guy coming to look at my car on Friday and I talked to the bank and a money order, certified cheque or bank transfer can all have a STOP put on it..So he is coming from Edmonton,,,he gives me payment, drives it home, and then on Monday puts a stop on it? I get screwed...What's the solution???? He isn't driving away with my car and I get stuck with my thumb up my butt!
What's the best payment to sell something substantial?
- Thread starter Rubberdown!
- Start date
Cash is King...
You have to have faith in peeps, not to take personal check but other forms ok. Otherwise use and escrow service if you are that concerned. Or if its under 10k just tell him CASH.
R
Rattlin_Ram
Active member
Pretty hard to beat cold hard cash...
R
Rattlin_Ram
Active member
Wow 3 ppl posting at the same time.... lol
Get him to bring you a bank draft. He can't screw with a bank draft. the bank locks up the money in his account to cover it. I don't believe that a person who has the bank draw up a draft has the ability to cancel or change it. The other option is to make sure that he brings certified cheque, draft, etc. and you both go to your bank to have it properly checked and deposited by the teller.
Talked to the Manager of my Bank. Alberta Treasury Branch, and what people don't know is, that ANYONE of those (cashiers cheque, bank draft, money order) CAN ALL have Stop Payment placed on them within 5 business days....As for my faith in PEEPS,,,not a chance....Too easy to get screwed these days.....So if he drives it home,,,,goes drifting on Sunday and blows it up,,,he can leave the car, phone the bank and stop payment on any of the cheques and I have a toasted car and no money...
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Yeah the weekend things are touchy for the stop payment reason! Lotsa frauds happen between friday and monday!
Cash is best obviously but if its alot of money go with escrow.
accept cash a lot of the others can be counter fit or as you suggested they can have a stop put on . If there is a question keep the property until it clears. Its not that big of deal to get cash these days but if your carrying a lot best think of ways to protect it. also remember bill of sale says a lot many ways to protect yourself there as is no warranty date both sign and a witness in case you ever have to go legal route.
Um, Heard of a lot of conterfiet cash floating around tooooooo...but that's all I can do is say cash and get to the bank before it closes on Friday or else no deal....We shall see!
I really don't see what the big deal is about carrying a wad of cash....just DON'T LOSE IT....Duh!
J
JHG
Well-known member
I went through this selling my Tahoe and ended up with the money being wired from his bank to mine and I held the title until the money cleared. If you have the title and he has the car, I believe you can report it stolen if the deal goes south. Although it sucks, in order for any business deal to work there has to be some level of trust....not a lot, but some. Go with your feeling about the guy but worrying about counterfeit, fake money orders, stop payments, canceled checks, etc...seems a little excessive and a way to give yourself an ulcer. If someone wants to screw you bad enough they will find a way. People use cash, money orders, etc. at car dealerships everyday and it's pretty rare that they get screwed. It may come down to how bad you want to sell the car, I have been ready to buy a couple sleds and one truck and the guys on the other end was so worried about me screwing him that I eased his mind and just walked away. This is just me speaking but if I have cash for something and seller starts questioning whether or not its counterfeit I'm probably going to be a little offended and go find another vehicle to buy. Lots of cars, trucks, sleds etc. out there for sale.
very true you big Ho, I think you nailed it, do I really want to sell it??? Somedays. but the kid is 24, from 5 hours away, looking at a 350Z, working on a loan for the full amount...So maybe I am being to cautious, but need to cover my ***, as all I can imagine reporting it to police really won't be that usefull....No worries, I have had ulcers for years......
Under 10K? There's no difference depositing a check or cash as long as it is legit. That concerned the IRS is going to zero in on you, stagger your deposits.
What if they wreck the car/truck while your holding title??? what about liability with it still in your name???
Wiring money is probably the worst and most vonerable (sp?) way to get your money stolen!
Yup Matty, I agree...Cash...As for IRS, If I have a bill of sale they have nothing to say. Paperwork is key....
bank draft
get drivers licence, licence plate # and other personal info like that
get drivers licence, licence plate # and other personal info like that
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had a buddy get scammed on a quad with counterfeit cash in edm. when you are counting 6K in 20's you dont look close at every bill.
had a buddy get scammed on a quad with counterfeit cash in edm. when you are counting 6K in 20's you dont look close at every bill.
