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Accepting Corporate Cheques When Selling A Car

paulR32gtr

By paulR32gtr,
in General Automotive Discussion

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paulR32gtr Mentor

paulR32gtr

Posted
Posted

Have a guy coming to buy my car on saturday, but he is paying by NRMA car loans corporate cheque.

Has anyone accepted one of these as payment before?

Is it true that they can't be cancelled? I assume this is BS but what steps should I take to protect myself? I am hoping I can call NRMA car loans and validate the cheque etc before handing over anything.

mad082 Grand Master

mad082

Posted
Posted

the only thing with something like that is that anyone with a printer can print off what looks like a bank cheque. if i was you i would ring nrma now just to ask them about it before going ahead.

also, is he willing to pay the asking price before he even looks at the car? if it seems too good to be true the way he is going about it, it probably is. your other option is to accept the cheque then tell him you won't hand over the keys until the cheque has cleared.

NISMO Grand Master

NISMO

Posted
Posted

Just to be safe, drive down to your bank together and ask him to deposit it in your account. If need be pay that little extra for instant approval.

I fkn trust no one and even do that with bank cheques. esp when selling cars :-)

jaxt Rising Star

jaxt

Posted
Posted

corporate cheques are fine but as suggested, go to your bank with him...at least then they've got his image on camera.

write up something to say that you wont hand car until chq clears I don't know how it holds up

my bank verified a corporate (australian army in this case) cheque and I paid a fee to speed up clearance/approval....bribery money if you ask me it still took longer than 2 days.

paulR32gtr Mentor

paulR32gtr

Posted
  • Author
Posted

Sweet - yeah have been on the phone to NRMA and they guarantee that the cheque is good and can't be cancelled.

They found him and have put a note on his account that I am going to call up and verify the cheque number. Also had to help him jump through a few hoops with valuations etc being an import / not in redbook so all looking legit. Have all his details / work info and will get copies of his drivers license etc. Not selling for the asking price either he needed to beat me down, he is from ACT so no RCW or rego so making a bit back that way.

Not used to banks being open on weekends but there it is - open on a saturday.. what is the world coming to.

Thanks for your help guys.

Kujotk Grand Master

Kujotk

Posted
Posted

yeah if hes willing to buy a car without looking at it, he should be willing to hand oveer the check and wait for it to clear before taking it away

Ten Four Grand Master

Ten Four

Posted
Posted

I had 3 people ring up and want to transfer a deposit over my BMW 540i, took the first one. He then came down, gave me a bank cheque for the rest and drove off. (Didnt even look at the car)

i had a corporate check for my 33 GTR though. I just simply said car does not move till cheque clears, which it did (Also paid the extra fee for it to be cleared in 2 days). Another one who saw the car, loved it and paid. Didn't bother negociating.

GTR-N1 Grand Master

GTR-N1

Posted
Posted
I had 3 people ring up and want to transfer a deposit over my BMW 540i, took the first one. He then came down, gave me a bank cheque for the rest and drove off. (Didnt even look at the car)

i had a corporate check for my 33 GTR though. I just simply said car does not move till cheque clears, which it did (Also paid the extra fee for it to be cleared in 2 days). Another one who saw the car, loved it and paid. Didn't bother negociating.

Boy, have you got an honest face - or what?

...one look at you and people go weak at the knees...

Shazbanger Community Regular

Shazbanger

Posted
Posted

Hey mate,

I work at a Bank, get him to make the cheque out to CASH, and take it to the bank who issued the cheque and cash it on the spot.

Other then that, as suggested, deposit the cheque into your account, and get your Bank to put a "Special Answer" on it, and ask them to waive the fee.

They definatly can waive it, i do it all the time! Haha

paulR32gtr Mentor

paulR32gtr

Posted
  • Author
Posted
Hey mate,

I work at a Bank, get him to make the cheque out to CASH, and take it to the bank who issued the cheque and cash it on the spot.

Other then that, as suggested, deposit the cheque into your account, and get your Bank to put a "Special Answer" on it, and ask them to waive the fee.

They definatly can waive it, i do it all the time! Haha

Ok so the "Special Answer" means the cheque cant be cancelled without it? .... might need the cone of silence

  • 2 weeks later...

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