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Old 06-03-2021, 10:18 AM   #1
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Help $$$

I have someone interested in buying my trailer in NJ I’m in Louisiana. If anyone here has done this what is the best way to accept payment and how did you do it all if you have done it. Thank you
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Old 06-03-2021, 10:29 AM   #2
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One assumes they'll come in person to retrieve the trailer.

You can take a deposit via one of the quick/easy online methods (PayPal, Zelle, Venmo, etc.)

For the balance, find out what bank(s) they bank at and see if there's a branch of one near you. That's the ideal case... you both go into their bank, they have a cashier's check drawn up by the teller in your presence and you trade them your title for the cashier's check you have good reason to believe is legit.

Your trailer is listed for $10k, so you could do that transaction in cash as well, though some people get nervous carrying that much in cash.
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Old 06-03-2021, 10:36 AM   #3
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No they don’t want to make the trip down. They will have it shipped to them. So that makes it a little more difficult.
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Old 06-03-2021, 10:38 AM   #4
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No they don’t want to make the trip down. They will have it shipped to them. So that makes it a little more difficult.
PROCEED VERY CAREFULLY. While not completely unheard of, this is a red-flag thing with online classifieds.
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Old 06-03-2021, 10:38 AM   #5
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Wire transfer is another option. I setup an account just for the sale of my last trailer. After the money was transferred, I moved the funds and closed the account.
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Old 06-03-2021, 10:43 AM   #6
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Something like having them provide a cashier's check drawn on a bank with a branch that YOU can visit in person to cash in person (rather than depositing in your account and waiting for it to clear) would be fairly reliable. Fake cashier's checks are a known scam, and scammers know how to time that clearance timing.
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Old 06-03-2021, 11:07 AM   #7
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Wire

I second Richard's wire transfer post and then immediately moving the money out is the best way if the buyer isn't willing to meet in person and go to a bank.
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Old 06-03-2021, 06:34 PM   #8
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And if they send a check for to much and ask for a refund of the excess amount, run from that transaction
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Old 06-03-2021, 07:55 PM   #9
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Do not accept a cashier’s check -easily faked with a laser printer and readily available software.

Do not accept PayPal or any other online marketplace payment option — it is extremely easy for the purchaser to claw back the money claiming the trailer wasn’t as described or defective. Once they get refunded, you will never get payment.

Wire transfer to your bank. Verify with your bank that the money is there before anyone touches your trailer.

Or US Dollars, placed in your hand at your bank so that you can immediately deposit them.

This whole “they will arrange to have the unit picked up” reeks of scam.

Did they have someone inspect it? Did they offer full price without much negotiating?

Sounds too good to be true.
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Old 06-03-2021, 08:38 PM   #10
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I sold mine remote. Buyer came to look at it, then returned home. They sent certified check via fedex. I deposited it, once the funds cleared I sent the title and a bill of sale via fedex overnight, keeping the buyer posted throughout to include Wells Fargo deposit information.

Buyer came a while later and picked it up. No problem, but buyer needs to send funds and title / trailer can only be released once funds are clear.

You can also likely pay your local dealer $500 or so and they can handle the transaction for you via consignment sale.
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Old 06-03-2021, 11:00 PM   #11
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I always make a trade like that at a branch of my bank so I can have my banker call their bank and verify their Cashier’s Check and we can exchange title for payment after inspection and acceptance of the deal. A Cashier’s Check cannot be undone. I don’t like going out of my way to accommodate in a big money transaction. IMO, you better have a good sense of what you’re doing if you’re not doing it in person, with some sort of assistance, and with every possible base covered.
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Old 06-06-2021, 11:12 AM   #12
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Buying sight-unseen and having it shipped is a sure bet for fraud.

Ignore the offer.

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Old 06-06-2021, 11:33 AM   #13
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I sold my 75 to a remote buyer and I did have some reservations along the way. I received a deposit check and the rest via a wire transfer. The buyer then hired a transport company to tow the trailer to his location. Once I had the money in my bank, I was good with what ever the buyer wanted to do.
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Old 06-14-2021, 07:28 AM   #14
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I had a similar situation with a collector car I sold to a guy out of state. I insisted he had a third party (mechanic) that he paid for to look over the car and give him an unbiased report.

