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01-29-2004, 04:16 PM
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CC Member
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Join Date: Sep 2003
Location: LI,
NY
Cobra Make, Engine: Shell Valley- smallblock grenade w/ the pin pulled
Posts: 688
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Not Ranked
Cash-Check? HELP!
I'm in the process of selling a vehicle & a prospective buyer wants to give me a bankers check. The price is 35g so I think asking for cash might be unreasonable. Is it? I've read so much about false documents that I'm really uncomfortable. The buyer is hot to make the purchase, I'm stalling but I'm afraid to lose the hook. I can't ask my accountant because he's on a 2wk vacation. Anyone have experience with this situation? 
__________________
"If you're not racin' it, you're wastin' it!"-Me
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01-29-2004, 04:21 PM
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CC Member/Contributor
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Join Date: Feb 2000
Location: Greenville,
SC
Cobra Make, Engine: 70 Shelby convertible, ERA-289 FIA, 65 Sunbeam Tiger, mystery Ford powered 2dr convertible
Posts: 12,716
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Not Ranked
Do the deal during regular banking hours, go with him to his bank, or the local branch closest to you. I've done this several times without an incident. in fact, twice his bank and mine were one and the same, just different branches.
Bill S.
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Instead of being part of the problem, be part of a successful solution.
First time Cobra buyers-READ THIS
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01-29-2004, 04:33 PM
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CC Member
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Join Date: Sep 2003
Location: LI,
NY
Cobra Make, Engine: Shell Valley- smallblock grenade w/ the pin pulled
Posts: 688
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Not Ranked
Thanks Bill, what do you charge for financial consultations anyway?
Ed
__________________
"If you're not racin' it, you're wastin' it!"-Me
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01-29-2004, 04:44 PM
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Senior Club Cobra Member
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Join Date: Sep 2003
Location: Kingwood,
WV
Cobra Make, Engine: SPF 2682, Roush 427
Posts: 219
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Not Ranked
Try a cashier's check. They are hard to cancel.
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01-29-2004, 04:46 PM
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CC Member/Contributor
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Join Date: Feb 2000
Location: Greenville,
SC
Cobra Make, Engine: 70 Shelby convertible, ERA-289 FIA, 65 Sunbeam Tiger, mystery Ford powered 2dr convertible
Posts: 12,716
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Not Ranked
HHHHHHmmmmmmmmmm, I'll have to think about this one..........How about 10%, either that, or next time we see each other, you buy the coffee and bagels  ..............
Bill S.
PS: If I could figure out a way of making money with all of the free advice I give out, I would be riding around in a Kirkham by now
__________________
Instead of being part of the problem, be part of a successful solution.
First time Cobra buyers-READ THIS
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01-30-2004, 12:17 PM
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CC Member
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Join Date: Mar 2000
Location: Fairfield, NJ, USA,
NJ
Cobra Make, Engine: A & C, 351W, Tremec 3550. Exiled Member: Club Cranky
Posts: 5,897
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Not Ranked
Cashiers checks are easily counterfeited and it will take weeks for it to come back to your bank. They will clear it in 48 hours and give you the money only to come looking for it later.
Call his bank and verify the check/amount. Or like Bill says, simply go to his bank/branch and cash it.
If he is from out of state you can have him wire the money to your bank.
Roscoe
__________________
Roscoe
"Crisis occurs when women and cattle get excited!"....James Thurber
Last edited by Roscoe; 01-30-2004 at 12:20 PM..
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01-30-2004, 12:47 PM
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CC Member
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Join Date: Mar 2002
Location: Plantersville,
TX
Cobra Make, Engine: Self Built, 427 USRRC, 427FE, Toploader
Posts: 583
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Not Ranked
do the deal..at the bank
maxrpm,
Just as mrmustang stated, have his bank officer contact your's and transfer the funds that way, very simple, warm and fuzzy, then no one gets' crossed up.
This is the way I do all our full car transactions, if you get an objection then let it go.
grumpy
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01-30-2004, 03:06 PM
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CC Member
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Join Date: Dec 2001
Location: San Diego,
CA
Cobra Make, Engine:
Posts: 2,979
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Not Ranked
Grumpy is right, don't have the buyer transfer the funds. Go to his bank and have them do it that way he is responsible for any issues that come up with non sufficient funds in his account. If his bank makes the transfer it is final as far as your bank is concerned.
__________________
Remember, It's never too early to start beefing up your obituary.
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01-30-2004, 05:35 PM
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CC Member
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Join Date: Jan 2002
Location: Northern California,
CA
Cobra Make, Engine: -Sold- Contemporary 427S/C # CCX-3152 1966 427 Med Rise Side Oiler, 8v 3.54:1 Salisbury IRS, Koni's.. (Now I'm riding Harleys)
Posts: 2,567
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Not Ranked
Too many bogus checks to risk it with someone you do not know. If you take a "check" make it a bank draft or certified funds and get it with him at his bank.
if it's an e-bay transaction be sure to let the funds clear, which for 35k could be a week at some banks.
__________________
michael
A man that is young in years, may be old in hours, if he have lost no time. But that happeneth rarely. Generally, youth is like the first cogitations, not so wise as the second. For there is a youth in thoughts, as well as in ages... Sir Francis Bacon (1561-1626)
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01-31-2004, 05:56 PM
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Senior Club Cobra Member
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Join Date: Jul 2001
Location: Evans,
CO
Cobra Make, Engine: NAF 289 FIA, 347 stroker with Weber 48's, building a '48 Anglia gasser, driving a '55 Chevy resto-rod
Posts: 3,119
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Not Ranked
pay the fee and use an escrow company--your covered, he's covered if you don't deliver--if he balks search for another buyer--something is "fishy"---I try to use an escrow company whenve selling a "big ticket" item--hasn't failed me yet--you do not have to deliver the item until the funds clear your bank--if it is bogus then the escrow company eats it--not you, you have the dollars in your hand.
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"Breathe in... Breathe out... then move on with life. Lifes too short to sweat the small stuff"
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