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01-24-2017, 05:48 PM
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#1
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2 Rivet Member
Currently Looking...
2017 Interstate Grand Tour Ext
San Diego
, California
Join Date: Jan 2013
Posts: 24
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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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01-24-2017, 05:49 PM
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#2
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4 Rivet Member
1978 25' Tradewind
1954 15' Byam Holiday
Vintage Kin Owner
Linden
, Michigan
Join Date: Jun 2014
Posts: 293
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Mula mula
CASH is KING. A wire transfer to your bank will also work after it fully clears.
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01-24-2017, 07:51 PM
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#3
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Rivet Master
2007 25' Safari FB SE
2000 30' Excella
1999 30' Excella 1000
Low Country
, South Carolina
Join Date: Feb 2004
Posts: 820
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Quote:
Originally Posted by stevieb
cash is king. A wire transfer to your bank will also work after it fully clears.
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cash !!
__________________
StreamNTyme
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01-24-2017, 07:55 PM
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#4
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Rivet Master
2007 23' Safari SE
San Diego
, California
Join Date: Apr 2006
Posts: 1,495
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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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01-24-2017, 08:01 PM
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#5
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Rivet Master
2006 23' Safari SE
Biloxi
, Mississippi
Join Date: Nov 2011
Posts: 8,278
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Cash!
__________________
MICHAEL
Do you know what a learning experience is? A learning experience is one of those things that says "You know that thing that you just did? Don't do that."
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01-24-2017, 08:19 PM
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#6
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Rivet Master
1995 25' Excella
xxxxx
, xxxxxx
Join Date: Apr 2015
Posts: 2,349
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Cash
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01-24-2017, 08:29 PM
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#7
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2 Rivet Member
1977 Argosy 28
Fallon
, Nevada
Join Date: Oct 2016
Posts: 45
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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.
Dave, the Scourge of the ION
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01-24-2017, 08:31 PM
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#8
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4 Rivet Member
2006 19' Safari SE
Nawthin'
, Hemisphere
Join Date: Dec 2006
Posts: 325
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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.
__________________
*** KEEP LOOKING UP ***
T & K
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01-24-2017, 08:43 PM
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#9
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Dazed and Confused
Currently Looking...
1983 31' Airstream310
Hillsburgh
, Ontario
Join Date: Sep 2012
Posts: 3,805
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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
Tony
__________________
Per Mare, Per Terram and may all your campaigns be successful.
“It’s a recession when your neighbor loses his job; it’s a depression when you lose your own.” "Harry S Truman"
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01-24-2017, 09:49 PM
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#10
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3 Rivet Member
2007 20' Safari SE
Camano Island
, Washington
Join Date: Oct 2016
Posts: 103
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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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01-25-2017, 04:58 AM
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#11
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Rivet Master
2020 28' Flying Cloud
Upper St Clair
, Pennsylvania
Join Date: Aug 2011
Posts: 2,943
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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.
Bud
__________________
2020 28' Twin Flying Cloud
2021 F350 6.7 King Ranch
USAF Master Training Instructor (TI) & (MTI)- 68-72
Volunteer K9 Rehabilitator & Trainer
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01-25-2017, 07:05 AM
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#12
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Rivet Master
1994 30' Excella
alexandria
, Kentucky
Join Date: Aug 2004
Posts: 2,314
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Quote:
Originally Posted by Isuzusweet
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.
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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.
__________________
Steve, Christy, Anna and Phoebe (Border Collie)
1994 Classic 30'11" Excella - rear twin
2009 Dodge 2500, 6 Speed Auto, CTD, Quad Cab, Short Bed
Hensley Arrow hitch with adjustable stinger
WBCCI # 3072
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01-25-2017, 07:18 AM
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#13
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Full time Airstreamer
2014 30' FB FC Bunk
Anywhere
, USA Living.Somewhere.Yonder
Join Date: Jan 2014
Posts: 1,359
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escrow.com
__________________
@living.somewhere.yonder | Instagram
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01-25-2017, 07:29 AM
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#14
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Rivet Master
1966 22' Safari
Hilltop Lakes
, Texas
Join Date: Jun 2008
Posts: 1,764
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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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01-25-2017, 07:51 AM
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#15
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Rivet Master
2000 25' Safari
Davidson County
, NC Highlands County, FL
Join Date: Aug 2006
Posts: 4,493
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Quote:
Originally Posted by paiceman
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
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^^^^
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.
__________________
Alan
2014 Silverado LTZ 1500 Crew Cab 5.3L maximum trailering package
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01-25-2017, 08:03 AM
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#16
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Lost in America
2015 27' FB International
2006 25' Safari FB SE
2004 19' International CCD
Santa Fe
, New Mexico
Join Date: Feb 2007
Posts: 2,151
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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.
__________________
This is the strangest life I've ever known - J. Morrison
2015 Airstream International Serenity 27FB
2017 Chevy Silverado 2500HD Duramax Diesel
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01-25-2017, 08:18 AM
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#17
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Rivet Master
1999 30' Excella 1000
small town
, Maryland
Join Date: Sep 2010
Posts: 802
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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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01-25-2017, 11:51 AM
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#18
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2 Rivet Member
2006 19' Safari
East Greenbush
, New York
Join Date: Jul 2006
Posts: 54
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I'd recommend a wire transfer.
__________________
Matt
2006 Safari Bambi 19'
2017 Silverado LT Z71 Double Cab 1500
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01-25-2017, 12:00 PM
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#19
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Rivet Master
2015 25' Flying Cloud
2016 30' Flying Cloud
Blenheim Ontario
, Ontario
Join Date: May 2015
Posts: 1,263
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Quote:
Originally Posted by Scorge-ION
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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Jeez guys;
Yer scaring me out a very rare trip to your country😨
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01-25-2017, 12:12 PM
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#20
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Rivet Master
2008 22' Safari
Spicewood (W of Austin)
, Texas
Join Date: Mar 2015
Posts: 2,950
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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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