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Old 11-17-2006, 08:34 AM   #1
bpwatts
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Default First time selling a car...flame me for being stupid!

So I sold my 1998 Honda Prelude. I say sold....the mother of the kid who's buying it (kid is in South Korea doing his last month of service) is stopping by tonight....so I guess technically it isn't sold yet. But anyhow...

I asked for the sale price in a cashiers check. Is that the right way to do it? Can they screw me if I ask to be paid that way? She originally wanted to do a normal check and I said, "Uh, no?"...then she wanted to just give me cash...which I said, "Uh, no?" to as well....so I'm hoping cashiers check was the way to go.

Any other recommendations on how to get paid?
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Old 11-17-2006, 08:46 AM   #2
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Is there a specific reason you dont want cash?

I used a bank check when i bought my WRX. It shows the seller that the bank has varified that the funds are peresent in your account. Cant go wrong with that.

Best of luck.

-Joe
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Old 11-17-2006, 08:47 AM   #3
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You should be fine...make sure to issue them a Bill of Sale and a receipt.

Also make sure to take your tags off the car before they take it anywhere.
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Old 11-17-2006, 08:48 AM   #4
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Well, I don't want cash because I won't be near a bank until Monday...I suppose I could keep 8k in the house somewhere, just makes me feel better if its "safe".

Is a cashiers check the same thing as a bank check?
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Old 11-17-2006, 08:49 AM   #5
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I used to accept a certified check, but I hear reports from time-to-time saying that people are coming up with phoney bank checks now.

So these days, up to 10k - CASH. Anything over that, we're going to the bank TOGETHER to deposit the bank check and only AFTER my bank says it's good are you getting the title.

Kev
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Old 11-17-2006, 08:49 AM   #6
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Originally Posted by bpwatts View Post
Well, I don't want cash because I won't be near a bank until Monday...I suppose I could keep 8k in the house somewhere, just makes me feel better if its "safe".

Is a cashiers check the same thing as a bank check?
Just post your address, I'm sure teh OT will be happy to help you guard it.
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Old 11-17-2006, 08:50 AM   #7
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You should be fine...make sure to issue them a Bill of Sale and a receipt.

Also make sure to take your tags off the car before they take it anywhere.
Why take my tags off? Once the bill of sale and title transfer is done, the car is theirs. I'm doing the paperwork.

Doesn't a car come with its own tags (license plates)?

I realize the danger of them doing something stupid in the car and the cops still seeing its in my name...but if/when the cops show up I can show them the bill of sale and title transfer that isn't in their superduper cop car computer yet.
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Old 11-17-2006, 08:52 AM   #8
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I used to accept a certified check, but I hear reports from time-to-time saying that people are coming up with phoney bank checks now.

So these days, up to 10k - CASH. Anything over that, we're going to the bank TOGETHER to deposit the bank check and only AFTER my bank says it's good are you getting the title.

Kev
Hmm...that worries me a bit. What's the difference between a certified check, bank check, cashiers check? Too many F'ing checks!
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Old 11-17-2006, 08:53 AM   #9
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Cashier's check OR cash is OK.
Bill of sale (Include VIN, you are selling "as-is", etc)
They should show up with license plates? Definitely don't let them take it without it, unless of course they bring a tow truck/trailer

Check with the R/DMV as to how to do a sale/transfer of title. Every state has different infuriating means to do this, and you may need to get something notarized to make it official.
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Old 11-17-2006, 08:55 AM   #10
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Why take my tags off? Once the bill of sale and title transfer is done, the car is theirs. I'm doing the paperwork.

Doesn't a car come with its own tags (license plates)?

I realize the danger of them doing something stupid in the car and the cops still seeing its in my name...but if/when the cops show up I can show them the bill of sale and title transfer that isn't in their superduper cop car computer yet.
I'm not sure how it rolls in TX, but in MD, your tags are everything. You can't cancel your insurance without turning them in, and yes, if they do something stupid to them, it's your ass.
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Old 11-17-2006, 08:56 AM   #11
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Quote:
Originally Posted by kev m View Post
I used to accept a certified check, but I hear reports from time-to-time saying that people are coming up with phoney bank checks now.

