buying a car with a personal check
Thread Starter
Pole Position
Joined: Apr 2007
Posts: 215
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From: va
buying a car with a personal check
i posted my ad to sell my current car on craigslist. some guy responded and ask if am willing to accept personal check. he says he works for an air force base and say he uses USAA FEDERAL SAVINGS BANK (MILITARY BANK). he say don't worry it won't bounce. i ask him why he can't buy a certified check and i'm willing to pay for the fee. he say he would if he could???? what does that mean?
i'm just not comfortable enough doing a big transaction like this with a personal check. i think even if his personal check clears, can't he still take some action and reverse the payment on the check.
just want to get some of your opinions/feedback.
many thanks.
i'm just not comfortable enough doing a big transaction like this with a personal check. i think even if his personal check clears, can't he still take some action and reverse the payment on the check.
just want to get some of your opinions/feedback.
many thanks.
You could use escrow.com. I did for a transaction (less than a car though) and it worked out fine. I made the buyer pay the escrow fee.
Alternatively you could say he can take delivery of the car once the check clears.
Alternatively you could say he can take delivery of the car once the check clears.
Intermediate
Joined: Dec 2003
Posts: 408
Likes: 0
From: Georgia
If its a USAA bank near you, just take the check and present it and if ask if enough money is in the account to cover the payment for it. If it is, cash it and turn the title over to him.
If the funds are in the account when you cash, I don't think it possible for him to stop payment on it after the fact.
If the funds are in the account when you cash, I don't think it possible for him to stop payment on it after the fact.
I believe once you cash the check, it is near impossible to get the funds returned unless you do it voluntarily. hence the danger of buying online with a personal check. I would have the individual sign an agreement or something and only release the title once the check clears.
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Lexus Champion
Joined: Jan 2003
Posts: 1,979
Likes: 0
From: ca
sure take the check and tell him you will mail the title when it clears your bank.
I don't understand the fuss with making people try to find an open bank when you want to buy a car, right then and there, to go get a cashiers check?
The last thing I would do is carry up $20,000 in cash, that is ludicrious, its actually a big scam in Mexico, since they do everything with cash, bad guys follow home guy with a new corvette, then post an ad in the paper, Corvette for sale CASH ONLY which is the norm in Mexico, they give the guys address, little do the buyers know but the real owner is tied up in a closet. Crooks get a nice suitcase full of cash, then they tie up those people, and the next buyer shows up, rinse, repeat until they rip off tons of people and then disappear.
A cashier's check is just a worthless piece of paper just like a personal check, so just take a personal check with ID and mail the title when it clears, or if you are that worried tell them you will write out a contract that they come back and pick up the car/title when the check clears.
http://www.carbuyingtips.com/fraud.htm
Escrow can also be fraud.
I don't understand the fuss with making people try to find an open bank when you want to buy a car, right then and there, to go get a cashiers check?
The last thing I would do is carry up $20,000 in cash, that is ludicrious, its actually a big scam in Mexico, since they do everything with cash, bad guys follow home guy with a new corvette, then post an ad in the paper, Corvette for sale CASH ONLY which is the norm in Mexico, they give the guys address, little do the buyers know but the real owner is tied up in a closet. Crooks get a nice suitcase full of cash, then they tie up those people, and the next buyer shows up, rinse, repeat until they rip off tons of people and then disappear.
A cashier's check is just a worthless piece of paper just like a personal check, so just take a personal check with ID and mail the title when it clears, or if you are that worried tell them you will write out a contract that they come back and pick up the car/title when the check clears.
http://www.carbuyingtips.com/fraud.htm
Escrow can also be fraud.
Last edited by toy4two; May 14, 2007 at 09:49 PM.
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Lead Lap
Joined: Apr 2007
Posts: 476
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From: md
I believe you can always call the bank and ask if there are enough funds in an account to clear a check. I was advised to do this by my bank when I had problems with a renter's check bouncing and ****ing me up.
Lexus Champion
Joined: Sep 2006
Posts: 3,102
Likes: 8
From: Hill Country, TX
You did the right thing. I'm surprised at all the other posters who thought it was 'ok' to take a personal check and then mail him the title when the check clears. Why would anyone turn over a hard asset without solid financial recompense? He takes your car, gives you a check, he abuses/wrecks car, check bounces, and then what? You still have the title to a worthless asset. C'mon people, use your noggin. Selling a car isn't that difficult, but be damn sure you get cold, hard cash or an irrefutable monetary instrument. Even cashier's checks can be forged. Best option? Have him wire the funds to your bank and then turn over the title to him at the bank or other convenient location. Anytime anyone offers a personal check red flags should pop up. Don't fall for it.
Lexus Champion
Joined: Apr 2006
Posts: 1,679
Likes: 0
From: georgia
You did the right thing. I'm surprised at all the other posters who thought it was 'ok' to take a personal check and then mail him the title when the check clears. Why would anyone turn over a hard asset without solid financial recompense? He takes your car, gives you a check, he abuses/wrecks car, check bounces, and then what? You still have the title to a worthless asset. C'mon people, use your noggin. Selling a car isn't that difficult, but be damn sure you get cold, hard cash or an irrefutable monetary instrument. Even cashier's checks can be forged. Best option? Have him wire the funds to your bank and then turn over the title to him at the bank or other convenient location. Anytime anyone offers a personal check red flags should pop up. Don't fall for it.
Last edited by lexmenow; May 15, 2007 at 08:01 AM.
Pole Position
Joined: Nov 2005
Posts: 327
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From: FL