Receiving payment when selling a car

[GT350Keith]

I'm going to be selling my 1970 Boss 302 so I can buy a 2016-2020 GT350. The guy will be paying with either a cashiers check or a bank money order on Sunday. It will be four hours from where he lives and where his bank is. Do you guys do anything to check to make sure the payment is good on a car sale? I've never received this kind of money, and it scares me. The guy seems legit, and I've checked him and his business out as much as I can. I haven't heard anything that raises any red flags, and a number of people have dealt with him. Maybe I'm just paranoid...

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[honeybadger]

It either needs to be cash or a wire transfer if he wants it same day. If he wants to use a check of any kind - he has to wait until it clears (which can take a while).

Edit - he can do a wire transfer with a phone in the parking lot, so if he pushes back on that it's probably a scam.

 

[Proshop]

It either needs to be cash or a wire transfer if he wants it same day. If he wants to use a check of any kind - he has to wait until it clears (which can take a while).

Edit - he can do a wire transfer with a phone in the parking lot, so if he pushes back on that it's probably a scam.

What’s wrong with a cashiers check from a bank?

 

[Strokerswild]

It either needs to be cash or a wire transfer if he wants it same day. If he wants to use a check of any kind - he has to wait until it clears (which can take a while).

Edit - he can do a wire transfer with a phone in the parking lot, so if he pushes back on that it's probably a scam.

This.

The other thing you could do is meet him at a bank, and let them check validity of payment. I've done this.

Oh, and you can't mention a vintage Boss without posting pics.

 

[honeybadger]

What’s wrong with a cashiers check from a bank?

because you can forge a cashiers check with skills and a printer

 

[Proshop]

because you can forge a cashiers check with skills and a printer

And that I can and will agree with. I will say that when you close on buying a house they make you bring a cashiers or bank check to closing for your down payment but don’t wait for it to clear before signing papers and handing you the keys. Obviously a lot more vetting goes into buying a house and not like you can just pick up and move the house like you can a car…. So I get where you are coming from.

 

[Proshop]

OP if you were doing this transaction/ deal during normal banking hours you could call the bank the cashiers/ bank check came from and they could verify the authenticity of it.

 

[AMC401V8]

Wire transfer or cash only. If Wire transfer it must hit your account prior to the car leaving. It's very easy to set up and the buyer should have no issues with this.

 

[EFI]

because you can forge a cashiers check with skills and a printer

But a cashier's check can usually be verified within a few minutes. If it's a fake, you'll know right away.

With a personal check, it might take a few days to verify funds and by then the car is gone. At least with a cashier's check, you and the buyer can wait in the bank while it's being verified before handing over the keys and title etc.

 

[Snakebyte]

When I sold my WS6 I required that the buyer meet me at my bank and complete the transaction. He wanted to pay in cash so when receiving it I gave the cash to the teller, and she then ran it through a counter/counterfeit detection machine. Quick process!
As for a cashier's check, the warnings given earlier apply. Meeting at your bank, interfacing with the banker (who knows all too well about fraud risks), can help you prevent being scammed.

 

[Inthehighdesert]

This. No exceptions.

It either needs to be cash or a wire transfer if he wants it same day. If he wants to use a check of any kind - he has to wait until it clears (which can take a while).

Edit - he can do a wire transfer with a phone in the parking lot, so if he pushes back on that it's probably a scam.

 

[GT350Keith]

I talked to the guy about doing a wire transfer and he's good with that. Going to start the process tomorrow so I can see that its been transferred before the credit union closes Friday. Thanks for the support, I knew you guys would know. Now I can get serious about getting a newer GT350 to join my old one.

 

[Prowl647]

I talked to the guy about doing a wire transfer and he's good with that. Going to start the process tomorrow so I can see that its been transferred before the credit union closes Friday. Thanks for the support, I knew you guys would know. Now I can get serious about getting a newer GT350 to join my old one.

look for the 2019 and up 350s. Speaking from experience the NVH will begin to unscrew the oil filter off of the motor.

 

[derklink]

I bought my 2019 Bullitt from a private seller and we met at my bank, where I got a cashiers check. All went well.

OP, if you're looking for a newer GT350 that would look good next to your '69, here you go https://www.bobmooreford.com/invent...-shelby-gt350-rwd-2d-coupe-1fa6p8jz3l5552462/

 

[wingnutt]

Cashiers checks have become worthless, and I have no idea why…

when I bought my 350R, I had a cashiers check for 75% and the rest in cash. Met the seller at his frickin Wells Fargo, they called to verify but then added the boiler plate “but we can’t guarantee funds” to the seller, which almost sunk the deal.

…if it wasn’t for the 25% cash, and the cross-border felony charges if I wasn’t legit, he was about to walk and I would have had to find a plane ticket the almost 1,000 miles back home.

wire transfer is where it’s at now

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