A scammer? Your opinions, please

[Ass Eyes]

I'm selling a very nice '05 Toyota Avalon - Mom passed and it ended up in my lap. I've had it on CL and gotten a fair amount of responses including the requisite dreamers, hopefuls, etc.

The other day I get a guy who tells a great story and seems legit. As I was busy driving the Cobra I picked up in Houston back home I had to put him off for a few days. Last night we settled on today as the see/drive/buy day. He wanted to go with a bank check which I nixed. Wire or cash, please. Okay, says the buyer.

Today I get a call from his wife trying to convince me I should be fine with the check. Even if the check is good my bank will hold it for some amount of time - it's their policy. I stood firm on the wire or cash thing. The response was that their bank wouldn't or couldn't do a wire but that "I guess cash is the only option". Not long later I get a call from the guy saying this probably wouldn't work because the bank couldn't wire and they didn't have that much cash (14.5K). Sigh.

He decided to try to convince me to take the check again at which point I told him:

1. I'd never heard of a bank that wouldn't/couldn't do a wire.
2. From what I knew all banks had to have a certain amount of cash on hand based upon their client balances.

I further told him I thought he was a scammer and to please not bother to call me again. I hung up.

This was to be a face-to-face hand-off.

Was I right to send them packing or did I shit the bed?

 

[Coiled03]

Who cares if you were right? If your instincts tell you something isn't right, listen.

Someone else will buy the car.

 

[tnuce10]

It does sound fishy but IMO you jumped the gun a bit by telling him to pound sand

 

[MissionMan]

why not meet at your bank and make sure the check deposits? pretty straight forward

a bank check is different from a personal. it means the loan/account has the available funds, its as good as cash. did it when i sold my STI. met the guy at my bank, he handed me the bank check, I handed it to the teller, she cleared it, I signed my title over. done deal.

 

[VRYALT3R3D]

You did the right thing.

It seemed fishy and something was definitely not right.

I am sorry to hear about your mom.

 

[BRNG ITT]

Perhaps you could go with him to the bank and watch him get the certified check from the teller. I've done that before.

 

[BRNG ITT]

why not meet at your bank and make sure the check deposits? pretty straight forward

a bank check is different from a personal. it means the loan/account has the available funds. did it when i sold my STI

Even a fake certified check can be deposited and take a few days to show up as bogus.

 

[MissionMan]

he cant wire because the bank check is a loan, it isnt his personal account. i dont see what is fishy here.

 

[MissionMan]

dbl post

 

[BRNG ITT]

he cant wire because the bank check is a loan, it isnt his personal account. i dont see what is fishy here.

Perhaps the OP can clarify this, but it sounds like the person is trying to pay with his own funds vice a loan.

 

[MissionMan]

in that case, dude should have cash easily available.

 

[Ass Eyes]

See, the thing I don't get is if the buyer has time to go to the bank for a goddamn check, why not just get cash? I just went thru this on the deal I did less than a week ago.

 

[BRNG ITT]

Check out fractional-reserve banking in regards to reserve requirements. Banks are required by federal law to have a certain percentage of deposited cash on hand for issuance to customers.

 

[Ass Eyes]

Check out fractional-reserve banking in regards to reserve requirements. Banks are required by federal law to have a certain percentage of deposited cash on hand for issuance to customers.

A point I made to the "buyer" which caused immediate stuttering and sputtering...

 

[KYSVT]

No cashiers check from bank?

 

[cobra03red]

Bank checks can be faked. They can route them all over and can take up to 2 weeks before the bank finds out its no good. You did the right thing. Don't trust bank/cashiers checks unless your with them when they get the check from their bank.

 

[Kevins89notch]

Cash only, end of story.

I got a 6K loan when I bought my 93 cobra for 13K. They asked how I wanted the loan amount. I said a check, and they said it was a $7 fee for a certified check. I then just asked for it in cash. I withdrew the rest from my account, and bought the car with cash.

 

[KYSVT]

Bank checks can be faked. They can route them all over and can take up to 2 weeks before the bank finds out its no good. You did the right thing. Don't trust bank/cashiers checks unless your with them when they get the check from their bank.

Yeah, the only way i have ever accepted cashiers checks is too call the bank to verify. Good point tho :beer:

 

[2KBlackGT]

Is he local? Tell him to bring the check, go to his bank with him and cash it.

 

[Poppacapp]

Check out fractional-reserve banking in regards to reserve requirements. Banks are required by federal law to have a certain percentage of deposited cash on hand for issuance to customers.

Well, I know for a fact that my local credit union could not give me $xx,xxx cash when I wanted it. They said they didn't keep that much at the location, and it would take a few days to get the full amount. I ended up just getting a certified check(vehicle purchase). Maybe they have a max they keep reserved at each of their locations, and have new cash shipped when it gets low.