So these days, up to 10k - CASH. Anything over that, we're going to the bank TOGETHER to deposit the bank check and only AFTER my bank says it's good are you getting the title.

Kev
Yes, phoney cashiers/bank checks are a HUGE scam.

Usually it goes something like a Nigerian scam where they offer to give you a cut of the check if you'll use your ID and bank account to cash it. you cash it, bank honors it, you withdraw the sum, take your cut, give the rest to joe blow. 3 days later bank calls and tells you that the check was fake and didn't clear, and now you owe them the sum back.

I disagree with it being your problem, but it is, in the eyes of the law. The ONLY way to be sure it's a real cashier's/bank check is to take it to the bank that issued it (if it says Bank of America on the check, take it to a BOA branch etc) and ask them to verify funds. They'll be the only ones that can do it immediately. Other banks assume it's good and then submit it to the issuing bank. When they find out it's bogus, you're screwed.
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Old 11-17-2006, 08:57 AM   #12
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In the old days you could take one of your personal checks and then have it "certified" which means that the bank looks in your account and puts a hold on that amount of funds, guaranteeing it will be paid.

I think most banks don't do that anymore, but they will issue a BANK CHECK, which is supposed to be the same thing, but they take the money out of your account right away and THEY issue a check to the payee of your choice then hand it over and you can deliver it.

Money Orders are sorta the same thing as a bank check.

As for plates, here in PA the plates belong to the person NOT the car. IF you let a set of plates go and someone uses them, you could get into bit trouble with possible accidents, hit & runs, tickets etc and be held responsible for what they do while your plates are still on the vehicle.
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Old 11-17-2006, 08:57 AM   #13
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as long as they're not nigerian, cashiers check is ok
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Old 11-17-2006, 08:59 AM   #14
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I'm not sure how it rolls in TX, but in MD, your tags are everything. You can't cancel your insurance without turning them in, and yes, if they do something stupid to them, it's your ass.
I guess I'll look into that. In Texas, when I've BOUGHT used cars, the tags come with the car. The DMV gave me the title transfer and bill of sale to be used in the state of Texas. My insurance can be cancelled at any time (car is paid for....I have the clean title in my hand). I'll call the DMV today and review the process.

IF they do something stupid in the car the moment they leave my driveway, I have a copy of the bill of sale and the title transfer. Monday morning all that stuff gets entered in their computer system and its no longer my problem. At least that's what was explained to me at the DMV yesterday.

Any OTers from TX chime in?
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Old 11-17-2006, 09:01 AM   #15
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Wow...this sounds like an OUTRIGHT scam...you should have taken cash. Cash is PERFECT. I would NEVER sell to someone via a cashiers check...those are the easiest things to forge and are KNOWN for being forged...next you're gonna tell me you accept western union.
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Old 11-17-2006, 09:03 AM   #16
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License plates are issued to YOU not the vehicle. If they get any tickets while your plates are still on the car you will be responsible for them. If they decide to rob a bank and someone sees the plate the cops wil be knocking on your door.
Definitely do not let the car drive away with your plates on it, remove them and also scrape off any stickers from the windshield.
At least this is how it works in NY and any other state I'm aware of.
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Old 11-17-2006, 09:03 AM   #17
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Yeah its different state to state, In PA the tags stay with the car(i think), it also depends if you buy the car in a different state.
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Old 11-17-2006, 09:05 AM   #18
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Originally Posted by vile View Post
as long as they're not nigerian, cashiers check is ok
NOT TRUE!!!

