How could I be overdrawn? I still have checks in my checkbook! --> How could I be overdrawn? I still have printer ink!
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Looking for a couple of years at Club Fed? It’s one way to get your rent covered.
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What a dummy.
Rolex dealer: “We prefer to wait for checks to clear.”
Porsche dealer: “Here are your keys, sir.”
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He mostly was able to be so prolific not because of his penchant for adopting different professional personas (airline pilot, doctor, etc.) but because of the lack of technology to trace his check kiting practices.
He was able to take advantage of the several day float in writing a check vs. having funds deducted from the account - something that no longer exists today.
Although ironically technology has made it easier in some respects to print very realistic forgeries. Something a person could get away with once or twice maybe, but pretty difficult to do over the long term.
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I suspect that car has location tracking in it, and I suspect the dealers are a little slow in turning their access to that data off.
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If you drive a Porsche, the blue lines mean VIP and it would be wrong of you not to take the spot to protect your $140,000 lifestyle paint job. Of course, a BMW pulls asshole rank, so you’ll have to move if one shows up.
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What a rip off. You could get over 4 Boba Fetts for that price!
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I’m fairly certain the entirety of his plan was:
- Print checks
- Get a new ride
- Get new watches
- Relax
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Have you read the book?
Most people in Canada don’t use cheques much anymore. Anything substantial paid by cheque is typically phoned into the bank branch for verification unless the customer is a repeat client and the person taking the payment is comfortable with the client and dollar amount.
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I only opened this post to check…
Gottdammitt! I knew before reading just what type gentleman this would be. was not disappoint, just 
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As Hyman Minsky said, anyone can create money; the problem is in getting people to accept it.
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A sales commission is a powerful incentive. I’m reminded of the REFUND! scene in the movie Breaking Away.
The last car I bought (2015), I had my checkbook with me, but needed more money to cover the check. I told them I’d be back in a week after I had funds in that account. They are so focused on “closing the deal” and not letting customer leave without making a sale, that it wasn’t a problem for them to take a post-dated check and let me drive off in the new car.
Of course they tried to cash the check anyway, which bounced–like I told them it would. They paid my bank charges and threw in some other crap to try to make it right. It’s an odd business.
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All that scanner at the grocery store is doing is literally scanning the check so they can submit it as an EFT. All it “validates” is that they can OCR the account number. They then hand the check back to the person who wrote it to keep for their records or dispose of.
Cars are a buyers market. They really want to make the sale and know that if you walk off the lot without the car there is a good chance you won’t be back. Last time I bought a new car was a while ago but was pretty much the same. They would have taken a personal check or a cashiers check. I don’t remember if they did a credit check or not – often being white and walking into a Porsche dealer is enough of a “credit” check. You submit the registration paperwork through the dealer so they have your ID and other information.
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On the handicap spot thing, not to defend this moron but I think that’s at the dealership and he is taking stuff (that backpack?) out of the trunk of his Infiniti - backed up by the fact that it looks like other cars have their trunks open as well. So this could easily be where the salesman parked the car to do the transfer and snapped the pic.
I bought a relatively expensive car (not this expensive) car with a wire transfer right before COVID - dumb timing for me - and the dealership would definitely not let me leave with the car until they verified the wire.
Not true. Cashier’s checks are no harder to forge than personal checks. If you look up tips about selling stuff on Craigslist or classifieds they’ll tell you never to accept any form of check, especially for high value items.
Verifying a check turns out to be surprisingly difficult. The numbers can check out, but when the bank goes and actually does the wire transfer it can suddenly be declined. You tend not to know for a couple of days because the Fed needs to make money.
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This makes sense. It’s hard to sell a hot Porsche. The dealership will have the VIN in all of the crime databases and someone will eventually spot it. And to even have a chance you need a convincing fake ID.
Of course everything is much easier if you don’t mind getting picked up by the cops within a couple of days.
In comparison a Rolex is far more anonymous and easier to fence. You still need the fake ID, but at least you don’t have to worry about the title and registration.
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The jeweler should have delivered fake Rolexes for the fake check.
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