phojes

I accepted an official bank check when I sold my car recently to a private party. All it took was a quick telephone call to his bank to verify funds before we filled in the paperwork and handed over the keys etc.

If you want to accept cash in a plastic bag, then go to the local supermarket and ask the cashier to scan a random selection of $100-notes to see if they are counterfeit. Hehehe...

007GT3

Take the money as a wire. Wires can't be called back.

Also, you can't beleive how much adrenaline (and stupid ideas) go through your head when you have stacks of 100 bills in front of you.

Counterfit cash is a big problem...there is one theory that the CIA is printing up money (Supernotes) for its own operations and that the presses are running overtime for their operations in the Middle East. Besides, how much of a dumbass would you feel like if your teller broke out the "green tip" pen and the ink instead turned black!

mal28

If you are buying a new car:


After I "sell" the car and arrive at a set price, I "trade in" the car and bring the dealer the buyer. This way you pay only the tax on the difference between the new car price and the trade-in (Not sure if true in all states) and the dealer does all the paperwork in selling the car.

mostolf

Bear in mind that cashier's checks *can be cancelled*, almost like any other check (there is a fee and a form to sign, but it's cancellable). I've cancelled two checks myself after a seller reneged on the transaction after receiving payment.

I would not trust a cashier's check that has not been deposited and fully cleared. Now whether it's "fully cleared" is another issue...that you might discuss with your bank and the issuing bank; I've heard stories of funds somehow being "pulled back" after being deposited.

Edgy01

The only 'sure' thing today is a wire transfer. BUT, hedge that bet as well with a withhold on the car title transfer until the period YOUR bank agrees will ensure 100% satisfaction that the transaction was authentic. Place THEM on the hook. You shouldn't have to risk a thing.

nyca

why would I, as the buyer, irrevocably wire/EFT the seller money without any guarantee that the title would be turned over to me?

Soulteacher

I agree. If these concerns exist, I would use a service such as www.escrow.com, particularly with out-of-towners.

lic265

Cashier's checks are not guaranteed by the accepting bank - i asked mine
I bought my used 911 with a Capital one check which was instantly funded as a loan and its authenticiy verifiable

mdrobc1213

Oh well guess I just gotta keep my 997 forever!

Phil G.

Exactly! I've done the same thing when I sold an '01 Audi S4 and saved a bunch on tax. Made no difference to the buyer of my car. Plus, the dealer arranged all of his out of state paper work, tags, etc.

KeninBlaine

This doesn't work in greedy California. Buyers pay tax on full purchase price regardless of any trade-in value. Sucks big time.