I've got a truck I plan to sell in the future and I'm concerned with getting paid. I can think of all kinds of things not to do as a way of getting paid, but can someone tell me a mostly "surefire" transfer or method of payment that they've used that gaurantees I wont' get "ripped off".

When I sell something to a total stranger, and its a lot of money, I think its reasonable to be concerned. Bad things can happen haha.

I suppose some sort of "bank transfer" is what mostly appeals to me, but not the kind of transfer that means two weeks later the bank is gonna somehow "charge me back" and say the money became "invalid" etc.

I'm thinking the sale price will be around $25K.

I plan to advertize it on Craigs list and hopefully sell it to someone in my area. I live in Calif--lots of buyers around here.

I'd appreciate hearing how you sold something and sucessfully got paid a similarly large amount.

Thanks

 

Cash In Hand is the only guarantee - Any thing else has its hazards or Wait periods.

 

I would suggest talking with your bank and ask them for their recommendations. There are ways for banks to do business with each other safely. If you and the buyer go to your bank together, where he gives your bank his account information and have the banks do the transfer between them, one would think that would lessen the chance of fraud.

I agree with Dick, though, and feel cash in hand is always best. As long as you make sure it just didn't come from the guy's basement. ;-)

 

Tom,sell it on Craiglist.Arrange a meet @ 10:30 p.m. in a 7-11 parking lot,(behind the store), in either Oakland, or preferably, Richmond.Keep your hands up, and don't even think of turning around till you hear me drive away!

 

Tom,


First of all good luck getting your asking price. All the tire-kickers will try to grind you down.....

Your best bet might be to go to one of the auto auctions and start with a minimum.

Other than that, require the buyer to take you to his or her bank and have THEM cut a cashiers check for you.

If you do not have an account there, you could open one first. (for $25k it would be worth it)

I would NOT accept a check from anyone and release the title unless I was at their bank accepting the check from the bank representative.

It is ridiculously easy to falsify and forge cashiers checks.


Cheers,


Rick

 

I have sold two vehicles in that price range, cash in hand both times. I had a number of offers for other payment methods, but was unsure so I waited. If they really want to purchase they will get the cash. Just remember if you deposit $10000 at one time uncle Sam gets notified by the bank.

 

Well ya know--I have a problem with banks today. Did you do this? Make a transfer of a large amount of money? And what exactly did the bank call this transaction? Because where I live banks change their names and identities faster than the ink dries on the checks they just mailed me for my new account. Maybe its not that way where you live. But here in Calif--banks aren't banks anymore. I go to a bank and they want me to "invest" my money in all sorts of fancy schemes--Hi risk investments and expensive for me--money making "for them" annuities and such that are lousy for us depositors.

Things are really different here. I guess when I used to see the same people--trained as bankers and educated to be bankers--at the same bank for ten and twenty years I trusted them. But now, its a new name every couple months on the banks around here--and well meaning workers that "really" dont' seem to know what they're doing. They just know how to push a button on their computer terminal and "hope" that the form appearing is the correct way to make a transaction. I've found many bank people today totally unprepared to be doing such a job. Makes me nervous.

And the previous poster was menitoning cash, but I guess not for me. If it was a smaller amount sure. But because there's lots of counterfeit cash out there. I can't give a $50 bill to grocery store clerk--much less a $100--without their running some sort of chemical test on it--with some sort of anti-counterfeit marking device. So why would I take a stack of paper from a stranger? I wouldn't know a counterfeit from a real one haha.

I guess I'm thinking that a "specific" type transfer of funds can be "gauranteed" between banks and somehow into my account, but I'd need to know the "exact" name before I went into a bank and asked, because the current banks dont' hire people that really know. Sure, they'll say they know, but they're just someone--often who thinks they know.

Is there a specific name for just one kind of transfer that can't be undone later. Its the latter part that concerns me. Generally the banks cab "undo" anything, and often do. So I'm looking for a "real" gaurantee that it won't be reversed for any reason. I'm not sure such a thing exists in America--Maybe I need to get into one of those Hollywood movies where they push a laptop button and transfer millions to a bank in the Cayman islands haha.

Maybe I"ll google the subject of bank transfers and see what I get.

Thanks for your response

 

I bought a car through ebay and sold one on a forum. both times i involved my bank and the buyers bank. it worked out fine for me that way. and the buyer/seller was in agreeance all the way. That much cash in hand might limit your buyer prospects, possibly.

 

Ya I don't mind the IRS knowing...Like most builders I've always spent twice as much on parts as the selling price haha. What's the government gonna do--give me a "tax credit" haha. Unfortunately it doesn't work that way

 

Be aware that most folks do not have $25K to carry around to buy a vehicle, not a modern used vehicle anyway. This means they will be dealing with their bank. Their bank is going to want "in on" the deal as to how this person is going to spend that $25k. With "skin in the game" the bank will want to see the vehicle. So, get the bank involved, it will probably be neccessary. If you do not hold clean title to the vehicle the transaction gets very interesting.

 

That's good to know--Could you give me a general idea of the amount money your talking about.

 

Why would you think I don't have a clean title?

 

I can't imagine a bank loaning money on expensive hot rods? At least I wouldn't think so. What kind of collateral is that?

 

Get an insurance appraisal, maybe two or three. That should give you clout to the selling price, and give the buyer a vote of confidence.

 

Actually it's $4000. but so what? Like someone said above, you're not a "business" and it's not profit.

If banks bother you, use a credit union.

My point was, make the buyers bank, credit union cut the check in front of you.

They won't cut a check $25k unless there's money in the account to cover it. If you open an account there they will pay the check before the buyer can withdraw it.

Then you can easily transfer it anywhere you want.

I wouldn't accept 25 $100 bills unless the bank handed it to me. That makes them liable if they hand you bad bills......but you BETTER hold them up to the light before you walk out the door!!!

Nowadays, checks clear over night.

But I still would only accept a cashiers check at the buyers bank.