08-13-07, 08:35 PM
Thanks to alot of advice here, it looks like my lade is gonna be sold this week at $5000 more than the dealer offered me trade-in.
Of course, I'm getting another Cadillac. Going for a black/black STS.
Question though.. im getting a certified check; is there anyway to verify its authenticity with a phone call to the issuing bank? The guy said I could call his loan officer and whatnot. Seems pretty legit, have a real name, phone number, and all that. I just like to be cautious when signing the title over.
These modern day privacy acts have all but eliminated any REAL means of verification of certified funds from a bank. You can try calling his bank but I seriously doubt they'll offer you any help....over the phone or otherwise. Your only safety net is to keep the vehicle title until the check has completely cleared. With modern day printers one could print up a fake check without much talent or trouble.
If it turns out the check doesn't clear, you'd be left with civil action (breach of contract) and/or re-possesing your own vehicle. Be VERY careful and good luck.
08-13-07, 08:56 PM
Some will argue with me, but I'd say you're movin on up! Congrats!
08-14-07, 10:45 PM
I *ONLY* take Cashiers Checks and Certified Checks from LOCAL BANKS in the area (there are so many national banks now its VERY rare that you and the buyer dont share at least one common bank, and if youre both in the same city its of course, a non issue) that I can literally WALK INTO and PULL the cash from if I so desired to do so.
Also, you CAN at minimum find out if a check is valid by calling the bank or credit union's 800 customer service number and simply asking to VERIFY funds for a check. They will ask you for the account number, the check number and the amount. The ONLY thing they are allowed to tell you is *YES, THAT ITEM IS VALID* or *NO, THAT ITEM IS NOT VALID*, something to that extent. The problem is, youre still better off TAKING the check to THAT bank and CASHING it for cold hard cash, the depositing it into your own account. Why? Because it takes time for items to process, and the moment you deposit the check, an unscrupulous buyer can call his bank and place a STOP PAYMENT on the check. Odds are his stop payment will take effect before YOUR payout does.
Im always extremely careful with checks of any kind, I got burned once.
08-14-07, 11:06 PM
A dealer friend of mine tells me that he gets the most hot checks from ministers, attorneys, and doctors.