I've had my prior car for sale on Autotrader.com for some time now. The car is located in Maryland. I got an e-mail from a prospective buyer who wants to buy the car, but here is the process:

1. Buyer will send me a cashier's check (drawn on a US bank) for twice the asking price (asking price is $4,500 and the check will be for about $9,500). In fact, I received the cashier's check in the mail today.

2. Once I cash the check (so I know the cashier's check is good), I'm to contact the buyer and tell them that this has happened. Now I have the cash and no purchase contract from the buyer, so technically I have no responsibility (but I'll be honest) to sell the car.

3. The buyer will contact their "agent" (in NYC), who will send someone out to inspect the car and (assuming it is OK -- and let's assume it is) then want to sign the transfer papers (I'm assuming sign over the title). I will then give the agent a personal check for the sales price ($4,500), plus $500 for shipping it overseas (I guess this is where the buyer lives). The agent will drive away with the car.

4. The net is that I get may asking price, but the buyer is getting it sight unseen.

I know this isn't a specific TL question, but thought maybe someone could shed some light and sanity on this offer. It sounds too good to be true, so it probably is... Any insight is appreciated. Why woulkd the buyer want to pay this much when he/she can go to a local dealer and buy a car???

 

Hmm i think this is a scam i heard somewhere. PLEASE be careful. It has something to do with the original cashier's check.... look around online, i would be VERY wary.

Why would he mail you 9500 in the first place?

 

Once you sell the car to him, I have a bridge to sell you.

 

I think what will happen is that you deposit the $9500 cashiers check, then write a check for $5000 ($4500 + $500) which will leave you with $4500. Then the other person will have the car, your $5000, and you will find that the original $9500 check is bogus. It's really a very good deal, but not for you.

 

OK -- before I read any more responses to my concern (and thanks for your input so far), I would not even contact the buyer to acknowledge receipt of the check until I knew the cashier's check was good. I would deposit it in my local bank and wait a week or so for the check to clear (if it's bogus, the bank would return it to my local bank in a few days).

Now we are working off the assumption that the $9,500 check is good.

 

STOP RIGHT NOW AND READ THIS.

This is ABSOLUTELY a scam, and one of the oldest tricks in the book.

A few sites about it:

http://www.swapmeetdave.com/Scam/


Certified Check and Overpayment Scams

Again, DO NOT DEAL WITH THIS PERSON. Although it probably won't end up with much in the end (these guys skip town quick), I'd call the police as well.

 

the check will bounce... it is a well known scam.

first you'll see that the check is "cleared" if you check your account within a couple of days. but in 5-10 days, the bank will debit your account for the same amount as the check will bounce. meanwhile, the buyer will try to contact you everyday before you find out that the check has bounced... don't go through with the transaction.

 

You are starting off with an invalid assumption. The cashiers check may clear initially, but at some point (usually after you send off the remaining funds) the banks will realize that the 9500 cashiers check was a fake.

 

You will not know the check is good until it is fully collected, which could take a couple weeks - even after the money has been credited to your account. The bank would then withdraw the money, and bam, you're screwed.

Do not even START with this transaction. It is ABSOLUTELY not legit, and you WILL be burned. Don't think you're going to outsmart them by waiting for the "check to clear". It won't. They make a very convincing counterfeit check -- that MIGHT EVEN GO TO A LEGITIMATE ACCOUNT. IT MIGHT TAKE THE ACTUAL ACCOUNT OWNER A WHILE TO NOTICE THE MONEY IS GONE.. But once it is, YOU will be the one out the money.. even if the check is "good".

You've been warned.. Please tell me you're not going to do this.

 

To echo the others..."WALK AWAY NOW!!!

If you do not believe us, talk to your banker..They should know this scam for what it is. It is an oldie, but goodie. It resurfaces from time to time.

As the old adage says "if it feels/seems..to good to be true, it usually is"

 

To all who took the time to respond to my question -- THANKS! I had no idea of this scam.

 

Oh, come on. Take a chance in your life for once.









if you're stupid...

 

Yep, just saw an instance on the news where a guy got scammed and it took nearly a month before the bank found out the cashiers check was bogus and took back the money.

Run away from this deal as if Satan himself were chasing you.

 

Call the police and inform them about the transaction. Maybe they'll get lucky and get the bastards.

 

Moeronn,

Where is this bridge that you are selling...if it is highly traveled and the selling price is right, I might consider buying it from you.

Then I can set up a toll booth on each side and charge $5.00 per car each way for the use of my bridge!

 

Check out Autotrader's "fraud" section on its site - they list this scam.

S

 

Call the FBI immediately.

 

I went trough communication with a scammer, when I was selling my car just because I wanted to see how the fake check looks lik. Turned out that he used service called qchex.com. They allow users to send checks for any amount with arbitrary account information. It only costs $0.50 plus postage. I got a real looking check, but it was not connected to any account.

 

It Is A Scam

 

If you think the guy is ligit ask for a wire transfer instead of the check. Check with your bank to make sure how fast they clear the funds , usually 2-3 days. Should be no way to fake the transfer.

 

Wire transfers can be faked in a similar way.. Often times banking institutions will "clear" a wire transfer, but not check to see that the institution and/or account that its drawn from is valid and sufficient. This can even be faked by depositing a bogus check (which takes time for the bank to discover), but in the mean time before its discovered, enact a wire transfer, which would then be perceived as having enough funds...

 

Don't do it! Contact your state's Attorney General's Office immediately.

 

A car with an asking price of 4500 bucks is not worth all that trouble... I can almost guarantee you that that is a scam. Screw em and run off with the 9500 bucks, and hope thta there agent isnt in the mafia.