NEED HELP: risks of selling a car private party on a Sunday (not kidding)
10-31-2008, 04:59 PM
#31
Drifting
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Location: South Bay, Los Angeles
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I did a cash deal when I sold my 964. Not my idea but I was OK with it.
Not a problem... you just have to plan for contingencies if things seem "odd".
BTW, the buyer is/was a great guy. Nothing smelled fishy throughout the deal... and I knew it was all good when he said "isn't it wierd having all of this cash on the table?" I said "yup, I was just thinking the same thing"
Anyhow, it really is as simple as getting a copy of the check prior, call the bank to verify, do the transaction on Sunday.
No matter what you do you still sweat a little until that check clears many days later
I did a cash deal when I sold my 964. Not my idea but I was OK with it.
Not a problem... you just have to plan for contingencies if things seem "odd".
BTW, the buyer is/was a great guy. Nothing smelled fishy throughout the deal... and I knew it was all good when he said "isn't it wierd having all of this cash on the table?" I said "yup, I was just thinking the same thing"
Anyhow, it really is as simple as getting a copy of the check prior, call the bank to verify, do the transaction on Sunday.
No matter what you do you still sweat a little until that check clears many days later
10-31-2008, 07:50 PM
#33
Addict
Rennlist Member
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my bank just told me yesterday that they are having a lot of counterfeit cashier's checks showing up. It's just not a good place the world is in right now.
I like cash, with a marker pen. Buy a $300 safe and lock it away.
If you have a bad feeling about the buyer, cancel the showing.
Better safe than sorry.
GL with sale.
I like cash, with a marker pen. Buy a $300 safe and lock it away.
If you have a bad feeling about the buyer, cancel the showing.
Better safe than sorry.
GL with sale.
10-31-2008, 08:16 PM
#35
Rennlist Member
I don't know if it was said before but you do realize that once a cashier's check is written, there is absolutely no way to cancel it (other than by the person or company whose name is written on the check as the receiver of the funds).
i.e. when writing a cashier's, the buyer already commits to giving you the money (given the check is legimate). If he trusts you that much (to have the check written before seing the car), he might as well send it to you before he comes to pick up the car.
Safest for both parties would be for the buyer to come down to inspect the car on a week day so you could both march into the bank afterwards and transfer the money directly to your account.
i.e. when writing a cashier's, the buyer already commits to giving you the money (given the check is legimate). If he trusts you that much (to have the check written before seing the car), he might as well send it to you before he comes to pick up the car.
Safest for both parties would be for the buyer to come down to inspect the car on a week day so you could both march into the bank afterwards and transfer the money directly to your account.
10-31-2008, 08:36 PM
#36
Rennlist Member
Perhaps banking rules have changed recently or they may change from state to state but I beg to differ. I, personally, have purchased a cashier's check, made out to a prospective seller and, because the vehicle was not as represented, have walked away from the sale, returned the cashier's check to my issuing bank and have received immediate credit for same. I also know of another instance where a cashier's check was given to a seller and the car was found to be a fake (Shelby GT350). I don't know how but the buyer had the cashier's check voided.
10-31-2008, 10:53 PM
#37
Rennlist Member
Hmmm... Maybe I have misunderstood it then. But that's what I remember the bank allways telling me when I have had them make cashier's checks.
Or is it so that the you can cancel the check you wrote as long as you bring in the original check, but if you give it away, then there's no turning back anymore...
Or is it so that the you can cancel the check you wrote as long as you bring in the original check, but if you give it away, then there's no turning back anymore...
10-31-2008, 11:09 PM
#38
Wallflower
Rennlist Member
Rennlist Member
Hmmm... Maybe I have misunderstood it then. But that's what I remember the bank allways telling me when I have had them make cashier's checks.
Or is it so that the you can cancel the check you wrote as long as you bring in the original check, but if you give it away, then there's no turning back anymore...
Or is it so that the you can cancel the check you wrote as long as you bring in the original check, but if you give it away, then there's no turning back anymore...
