PDA

View Full Version : Careful when selling your Studebaker



lschuc
05-25-2017, 11:41 PM
From the Willmette, Illinois section police blotter of the Chicago Tribune. It's an old scam that too many have fallen for. Don't take any check for your car that is more than your asking/sold price.

http://www.chicagotribune.com/suburbs/wilmette/crime/ct-wml-blotter-tl-0601-20170531-story.html

A resident of the 600 block of Ouilmette Lane told police May 24 that her son told her he'd posted a for-sale advertisement for his 1961 Studebaker Lark online. A potential buyer agreed to purchase the car for $10,000 and sent a check to the alleged victim in the amount of $27,000, according to police.The alleged victim deposited the check, and the buyer then asked him to return the $14,700 "overpayment," police reported. The son's bank account was subsequently overdrawn, because the check he'd received was fraudulent, they added.

48skyliner
05-26-2017, 12:34 AM
My advice is don't take a check for any amount for a car. I always offer to accompany the buyer to his bank, and I walk out with cash in $100 bills.

I once had a buyer give me a cashier's check, which his bank then stopped payment on when my bank submitted it. Apparently you can stop payment on a cashier's check by claiming fraud.

BobPalma
05-26-2017, 10:11 AM
:( Geeze, as long as that scam has been around and as widely-circulated as are warnings about it, you'd think everybody would know by now. :o But I guess not. :cool: BP

studegary
05-26-2017, 08:54 PM
My advice is don't take a check for any amount for a car. I always offer to accompany the buyer to his bank, and I walk out with cash in $100 bills.



With eBay and TW, I have had vehicle purchases and sales from more than 1000 miles away. Your system will not work for many sales now. Of course the thing to do is hold the vehicle and ownership/title until whatever payment method is used has time to clear. I remember one car purchase that I made for more than $16k. The seller was a little queasy about my check. I asked why he thought that it was a problem when he still had the car and its title. Another time, I sold a Studebaker to someone on the SDC Forum. He scheduled pickup by a shipper at about the same time that I received payment, which happened to be a personal check. Because of who it was, I went through with it. Many deals have to be individually evaluated.

52-fan
05-26-2017, 09:41 PM
:( Geeze, as long as that scam has been around and as widely-circulated as are warnings about it, you'd think everybody would know by now. :o But I guess not. :cool: BP

That's what I thought too. If someone sent me a check for more than the agreed price the deal would be off.

RadioRoy
05-26-2017, 10:05 PM
I would cash the check first. Only after it cleared would there be any thought of a refund. Some folks are just gullible.

Who would write a check for more than twice the amount? And who is that bad at math anyway? 27K minus 10K does not equal 14.7K anyway.

colt45sa
05-27-2017, 09:52 AM
I've seen about every scam that's been tried. Rules when selling; Nothing moves till the 'cash' is in you hand or in your bank. On face to face transfer, have a friend with you to, shall we say, 'keep an eye on' the exchange. I've heard of sellers taking cash in hand followed by getting their head busted and waking up to find both the car and the cash gone. Use 'wire transfer' where ever possible. Believe me when I tell you that maintaining your 'kool' is essential. If you read the correspondence very carefully, you can usually smell the rats.

colt45sa
05-27-2017, 09:54 AM
That's what I thought too. If someone sent me a check for more than the agreed price the deal would be off. Why not? Simply tell them that they will have to wait 10 business days until you are assured that the check has cleared~!

4jc8z
05-27-2017, 11:00 AM
When I worked at Huntington National Bank, once in awhile a check or 'money order' would come back as no good past 10 bus days - some scammers have found a way to route it so it bypasses automated check 21 processing. I never saw one come back after about 17 bus days though. They seem to be arranged so if they bounce, they do after the normal short waiting period, but not much more time.

As to wire transfer or bank to bank deposit, it varies on bank policy. Huntington had a policy that there was no time limit on refunding a wire transfer if fraud was suspected. So yes, the money may hit your account, but be from a hijacked or stolen account, and eventually be taken away.

As stated above cashier's checks can have a stop payment put on them if the party claims fraud, etc.

Really, the only complete safe-gard is using your brain, and if something dosen't feel right, listen to your gut. I could concur that cash is best, otherwise take a check and sit on it a LONG time. Also realize, after Homeland security Act, cash transactions at a bank can be reported even if under the old $10,000 threshold. Usually it is $3,000 now a days. If this is triggered, the teller will ask you for your occupation, full name and ssn number. It does not go to the IRS but rather the Department of Homeland security.

Sadly, its become like 'safe sex', the only totally safe sort is none.

I worked in Huntington processing for 3 years. I got to see the ugly side of the American banking system.

rbruner
05-27-2017, 11:19 AM
On a similar note, a friend did some design work for another "friend" of 30 years. He billed her $400 & she paid $4000 asking for a refund & a revised invoice. He sent back the check torn in half & that was the end of the friendship.