Selo

Is that simpler than wiring to a holding account? Hmm.

Ken968

Part of the car is being finaced, not the entire amount of the vehicle soo, options were a check made out to both the seller and the buyer that had to be endorsed by both to deposit, (no choice in the matter thats how the bank wants it done) and then the remaining balance can be paid in whatever way the Seller feels comfortable. Ie. 2nd cashiers check or wire tansfer or cash or whatever makes him smile. I think some of the facts are being overlooked when people are commenting.

Thanks for opinions

Ken

stevepow

do some research - cashier's checks can be reversed by the issuing bank - takes about 7 days for them to "fully ripen".

stevepow

So the seller wasn't trusting the Bank Check issued via the loan? It's from the bank - completely safe unless the bank defaults I reckon. Technically it still has to clear, but there's no risk really and it would be very easy for the seller to verify the validity of that check. That is strange - if that's the case , right - find another car and another seller.

Ken968

The seller kept saying that I could leave with the car and then call and cancel the check and he would never see the car again. I went so far as to offer him the ability to speak with someone at the bank to verify the loan and my approval status. This is something that never even crossed my mind that a person would do. I know there are some screwed up ppl in the world but who the heck goes through all the trouble to get approved for a loan with the intent of canceling the loan after receiving the car. The paper trail would be easier to follow and you would get caught rather easy. Not to mention you could never register the car and would only be able to part it out?

The seller seemed very paranoid. I told him he could use the local dealer of his choice as an intermediate. (this would increase the cost because of the dealer's cut). He then told me that the dealer said that they would not release the car until the check cleared also. After hearing this I called BS cause I know for a fact that dealers will release a car once the verify the funds are good. Again it was getting downright insulting. I didn't feel I needed to beg this guy to take my money. Like I said before they made a large amount of these cars and another will come along in due time.

Ken

cvazquez

This is ALSO how I handle this type of transactions.

tpenta

Guys, the reality is that there is a lot of faud using this very situation. Checks can't be trusted. They are very easy to fake and the depository banks themselves can't always catch the fakes until it is too late. If you look at Autotrader for the list of top frauds, there is a lot mentioned about this kind of situation.

I personally would not accept such a transaction out of state without a bank involved. Going through your or his local bank to mediate the transaction is the safest bet for both of you. It is also not a big deal. I sold a car a few years ago through the buyer's credit union and it was a very easy process.

But the sight unseen situation is tough. My most recent car I sold to a guy who gave me a bank check and I didn't worry about it. He was a philosophy professor from the University of California and came over with his wife. During the test drive, his wife was driving the car while he and I were exchanging thoughts on ancient Greece philosophy. I had no problem believing him.

Better play it safe and go through a bank in your case.

Good luck.

-T

rodsky

That seems reasonable. Wasnt completely clear from your original post. Keep looking and GL.

utkinpol

that is crazy talk - if you have an account in the particular bank and you go to the counter and ask clerk to print you a cashiers check - that means you do have those funds on your account. I honestly not sure if anybody would go so far as to try to put some combination together to cheat at this step. with notarized sales agreement in hand it is safe enough.

RedBarron2007

no cash, no dash.. it is a SELLER beware market these days..

billh1963

Sorry...I disagree. I trust no one these days. You either pay cash, wire the money, or give me a week for the check to clear before you get the goods. That's how I roll these days and so far every serious buyer has complied.

AND..............

I do the same. Took several thousand in cash with me to buy the 914 and sent a cashiers check to the seller when I bought my 997. I picked up the 997 two weeks later.

AF330i

I have sold many cars on the Internet and through eBay. I always get paid prior to the car being released and if it is by a cashiers check it must be cleared prior as well as state to state checks take time to clear even though they are a cashiers check.

I have a reasonably high 100% feedback score with eBay and the buyers always leave positive feedback which I believes make the next purchaser comfortable.

I have purchased 2 cars over the internet and paid in advance as well.

You get a certain feel from buyers and sellers ... Those that scam are usually felt out by a smart buyer by the way they answer your questions.