11-02-2008, 08:06 PM
#40
Pro
Thread Starter
Update - Sale went smoothly - THANKS everyone
Just wanted to update this thread.
My sale went smoothly. Buyer and I met at the local Wells Fargo branch which was open on Sunday. A friend accompanied me. Buyer inspected and drove the vehicle. After the drive we went and presented his cashier's check made out to me to the Wells Fargo banker who verified its authenticity and deposited it into my account and I handed over the title. The banker said that I would be able to withdraw the funds within 2 business days. We signed 2 copies of a sales agreement I had prepared. We parted ways. Very cordial transaction.
I want to thank everyone who chimed in on this thread. I also want to say that I received PMs offering various forms of assistance before and during the transaction. I did NOT expect that and without naming names I want to publically acknowledge my appreciation for these offers. It is amazing that RL members seem to really go out of their way to help fellow RL'ers. I hope to be able to pay it forward in the future.
Best regards
My sale went smoothly. Buyer and I met at the local Wells Fargo branch which was open on Sunday. A friend accompanied me. Buyer inspected and drove the vehicle. After the drive we went and presented his cashier's check made out to me to the Wells Fargo banker who verified its authenticity and deposited it into my account and I handed over the title. The banker said that I would be able to withdraw the funds within 2 business days. We signed 2 copies of a sales agreement I had prepared. We parted ways. Very cordial transaction.
I want to thank everyone who chimed in on this thread. I also want to say that I received PMs offering various forms of assistance before and during the transaction. I did NOT expect that and without naming names I want to publically acknowledge my appreciation for these offers. It is amazing that RL members seem to really go out of their way to help fellow RL'ers. I hope to be able to pay it forward in the future.
Best regards
11-02-2008, 09:06 PM
#41
Rennlist Member
Just wanted to update this thread.
My sale went smoothly. Buyer and I met at the local Wells Fargo branch which was open on Sunday. A friend accompanied me. Buyer inspected and drove the vehicle. After the drive we went and presented his cashier's check made out to me to the Wells Fargo banker who verified its authenticity and deposited it into my account and I handed over the title. The banker said that I would be able to withdraw the funds within 2 business days. We signed 2 copies of a sales agreement I had prepared. We parted ways. Very cordial transaction.
I want to thank everyone who chimed in on this thread. I also want to say that I received PMs offering various forms of assistance before and during the transaction. I did NOT expect that and without naming names I want to publically acknowledge my appreciation for these offers. It is amazing that RL members seem to really go out of their way to help fellow RL'ers. I hope to be able to pay it forward in the future.
Best regards
My sale went smoothly. Buyer and I met at the local Wells Fargo branch which was open on Sunday. A friend accompanied me. Buyer inspected and drove the vehicle. After the drive we went and presented his cashier's check made out to me to the Wells Fargo banker who verified its authenticity and deposited it into my account and I handed over the title. The banker said that I would be able to withdraw the funds within 2 business days. We signed 2 copies of a sales agreement I had prepared. We parted ways. Very cordial transaction.
I want to thank everyone who chimed in on this thread. I also want to say that I received PMs offering various forms of assistance before and during the transaction. I did NOT expect that and without naming names I want to publically acknowledge my appreciation for these offers. It is amazing that RL members seem to really go out of their way to help fellow RL'ers. I hope to be able to pay it forward in the future.
Best regards
Your bank > mine... they hold my funds for 10 days!
Last edited by MarkD; 11-03-2008 at 11:16 AM. Reason: lame typo...
11-03-2008, 10:26 AM
#44
Perhaps banking rules have changed recently or they may change from state to state but I beg to differ. I, personally, have purchased a cashier's check, made out to a prospective seller and, because the vehicle was not as represented, have walked away from the sale, returned the cashier's check to my issuing bank and have received immediate credit for same. I also know of another instance where a cashier's check was given to a seller and the car was found to be a fake (Shelby GT350). I don't know how but the buyer had the cashier's check voided.
I'm glad for your sale, ard!
