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AlinCal · 01-21-2019, 02:20 PM

I have a buyer from out of state who is financing the purchase of our trailer thru USAA who will issue him a cashiers check in my name.
Pretty uneasy about letting our trailer leave without actual funds in hand, especially going out of state.
I have requested cash but they are uneasy about that and not sure its possible.
What do you think?

pmclemore · 01-21-2019, 02:22 PM

Cashiers checks can be forged. A wire is the best way to go. Receipt is verified, and can't be clawed back. Do it right and be done.

Pat

Dremel · 01-21-2019, 02:30 PM

When my wife bought ours she wire transferred from USAA

AlinCal · 01-21-2019, 02:38 PM

Was it thru their financing program? or a personal account or loan?

Zil · 01-21-2019, 03:23 PM

Do not do this. It is so easy to transfer moneys between accounts today. Checks and money orders, or pay pal, are not safe.

**azflycaster** · 01-21-2019, 03:34 PM

When I asked my bank manager about this, he stated that wire transfer and cash were the safest methods of purchase. I paid cash last year for my current Airstream and it was a pain getting that much cash and I had to go to several different banks. It is a bigger pain when you show up at a bank with a large sum of cash.

OTRA15 · 01-21-2019, 03:48 PM

Quote:

Originally Posted by azflycaster

. . .

. . . It is a bigger pain when you show up at a bank with a large sum of cash.

Depending on the amount, a large cash transaction can also trigger federal requirements for the bank to report the event to the federal government, under anti-terrorist laws/regs passed after 9/11.

AlinCal · 01-21-2019, 04:06 PM

I think its 10K and up that gets a special reporting from the bank.
This will be 3 and a half times that.
When I bought this same trailer the seller insisted on cash but I was only able to get 2/3rds of it from three different bank branches in the short period I was needing it, so the seller accepted a cashiers check drawn on the same bank he used for the smaller balance and was going to hold the title until cleared.
After we met and talked a bit I think he sensed I was not a crook and the cash and the bank check were acceptable.

One of my attempts to withdraw cash from my account I was told they could order the cash in and have in about a week. LOL

Isuzusweet · 01-21-2019, 04:11 PM

Definately go with a wire transfer, or bank to bank wire transfer. Cash can be put you and your family in a precarious situation if they have cohorts to rob you the second they leave with the trailer.

If they will not do a wire transfer, then walk away from the deal.

Cheers
Sidekick Tony

**Janet H** · 01-21-2019, 04:12 PM

Cash, Wire transfer or possibly an escrow service.

reading here: https://www.escrow.com/accounts/unit...automobile-asc

be careful about choosing an escrow service however, there are some fake ones..

AlinCal · 01-21-2019, 04:59 PM

Quote:

Originally Posted by Isuzusweet

Definately go with a wire transfer, or bank to bank wire transfer. Cash can be put you and your family in a precarious situation if they have cohorts to rob you the second they leave with the trailer.

If they will not do a wire transfer, then walk away from the deal.

Cheers
Sidekick Tony

So...They are going to bring me money and then steal it back? After I have their name and address?

rmkrum · 01-21-2019, 05:14 PM

Stranger things have been known to happen. Bank to bank is much safer.

“Moved, left no forwarding address...” will be discovered later. I’ll trust bank transfers before cash...

Gene · 01-21-2019, 05:24 PM

Alan,

You may have what they say is their address. Teller's checks (a more common name than other bank issued checks these days) can be forged on a computer. Cash is a pain to get and to deposit as you are suspected of being a drug dealer or other naughty things. Most people are honest, but when you meet the dishonest one, you can have lots of problems. Banks and other institutions wire money all the time.

When we sold our Airstream they wired the money from a bank in Virginia (the buyers—a family—were in 3 states. The wired it to a bank I use that is entirely an internet bank thought I think they have a California location so they have a address. I wire money through interbank transfers all the time because I also have a local credit union account where I can easily deposit checks or cash and then transfer it to the internet bank.

Not everyone knows about this, but your bank does. Ask them how to do it, tell the buyer to contact their bank and get it explained and then you can have it wired. I checked my account online when the money was to come in every hour or two and when it came in (usually in a few hours it shows up unless it is the end of the business day) I let the buyers know and signed the title and photographed and emailed it to them. That's not all necessary, but a courtesy. I then FedExed the documents to them in Alabama and the next day they arranged for someone to pick it up. There has to be a little bit of trust or it can't work. Wiring money to your bank tells the buyer how to find you and should help them if they worried if you were dishonest. The buyer should have someone they trust inspect the trailer and see your title and registration. If there is a loan on the trailer, the lender will have to be involved and they will tell you what they want to release the title and transfer it to the buyer. They will probably want to receive the funds and disburse them to you minus the loan amount—count on them to charge a fee for that.

I haven't been charged for a bank wire for many, many years. They are so common, the cost to the bank is minimal, but some banks like to stick it to their customers. By the way, the overnight should cost around .01% of the price.

**Kevin245** · 01-21-2019, 05:41 PM

Cash is king, but given the amount in question a WT is advisable.

bganso · 01-21-2019, 05:58 PM

I'm a Northern California Bank CEO and I've been in the business over 40 years. Get a bank wire or nothing. I'm sure USAA will understand.

turk123 · 01-21-2019, 06:36 PM

I got my attorney involved and he escrowed the money and the title transfer for both me and the buyer. If he is from out of state, you may have problems with title transfer. Also, if you have to pay your bank off on a loan, it gets very complicated and you will not be able to provide a title for several weeks.

The cost of an attorney is well justified unless you think the guy is very nice and he would never ever take advantage of the situation. Ya right!

Mollysdad · 01-21-2019, 06:49 PM

NO!
Back in the day a cashier's check was gold, but now it only guarantees that the cash was in the account when the cashier's check was made. No guarantee it will be there when you cash it.
Do a wire transfer, or have the buyer meet you and go to his bank and do a transfer.

Al and Missy · 01-21-2019, 07:37 PM

USAA will do a wire transfer, just as easy as they will issue a draft. Get a wire transfer or pass.

Al

AlinCal · 01-21-2019, 07:54 PM

Thanks everyone, im pretty hard headed but I think its sinking in.
A line from the pawn shop tv program goes something like this...it's not that I don't trust you, its I don't trust anyone.

Isuzusweet · 01-22-2019, 04:30 AM

Quote:

Originally Posted by AlinCal

So...They are going to bring me money and then steal it back? After I have their name and address?

Are you sure that's their real names and address? Everything can be forged, including identities.

I never claimed to say that thieves are smart, but neither are sellers sometimes.

We had a person up here that sold something for a pretty substantial amount of money, demanded cash, and was robbed that day leaving for the bank. They know who's behind it; the cops know who's behind it, but the burden of proof has to be there, and all they have is curcumstantial evidence that the buyer was in cohoots with the robbers. The buyers had the perfect alibi.

All I'm saying; it happens.

Cheers
Sidekick Tony