What's the best payment to sell something substantial?

[superdoo]

usually what I do is do the deal on a weekday and phone his bank.

one time i sold a mini skid steer and we did the deal right in his parking lot

if its gotta be on a weekend get his bank to call you during the week with the draft number , or call his bank to verify

my bank is open saturdays, but most are not.

 

[m8magicandmystery]

guy coming to look at my car on Friday and I talked to the bank and a money order, certified cheque or bank transfer can all have a STOP put on it..So he is coming from Edmonton,,,he gives me payment, drives it home, and then on Monday puts a stop on it? I get screwed...What's the solution???? He isn't driving away with my car and I get stuck with my thumb up my butt!

hmmm...what if you successfully cash out and the car falls apart...???..you both have to trust abit..??

 

[JHG]

What if they wreck the car/truck while your holding title??? what about liability with it still in your name???

Wiring money is probably the worst and most vonerable (sp?) way to get your money stolen!

They maybe wrong but the people at the bank don't agree. I talked with both banks at the time of the sale and that is what they came up with. One bank wires the money and the other bank receives the wire. I'm not talking about western union. It worked, I got paid, he has a Tahoe.

As far as liability with it in your name, I suppose but I would rather have a wrecked car in my name with no money than a wrecked car in someone elses name and no money. That's just me though.

 

[Rubberdown!]

hmmm...what if you successfully cash out and the car falls apart...???..you both have to trust abit..??

car is a 2006 with 7000miles on it and factory warranty

 

[thinksnow]

Just do a bank to bank transfer. I sent money from my bank in ND out to NJ for a custom chopper. The bank FED-EX overnighted the title to me. I had the title and they had the money and the bike. I called the transport company and they picked up the next day. A week later, it was unloaded at my door and I could rest easier.LOL

You have to have a little trust, but cover your butt. These deals suck for both parties. Both are worried about the other screwing them over.

JMO

 

[Abominab1e]

"In God We Trust. All others must pay cash"

 

[H2SNOW]

what part of "bank draft don't you understand ..all my sleds , motorhomes, and vans ...including my truck payments are in the form of a bank draft .......its certified because apparently if you don't have the cake then you don't get one /....any questions ???

 

[Rubberdown!]

Got it H2, but maybe what YOU don't know is the buyer can still take your sled home and blow it up the next day and STOP payment...THis has nothing to do with having the funds..I know he has the funds, he got a bank loan, but the fact COULD be he has the FUNDS and MY CAR....ANY questions...? Maybe read it SLower if you are having difficulties...If he puts a STOP Payment on the BANK DRAFT,,,then I have no RE-course.....except legal.....

 

[Pinner]

I agree with H2S (aka. Stinky, Oilpatch joke,)

A bank draft is like cash, a certified cheque can bounce. The money has to be there to certify, but can be withdrawn before the cheque clears.

I took a large personal cheque once,....and then the mind wanders...

 

[ericsmallbore]

I agree with H2S (aka. Stinky, Oilpatch joke,)

A bank draft is like cash, a certified cheque can bounce. The money has to be there to certify, but can be withdrawn before the cheque clears.

I took a large personal cheque once,....and then the mind wanders...

Lmao!

 

[H2SNOW]

Lmao!

Hydrogen sulfide (or hydrogen sulphide) is the chemical compound with the formula H2S. This colorless, toxic and flammable gas is partially responsible for the foul odor of rotten eggs and flatulence.
It often results from the bacterial break down of sulfites in nonorganic matter in the absence of oxygen, such as in swamps and sewers (anaerobic digestion). It also occurs in volcanic gases, natural gas and some well waters. The odor of H2S is commonly misattributed to elemental sulfur, which is in fact odorless. Hydrogen sulfide has numerous names, some of which are archaic (see table).

 

[zach477]

There are a number of steps you can take to make sure you don’t get screwed. First ask for cash, I bought my new truck with cash...walked out of the bank with $45k in cash and I even had a loan on the vehicle so there should be no reason he can’t get cash( make sure its big bills as well). Buy a counterfeit marker to check the bills; you don’t have to do this in front of the kid. As soon as he hands over the cash tell him you will go inside to your office to get the title, count the money, and print out the bill of sale and at that time check the money.
Whatever form you choose, ask for his bankers name and contact information. Call his bank before the deal goes down to make sure everything is on the up and up. Check on the internet to make sure the bank exist and the phone numbers match...ect ect. If you do anything other than cash tell him the title is in the mail as soon as the money clears...simple as that. If he tries to screw you, you still have the title in hand and he now is in the middle of a fraud case and the authorities will get involved. Also I am assuming a car this new is fully insured? If he does steal it and you get screwed you can always collect insurance on it if all else fails (you pay the ridiculous premiums…might as well us it). Also at the transaction copy his driver’s license. If he does have a loan on the car, the bank will want a VIN beforehand, I have noticed recently the bank themselves will contact the owner to get this information rather than from the buyer….so pay attention to that. Also, make sure you fill out the correct paperwork at sale and don’t leave anything out. A good bill of sale should state date and time the transaction occurred, that it is being sold as is and only factory warranty applies, state the type of currency used to buy the car, and if not cash state in the bill of sale that the title along with ownership will transfer as soon as the money clears the account. Also state that upon signing the bill of sale the owner accepts all responsibilities of the vehicle from that time forward.

 

[94fordguy]

I think the only way you can be absolutely certain you will not get screwed on selling this car is to not sell it... short of that, just calm down a bit, sounds to me like he is jumping through the hoops as he should be.

My $.02

 

[winter brew]

Or just go to the bank together.....he withdrawls and hands you the cash, fresh from the bank.

 

[JHG]

I think the only way you can be absolutely certain you will not get screwed on selling this car is to not sell it... short of that, just calm down a bit, sounds to me like he is jumping through the hoops as he should be.

My $.02

The best advice on here

 

[JHG]

Or just go to the bank together.....he withdrawls and hands you the cash, fresh from the bank.

But then he could club you in the head in the parking lot and take the money and the car. Better hire an armored car service to give you a ride to his bank then protect you on the way to yours.