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How to take payment for a car sale ? #2931678
06/09/21 03:38 PM
06/09/21 03:38 PM
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Washington
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hemienvy Offline OP
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I'm selling a project car for $22,000.

I've been offered a "bank check via courier service" as payment.

Then, "I will handle the shipping myself".

Admittedly, it's a lot of money to expect cash. How easy is it to fake a bank check,
and is that the same as a cashier's check ?

Re: How to take payment for a car sale ? [Re: hemienvy] #2931680
06/09/21 03:41 PM
06/09/21 03:41 PM
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Knoxville, TN
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YGBSM Offline
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For that much money I would want a wire transfer straight to my bank.
Or a certified check, and you do not release the car until the funds clear your account.


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Re: How to take payment for a car sale ? [Re: YGBSM] #2931685
06/09/21 03:53 PM
06/09/21 03:53 PM
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Central Florida
larrymopar360 Offline
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I have no problem with bank check/cashiers check but I go straight to the bank or meet the buyer at the bank named on the check. If you do not have a branch in your area I would take it to your bank to deposit and they should be able to verify it's authenticity immediately. I just did that. Then release vehicle.

Personally I would not accept cash unless you are able to verify it is not counterfeit. That's just me.


Facts are stubborn things.
Re: How to take payment for a car sale ? [Re: larrymopar360] #2931688
06/09/21 03:59 PM
06/09/21 03:59 PM
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boston mass-moving to long isl...
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massdaytona Offline
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boston mass-moving to long isl...

a few years ago there was a tv segment about a fellow who sold his car, and payment was a bank check- deposited the check and it cleared...UNTIL... a month or so later the $$$ were taken from his acct as it was a bogus check... i agree that a transfer or cash is the way to go...

Re: How to take payment for a car sale ? [Re: larrymopar360] #2931689
06/09/21 04:01 PM
06/09/21 04:01 PM
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So Near, Yet So Far
topside Offline
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I recall a claim 40 years ago for a counterfeit cashier's check on a Mercedes, about $30K.
IThe ones I've seen lately look a lot harder to fake.
Wire transfer is probably best if cash won't work.
For stuff like that & Ebay and other stuff I have a separate account with a small balance I can risk being hacked.

I think there must be a dozen threads in the archives on this situation, if that helps.

Re: How to take payment for a car sale ? [Re: topside] #2931695
06/09/21 04:14 PM
06/09/21 04:14 PM
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Washington
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hemienvy Offline OP
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Thanks guys.

How can the bank clear the damn check and then come back 30 days later and claim OOPS ?

Re: How to take payment for a car sale ? [Re: topside] #2931696
06/09/21 04:17 PM
06/09/21 04:17 PM
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Ontario, Canada
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Stanton Offline
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Is there a caveat like: "A friend owes me 30k - he'll send the cheque to you - you keep the 22k for the car and send me the 8k difference. I'll have my shipper pick it up in a couple days".

Re: How to take payment for a car sale ? [Re: Stanton] #2931697
06/09/21 04:19 PM
06/09/21 04:19 PM
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Ontario, Canada
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Stanton Offline
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FWIW, I don't think handling the shipping himself would be an issue, that's what I'd do if I bought a project car.

Re: How to take payment for a car sale ? [Re: Stanton] #2931703
06/09/21 04:36 PM
06/09/21 04:36 PM
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Washington
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hemienvy Offline OP
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No nothing too fishy, I'm just concerned about a fake bank check I guess.

Re: How to take payment for a car sale ? [Re: hemienvy] #2931705
06/09/21 04:40 PM
06/09/21 04:40 PM
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Crook County, ILL
Mastershake340 Offline
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Originally Posted by hemienvy
Thanks guys.

How can the bank clear the damn check and then come back 30 days later and claim OOPS ?

There’s a federal law requiring banks to cash checks promptly, but the process of verifying the check is legitimate takes longer than the time the regulation requires.
So the bank cashes the check and weeks later if they find it’s bad, you are on the hook.
Here is an article about methods to help verify a check is good.
https://www.thebalance.com/how-to-check-a-check-315428

Re: How to take payment for a car sale ? [Re: Mastershake340] #2931717
06/09/21 05:20 PM
06/09/21 05:20 PM
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Central Florida
larrymopar360 Offline
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When I brought a bank check to my bank they did tell me 3-4 days. I told them I needed to release car now and that's when they took a few minutes to verify (probably contacting bank named on check) and then told me check was cleared/money available. I released car. If you cannot go to bank named on check and cash it that's how I'd do it at my bank.

I would say wire transfer is better though just a lot more rigmarole and that's why people prefer the bank check.


Facts are stubborn things.
Re: How to take payment for a car sale ? [Re: hemienvy] #2931779
06/09/21 08:28 PM
06/09/21 08:28 PM
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Northern California
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Wire transfer ONLY!

Here's what you do - go to your bank and open a separate account, put the minimum amount in there to keep you from being charged fees. Then you give the buyer THAT account number, not your regular one. Once the wire goes through, you transfer the funds over to your regular account. This way, you are only risking the small amount that's left. In my case, it's $300 minimum. Keep that separate account open in case you buy or sell another car.

