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How to Accept Money For My Car?

Discussion in 'Off Topic' started by Bela, Jun 4, 2011.

  1. Bela

    Bela Inactive User

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    I found a buyer for my truck. Let me preface that I have no reason to feel suspicious, other than with this amount of money, I would feel suspicious of everyone. The buyer wants to give me a cashier's check from his bank. He gave me his bank's info as well as the loan accountant's name and extension (I will have to call Monday).
    I bank with Well's Fargo (they suck, but they are national, making it easier for parent to deposit money of need be - poor college student LOL!) I asked them what I could do to safeguard myself. They basically said look at the check and make sure all font is the same. I asked if they would be able to verify funds if I came in with the check. They said "this isn't something we generally do", which in my experience is an extremely long-winded "no".
    I guess I am looking for advice. Everywhere I read says to take cash or be there when the cashier's check gets drafted. The bank is in Dewitt, and there really isn't a closer branch where he could do this. I suppose I could go there, but not in the timeline we are speaking of getting things done. My other option is to wait until the check is completely cleared, although that will take from 2-5 business days, according to Well's Fargo.
    So. What should I do? I don't want to pass this offer up for no good reason, but I also don't want to be foolish and jump head first into a scam. I mentioned that this doesn't really smell like a scam to me, but I suppose no good scam really should. Any and all help is appreciated, seeing as how my bank seems to be pretty uncaring...
     
  2. Bela

    Bela Inactive User

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    Well, I called the bank, and they recommended that I just go in and cash the check with them if I am nervous. They gave me the general "if First Central State Bank is printed on the top and there is no alterations in font you should be ok, but we understand your concern" etc. etc.

    Am I being too paranoid here? /DesktopModules/ActiveForums/themes/_default//emoticons/sad.gif
     
  3. daalbers

    daalbers Well-Known ReefKeeper

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    keep the title until the check clears the bank then mail him the title
     
  4. Bela

    Bela Inactive User

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    Wouldn't that mean I need to keep the truck too? If he wrecks it, it gets stolen, etc. it would still technically be in my name.
     
  5. ThyRaven

    ThyRaven Well-Known ReefKeeper

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    I'd go with a money order. Money orders are approved funds and will clear right away when cashed. Or you could do a bank to bank wire transfer. Would need WellsFargo to contact his bank or vice versa.
     
  6. tasha6

    tasha6 Inactive User

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    I like the idea of the wire transfer. May cost you $20-30 but should be safer.
     
  7. Armydog

    Armydog Expert Reefkeeper

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    Bela did this person contact you on craigslist?
     
  8. Nemesis

    Nemesis Well-Known ReefKeeper

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    I'm with armydog on that . If they contacted you from craigslist it may be a scam. Its one of the things they warn you about on there.
     
  9. Bela

    Bela Inactive User

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    No, this wasn't craigslist. It's through autotrader (for all intents and purposes it's the same thing, right?).

    I did get someone from CL contact me too, which was a complete scam from the getgo. Wanted to give me my $22k asking price plus $9800 shipping in a money order. I was to give that $9800 to the guy picking up the truck for me as shipping fee. basically I'd be out the truck and $9800 once the check bounces.

    I have all of Tuesday off. I think I am just going to offer to meet the guy at his bank since they said they would cash my check for me instantly. They have free checking accounts there so I will just deposit the cash on the spot without even leaving the bank. I don't really have plans for the money, I just rarely use the truck and decided to sell rather than seeing it depreciate sitting in the garage.
     
  10. Armydog

    Armydog Expert Reefkeeper

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    Ya pretty much lol anf good idea hope everything works out
     
  11. Guest

    Guest Guest

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    What bank is It in dewitt I bank in there
     
  12. Bela

    Bela Inactive User

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    First Central State Bank
    I should add, my fear isn't about the legitimacy of the bank. I have read where people will basically take out a small $ value in cashier's check and then alter the look of the check to make it seem there is more value to it than there actually is.
    To be honest, I find it ludicrous that a BANK can't talk to another BANK and verify that the funs are there and transferable, but that is what both my bank (Well's) and his bank told me was SOP over the phone.
     
  13. RabbitReef

    RabbitReef Inactive User

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    +1 on ThyRaven
     
  14. blackx-runner Administrator Website Team Leadership Team

    Cedar Rapids, IA
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    Nothing wrong with being paranoid when large amounts of money is involved. If you can't go to the bank with him and see the check get printed, then I would hold the title and truck until the check clears. If it is a legitimate deal I am sure the buyer will understand your concerns and work with you on the transaction.
     
  15. Dave Experienced Reefkeeper

    Des Moines Area
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    +450 / 1 / -0
    This seems to be the safest option at this point.  When I sold my car on cars.com last fall the buyer's bank confirmed he had the money in his account over the phone.  Not sure why his bank won't do that.....
     
  16. Bela

    Bela Inactive User

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    Thanks everyone for all the recommendations.

    It seems like I would have had nothing to worry about. We agreed to meet at his bank on Tuesday, I can cash the check, fill out the necessary paperwork, and be on our merry ways. He was more than happy to do it this way and even offered me a ride back home if I needed one. Maybe I am too paranoid having come from California where people tend to try and steal the shirt off your back if you aren't careful. In any case, looks like things will end well.
     
  17. Bela

    Bela Inactive User

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    I am not sure either. This is what both banks told me. A little ridiculous, I agree. I would have been fine with not having to travel had they been willing to do that for me.
     

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