Can there be bad Certified Bank Checks?? I am potentially selling my xB and the buyer wants to give me a certified check made out to Toyota Financial and drive away with my xB. I'll accept any check but it has to clear before i hand over the keys. He's short on time and it's making me a nervous nelly. I told him he could give me cash and we could go to my bank and deposit it, i'd make a check to TF for the payoff amount and he could watch me drop it in a mail box. I really dont want to hand over the keys until the check is cleared, am i wrong on this??

 

nope get that money first fo shoo

 

hell no, don't do that.

people print fake certified checks all the time. That's a huge scam. People say they'll buy your _whatever_ but got a loan from the bank, and wanted extra cash but the only way they could get the loan is if the bank did the certified check for the entire amount, and that they inflated the amount so they could have the extra cash. so they say hey, here's a check for X dollars more than i owe you, maybe you'll just give me the cash and the item, huh? you take the check to your bank and they accept it, because it looks pretty good, and you fall for it.

once the bank figures out it's a scam, the 'buyer' is LONG gone.

 

Don't let him rush you. If he is legit, he'll understand , otherwise let him "bounce". ha ha get it?
Your bank should be able to give a yes or no relatively quick. Your plan is right. Then just mail him a confirmation letter from TF showing the lean is gone. What's his hurry? He can't title it till all the other stuff is done and you don't want him driving it around till your name is off the title anyways ect.

 

I will not accept any checks for this kind of purchase.

 

Doesn't pass the smell test. Don't let anybody rush you, wait for the check to clear. 5 days or so isn't that big a wait.

 

short on time and a certified check...sounds like a typical internet scam to me

 

The only person who can negotiate (cash) e certified or bank official check is the payee on the front of the check if it says Toyota financial you will not be able to deposit the check. The way you would confirm if a certified check was good (legit) you would contact the bank were it was issued from and ask them to cofirm the check was issued by them by providing the check number issue date dollar amount serial number etc.

 

have him get a cashiers check made out to toyotafinancial, then you know it's good and it has to go to toyota.

 

Not everyone is trying to scam money. If the person wants to write the check to Toyota, he obviouslyisn't trying the get cash back scam.

My big question would be why make the check to Toyota and not you? Unless you are selling him the car for payoff he should have the check made out to you and then you'd make another check to payoff your loan with Toyota.

If you are really concerned about whether it's legit, ask if you can go to his bank when he gets the check.

I think the absolute best idea would be to call your bank and ask what's the best way to handle the transaction and what you can do to protect yourself.

 

call the bank it was issued from...(use the internet to get the number)
have them check the account and see if the money is there...have them try to help you decide if it is a real check.

 

Just an FYI... If the check is valid you don't have to verify if the money is there. The whole point of a certified check is that the bank is certifying that the funds will be available when the check is cashed. There is no way to bounce a certified check unless the bank closes. When a certified check is issued the bank withdraws the money from the account immediately and holds it until the check is cashed.

 

that is true with a real certified check....but some banks don't do certified checks but will do a bank check (the money is not withdrawn or held) and people will think it is the same thing...so i suggested to make sure the funds are there as a precaution.

 

/\ MAKE sure its a real check....call up!

 

NO NO NO NO NO!

No way in hell. Run from this deal. If the check is forged which it probably is and it is made out to Toyota Financial it's better for them because by the time toyota receives , verifies it's fake...weeks will havwe passed and your box will be nowhere to be found.

Be safe, don't do it.

 

this is the oldest SCAM in the world.

 

I called him up this morning and told him that we can take the bank check to his bank and cash it. then go to my bank with the cash and deposit it in my account and i would write a check to TF for the payoff amount and mail it(all with him witnessing). He completely backed out of the deal . i shoulda told him to go back to scammerville but i was completely professional. So i came home, washed up my box, cranked up the tunes, and now i'm feeling good about not selling it. Hey, could i really leave all you guys anyway?!!?

 

^^^That's good to hear...
Enjoy the Box a little more!

 

smart move!

 

It may have been legit, but I think you made the safest move in assuming it may not have been.

Just do a Google search for cashiers check scam and check some of the 5 millions results.

Just be cautious.

Tom