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Old 01-24-2017, 05:48 PM   #1
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How to Pay For a Purchase

We will be selling an expensive trailer soon and are uncertain about how to require payment from a buyer. What is the safest way for a seller to receive payment?
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Old 01-24-2017, 05:49 PM   #2
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CASH is KING. A wire transfer to your bank will also work after it fully clears.
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Old 01-24-2017, 07:51 PM   #3
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cash is king. A wire transfer to your bank will also work after it fully clears.
cash !!
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Old 01-24-2017, 07:55 PM   #4
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I'd like to see more responses... perhaps the better title for this inquiry would have been "Best way for seller to receive payment."

(Would like to hear others' experiences along with being as specific as possible.)
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Old 01-24-2017, 08:01 PM   #5
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Cash!
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Old 01-24-2017, 08:19 PM   #6
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Old 01-24-2017, 08:29 PM   #7
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Exclamation bank cashiers' check

I recently purchased a used motorcycle and had the credit union cut me a check. In fact, I chose the branch closest to the seller so I wouldn't need to transport the check as far. I'm too chicken to carry much cash on my person.
Particularly, police have turned into highwaymen. The Pershing County, Nevada Sheriff's Office (the next town north of Fallon and on I-80) has a particularly bad reputation for seizing cash from anybody passing through. If you carry more than about $100 cash and they find out, they can seize it as "drug courier money". Attorney's fees to get your money back typically run ~$36k. One example was a man who won a considerable amount in Reno. A Pershing Deputy stopped him and seized all of it, wrote a receipt, and advised him to keep going and not try to get it back!
Many jurisdictions profit the same way. Civil forfeiture laws were written to seize money from drug lords so they wouldn't have the finances to fight in court. The legal fiction is, they are charging the money with a crime, not you. You must go to court and PROVE your money is legitimate; money doesn't have a Bill of Rights so it's not innocent until proven guilty: render unto Caesar! BTW, the nationwide average forfeiture is between $600 and $700.
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Old 01-24-2017, 08:31 PM   #8
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Nice idea but....

Cash is a nice idea, but pretty hard to come by easily in amounts > than 10K, even from your own bank.

Unreasonable too to ask a buyer to show up with a paper bag of mixed hundreds and twenties in that amount. Unsafe for the buyer and unrealistic for the seller who will also have trouble at his bank with the big wad of cake to deposit unless you plan on "feathering your nest" as it were.
Lot's of questions asked and IRS forms to fill out.

My experience has been a bank transfer is best bet for both sides, enabling a paper trail and some protection for both parties built in.
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Old 01-24-2017, 08:43 PM   #9
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I don't know exactly how banking works in the US but up here in Canada we ask for bank drafts to pay for expensive items. The buyer goes into his or her bank branch and asks the bank to write a cheque/bank draft to you on the buyers behalf. Once the bank draft is written on the buyers behalf, he or she has no access to that amount in their account. The bank itself is writting you a cheque, which it can't bounce.

IMHO Its better than cash, as having someone drop off $25,000+ in cash is just opening you up to getting robbed; leaving you trying to prove it was the buyer that set up the robbery; or as others have stated, trying to prove to the police that it wasn't the benefits of crime.

PS Certified cheques can be stop paymented and Paypal is also a bad way to recieve money, as the buyer can submit a claim that goods weren't received.

Cheers
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Old 01-24-2017, 09:49 PM   #10
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Purchased a Safari 20 in August from a seller in another state. My banker made a transfer directly to the sellers bank account after we made the agreement. His bank then notified him when the money transfer was completed. The whole process took about 20 minutes from the time we agreed on the sale. All it took was a phone call to my banker giving the go ahead on the transfer. Very easy for both parties
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Old 01-25-2017, 04:58 AM   #11
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I've sold a number of trailers, cars, motorcycles and RVs over the years and it's always cash. Recently I not only accept only cash, BUT prior to signing over title take the seller and myself to my bank to check the authenticity of the cash and then if all is ok, it always has been, one of my bankers notarizes the title for us.

