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Old 06-10-2012, 04:28 PM   #1
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How to get payment for sold motorhome

The wife and I were talking today about when it comes time to sell the MH and upgrade to the next level. One thing that came up was how to receive payment for ours. What would be the best methods of getting payment for the unit? Obviously cash is good, but even there you need to check for counterfeit bills. What if they want to pay by cashiers check. Any ideas?
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Old 06-10-2012, 04:33 PM   #2
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I bought my last 2 Airstreams via wire transfer... as long as both parties have bank accounts it is quite easy.
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Old 06-10-2012, 04:37 PM   #3
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Wire transfer, wire transfer, wire transfer!

Forget a cashiers check; they can be fake, and despite what people think, can be stopped!!!!!!!! Only weeks later, then your bank comes after you, and it then becomes your problem to correct/ collect!
Only a wire transfer is 100% secure... cannot be revoked, and is almost immediate!

A word of warnining. Before any money is transferred, go to the BMV with the title and have them run it and check for liens or back taxes/ registrations.

I recently bought something and found out there were taxes and late fees attached to a seemingly clean title which I accepted at the time of my own outgoing wire.

If all checks out with the BMV fire away with the ACH/ABA wire transfer. Some banks charge a small fee to initiate, but so what, the transaction is secure.... never a worry!

Good luck
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Old 06-14-2012, 10:10 AM   #4
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Great question!

I deal with this quite a bit. Here is my advice:
  1. If you do a wire transfer, open a separate account just for this transfer. One very common scheme is to get your account information and attempt to withdraw your funds. That compromises your personal account and finances. I would transfer the funds out immediately after receipt to avoid the funds transfer from quickly being voided.
  2. If you take a cashier's check, my suggestion is to use a national bank and meet your buyer at the bank. You should take possession of the cashier's check directly from the bank. With high quality printers, cashier's checks are easily forged.
  3. If you have a loan on the unit, the buyer can send the payment directly to your lender. The lender will release the title and send you the difference (if any).
  4. Cash is nice but large amounts of cash have many draw backs. Many backs will not allow a large amount of cash to be withdraw. In some cases, they require special forms to fill out (men in black unmarked cars may follow you around!). Buyers would need to check with their bank regarding large cash withdraws.
  5. A personal check is the highest risk.
My preference is #2. Meet the buyer at a bank (a local branch of their national bank) and get the cashier's check from the teller. You then hand the title to the new owner.

Proceed with caution! New schemes pop up every day.
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Old 06-14-2012, 10:28 AM   #5
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Quoting this seems redundant but it is excellent advice! And should be a classic link here at AIR, Fred. Thanks

Quote:
Originally Posted by 1985air345 View Post
I deal with this quite a bit. Here is my advice:
  1. If you do a wire transfer, open a separate account just for this transfer. One very common scheme is to get your account information and attempt to withdraw your funds. That compromises your personal account and finances. I would transfer the funds out immediately after receipt to avoid the funds transfer from quickly being voided.
  2. If you take a cashier's check, my suggestion is to use a national bank and meet your buyer at the bank. You should take possession of the cashier's check directly from the bank. With high quality printers, cashier's checks are easily forged.
  3. If you have a loan on the unit, the buyer can send the payment directly to your lender. The lender will release the title and send you the difference (if any).
  4. Cash is nice but large amounts of cash have many draw backs. Many backs will not allow a large amount of cash to be withdraw. In some cases, they require special forms to fill out (men in black unmarked cars may follow you around!). Buyers would need to check with their bank regarding large cash withdraws.
  5. A personal check is the highest risk.
My preference is #2. Meet the buyer at a bank (a local branch of their national bank) and get the cashier's check from the teller. You then hand the title to the new owner.

Proceed with caution! New schemes pop up every day.
Cashier check fraud is fairly common and does hit our classifieds with some regularity. Sellers, please notify a moderator if you get any inquiries like this:
  • don't bother negotiating very much; tend to meet your price
  • have a shipping service pick up your trailer or moho (delivery service may not be part of fraud at all but I suspect many of them know...
  • may include extra "$$" in worthless cashier check for you to pay the shipping service
You'll be out your trailer/moho and suffer the indignity of giving your cash to have the shipping service rob you blind.

Tips for Fake Check Scams from the National Fraud Information Center
Giving the Bounce to Counterfeit Check Scams
craigslist | about > scams
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Old 06-14-2012, 10:41 AM   #6
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This is all an eye opener for me. I have taken cashier checks for pmt on items in the past. I've had no problems but it seems that people have now found a way to take advantage of this process. I will only do wire transfers in the future. But eventually someone will figure out a way to scam that as well. I think maybe I'll insist on cash only.