I've done this a couple of times, most recently a few weeks ago when I wired money to a guy for a car I bought.

I sold a car on Bring A Trailer in late February. The guy was old school and sent me a cashier's check from his bank. My bank was very suspicious of it since they have seen an uptick in fraudulent cashier's checks.They actually keep a database of pictures of cashier's checks and the buyer's bank had recently changed their checks, so my bank was very suspicious. They ended up holding half the funds back for 10 days (7 business days). The buyer was bent, but what could I do?

Bottom line is, if you are remote from the buyer, the only way to do it is a wire.


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Re: How to take payment for a car sale ? [Re: hemienvy] #2931784
06/09/21 08:33 PM
06/09/21 08:33 PM
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Tri-Cities, Washington
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I just sent $9K to someone (not for a car). I went to my local bank, told them I wanted to wire $9K to someone. It took about 10 minutes and they charged me $25 for the transfer.

I've never done it before but they made it very easy.

Re: How to take payment for a car sale ? [Re: VITC_GTX] #2931789
06/09/21 08:43 PM
06/09/21 08:43 PM
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Portage,michigan
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Passing a bogus check of that size is a felony. A guy would have to want to risk pretty much everything to do that.
Just call bank and verify funds, exchange title when funds are cleared to you. I have sold literally hundreds and hundreds, actually thousands of cars, never had an issue with a check.

Last edited by B3422W5; 06/09/21 08:44 PM.

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Re: How to take payment for a car sale ? [Re: hemienvy] #2931790
06/09/21 08:48 PM
06/09/21 08:48 PM
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Originally Posted by hemienvy
I'm selling a project car for $22,000.

I've been offered a "bank check via courier service" as payment.

Then, "I will handle the shipping myself".

Admittedly, it's a lot of money to expect cash. How easy is it to fake a bank check,
and is that the same as a cashier's check ?


I have been paid that way many times. Take the check to your bank and deposit it. They can verify the funds are available from the buyers bank. Once it clears you are good. You can ask the manager at your bank the questions that you are worried about and they will give you the answers. You keep the car until your bank says the funds are yours. If someone was charged back there was more to the story.

Last edited by NITROUSN; 06/09/21 08:49 PM.
Re: How to take payment for a car sale ? [Re: NITROUSN] #2931796
06/09/21 09:01 PM
06/09/21 09:01 PM
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Ontario, Canada
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Stanton Offline
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Quote
I just sent $9K to someone (not for a car). I went to my local bank, told them I wanted to wire $9K to someone. It took about 10 minutes and they charged me $25 for the transfer.


This is funny! In Canada we log into our bank account on our computer, tablet, phone or whatever and do an online transfer Takes about a minute. The transfer is instant. It costs the sender $1.50 regardless of the amount being sent. It costs the receiver nothing. Its 100% foolproof for the individual receiving the money.

Re: How to take payment for a car sale ? [Re: Stanton] #2931802
06/09/21 09:32 PM
06/09/21 09:32 PM
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Portage,michigan
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Originally Posted by Stanton
Quote
I just sent $9K to someone (not for a car). I went to my local bank, told them I wanted to wire $9K to someone. It took about 10 minutes and they charged me $25 for the transfer.


This is funny! In Canada we log into our bank account on our computer, tablet, phone or whatever and do an online transfer Takes about a minute. The transfer is instant. It costs the sender $1.50 regardless of the amount being sent. It costs the receiver nothing. Its 100% foolproof for the individual receiving the money.



There are way cheaper ways than 25 bucks here in the US
In the meantime I will keep paying my current 21% business tax, about half what Canadians pay, same with gas, about 1/2 as much because of all the Canadian taxes... not to mention 13% Ontario sales tax.

Last edited by B3422W5; 06/09/21 09:40 PM.

69 Dart GTS A4 Silver All steel, flat factory hood, 3360race weight
418 BPE factory replacement headed stroker, 565 lift solid cam
Best so far, 10.40 @127 1/4
1.41 best 60 foot
6.60 at 103.90 1/8

Re: How to take payment for a car sale ? [Re: massdaytona] #2931809
06/09/21 10:00 PM
06/09/21 10:00 PM
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I met the buyer at his bank where they cut him the cashiers check right then. This particular bank would only clear the cashiers check immediately if you had an account with them, so I opened an account and deposited it right then. Done deal. $24k


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Re: How to take payment for a car sale ? [Re: hemienvy] #2931861
06/10/21 06:31 AM
06/10/21 06:31 AM
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Berlin, N.J.
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Originally Posted by hemienvy
. How easy is it to fake a bank check,


too easy..

i'd only do wire transfer.. anything on paper can and is easily faked.

Last edited by abodyjoe; 06/10/21 06:32 AM.

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Re: How to take payment for a car sale ? [Re: abodyjoe] #2931865
06/10/21 07:18 AM
06/10/21 07:18 AM
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MA
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I only do wire transfer or cash. Out of state checks and checks from different banks can take 7-10 days to clear.

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