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Old 01-25-2017, 07:05 AM   #12
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Quote:
Originally Posted by Isuzusweet View Post
I don't know exactly how banking works in the US but up here in Canada we ask for bank drafts to pay for expensive items. The buyer goes into his or her bank branch and asks the bank to write a cheque/bank draft to you on the buyers behalf. Once the bank draft is written on the buyers behalf, he or she has no access to that amount in their account. The bank itself is writting you a cheque, which it can't bounce.
This is what I have done in the past. Also while at the bank we take care of getting the signatures notarized on the title.
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Old 01-25-2017, 07:18 AM   #13
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Old 01-25-2017, 07:29 AM   #14
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Once the bank draft is written on the buyers behalf, he or she has no access to that amount in their account. The bank itself is writting you a cheque, which it can't bounce.

Crooks have been known to produce very good forgeries of bank drafts. The fancy printers we have these days and a bit of skill with a computer is all it takes.

I'd go with the purchaser to his bank and watch the bank draft being prepared.
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Old 01-25-2017, 07:51 AM   #15
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Quote:
Originally Posted by paiceman View Post
I've sold a number of trailers, cars, motorcycles and RVs over the years and it's always cash. Recently I not only accept only cash, BUT prior to signing over title take the seller and myself to my bank to check the authenticity of the cash and then if all is ok, it always has been, one of my bankers notarizes the title for us.

Bud
^^^^
This is what I do too. Either party's bank works for me to do the exchange.
If cash, the money (after it's mine) never leaves the bank. I deposit it or ask for a bank draft so I have no chance of loss.

I do not sign a title until the cash has been confirmed and both the money and the title have been placed into the hands of the banker.

During my younger/stupid days, I have been to the house of a stranger and done a large cash transaction. Not now.
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Old 01-25-2017, 08:03 AM   #16
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Bank to bank transfer via phone and title transfer completed at nearest state license office includes taxes and temporary travel license.
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Old 01-25-2017, 08:18 AM   #17
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I'm like everyone else cash. But we are being phased out to a paper-less world. It used to be 10k withdrawal before the feds were notified by the bank, now it's 2,500. In the officer's mind, if you have large amount of cash, its for drugs, Remember the days, innocent until proven guilty? Now it's guilty until proven innocent. Always have a copy of the ad with you, when purchasing anything with cash. In 10yrs we will be buying everything with a phone. Sorry about the rant...it's hard for me to adapt. Remember it's the bank's money, until you withdraw it.
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Old 01-25-2017, 11:51 AM   #18
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I'd recommend a wire transfer.
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Old 01-25-2017, 12:00 PM   #19
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Quote:
Originally Posted by Scorge-ION View Post
I recently purchased a used motorcycle and had the credit union cut me a check. In fact, I chose the branch closest to the seller so I wouldn't need to transport the check as far. I'm too chicken to carry much cash on my person.
Particularly, police have turned into highwaymen. The Pershing County, Nevada Sheriff's Office (the next town north of Fallon and on I-80) has a particularly bad reputation for seizing cash from anybody passing through. If you carry more than about $100 cash and they find out, they can seize it as "drug courier money". Attorney's fees to get your money back typically run ~$36k. One example was a man who won a considerable amount in Reno. A Pershing Deputy stopped him and seized all of it, wrote a receipt, and advised him to keep going and not try to get it back!
Many jurisdictions profit the same way. Civil forfeiture laws were written to seize money from drug lords so they wouldn't have the finances to fight in court. The legal fiction is, they are charging the money with a crime, not you. You must go to court and PROVE your money is legitimate; money doesn't have a Bill of Rights so it's not innocent until proven guilty: render unto Caesar! BTW, the nationwide average forfeiture is between $600 and $700.
Dave, the Scourge of the ION
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Yer scaring me out a very rare trip to your country😨
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Old 01-25-2017, 12:12 PM   #20
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It's simple actually. , Money Orders, American Express, etc., and Cashier's Checks are not good because they are easily forged. Even banks have fallen for forged Cashier Checks and later reversed funds on the recipient. Do NOT accept a Cashier's Check.

Have the buyer's bank wire transfer funds directly to your bank. Have YOUR BANKER confirm the money has been received. Do not accept a call from an unknown person claiming to be your banker. YOU call YOUR bank officer to confirm. Lastly, this is important...DO NOT ACCEPT AN "ACH" TRANSFER!

An "ACH" transfer can also be defrauded. (ACH transfers work thru a wide-area federal system which is vulnerable.) Have the buyer's bank DIRECTLY transfer the money into your acct. Have your bank confirm the money is in your acct before handing over the title.
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