I am currently trying to sell my 2006 997S and have a buyer from Canada who wants the car. We have agreed on a price and he wants to fly down and pick the car up. He is going to pay by cashiers check.

I this day and age of scams etc I am very nervous about this transaction. Are there any safeguards for me in this situation? I have heard of fake cashiers checks that the bank doesnt even catch for several days until they discover there are no funds. By then the car is gone and I have nothing.

Any thoughts would be greatly appreciated.

 

I was at a used car dealer 2 weeks ago and he mentioned to me that many Canadians come to the states to purchase higher end cars because of the savings. They do end up driving the cars back as well. I would just make sure that he brings a cashiers check drawn from a US bank where you can verify the transaction.

 

I have heard people recommend a wire transfer to your bank. Go to bank with buyer, confirm money is transferred, and at that point the title is signed or handed over. Not sure how difficult this is to arrange though...

 

There's a tremendous risk in selling any car but that risk increases with higher end cars . Basically you are not only allowing a total stranger into your domain but you are even executing a large financial transaction . Criminals posing as buyers are capable of a wide variety of things so personal safety and financial security are a top priority.

The car can be test driven or inspected at a bank or mechanic --(in short / public place ) . The transaction ought to be with a cashiers check from a USA bank .

He's probably just as nervous as you are and excited about the car . Most car sales work for the best with the proper safeguards .

 

Anyone with the ability to pay cash in US funds and is willing to fly down to TX to complete the deal, certainly has the ability to make arrangements with his bank to wire transfer funds to you. Set up this procedure with him in advance. Insist it's the only way you'll do the deal:

He flies in, you pick him up at the airport and drive together to YOUR bank once the buyer is satisfied with your car.

You will have already made an appt with the branch manager at your bank. Once there, the buyer will call his bank in Canada and complete his pre-arranged wire transfer that he set up with his bank before leaving Canada. You need to have this meeting in the morning, or you'll miss the 2 banks' cutoff times and the wire won't come through until the next day.

DO NOT let him suggest that your branch manager talk to his bank in Canada ...your banker is probably too smart to do this, but just in case, there is always a chance that a scammer at the other end of the phone knows all the codes and the lingo.

Then go to lunch with the buyer, then go back to the bank and continue to wait ..it'll will take 3-4 hours for the wire to come through (take some work or good magazines).

Eventually, the branch manager will confirm that they have received the funds in good order and they are in you account. Double confirm, even check your balance with your ATM.

If the money is there, give him the keys and wish him good luck. Ask him to email you when he gets back so you can stop worrying about him ... a nice, good faith gesture.

Given the international currency exchange, he should not have a problem with this procedure. I recently paid cash for a fairly new, low-mileage SL500 for my wife and flew to San Francisco with a BofA cashier's check. I was not the least bit offended that we drove straight to a BofA branch so he could verify that the check was real and to deposit/credit the funds to his account. Neither of us realized it, but we both bank with BofA, which was an interesting and expedient coincidence.

If your buyer objects to you needing this security, he's a jerk and probably a scam artist.

 

I recently sold a car to a buyer in Canada and they paid via a wire transfer, which is what I'd recommend. If they insist on paying via a cashier's check I'd make sure it's from a reputable bank and call them to verify that the check is legit. Your buyer will also need a recall clearance letter for the car which you should be able to get from Porsche.

 

Watch out for those Canadian's they are all crooks!

Wait a second I'm Canadian, never mind that!

All joking aside, I bought both of my cars from US sellers and I can assure it is just a nerve racking for the buyer as the seller. Saying that the wire transfer is the best way, second is CASH! but he could be a gangster and shoot you once the title is transfered. Just ask for the wire transfer, it is the best way to do it, if he complains tell him to hit the road, your car is priced well and will sell (hopefully my friend gets off his *** and goes for it).

 

And to answer your original question, Yes, you should keep the car!

 

I don't think it is a cross border issue.

Even within Canada bank drafts (cashier's cheques) are verified by the receiving bank with the issuing bank.

I don't think there is a big risk, simply have your bank call and verify with the bank where the cheque was written.

I write myself cheques to quickly transfer funds between my Canadian bank accounts (at different banks) and they always call and verify with the issuer.

There are only 5 or so major banks in Canada anyway - TD, RBC, Scotia, Bank of Montreal, CIBC.

 

Complete list of Banks

http://en.wikipedia.org/wiki/List_of_banks_in_Canada

 

used to be a cashier's check was as good as cash ...due to scams, fake checks, etc it is just no longer the case

i think you will find that your bank won't even honor/deposit the check for up to x days unless it is drawn from another branch of the same institution

talk to your branch manager about what their policy actually is ...talk to the seller about what bank he is drawing this from?

but, agreed with most ...wire transfer is the only safe way to go.

 

just tell him to bring ca$h.
good luck with the sale boss.

 

You make a good point. I had a cashier's check sent to me from my father for like $14-15k from B of A. I bank with WaMu and the bank said they would have to hold the check for like a week before they would deposit it...

 

I appreciate all the replies and agree that wire transfer seems to be the way to go. However, a local BMW dealer is running the car through his dealership so I can get the tax credit. In reality the buyer will pay the dealer and the dealer will then cut me a check. I don't know how a wire transfer would work in this circumstance. I guess it is the dealers responsibility to assure the cashier check is legit but if it turned out to be fake I bet the dealer would come looking for me. I am still very nervous about this transaction but it will probably be ok.

 

Get a Certified check from him. Its completely different than a Cashier's Check. A Certified Check is exactly that -- certified that the funds are there and good. As a backup, call the Bank its drawn on.