best form of payment when selling vehicle?
 

my jobloss is forcing me to sell my motorcycle. ive never sold a vehicle that had a clear title so im wondering, besides cash, what is the most secure form of payment to accept from a buyer before i hand over my baby? Thanks

:(

cash.

From a private person, cash.

THere are scams involving money orders and cashiers checks.

I did once purchase from a private seller using a loan/check. I call my credit union and tell them that I'm looking for a vehicle and want a loan for not more than $XX. They send me a basically blank check that says "not good for more than $XX". I was able to call my bank and put the seller on the phone with them. He was satisfied. I don't know that I would have been.

Cash, Cash, or maybe Cash. Otherwise a bank transfer. I have been stuck with Cashier Checks, even a good one from out of state will take five working days to clear. A personel check but make sure it clears before you give them the car. Unless they are a friend, then things change. Cash.

If he uses the same bank as you, go there. Otherwise, wire transfers are bulletproof (but expensive and take a little time).

When I sold the Triumph earlier in spring to a guy in North Dakota he sent me a cashiers check. I sent him a bill of sale. When the check cleared, I sent him the title. If the sale would have been local I would have said bring cash or we do the deal at your bank.

Cash works.

If its for a huge amount, you could accept a cashiers check, but just go to the bank when they have it made.

Cash only my friend. If you're afraid of a rip off do the deal on your front porch with a concealed handgun. It's legal to have a loaded, concealed handgun on your own property virtually everywhere.

cash, lawyer's trust account check, wire transfer.

In God we trust.
All others pay cash.
Jim

This makes sense...what could possibly go wrong? :rolleyes:

Look careful at the cash. There are crooks with counterfeit cash. It is the old "friend of a friend" story but I did hear of a guy selling a car and was paid with phony money.

I would meet them at the bank. Do the transaction inside so you don't get robbed.

Cash or Grass

Well the guy could try to rob him (it certainly happens), he seems to be leery, it must be for a reason.

Not every one is a kum by yah singer you know.

Also a very good idea.

http://www.clevelandleader.com/files...orclunkers.jpg
Always the best form

No one rides for free. Whee Urd.

I think there was also ass.

If you guys are able to get together in person just have him meet you at your bank.
I bought my H-D from an individual and thats what he had me do. I met him at his bank, he paid the lady at the desk, she smiled and paid me, even filled out the part on the title for the sale. Smooth as silk. That way I knew he was paying with good funds, he knew I wouldn't try to knock him in the head and steal the bike.

I like cash but am concerned about bogus bills.

I will always involve the bank in any way possible.

what he said

bank wire

Cash or meet at the bank. I've met at the bank with people multiple times for cashier checks. Remember if they are getting a loan they often don't have the option for cash. If those two won't work, split the $20 for a wire transfer.

Sounds a bit funny but I have used travelers cheques (checks). Safe to travel with, do the deal and go to the bank to cash into the sellers account. No waiting for a cashiers or certified cheque to clear. Cost a bit to get, but worth it.

I took a personal check from a person. We drove down to his bank, which had offices near by, and verified the funds were there by cashing the check, and it bike was his.

most of you said cash, me too. Always cash for me. But what if all those $100 dollar bills are fake?

Cash and use a 5.00 marker from office depot, staples, etc. to verify the bills are genuine. I did this when I sold my P-car--just check each bill with the pen.

There are a lot of fake Cashiers Checks and Certified Checks out there.

The problem is that your bank does not know if they are real or not - your bank will "clear" the check in a couple days and put the money in your account.
It could take weeks before the check comes back to the bank as being a fake - at that time, they come back to you for the funds.

Do a search on the internet - there are tons of articles on this out there.

Not that hard to tell which bills are real and which are fake even without the magic pen.

thanks. i put in my add, "cash only". i am worried about fake bills or being robbed but i figure the bike is fully insured and i would just call cops and report bike as stolen?

A bank wire is the absolute safest way to receive payment as a seller.

I concur. I would prefer a bank wire transfer over cash, unless I had an inordinate degree of trust in the buyer and it wasn't a huge amount (more than a few grand.) Not sure I would want to walk around with $50K in cash or anything like that but $500 or $5000, no sweat.

The banks are very distrustful of cashiers checks these days. They view every one as fraudulent until proven otherwise. I have even been royally hassled by one bank (US Bank - they suck) trying to cash a cashiers check issued by them - at the same effin branch - by a longtime customer. That may have been the only time I've ever actually lost my temper and yelled at some cube-dwelling dunderhead in a public place like that.

yep, i use my nail. If it's a really shady looking person, i'll look for the 100's on that little strip built into paper.

I hate when a buyer brings 20's too, takes forever to count!