Cashiers check

So I sold a vehicle on behalf of my mother-in-law on ebay. The buyer is having a shipper pick it up, the shipper will be in receipt of the check. I did some background on the buyer and he owns a Range Rover dealership (which happens to be the vehicle we sold him) and is adding the vehicle to his collection, so it seems legit. Should I have any concerns about receiving a Cashiers check? Can I accept a check like that during off business hours of a bank? I am trying to avoid paypal because its a big amount and we are already paying all the Ebay fee's ($500+).

Sounds a bit sketchy. A wire transfer is by far the safest way to get money. Having the pickup driver deliver the check on pickup means you will not be able to verify. Cashiers check, even bank drafts, are easily copied. In my international business, we ONLY accept paypal and wire transfers. I have heard way too many horror stories. By the way, a wire can be sent easily with low charges to the issuer, cheaper for you than paypal.

I was going to suggest that he send the check and after 3-5 businesses days when it clears release the vehicle.

Checks can be bounced or deemed fraudulent months later. http://www.occ.gov/news-issuances/consumer-advisories/2007/consumer-advisory-2007-1.html

Personally, I wouldn't.

Banks will clear funds before the check has actually cleared. Then they come after YOU for the funds. NOOOO checks!

I'm not comfortable with that. They should be OK with a wire transfer.

Are you using western union to do a wire transfer? I have also read that you can call the bank directly when you receive the cashiers check, to check and see if the funds are available. Paypal is looking more appealing by the minute.

In reply to trigun7469: Talk to the head teller at your bank, they should be able to handle it for you. When i wire money out of my bank it is a $15 fee.

Do not release the vehicle or title until the check has completely cleared the bank. Usually 7-10 days.

You could get them to wire the money to your bank, but I would worry about them having your bank information.

Go to your bank, do it there. Have your bank and his bank talk. It isn't that hard. No need for Western Union.

spitfirebill wrote: Do not release the vehicle or title until the check has completely cleared the bank. Usually 7-10 days. You could get them to wire the money to your bank, but I would worry about them having your bank information.

that's where you set up a separate bank account for this type of transaction … can't access your regular account

My last car was done at the bank tellers window. Giant neck tattoo guy hands the teller the $1700 cash and runs it through the counter and deposits into my account.

He gets a title and two sets of keys to a 1995 Chevrolet Lumina and I walk home with a Walmart bag containing 2 license plates and a screwdriver.

He wouldn't do wire transfer so we did PayPal. I get hit with a $450 fee, ouch..

Just so you know, he can now do a charge back through paypal, because you didn't follow their procedures for a secure transaction. He can keep the car and get his money back.

Btdt.

Hopefully it won't happen, but you are wide open for it.

foxtrapper wrote: Just so you know, he can now do a charge back through paypal, because you didn't follow their procedures for a secure transaction. He can keep the car and get his money back. Btdt. Hopefully it won't happen, but you are wide open for it.

This is why I no longer use ebay/paypal. Empty your paypal account as soon as you can.

spitfirebill wrote: Do not release the vehicle or title until the check has completely cleared the bank. Usually 7-10 days.

If the check is fraudulent, it'll take much longer than 7-10 days for it to bounce.

I personally don't accept any cashiers checks that I haven't seen being printed right in front of me at the buyer's bank or credit union.

A real dealer shouldn't have any problem waiting for a check to clear before taking delivery. It's just business.

BoxheadTim wrote:

spitfirebill wrote: Do not release the vehicle or title until the check has completely cleared the bank. Usually 7-10 days.

If the check is fraudulent, it'll take much longer than 7-10 days for it to bounce. I personally don't accept any cashiers checks that I haven't seen being printed right in front of me at the buyer's bank or credit union.

Well we have locals counterfeiting 100s, so money's no good either.

What's the procedure as a seller if the check bounced? I'm assuming police report and insurance covers it as a stolen vehicle?