How safe are Money Orders?
July 26, 2018 1:07 PM Subscribe
I'll (hopefully) be selling my car this weekend via craigslist, which is a new experience for me. In addition to cash, I'm thinking that I could also offer to accept a money order as there is a Western Union branch located a block away, but are there potential scams I need to look out for?
I'll (hopefully) be selling my car this weekend via craigslist, which is a new experience for me. In addition to cash, I'm thinking that I could also offer to accept a money order/money transfer as there is a Western Union branch located a block away, but are there potential scams I need to look out for?
I've never used a money order, and I know there are always a ton of scam warnings around them. In this case I would accompany the buyer in person to get it, so it all seems legit, but is there anything I need to look out for? And if I receive a money transfer, will I be able to see it in my bank account immediately? If it matters, this is for a clunker in the $1,500-2,000 range.
I'll (hopefully) be selling my car this weekend via craigslist, which is a new experience for me. In addition to cash, I'm thinking that I could also offer to accept a money order/money transfer as there is a Western Union branch located a block away, but are there potential scams I need to look out for?
I've never used a money order, and I know there are always a ton of scam warnings around them. In this case I would accompany the buyer in person to get it, so it all seems legit, but is there anything I need to look out for? And if I receive a money transfer, will I be able to see it in my bank account immediately? If it matters, this is for a clunker in the $1,500-2,000 range.
Best answer: You can go with buyer to buyer's bank, and they can get cash or a bank check that you take directly to your bank. You will have taken a photo of buyers drivers license before allowing them to test drive. I bought a used car, my credit union did not have 5K on hand and I would have had to go to several branches.
posted by theora55 at 1:33 PM on July 26, 2018 [3 favorites]
posted by theora55 at 1:33 PM on July 26, 2018 [3 favorites]
Best answer: I sold 2 cars on craigslist in that range and only accepted cash and they were both gone within 2 days. Only accept cash and revisit the approach if it doesn't move.
posted by WeekendJen at 1:57 PM on July 26, 2018 [2 favorites]
posted by WeekendJen at 1:57 PM on July 26, 2018 [2 favorites]
Cash only. Here are some discussions of the potential scams. The second link is from craigslist, and they advise: "Don't accept cashier/certified checks or money orders - banks cash fakes, then hold you responsible."
Trust them on that.
posted by craven_morhead at 2:08 PM on July 26, 2018 [5 favorites]
Trust them on that.
posted by craven_morhead at 2:08 PM on July 26, 2018 [5 favorites]
repeating CASH ONLY!
posted by patnok at 2:26 PM on July 26, 2018 [1 favorite]
posted by patnok at 2:26 PM on July 26, 2018 [1 favorite]
What they said. You’ll probably get offers like oh, I don’t have any cash, but I’ll give you a money order that’s MORE than your asking price...delete post-haste.
posted by Melismata at 2:41 PM on July 26, 2018 [1 favorite]
posted by Melismata at 2:41 PM on July 26, 2018 [1 favorite]
You can go with buyer to buyer's bank, and they can get cash or a bank check that you take directly to your bank.
Seconding this as an option. I bought a car from Craigslist and did this for payment. The seller was suspicious of a certified check but I didn't feel good carrying several thousand dollars with me. So we went to my bank together, got in line, and got a bank check. It would pretty pretty hard to fake that process.
posted by AgentRocket at 2:48 PM on July 26, 2018 [2 favorites]
Seconding this as an option. I bought a car from Craigslist and did this for payment. The seller was suspicious of a certified check but I didn't feel good carrying several thousand dollars with me. So we went to my bank together, got in line, and got a bank check. It would pretty pretty hard to fake that process.
posted by AgentRocket at 2:48 PM on July 26, 2018 [2 favorites]
Cash is fine. I've gotten tons of fake money orders and checks on Craigslist, and most of them look really good. Either cash or get a bank check in person at the bank from the bank.
posted by Slinga at 2:52 PM on July 26, 2018
posted by Slinga at 2:52 PM on July 26, 2018
IME, money orders only really work if both parties trust each other. I think cash is probably your best bet, followed by accompanying them in person to their bank to get a bank check. While you could theoretically do the same for a money order (accompany them to procure one, that is), I feel like there are enough scams around money orders that I'd still be wary. With the bank, they have to verify their identity and that they have the money to cover the check in the first place, and I don't know that you get such guarantees with a money order.
posted by Aleyn at 4:51 PM on July 26, 2018
posted by Aleyn at 4:51 PM on July 26, 2018
Best answer: Cash only, always and forever. ESPECIALLY for that amount. I've bought and sold cars on Craigslist for 3-5x that amount, they were cash transactions.
posted by rabbitrabbit at 9:48 AM on July 27, 2018
posted by rabbitrabbit at 9:48 AM on July 27, 2018
Email transfer. Simply watch for the email and deposit before releasing the auto.
posted by silvergirlwon at 6:39 AM on July 28, 2018
posted by silvergirlwon at 6:39 AM on July 28, 2018
This thread is closed to new comments.
Anyone who's looking to scam you with a money order is going to be able to scam you with a money order. They didn't just wake up this morning and think, "gosh, I'm gonna do my first ever money order scam today on this guy's car." No, they started small, they've been honing their craft for a while. You're not going to gain the experience required to sniff out every possible avenue for a scam in 2 days. It's just way too much of a hassle and you don't need to open yourself up to it. You just don't.
If they can get a legit money order, they can get cash in hand.
The answer to any Craigslist question is always cash. Only cash. Period.
posted by phunniemee at 1:18 PM on July 26, 2018 [20 favorites]