Quote:
Originally Posted by Damn Yankee View Post
Yes, phoney cashiers/bank checks are a HUGE scam.
Usually it goes something like a Nigerian scam where they offer to give you a cut of the check if you'll use your ID and bank account to cash it. you cash it, bank honors it, you withdraw the sum, take your cut, give the rest to joe blow. 3 days later bank calls and tells you that the check was fake and didn't clear, and now you owe them the sum back.

I disagree with it being your problem, but it is, in the eyes of the law. The ONLY way to be sure it's a real cashier's/bank check is to take it to the bank that issued it (if it says Bank of America on the check, take it to a BOA branch etc) and ask them to verify funds. They'll be the only ones that can do it immediately. Other banks assume it's good and then submit it to the issuing bank. When they find out it's bogus, you're screwed.
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Old 11-17-2006, 09:06 AM   #19
bpwatts
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Wow...this sounds like an OUTRIGHT scam...you should have taken cash. Cash is PERFECT. I would NEVER sell to someone via a cashiers check...those are the easiest things to forge and are KNOWN for being forged...next you're gonna tell me you accept western union.
Isn't that a bit paranoid? The cashiers check is for the exact sale price. I get to call the bank as soon as I have the cashiers check in hand and verify funds. If its fake, I found out right then.

I seriously doubt cashiers check fraud is the norm. The buyer is in the military. I have his military ID and ways to identify him.
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Old 11-17-2006, 09:07 AM   #20
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Wow...this sounds like an OUTRIGHT scam...you should have taken cash. Cash is PERFECT. I would NEVER sell to someone via a cashiers check...those are the easiest things to forge and are KNOWN for being forged...next you're gonna tell me you accept western union.
I think folks are afraid of this transaction being a scam since the OP mentioned South Korea. If we are dealing with U.S. Citizens, the deal is probably not a scam. Still, I'd ask the mom for a phone number to the bank, so you could at least talk to someone about the transaction.

Are they taking a loan, or just giving you straight money from their account.
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Old 11-17-2006, 09:12 AM   #21
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I think folks are afraid of this transaction being a scam since the OP mentioned South Korea. If we are dealing with U.S. Citizens, the deal is probably not a scam. Still, I'd ask the mom for a phone number to the bank, so you could at least talk to someone about the transaction.

Are they taking a loan, or just giving you straight money from their account.
I am the OP. Buyer is in South Korea in the US Military. I've talked to him on the phone several times. He's stateside for good in Dec. They are paying me the full amount via a cashiers check.
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Old 11-17-2006, 09:14 AM   #22
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License plates are issued to YOU not the vehicle. If they get any tickets while your plates are still on the car you will be responsible for them. If they decide to rob a bank and someone sees the plate the cops wil be knocking on your door.
Definitely do not let the car drive away with your plates on it, remove them and also scrape off any stickers from the windshield.
At least this is how it works in NY and any other state I'm aware of.
Alright, I'm going to call the DMV and ask how this works in Texas. I'll report back what I find. I'm not sure why leaving the tags on is a bad idea. If the cops show up before Monday morning, I show them bill of sale with phone numbers and addresses of where to find the new owner . Anyhow, I'll do some legwork. Thanks for the assist thus far.
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Old 11-17-2006, 09:15 AM   #23
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Yeah its different state to state, In PA the tags stay with the car(i think), it also depends if you buy the car in a different state.

LOL, sorry but I already explained that is NOT the case in PA!

In PA THE TAGS DO NOT STAY WITH THE CAR.

I've bought and sold MANY vehicles over the past 2 decades here in PA, TRUST ME ON THIS!

You buy the tags from the state and then YOU are SUPPOSED to turn them in if you don't transfer them to another vehicle.
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Old 11-17-2006, 09:16 AM   #24
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NOT TRUE!!!
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Old 11-17-2006, 09:18 AM   #25
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bpwatts, you might want to send a pm to DanRx. I think he's located in Texas, and I'm pretty sure he's involved in the auto buying/selling industry. He might be able to educate you on the laws within the state, in regards to the tags.
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