Based on the overall experience I will never sell a car or a trailer to someone who's not willing to look at it personally. Too many variables.
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Old 06-14-2021, 07:35 AM   #15
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Do not accept a cashier’s check -easily faked with a laser printer and readily available software.
Even real cashier's checks are no guarantee.
They guarantee the money was in the account when the check was issued. You hand over the title, they clean out the account and you're left with a cashier's check with no value.

The only way is a wire transfer. That's how the big boys move money.
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Old 06-14-2021, 08:09 AM   #16
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Even real cashier's checks are no guarantee.
They guarantee the money was in the account when the check was issued. You hand over the title, they clean out the account and you're left with a cashier's check with no value.

The only way is a wire transfer. That's how the big boys move money.
From my experience, this is NOT a true…I just retired from 35 years in banking…when a customer buys a bank check, the bank takes the money out of the account when the check is purchased. Same for certified checks - the money comes out when the check is drawn. Generally, a bank won’t issue a treasurers check unless the funds in the account are cleared funds. The real risk is fraud. This could be a fraudulent check or fraud in the form of identity theft. It isn’t impossible to have a fraudulent transaction even with a wire transfer. My suggestion is that an in person transaction removes some of the risk but not all of it. You can use a reputable escrow service to remove some more.
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Old 06-14-2021, 09:44 AM   #17
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Even real cashier's checks are no guarantee.
They guarantee the money was in the account when the check was issued. You hand over the title, they clean out the account and you're left with a cashier's check with no value.

The only way is a wire transfer. That's how the big boys move money.
That's not how cashiers' checks work, nor how the scam works. You're more or less describing a "certified check" which is where the bank swears that the money was in the customer's account at the time the check was cut, but the check is drawn on a customer's account and the bank has no control over what else is drawn against that account. Those are only reliable if you know and trust the buyer.

When you are issued a cashier's check at your bank, the money is debited from your account at the time the cashier's check is cut and moved into an account held by the bank itself. If THE BANK issues a cashier's check, it's guaranteed. The problem comes about when people create fake cashier's checks, either with the information of legitimate bank accounts, as copies of legit checks, etc. So, sometimes an issuing bank will confirm a cashier's check and then before it's presented for payment 2 or 3 copies of it will have come in ahead.

If you and the buyer go to a local branch of the buyer's bank and you see the cashier's check cut by a teller at that bank and handed to you, it's a good check. If some rando you don't know hands you a cashier's check "in the wild" it's not necessarily reliable. If it's not drawn on *YOUR* bank, *AND* you have access to a branch of the bank on which it's drawn, you can present it for payment at that bank and test its bona fides that way. If it's drawn on your own bank, it's too easy for them to come after the funds if it turns out to be bogus in a day or two.

Usually scam cashier's checks are faked against smaller banks that aren't conveniently located with respect to the mark, so a cashier's check drawn on the First National Bank of Hooterville isn't something I'd take.
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Old 06-14-2021, 09:58 AM   #18
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Also, be wary of accepting cash. Here’s why…when you walk into your bank with more than a set threshold (I think $5 thousand these days), it’s going to trigger a suspicious transaction report. More than $10,000 triggers a currency transaction report. If the cash you took was from criminal activity (stolen, proceeds of illegal activity, money laundering), you can be in very hot water.
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Old 06-14-2021, 10:08 AM   #19
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Also, be wary of accepting cash. Here’s why…when you walk into your bank with more than a set threshold (I think $5 thousand these days), it’s going to trigger a suspicious transaction report. More than $10,000 triggers a currency transaction report. If the cash you took was from criminal activity (stolen, proceeds of illegal activity, money laundering), you can be in very hot water.
Not so much. You have a legitimate reason (you sold a valuable Airstream) and you're not a business (like a bank) that's held to a higher standard for knowing where the money came from. You're likely at a higher risk of having some or all of the cash confiscated as counterfeit than any legal issues over the currency transaction. Now, if you're just doing a handshake/hand-written bill of sale kind of deal on a trailer that you had without it being titled/registered to you, you might be at some risk there because you wouldn't have any evidence to show "I sold this valuable real property and transferred its ownership in return for that pile of cash you're asking about."
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Old 06-14-2021, 10:42 AM   #20
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It’s worth pointing out that would be buyers have just as many worries as sellers. Is the title clear? Are there hidden damages or issues? I’ve been looking for what seems like forever, and there are a many scam ads as real ones. Last week, I walked away from what was my best chance so far because my nerves got to me.
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