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Thread: Risks of Taking a Business Check as payment for Vehicle

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  1. #1 Default Risks of Taking a Business Check as payment for Vehicle 
    All,

    Need some advice on selling a car.

    Got an agreement from a dealership known on here (I am sure others can vouch for Kevin Li/KevBlah & North Shore Auto Mall?) to purchase my vehicle.

    Dealership wants to provide a business check, which I am sure will be fine.

    Being very risk adverse, I never want to expose myself unnecessarily, which brought me to this post.

    How have folks dealt with this problem in the past?

    Thanks,
    Ross
    Last edited by NewJoyZ; 06-18-2015 at 05:08 PM.
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  2. #2 Default  
    As in, how to ensure there's money to back up the check?
    Oh Yeah!
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  3. #3 Default  
    Exactly. I sign the title over, am given a business check for thousands of dollars. Business check bounces.

    Just curious as to how to protect from this. Is it common to do? Do people recommend/see the risk in this?
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  4. #4 Default  
    not an expert, just your typical consumer here. But I guess it comes down to the value of the sale vs size of dealership to determine my comfort level in general when it comes to your situation.

    I suppose you can always call or visit the check issuing bank to confirm funds. I.E. if the check is in your name, you can go directly to the check issuing bank to withdraw money from the check issuing account, instead of depositing it in your own bank and let your bank go through the process and withhold funds for a few days.

    Other than that I really cannot think of another way for you preemptively protect yourself. I mean if the check bounces you can go through legal measures to claim what you were owed, but I know that's not what you are asking.

    What did you sell Kev anyhow, Bugatti Veyron? as long as its not a Grand Sport Vitesse version, you're covered. right Kevblah?
    Oh Yeah!
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  5. #5 Default  
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    If a dealership bounces a check on you turn over the title to them, it's fraud. You'd contact the local authorities. And get your car back


    If Kev is buying your car, you should run and hide. That dude has bounced like 3 checks to me.

    Kidding of course. I would fully trust a business check from him. In fact, if it is him, you should charge more because he has lots of monies
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  6. #6 Default  
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    if this is north shore auto mall there are zero worries. you are good to go. they have deep pockets.
    Father of Phiff
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  7. #7 Default  
    Great to see Kev is as stand-up as he says! Risk adversity has its downfalls.

    I guess this situation just presented a not-so-unique situation I haven't been involved in yet, having traded most of my prior vehicles in on new ones.

    Ive always read that if private buyers offer personal checks or even cashiers checks, to be weary. Cashiers checks are safer, but can still be easily counterfeited. Obviously legal channels are available, but not ideal to preemptively protect against this. Didnt know if others had ideas around this.

    Anyways, thanks for the thoughts and corroboration on Kev.
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  8. #8 Default  
    kev is running off to Vegas as we speak.

    But have no fear, he always post pictures on fb about where he is at on vacation.
    Oh Yeah!
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  9. #9 Default  
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    For private sale, I insist on cash or meeting at the buyer's bank.

    I wouldn't worry about a bad check from Kev or Kev's family business.

    Although... didn't he post earlier about leaving for vacation tomorrow? Maybe to the Caymans to make large cash deposits into un-named accounts...
    -Mike
    2006 Quarter Pounder Sport GT with cheese.
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  10. #10 Default  
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    We all know where he lives, if the check bounces we can just break into his garage and steal the fcar amirite
    "It was more passionate than just cuddling"
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  11. #11 Default  
    Quote Originally Posted by splatt View Post
    We all know where he lives, if the check bounces we can just break into his garage and steal the fcar amirite
    I would take his toy poodle before i take the car lol.
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  12. #12 Default  
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    Quote Originally Posted by cheu_f50 View Post
    I would take his toy poodle before i take the car lol.
    You won't get instagram famous by putting the giant bear on the back of the toy poodle though.
    "It was more passionate than just cuddling"
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  13. #13 Default  
    Quote Originally Posted by splatt View Post
    You won't get instagram famous by putting the giant bear on the back of the toy poodle though.
    maybe not. but I can certainly try when hes back from EDC.
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  14. #14 Default  
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    Quote Originally Posted by NewJoyZ View Post
    Great to see Kev is as stand-up as he says! Risk adversity has its downfalls.

    I guess this situation just presented a not-so-unique situation I haven't been involved in yet, having traded most of my prior vehicles in on new ones.

    Ive always read that if private buyers offer personal checks or even cashiers checks, to be weary. Cashiers checks are safer, but can still be easily counterfeited. Obviously legal channels are available, but not ideal to preemptively protect against this. Didnt know if others had ideas around this.

    Anyways, thanks for the thoughts and corroboration on Kev.
    In general, I would be with you. In this case, I don't really think there's much risk.

    -Justin
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  15. #15 Default  
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    last i saw was him buying a laferrari in vegas so money seems not be an issue from him unless he spent it all in vegas
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  16. #16 Default  
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    There were plenty of pics of him doing expensive stuff and gambling. I'd be afraid the check will bounce.

    They also have some bad yelp reviews.
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  17. #17 Default  
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    He also bought a ferrari bear, which probably bankrupted him
    2012 TT-RS
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