I put my car for sale in craigslist. I got some emails and texts saying they want to buy my car, but they would pay me through cashier's check/personal check. Is it safe to take such payments? Or should I say I take only cash?
Do not accept a personal check Cashiers checks are much safer but theoretically can be cancelled. I would meet the buyer as his bank, have the his bank provide a cashiers check to you or even give you cash.
There's nothing theoretical about it, cashier's checks can be cancelled, certified cashier's checks cannot.
I wouldn’t unless it’s a certified bank draft and they come with me to deposit it.
I would not.
Never accept a personal check. Meet at a bank. Most people don't know there is a difference between a cashier's check and a certified cashier's check. The cashier's check can be cancelled but the certified cashier's check cannot be cancelled. When I go to buy a car, I bring the majority of my offer in a certified cashier's check and the balance in cash.
Cash talks..........................................B.S. walks!
Oh, and make the buyer give you a copy of his drivers license , and sign the title in front of you.
Cash is king. I hardly ever sell a vehicle except to the junkyard but when I do it's cash only. Same when buying.
To be safest, go to his bank, he writes a check to you drawn on that bank, you cash it right there. If they can't honor it, transaction is canceled, part ways. If you have the cash in hand, the bank should have a notary with stamp a stamp if requred in your state and you sign over the title. Be sure to take your plates off, it's up to him/her to get temporary tags.
Cash or bank draft only, either can be potentially counterfeited, so use your discretion.
No personal or certified cheques, you're asking to be scammed.
Unlike a certified cheque, a bank draft not only confirms the amount in the account to be paid, but also deducts the funds from the account immediately, almost like in escrow.
Whoever deposits the bank draft get the funds, and if the draft is lost, so are the funds, there is no recourse to recover the funds (that I'm aware of).
I paid a private seller for my first CX-5 (2014) in 2017 via bank draft, the payee simply accepted it, signed the papers at the insurance broker, and we were on our way.
Bank drafts are a good compromise for the buyer/seller in my opinion, no need to count or carry tens of thousands of dollars.
