Selling a high-value used car

[rrppve]

A cashier check cannot be stopped.

When the check is issued, fund is immediately transferred from the payer account to the bank. Then, when the check is deposited, money is transferred from the bank to the payee.

A cashier check can be a phony one though. And that's why you want to see it issued by the bank before your eyes.

PS. The payer can have a cashier check redeposited into his account, if the intended transaction cannot be concluded. However, he must have the check in hand.

A cashier check can be stopped. Just ask the bank to stop payment on it and they will provided it hasn’t been cashed. That’s how they provide protection for lost checks and can reissue them.
Wires are pretty much instant but can be recalled or rejected in certain circumstances. Much safer than a cashier’s check though.
Using USDC for a crypto transfer is a pretty sure way of getting a dollar. No fees at Coinbase to go between USDC crypto and fiat dollars.

 

[ERD50]

....
A cashier check can be a phony one though. And that's why you want to see it issued by the bank before your eyes. ...

While my example is remote, who's to say a clever con man won't perform a quick sleight of hand, and pocket the check he just got from the cashier, and hand you a prepared phony one? Would be very easy.

I thought wires can take overnight? If so, that's a little tough to handle, unless he trusts you and send the money, you wait for deposit to show up, and then take the car. That leaves him in a bad position.

-ERD50

 

[NW-Bound]

A cashier check can be stopped. Just ask the bank to stop payment on it and they will provided it hasn’t been cashed. That’s how they provide protection for lost checks and can reissue them...

The bank is not going to take your word for it, and help you cheat out the seller. They will have a waiting period to see if the check is deposited.

 

[MC Rider]

This brings up the point--at what dollar amount do you go to the bank for the transaction? Anybody?

Last car I sold was I think $6000, cash. Young guy came with his Dad, and kid and I sat in the car while I counted the cash.


For 10 times that amount or more, no.
I am not carrying a briefcase full of cash handcuffed to my wrist.

Even if I do have the Blues Brothers style sunglasses.


Also bought a bike for iirc, $4,000 cash.

 

[NW-Bound]

While my example is remote, who's to say a clever con man won't perform a quick sleight of hand, and pocket the check he just got from the cashier, and hand you a prepared phony one? Would be very easy.

I thought wires can take overnight? If so, that's a little tough to handle, unless he trusts you and send the money, you wait for deposit to show up, and then take the car. That leaves him in a bad position.

-ERD50

Or he can hand you the genuine check but pick your pocket afterwards.

As I mentioned, redepositing the check back into your account is no problem and instantaneous. I had to do that on one occasion, and the clerk had me write down somewhere the words explaining the reason: "Not used for the original purpose".

 

[freedomatlast]

I thought wires can take overnight?

-ERD50

The last one I did, the buyer wired the money to me when his bank opened at 9:00AM and I had it in my account a few minutes before noon the same day. I don't know if that's typical or not.

 

[spencnor]

Seems like a very nice car. Won't be buying one, but like the size. I wonder how it is for ingress/egress. That's my biggest complaint on my son's Mod. 3.

My new Tesla MYLR has a custom driver profile named “Easy Entry”. This mode automatically adjusts the steering wheel forward and up, and adjusts the driver’s seat all the way back. This makes for ease of exit and entry when this profile is enabled.

 

[spencnor]

Yes, CARMAX already offered $65K, and would probably resell in the mid $70's. Low mileage Teslas are in high demand now. Six months from now, maybe not so much.

Last Wednesday, while awaiting my appraisal at the SF Bay Area CARMAX, I saw this 2021 Tesla MYLR in their used car lot.


...sorry for the upside down pic

 

[ERD50]

My new Tesla MYLR has a custom driver profile named “Easy Entry”. This mode automatically adjusts the steering wheel forward and up, and adjusts the driver’s seat all the way back. This makes for ease of exit and entry when this profile is enabled.

My Buick Encore has that - I disabled it.

Maybe Tesla's is smarter, but when I had a passenger in the back seat, and it was time to get out, my seat starts moving back and 'crushing' the rear passenger's legs! Not strong enough to hurt them of course, but they were kinda freaked out, and it sure didn't make it easier for them to get out!

-ERD50

 

[mojavesue]

The last car I sold was my 21 Toyota Land cruiser that I bought new. Made a huge mistake buying that. Paid 87k for it. But sold it 8 months and 5k miles later for 92k! I had them wire the money.

 

[juneau]

Don't Banks have escrow services for accounts for that very thing

 

[HarveyS]

My new Tesla MYLR has a custom driver profile named “Easy Entry”. This mode automatically adjusts the steering wheel forward and up, and adjusts the driver’s seat all the way back. This makes for ease of exit and entry when this profile is enabled.

Many cars have that feature and it's not new. My 2014 Infiniti did.

 

[CRLLS]

When I sold a car for good money some years back, I was concerned with this same issue. My buyer was from Canada, I was in the USA. I contacted my bank for advice. They told me that there is no method of payment that cannot be reversed under some circumstances, except for cash. Most of those circumstances revolved around claimed fraud on the seller's part. Wire transfers, Cashier's checks, bank checks can all be reversed. I can't remember how long the buyer had to claim fraud or what they had to do to prove it.