car and drove off 20 seconds later.

 

You do realize that whenever you give a check to somebody, they have your account number routing number and address on that paper, right?

 

I understand the OPs frustration but I would not accept a cashiers check either. Years ago, a Cashiers check was just fine. Now days, counterfeit is common place. The last 2 times I sold a car, we used wire transfer.

 

I don't know about you but I find it foolish to write personnel checks these days to those I don't know especially if located in another part of the country or on the other side of the world, which is typically the case when I buy/sell collectible/investment grade autos.
I will pay on-line where account info is somewhat secured for smaller purchases and always bank to bank wire transfer with funds being deposited to a designated wire only account for larger purchases.

Like I stated in post#2, I've had someone try to scam me before with a bogus cashier's check so try to reduce chances where ever possible of that happening again.

 

Someone trying to scam you, by sending you a fake cashiers check is one thing. Telling the buyer not to write a personal check or advising him that it’s dangerous to give your account number to somebody that selling a $60,000 car, that he was able to go and see, is a whole other thing.

If Kumar sends you an email saying he’s part of Microsoft support, correct, don’t give him your account number. But just know that’s whenever you’re issuing checks, all that info is on there. Good thing is there isn’t much that can be done that’s not reversible.

 

I'm pretty sure that everyone out there who still uses 'paper checks' realizes the their name, account#, address and bank routing# is on their checks and expect that's a main reason so MANY are going electronic.

 

I don't understand: If he said he wanted cash.... rather than give him a check which can be fraudulent, why didn't you just give him the cash? You must have had the cash in order to get the "Cashier's Check".... so why didn't you just give him what he wanted?

 

well, there’s always that angle too

 

My seller called my bank and asked to speak to the manager to make sure the cashiers check was legit. He then asked her if she was honest, and when she said yes, he was satisfied.

 

May have not wanted that amount go through his account for tax reasons.

 

In the process of selling a car to auto lenders go (ALGO) they are a service like carvana. They come with a flat bed and a cashiers check.
should I be worried??????
Anyone hear of this company?

 

You picked them but don't know if they are legit?

You perform a check on a company before you use them, not in the middle of the process. Or at least I would.