OT: Another cashiers check scenario, advice needed
08-06-2011, 07:59 AM
#16
Drifting
Everything seems to make sense, but if there's doubt, I would (one) wait till Monday and cash the CC with him, or (two), have him bring cash. I know, either way, it's a hassle.
08-06-2011, 08:15 AM
#17
Race Car
Mike
08-06-2011, 08:37 AM
#19
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I've had similar transactions but heres how I've done then.
1.Have a copy of the CC faxed before the sale
2.Call the bank yourself when you have the copy of the check in hand and be sure you copy matches what the bank tells you (dont have him call you and say, heres my bank guy)
3.When he gets there be sure his ID matches who you determined him to be and make a copy (or take a pic of the ID)
1.Have a copy of the CC faxed before the sale
2.Call the bank yourself when you have the copy of the check in hand and be sure you copy matches what the bank tells you (dont have him call you and say, heres my bank guy)
3.When he gets there be sure his ID matches who you determined him to be and make a copy (or take a pic of the ID)
I have found myself in the scenario and I'm asking what you think about it. The answer isn't "just wire the funds". I either will go through with it or tell him no.
Scenario: I am selling my Hummer H3 for $20k to a guy i Iowa
- I got a call from a dealer today, asking to buy it for his daughter (admitted he was a dealer, but still said it was for his daughter). I verified him, and his business via Google.
- He is 6 hours away, so he and his daughter want to drive here on Sunday, pick up the car and drive back to Iowa.
- He wants to pay via cashiers check because:
If he wires the funds, drives here and the H3 isn't what I said it was, I could stiff him for the funds. He holds no cards. This way, he inspects the car, gives me the CC, and drives away. He says he will call me from the bank tomorrow and I can talk to the bank to verify him and the funds.
- I tell him I would hold the title until the check is verified cleared, and then I overnight the title. He agrees. He says that is the best compromise.
What is the downside here?
A. The guy is an American, not Nigerian
B. I know his place of business, home address
C. I hold the title until check clears (what if he wrecks it?)
D. He wants to do this on the weekend, so do I
I need an easy button
Scenario: I am selling my Hummer H3 for $20k to a guy i Iowa
- I got a call from a dealer today, asking to buy it for his daughter (admitted he was a dealer, but still said it was for his daughter). I verified him, and his business via Google.
- He is 6 hours away, so he and his daughter want to drive here on Sunday, pick up the car and drive back to Iowa.
- He wants to pay via cashiers check because:
If he wires the funds, drives here and the H3 isn't what I said it was, I could stiff him for the funds. He holds no cards. This way, he inspects the car, gives me the CC, and drives away. He says he will call me from the bank tomorrow and I can talk to the bank to verify him and the funds.
- I tell him I would hold the title until the check is verified cleared, and then I overnight the title. He agrees. He says that is the best compromise.
What is the downside here?
A. The guy is an American, not Nigerian
B. I know his place of business, home address
C. I hold the title until check clears (what if he wrecks it?)
D. He wants to do this on the weekend, so do I
I need an easy button
08-06-2011, 08:41 AM
#20
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Why does a guy from Iowa have to go all the way to Colorado to buy an H3? I gotta believe there would be a TON of those for sale in and around the midwest. Just playing devil's advocate.
Your plan, and other's advice, sounds pretty good. Hope the deal goes down fast & easy.
Your plan, and other's advice, sounds pretty good. Hope the deal goes down fast & easy.
08-06-2011, 05:05 PM
#21
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08-06-2011, 05:11 PM
#22
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08-06-2011, 06:23 PM
#23
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Yep, kinda left that off above. His daughter goes to nursing school here in Denver, goes back and forth a bit. Supposively H3 is for her graduation present.
Nile, forgot to say thanks for you input above as well. Didn't see it last night.
So here is what happened today.
- He went to bank, got cashiers check in my name.
- I called bank, talked to branch manager.
- She started in with the whole, Randy is an outstanding customer and community figure doing lots of transactions, 100% trustworthy.
- I said yada yada, I don't know him, your bank or you so let's talk what I do want to know. Kinda made her mad I think
- She confirmed he drew the check in my name, it's backed by the bank at this point. I deposit on Monday and should clear in 4 days max.
- she stated in no way can he stop the check until 20 days later. That is in case transaction does not go through he can get his funds back. She said by then, I would have cleared it through my bank, so he cannot stop payment obviously.
- He is on his way here to inspect car, give me cashiers check.
- I will give him H3, bill of sale, one key, copy of title
- After cashier check clears, I send him real title and other key overnight.
So far, so good!
Why does a guy from Iowa have to go all the way to Colorado to buy an H3? I gotta believe there would be a TON of those for sale in and around the midwest. Just playing devil's advocate.
Your plan, and other's advice, sounds pretty good. Hope the deal goes down fast & easy.
Your plan, and other's advice, sounds pretty good. Hope the deal goes down fast & easy.
So here is what happened today.
- He went to bank, got cashiers check in my name.
- I called bank, talked to branch manager.
- She started in with the whole, Randy is an outstanding customer and community figure doing lots of transactions, 100% trustworthy.
- I said yada yada, I don't know him, your bank or you so let's talk what I do want to know. Kinda made her mad I think
- She confirmed he drew the check in my name, it's backed by the bank at this point. I deposit on Monday and should clear in 4 days max.
- she stated in no way can he stop the check until 20 days later. That is in case transaction does not go through he can get his funds back. She said by then, I would have cleared it through my bank, so he cannot stop payment obviously.
- He is on his way here to inspect car, give me cashiers check.
- I will give him H3, bill of sale, one key, copy of title
- After cashier check clears, I send him real title and other key overnight.
So far, so good!
08-06-2011, 06:48 PM
#24
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I wouldn't be happy purchasing a car (or a house) over the net sight unseen.
One person's description of "immaculate" might be way off what my perception off immaculate would/should be.
Impossible to judge a car with photos alone.
But I do appreciate that dealers can and will take a calculated risk, if buying many cars.
Regards
Costa.
08-06-2011, 06:51 PM
#25
Race Director
Yeah, I didn't think that stop payment option on a cashier's check/bank draft made sense. I think that would only be available for lost checks. It would delete the purpose of using cashier's checks.
08-06-2011, 06:53 PM
#26
Race Director
Yes I do make purchases over the internet, but there's always a risk. The larger the investment, the less likely I would do it.
I wouldn't be happy purchasing a car (or a house) over the net sight unseen.
One person's description of "immaculate" might be way off what my perception off immaculate would/should be.
Impossible to judge a car with photos alone.
But I do appreciate that dealers can and will take a calculated risk, if buying many cars.
Regards
Costa.
I wouldn't be happy purchasing a car (or a house) over the net sight unseen.
One person's description of "immaculate" might be way off what my perception off immaculate would/should be.
Impossible to judge a car with photos alone.
But I do appreciate that dealers can and will take a calculated risk, if buying many cars.
Regards
Costa.
08-06-2011, 06:59 PM
#28
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08-06-2011, 09:05 PM
#29
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We all have different experience level as well as different risk tolerance and expectations. I never buy a car. I buy a seller. If I talk to the seller, get my conclusions, I don't really need to see the car. This is why my first 993 cost $17K in 2004. Just think of that number for a moment in historical contest. And realize the cost and rewards of some (minimal) risk. Oh, it was taken for a PPI before anything. And, another "oh", I would not own a 993 or any other P-car, perhaps, if not that decision in 2004.
08-06-2011, 09:15 PM
#30
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