Im selling my car, what types of payments are good to accept besides cash??

Question

Just wondering so I don't get scammed, I have heard about fake cashiers checks, and money orders so I how can I tell if the check is fake or real? Doesnt it take the bank a couple weeks to find out if it is fake too?

Answer 1

Fake checks of all kinds -- certified, cashiers, tellers, money orders (even postal orders) -- are stock in trade of the Nigerian 419 scammers (article 419 of the Nigerian Penal Code, the scammers can be any nationality although they often seem to come from Africa).

But then you can get counterfeit $100 bills too. I saw some $100 bills out of Hong Kong, suspected by a Hong Kong bank to be fake and stamped "counterfeit". Even with a magnifying glass I couldn't tell; I had our security officer send them to the Secret Service in Honolulu for their opinion. (It's years later and now I know that North Korea counterfeits US currency and that they used to distribute it through banks in Macau.)

Ironically, the safest "currency" seems to be American Express travellers checks because nobody seems to forge them. But payment can be stopped by Amex if they're stolen, so you have to know whom you are dealing with, driver license #, address, etc.

I remember years ago one clever scammer took all his stolen checks to a bank equipment trade show and ran them through a floor model of a check certifier, and then bought stuff with them. JPMorgan Chase Bank no longer certifies checks, they told me. They issue cashiers (or tellers, on which payment can be stopped, so be careful) checks instead.

So you never know. If you accept a certified check or a cashier's check, you might want to telephone the bank on which its drawn and find out if it is good. That may not help if it's a perfect (fake) duplicate of a real check, but it limits your risk. Never let the buyer give you the phone number to call; ask Directory Assistance or look on the Internet.

The only way to be absolutely, positively sure of not losing money is to ask your bank to deposit the check for special collection (you pay for that) and to credit your account "without recourse". Even certain kinds of wired funds can be reversed -- as they do with social security direct deposit when they find out the person has died -- so you have to make sure. And, preferably, get it in writing.

Sorry for all the discouraging words but I've seen every scam in the book. Even some perpetrated by governments and with government support. And there are doubtless some coming my way I haven't seen yet. The person who suggested meeting at your bank and depositing the cash then and there, has made the best suggestion, from the standpoint of security. But whether your buyer will agree is another matter. It all depends whether your car is a real bargain or not.

Answer 2

Until you have completely settled the finance, the car is not yours. It belongs to the finance company. If you were to sell the car, that could be considered either fraud or theft by the finance company and/or the Police. Either conviction could lead to a prison sentence, and a criminal record that will harm your employment chances for the rest of your life. In addition, you would still be liable to pay the rest of the finance. If you stopped the payments the finance company will investigate, and may take you to court. You won't win that case. Failure to keep up the payments will harm your credit score, which will make it more difficult for you to get any form of credit in the future (e.g. electricity or gas account, mobile phone contract, another car loan, a mortgage, a credit card or store card, etc.). If you are short of money, you need to phone the finance company to explain the situation. You can then get their permission to sell the car, but that will be on the understanding that you use the money from the sale to settle the finance. Ask them for a settlement figure. You need to be aware that if you bought the car new or nearly new with a small deposit, the settlement figure from the finance company may be more than the current re-sale value of the car. Any sensible buyer will do an HPI check before buying your car, which will show up that there is finance outstanding on the car. Should you sell the car without clearing the finance, the finance company are within their rights to repossess the car from the buyer. In that event, the buyer will likely chase you for a refund, and if you do not pay up could take you to court. A County Court Judgement against you will further damage your credit score.

Answer 3

If someone offers you a cashier's check for the car, just go with them to their bank and cash it.

Or, let them know you'll let them have the title when the check clears.

Answer 4

There is a difference between a cashier's check and a certified check. ...which is virtually impossible to scam Request a certified check or cash.

Answer 5

Get him to meet you at your bank and have cash. Have a deposit slip made out and as soon as he hands it to you, you hand it to the cashier and get a receipt. You then, and only then hand him the car papers and a receipt. You can then withdraw the cash at your leisure and in safety....................

Answer 6

You can do several things: Have him (her, it, whatever) go with you to a nearby bank and take what he has to offer you; have the bank to deposit it; saying to the teller,loud enough for the buyer to hear also, "Should this present a problem, will it be MY problem or HIS problem"? and wait for an answer..If it is "Yours", then say to the teller: Cash it! Do not deposit it!

Answer 7

Bank Check or PayPal is fine. If you sell your car on eBay it's safer.

Answer 8

cash

Answer 9

boondock saint dvds

/that movie sucks