Accepting cashiers/loan check for vehicle sale

Discussion in 'Off-topic' started by a_springfield, Sep 27, 2017.

  1. a_springfield

    a_springfield Well-Known Member

    3,395
    125
    63
    What is the best way to take a check(from a loan) from a non local credit union. Could I take the check to my credit union and can they verify funds. Not sure how to do this, I know cash is preferred but I want this sold.
     
  2. Fallschirmjäger

    Fallschirmjäger I watch the watchers

    12,835
    63
    48
    Cashier's checks are frequently used in scams.
    One of the few ways to help ensure that it's a legitimate check is to accompany the writer to his bank and be physically present when the teller hands the cashier's check back. If you're worried about any magician's tricks about being switched, have the teller place the check on the counter and they You pick it up not the person trying to pay with it.

    Since you've indicated that it's a non-local credit union, I'd be very wary.

    You could always insist on a 'wire transfer' instead. And by 'wire transfer', I mean bank or credit union directly to your account, not Money Transfer services (e.g., Western Union or MoneyGram) or automated clearing house (ACH) transfers.
     
    Last edited: Sep 27, 2017

  3. Scout706

    Scout706 Well-Known Member

    3,596
    30
    48
    Do you want it gone bad enough to give it away?
     
  4. awanatech

    awanatech Well-Known Member

    1,332
    163
    63
    When I sold my travel trailer last year, I wouldn't take a cashier's check. There are too many scams using them and it may not show up as a fraudulent check until weeks later. I may have missed out on a legitimate sale or two, but I was ok with that. Although I had planned to take cash only, I did end up taking a personal check. But only because the buyer was relatively local and his check was from Navy Federal Credit Union, which has a branch near my work. I didn't sign the title or anything until I had cash from the CU. They came & looked at it one day, brought a check the following week, then came back a week later to tow it home. I took the check to his CU and the teller verified that the funds were there to cover the check. So after she cashed it for me, I called to let him know & we set up a time for them to come and pick it up. I signed the bill of sale & title when they picked it up. I realized after they gave me the check and left, that they had nothing in writing anything about the deal. No contingent bill of sale, no receipt for the check, nothing, so I felt my risk was relatively low. It worked out, but I wasn't comfortable with it until I had cash in hand.
     
  5. a_springfield

    a_springfield Well-Known Member

    3,395
    125
    63
    I am going to have my credit union call his credit union to verify check is real and funds are available. My bank said they doe this all the time.
     
  6. Malum Prohibitum

    Malum Prohibitum Moderator Staff Member

    67,050
    1,428
    113
    I would not do this. It is not failsafe. Is your credit union willing to give you a written guarantee that they will make payment good if funds fall through? No? Then doing this "all the time" means nothing.

    Don't do it.
     
  7. Nemo

    Nemo Man of Myth and Legend

    12,832
    827
    113
    Be simple. Take cash or wire transfer. Based on what limited info you have up there I would lean toward a scam.

    I tried to sell a camper while in Ga a few years back. Lots of calls and emails-- Sounds good, Can I send someone to pick it up and bring you a cashier check?

    They all were crooked.

    Cash or Wire Transfer. And if wire call your bank on safest way to receive it. They may say temporary new account for you or we can deal with bank making transfer directly. Have them call us and ask for Mr Local Bank Manager.

    Do not let your bank or CU-- do it all the time. Something does not go right they are not on the hook. You are.

    Green Paper Cash Money or wire transfer.

    Nemo
     
  8. a_springfield

    a_springfield Well-Known Member

    3,395
    125
    63
    I am not doing it. The check was going to be to me and my mom (she consigned on the loan and I have never changed it)so I would have to set up an account with her just to do this one transaction.
     
  9. awanatech

    awanatech Well-Known Member

    1,332
    163
    63
    This. My credit union has even told me that while they do call and verify funds, they do not guarantee that the funds will be there when you go to cash it. They also aren't guaranteeing that the check is not fraudulent. Basically, they won't stand behind their assurance that the money is there and available to you.
     
  10. AzB

    AzB Well-Known Member

    2,362
    62
    48
    Go with him to his bank. Have him write a counter check (or cash whatever check he has) and give you cash. Deposit in bank if you have an account, or have the bank transfer your cash deposit into your bank or write you a cashier's check.

    I do this with any CL type sales over a couple hundred bucks. Added bonus, banks have all kinds of cameras and stuff in them.

    It's safer for the buyer too as they don't have to carry cash and take the risk of you theoretically robbing them.
     
  11. gsusnake

    gsusnake Token Liberal Hippie

    13,680
    67
    48
    If you won’t take one useless piece of paper (a cashiers check) why would you take another worthless piece of paper just because it has a picture of a dead President on it?

    Insist on gold bullion. It’s the only way to be sure.
     
  12. a_springfield

    a_springfield Well-Known Member

    3,395
    125
    63
    Most stores will take those dead presidents for trade Kroger won't take gold.
     
  13. awanatech

    awanatech Well-Known Member

    1,332
    163
    63
    If you're buyer pays you in gold bullion, I'll pay you double the amount for the gold. (As long as you'll take a cashier's check for it). We can even meet at kroger to do the deal if you want.
     
  14. a_springfield

    a_springfield Well-Known Member

    3,395
    125
    63
    If I was offered 8oz -9 oz of gold I would take that trade. How does one check the purity of gold?
     
    Last edited: Sep 27, 2017
  15. Fallschirmjäger

    Fallschirmjäger I watch the watchers

    12,835
    63
    48
    [ame]https://www.youtube.com/watch?v=sw66gzBD9fE[/ame]
     
  16. mountainpass

    mountainpass Under Scrutiny

    19,368
    29
    48
    If someone is legitimate they will come up with cash.

    Everything else is a scam.
     
  17. Nemo

    Nemo Man of Myth and Legend

    12,832
    827
    113
    Electronic analysis.

    Examination of the coins. Know your Eagles, Pandas, Krugerrand, Koalas and those things. I would insist on Eagles.

    Weigh them too. And know what they should weigh. Troy ounces are 12 in a pound. Avoirdupois ounces are 16 in a pound. That makes a difference.

    Nemo
     
  18. Squid

    Squid Gun pecan

    308
    46
    28
    But what if he won't create joinder with you. :hide::rotfl:
     
  19. GM404

    GM404 Well-Known Member

    3,028
    153
    63
    Good thinking. Here are my thoughts...I once owned an airplane and sold it a few years back. The guy who bought it paid me IN CASH. So, if a guy can buy an AIRPLANE in CASH...then I won't sell a car to someone under a different arrangement.

    Of course, when it's time to sell one of my cars, they are usually worth just a few thousand dollars, anyway and if you can't raise that much cash, then you need to head on down to the corner pay-here-now lot.
     
  20. AtlPhilip

    AtlPhilip Proud GCO member.

    7,950
    104
    63
    This. I used to work at a CU. The scam works like this:

    Make lots of car deals.

    Get a real cashier's check for an amount that will buy easily saleable "hot" cars.

    Print 20 copies of said check.

    Close 21 cars. Bank gladly verifies that check #4722 is good and amount stated is valid.

    {weeks pass, 21 cars are sold}

    First check clears, 20 fakes bounce.

    Criminal profits 10-15x investment.



    This.