A cashier’s check is a common alternative to a personal check when making a large purchase. As a used car seller, you may encounter buyers interested in purchasing your vehicle using this type of check. Avoid cashier check fraud by exploring the features of a check, learning about common scams, and how to use an online platform instead.
All About Cashier’s Checks
Personal checks are signed by an individual who guarantees the payment. A cashier’s check is signed by one or more cashiers at a bank and guaranteed by the bank. As long as the check is legitimate and the buyer isn’t attempting a scam, this can be a convenient payment option. It may be less stressful than handling a car loan or taking large amounts of cash to your bank.
Why Buyers May Use Cashier’s Checks
Pulling out thousands of dollars of cash can be difficult and risky. Some buyers aren’t willing to travel around with loads of cash, especially if they’re making an out-of-state purchase. Cashier’s checks offer a reliable way to carry a large amount of money discreetly. They’re also easier to track than an envelope full of cash if stolen.
Common Used Car Check Fraud Examples
While a cashier’s check is in theory just as safe as cash, there are a growing number of ways to commit cashier check fraud. Learn more about these scams before signing over the title or accepting a check. Consider asking for a safer way to receive the full payment for your used vehicle to avoid these and other scams.
Overpaying for Your Vehicle
Perhaps the most common scam with a cashier’s check is overpaying and asking for cashback. In this scam, your buyer may ask you to cash a check written for a higher amount than the negotiated price of your used car.
A fraudulent buyer may have a number of excuses why you should cash the check. Some claim that the higher price was an accident, but ordering a corrected cashier’s check is too inconvenient. Others create a complicated scenario where they need the additional amount in cash and only you can help.
Regardless of the reason, this is usually a scam. In most cases, it’s a forged document that won’t be accepted by your bank. The scammer typically tries to pressure you into sending cash or a wire transfer before you realize that you won’t be receiving any money from the check.
Best Alternative to Cashier’s Check When buying or selling Cars online.
Vagopass.com offers a new secure and instant payment solution to protect against scams when buying and selling a used car. Vagopass.com is the alternative to a cashier’s check for secure payment between individuals for car transactions.
This web application allows you to send and receive funds for the purchase and sale of a used vehicle securely, quickly and at low cost
The Vagopass.com startup was born in end 2017. Its two co-founders, Julien Valet and Clement Thierry, wanted to develop an alternative to the cashier’s check for people selling or buying a used car. The cashier’s check is according to them an outdated and too unreliable means of payment since it can be falsified and the risk of fraud cannot be avoided completely.