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Out of state Cashier check for payment

Discussion in 'The Lounge' started by 73K5Kid, Mar 8, 2005.

  1. 73K5Kid

    73K5Kid 1/2 ton status

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    Well I finally sold my k5 on ebay. And was wondering if I should take a cashiers check for payment. This is the plan so far he had a cashiers check issued from his bank. He is having a company pick up the k5 which I am suppose to receive payment and give the driver the k5 and title. Only thing I am worried about is that the check can take up to 2 weeks before it clears. The guy that bought it seems like he is on the up and up. He gave me all the # off the check and I called his bank and it appears the check is real. They could only tell me the checks routing # and not the actual amount or check # until I have the check in my possession. What do you guys and gals think. I did not have a problem with it until my family told me how a lot of people have been getting screwed. What I am really worried is that the guy says he does not like something about the k5 and stops payment of the check and I am out the money and the k5. I asked him for cash but he said the driver is already on the road. Good thing is that he works for this company and shipping the k5 does not cost him anything. Thanks for all replies.

    :confused:
     
  2. sickquad

    sickquad 1/2 ton status

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    I wouldn't do it until I had the money.
     
  3. jekbrown

    jekbrown I am CK5 Premium Member GMOTM Winner Author

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    last time I checked a cashiers check is guarenteed money. The bank takes the $ from the guys account when they issue the check... so whether or not it "clears" is just a matter of whether the bank, not the guy, has the $. I wouldn't think it'd be a problem, unless its 1st Interstate Flybynight ghetto bank or something. ;) if you have any doubts, call the bank and ask them. Never can be to careful...

    j
     
  4. 73K5Kid

    73K5Kid 1/2 ton status

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    check

    I did verify that the check is real. Only thing the bank lady told me is that if the buyer wants to do a stop payment he can.
     
  5. ramjet gmc

    ramjet gmc CK5 Staff Staff Member Moderator GMOTM Winner

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    1 sacm i herd of is conterfit bankers cks i bet it is easer then printing cash
     
  6. cbbr

    cbbr 1 ton status GMOTM Winner

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    If he has the money in the bank (should if he is buying a cashiers check) have him transfer the money via wire transfer to your bank. It is simple, call your bank and they can give you the routing info. That way you have the money before you release the truck.
     
  7. Z3PR

    Z3PR Banned

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    I agree, have him do a wire transfer. Tell him with all the scams involing cashiers checks, you're not comfortable with a chashiers check.
     
  8. newyorkin

    newyorkin 1 ton status

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    I wouldn't release the truck or title until the cash was in hand. That's not at all unreasonable, and anything otherwise shouldn't even be expected by the buyer unless you guys are buddies... Think of the worst that can happen; if he can do a stop payment and actually does because he feels something's not legit about the deal, who pays the return shipping (probably around $1k on average)? So you're out whatever beating he'd put on the truck, plus return shipping to you...
     
  9. ntsqd

    ntsqd 1/2 ton status

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    Cashier's Check's are NOT guaranteed money, they can be canceled just like a regular check. I would not release title or truck until cash in hand or in the bank. Wire transfer sounds like a better bet.
     
  10. gjk5

    gjk5 3/4 ton status

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    Sounds like a "counter check" not certified funds. A true cashier's check can only be cancelled or by issuer if he has the original and did not use it. Once it is in your possession he cannot cancel. I agree with the posts above, if it is a reputable bank, do a wire tansfer directly into your account.
     
  11. dontoe

    dontoe 3/4 ton status GMOTM Winner

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    Money orders aren't cancel-able are they?

    Western Union can't be canceled either I don't think.
     
  12. Thunder

    Thunder 3/4 ton status

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    I would not give both the truck and title on a cashiers check. I would hold the title till I had the money in the bank. Then send the title to him. Or do a wire trasnfer like everyone else is saying.
    If the guy doesn't want to go for doing it that way, maby there is something fishy about the deal. Kinda scary he has it all set up for a transport company he works for to pick it up and not want to see the truck in person.
    Once that truck and title is gone and out of state and he cancles the check you would be totally screwed. Even if you could find it again.
     
  13. divorced

    divorced 3/4 ton status

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    A wire transfer sounds like the best bet, then have the driver keep the check and return it to the guy. Or, have him send the wire transfer and cancel the check at the same time. If he doesn't like any little thing he can stop payment, too risky for me!

    BTW - I never take cashiers checks for anything, people can make them at home on their computers.
     
  14. grimjaw

    grimjaw 1/2 ton status

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    When I bought my 79K5 from AZblazor I paid via PayPal. The was a 2.9% fee for credit cards which I covered. Once he had transfered the money from PayPal to his bank he sent the Title. He had no risk on his part.
     
  15. 73K5Kid

    73K5Kid 1/2 ton status

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    Thanks

    Well after calling the buyer and letting him know how I felt about the deal. He worked with me and we got it all straighten out. Thanks for all the replies.
     

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