Selling vehicles - accepting cashiers checks?
 

I'm selling my motorcycle. I have a guy from Nebraska interested in my bike, says he's going to drive out here on a weekend (maybe a Sunday) and pick up the bike. Says he's going to bring a cashiers check.

What are the chances this could be a fake check? Do you ever sell a vehicle without being able to go to the bank and confirm the funds?

Get correct contact info and tell him once the check clears all banks you will send him the title.
Then tell him if it doesn't clear he can expect a visit from the local LEO.

Why not cash?

I'd be a little suspicious if he insists on it being a Sunday, that's a bit of red flag (since obv. all banks are closed).

I've done it in the past, but wouldn't do it anymore. There is just so much more fraud these days, along with the technology to easily create nice looking fake checks.

A motorcycle can't be that much $$$, I'd insist on cash. Either he can bring it, or come by Saturday morning and you'll meet him at his bank for the withdrawal.

just remember even cashiers checks can be fake. and even if they are real checks, it doesn't mean u can cash em.

there's been many known cases of thieves robbing credit unions of their cashier checks

Thanks, guys. Good advice.

I'll insist he's here on Sat AM, or that he brings cash. Worst case, I'll hold onto the title until check clears.

You can call the bank's phone number on the check to confirm authenticity. You give them the check number and amount and they tell you if it's legit.

Not 100% that nothing will go wrong. If it's an "official check" or "bank check" instead of a "cashier's check" he could theoretically issue a stop payment after you make the call, but that doesn't seem too likely.

I've paid and accepted cashier's checks on weekends for vehicles before. Never had a problem. For a previous bike, the seller also banked with USAA. I rented a car one way on a Sat., drove to Asheville, NC, he picked me up there and drove me another hour to his house. We went riding for a while and then his wife cooked us a killer dinner. We chatted on the patio for hours, they gave me a real nice room, breakfast the next morning and sent me on my way. Couldn't not have gone better. You just need to talk with the guy a few times and get a feel for him. I've never dealt with anyone who gave me bad vibes on the first impression.

Who is to say the cash is real? Some pretty good bills going around out there right now.

i wouldn't do a cashiers check especially a buyer from out of your state. even if you have the title but no bike what good does that do you? if he's gonna rip you off, he'll probably piece out the bike and you're left with a title only.
if he truly wants the bike have him come down during the business week and conduct business at your bank.

I just thought of something else... you could also go through an escrow company, they will make sure the check clears before you hand over the bike.

i bought my tacoma from Mr. Paranoid. i flew down to LA, with CASH! and he still insisted that we do the handover at a bank. the bank was cool to us, they took my cash and ran it thru one of those counting machines..then they let us use an empty room to fill out all the title transfer bs.

flying with that much cash was nerve racking. not that i would get rob. but that i would lose it.

Ask for a Postal Money Order. He can get them from the US Post Office.

Personally, I would hate to drive a long way with alot of cash on me. Forging a Postal Money Order is a Federal Offense. Theft of one is also a major deal. This protects both of you.

do not sell your motorcycle.

Max amount on a USPS Money Order is $1000.00 per Money Order so he will need to bring several.


I am a post master I know this stuff.....

Money orders have a charge as well.

Cashiers checks have been used for lots of scams because they are so "trusted", now that is changing and they aren't trusted as much. Even drawn on a real bank vs. La Banke de Nicaraqua. I handled a $50,000 cashiers check today - it looked pretty boring for its value - just printed out on a laserjet behind the counter. No obvious fancy watermarks, imprints, graphics or anything. The key is to be able to call the bank and confirm the check and amount. They won't cancel the check like a private one can be. Only then is it as good or better than cash - IF it is made out to you!
Don't hand over the bike until some of this due diligence is done.

Not so sure holding title on a stolen bike is going to do much good, assuming you don't get his real address. How much money are we talking about?

Some banks (such as BofA) will not stop payment on official checks. You could have your buyer fax you the check and give you the contact info to verify. Then the bank can tell you if there's any risks. But cash seems a lot simpler.

There may even be religious reasons why he prefers to not do business on a Saturday...

My preference would be cash, or a wire transfer if >$10K or so. Hell, I think I would even prefer PayPal over a cashiers check. Several different banks I dealt with for cashiers checks seemed to automatically assume they were fake, and that I was a criminal. In one case the check was made out from my company to me...I was signatory on the accounts...still put me through the ringer. I no longer do business at any of these banks.

I think dad bought the M3 from the same guy! And traveling with that much cash is nerve racking....