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What's a hash check?

Whats the risk of accepting payment for a motorcycle by check?

  • its 3000 total. He gave me a check for 1000 (although its too late to deposit at the bank today), and said he will have the rest tommorow. I dont know if that means in cash or check. If the check bounces, am I pretty much screwed (if I sign the title over)?

  • Answer:

    CASH ONLY. No worries, regrets or returned cheque fees. Pretty standard in buying / selling privately. CASH ONLY and you won't be sorry. Did I mention CASH ONLY!

Journey at Yahoo! Answers Visit the source

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DO NOT sign the title over until you have the full amount you asked for. If you signed it over and the check bounces, you are pretty much screwed. You could sue, but unless you had him sign a bill of sale, it would be tough. ALWAYS write up a bill of sale when you sell something like a motorcycle or car. Good luck.

T-Money

all you have to do is call his bank with his account number and ask if the amount he wrote is good or not, the bank won't give you his balance but they will tell you if the check he wrote you is good.

Bart S

The risk is insufficient funds. And yes, you would be screwed. Your only legal recourse would be to go to the Sheriff's dept. and start the process of getting him arrested. Offer to meet him at HIS bank to close the deal. Walk in and cash the checks on HIS account. If all is good he won't have any problems with this suggestion. 3k, bring a mean looking friend with you...just for peace of mind.

Who's Jon Galt?

Don't give him the title until the check clears. Or meet him at HIS bank and cash it there.

Byron

need to wait for the cheque to clear, cos its above the limit for a 'guarantee'

rushwind

How about you go cash the check, instead of depositing it into your bank account. Next time only accept full payment only. (Cash Only) And never sign the title over until you have all of your money. Good luck.

BOBBY

You're well on your way to getting ripped off. He'd better have photo ID with his address on it (Driver's License!) that you can look at, or else tell him that he can pick up the bike ONLY AFTER the cheque has cleared your bank.

James

The best thing to do would be to go with him to the bank and cash the check. Give him the title only after the check clears. The little time that this takes is well worth the $3000 guaranty.

mushki

If you are uncomfortable with accepting a personal check, you can always request a cashiers check. The bank won't issue a cashiers check unless there is money to cover it. It's best to sign over the title at the DMV. That way you know the bike has been transferred out of your name.

Mz Mud Putter

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