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Old 06-14-2012, 11:06 AM   #7
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I too have taken cashier's or teller's or certified checks, but it is too easy to make fakes now. I like cash, but anything of $10,000 or more is hard to deal with because of post 9/11 restrictions. Wire transfers are best. If you can go to the buyer's bank and get a check there and confirm it is "good funds" and get it in your account, that works too, but the buyer may be from out of your area.

Make sure the transfer is complete before releasing the MH or trailer. Make sure they get their own plates and title (or registration in non-title states) is properly transferred before they drive off. If they crash into a bus full of children, you don't want to be the owner.

Gene
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Old 06-14-2012, 01:46 PM   #8
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And more.... if you are a buyer and intending to use cash be sure to check with your bank well in advance. We recently made a large (cash) purchase and our bank had to order the cash. This can take up to a week. This is fairly common especially in small towns - they just don't have the cash on hand to dispense more than about 5 K.
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Old 06-14-2012, 03:02 PM   #9
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Cash or crash

Rule #1. I never worry about offending anybody while I'm doing good business. If a person is offended because I don't want to be cheated, I won't do business with them.

I only sell for cash. No personal check, no checks of any kind, and no bank transfers. No money orders because I can't identify a bad one. Ask me if it's possible to get a bad interbank transfer with a three (or more) day delay. It is. The issuing bank can go into your account and take the money out after they deposited it and after your bank recorded the transaction. Your bank will treat the bad transfer just like it was a bad check deposited to your account. Happened to me twice. (Some bankers are crooks, check the Federal prisons.)

Ask me if it's possible to stop payment on a good cashier's check. It is. I had a cashier's check issued by a title insurance company for the cash sale of my house bounce three days after I deposited it. As a result, all of my closing checks issued on those funds, bounced.

The title insurance company closed the sale without a survey on a deal with a conforming buyer. After the closing they realized their mistake and stopped payment on the cashier's check they issued to me at closing. I found out when my checks started bouncing.

I'm not an expert on every possible way a person could cheat me. I know I'm not. I want cash only when I sell. I understand cash. When I buy, I buy with cash and I will only give up the cash in person with the vehicle, the bill of sale, AND the title, in my possession.

Dealerships are worse to deal with than individuals to deal with. Dealerships know more how to cheat people. Bad dealers look good. We had a car dealer here who sold a whole string of cars he didn't own. People paid him with good cash and checks and never got the titles. The dealer didn't pay off the existing loans like he was required to do. The dealer filed bankruptcy when he started getting sued. Of course he lost his license but the people still lost their money. (See Dan Nelson Automotive Group)

If a big enough bad dealer gets a bank in trouble, the bank will keep them going. That's why they look good. They are still getting more loans from the bank, or a second bank gives them a floorplan. Sometimes they go on for years or, the bank gets sold or the manager gets transferred and the new guy closes down the bad book, the bank mitigates their losses, and the dealer is shut down. Nelson had the bank upside down for 21 million and they were still loaning him new money.

Personal checks: I will go a bank that I don't bank with, with a buyer, sit with an officer, have the buyer write me the check, hand it to the officer and ask him if it's good. If he says yes, I cash it right then and there. That the only way I'd take a check. I've done that with no problems as a seller. The seller never gets my vehicle or title until I have cash in my hand.

I'll never cash a third party check at my own bank. If it's bad, the bank will debit my account for the cash. See paragraph about bankers that are crooks.
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Old 06-14-2012, 04:19 PM   #10
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Good info folks. I'll take it all to heart.
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Old 08-30-2012, 03:11 PM   #11
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splitrock - How can you make a deal with someone like you?
If you are the buyer you want the the vehicle and title before you give up the cash
If you are the seller you want the cash before you give up the vehicle and the title.
Looks like a stalemate to me.
Bob
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Old 08-30-2012, 03:29 PM   #12
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"If you do a wire transfer, open a separate account just for this transfer. One very common scheme is to get your account information and attempt to withdraw your funds. That compromises your personal account and finances. I would transfer the funds out immediately after receipt to avoid the funds transfer from quickly being voided."

This is exactly what my bank said was the safest way to do a transfer over distance. They opened up a new account for me and handled it as the above statement suggests.
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Old 08-30-2012, 03:57 PM   #13
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Quote:
Originally Posted by Bob 3 View Post
splitrock - How can you make a deal with someone like you?
If you are the buyer you want the the vehicle and title before you give up the cash
If you are the seller you want the cash before you give up the vehicle and the title.
Looks like a stalemate to me.
Bob

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Old 08-30-2012, 04:08 PM   #14
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Just meet at the buyer's bank. If the bank gives you a cashiers check directly, there are no issues. A personal check is ok also if you are at the buyer's bank and it is for a small enough amount that you can cash it. While not usually necessary, do a bill of sale and have get the bank to notarize it. If there is no branch of the buyer's bank around, it must be a wire transfer or cash for smaller amounts.
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