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Old 04-22-2022, 12:13 PM   #1
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Form of payment for private sale - and anything else!

Hi,
We are selling our Escape. Does anyone have advice/experience of the best thing to do. I have read a few things online. Some said cashier's check, some said go to a bank...and other things.
It is possible we might sell it to someone from out of state, but who is coming in person, so would be buying it the same day they arrive to view it.

Also - what do we do with the title and registration documents? I need to do a bill of sale? Should I do the Bill of Sale for the amount it is sold for or do it as a 'gift'?

Never done this before so would so appreciate some advice, thank you!
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Old 04-22-2022, 12:28 PM   #2
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I assume this will be a sale price beyond a reasonable cash range. So the correct answer is that you will need to accept a cashier's check from the buyer, and you will need to go to your bank with the buyer to cash the check before they drive away with your trailer.

Cashier's checks are solid as money, but they can be forged. So this is why you go to your bank. Your bank will contact the bank that issued the check and confirm that the bank is real and that they did indeed issue the check.

Then you sign the title and give it to the buyer. You can write up a little receipt for the sale if the buyer wants one.

Now, before you even list the trailer for sale, make sure you can locate your title, and make sure it is clear of liens if you originally financed the trailer.



Finally, I'm not writing up a false bill of sale, and I'm not calling the sale a 'gift' to the buyer unless it really is one. Tax fraud ain't my game, especially not on behalf of strangers.
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Old 04-22-2022, 12:54 PM   #3
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This is so helpful, thank you!

What if the bank is closed (weekend), is there another way to verify the cashier's check? Or another option other than a cashier's check?

That certainly makes sense regarding gift - I read that somewhere, wasn't sure what it meant or how/why.
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Old 04-22-2022, 12:54 PM   #4
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Should I do the Bill of Sale for the amount it is sold for or do it as a 'gift'?
How much trouble do you want to get into by being an accomplice to defrauding the government?
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Old 04-22-2022, 01:49 PM   #5
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Hi, We are selling our Escape. Does anyone have advice/experience of the best thing to do. I have read a few things online. Some said cashier's check, some said go to a bank...and other things.
It is possible we might sell it to someone from out of state, but who is coming in person, so would be buying it the same day they arrive to view it.
I recently bought a boat (from out-of-state) and sold another one locally. Both were relatively large transactions and handled with cashier's checks. There are small things the seller can do to help alleviate the worry of a fake check. Ask the buyer what bank they will be using. If it's not a major bank look them up and confirm there are branches in the buyer's town. If allowed have them take a picture or video inside the bank when they are receiving the cashier's check from the teller. I took a picture of the Wells Fargo console at the teller window that had the amount and the seller's name. I also had a paper receipt from Wells Fargo showing the amount the check was issued for and the small fee for the check. You could demand to see that. If there are online property tax records in the buyer's state you can look them up if you know their last name and town of residence. I knew where the buyer's of my boat lived before they even came to see the boat.

As was stated ideally the receiving bank or the buyer must call the issuing bank to verify authenticity. The phone number of the issuing bank is always on a real cashier's check. Just having it deposited doesn't mean you are in the clear. Banks have been fooled too and it only comes back once the supposed issuing bank is determined to be fake. If it is a local buyer or someone who happens to use the same bank with branches in your area this is the most ideal. You can take the check there and they are in the best position to quickly determine authenticity. FWIW, in both of my transactions major banks were used and we were all comfortable enough with each other that no bank verifications were done before releasing the boats but that is up to each individual seller to decide.

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What if the bank is closed (weekend), is there another way to verify the cashier's check? Or another option other than a cashier's check?
Cold hard cash. The seller of our Escape demanded it. No other option. It's a little awkward but can be done especially at your selling price. (If you are also paranoid about fake bills like our seller apparently was you still need a bank though. Met at his local bank and he didn't release the trailer until every dollar vas verified, counted and deposited in his account.)
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Old 04-22-2022, 01:56 PM   #6
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How much trouble do you want to get into by being an accomplice to defrauding the government?
Hi: gbaglo... WE are the goober mints!!! It must be us that's crooked Eh? Alf
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Old 04-22-2022, 02:58 PM   #7
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Cashier's checks are solid as money, but they can be forged. So this is why you go to your bank. Your bank will contact the bank that issued the check and confirm that the bank is real and that they did indeed issue the check.
Even if you call the bank, the purchaser can still stop payment at their bank immediately after they drive away. Be careful. We know of a situation where the check was cancelled/stopped while sitting in the bank parking lot after buying an expensive sail boat.

I would demand a wire transfer from their bank to yours. Even then there can be games played to defraud. If they really want the trailer, they will find a hotel for 24 hours until the funds clear you bank's clearing house. Of course if they use bitcoin I would guess the transfer would be instant.
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Old 04-22-2022, 03:44 PM   #8
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Even if you call the bank, the purchaser can still stop payment at their bank immediately after they drive away. Be careful. We know of a situation where the check was cancelled/stopped while sitting in the bank parking lot after buying an expensive sail boat.

I would demand a wire transfer from their bank to yours. Even then there can be games played to defraud. If they really want the trailer, they will find a hotel for 24 hours until the funds clear you bank's clearing house. Of course if they use bitcoin I would guess the transfer would be instant.
The seller of our camper was very skeptical of a bank check and yes you are right about stopping the check. I was a long way from home and wanted to take the camper with me and all I had was the bank check and no guarantee from my home bank to the seller. We finally agreed that the seller hold the title until the bank check funds cleared then sign the title and send it along. If for some reason the money did not clear...he could report the camper stolen. If the money cleared and he didn't send the title I could get him for fraud. If I had to do it again I would consider a wire transfer or just find out what the sellers bank is and open a savings account there, deposit the money ahead of time and then do an internal transfer.
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Old 04-22-2022, 04:27 PM   #9
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To me it's pretty simple. Insist the transaction take place on a weekday.
You've got a product with a huge demand in the marketplace and you can pretty much set your terms.
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Old 04-22-2022, 09:09 PM   #10
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How much trouble do you want to get into by being an accomplice to defrauding the government?
Ha-game on here…
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Old 04-22-2022, 10:17 PM   #11
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My wife wanted a specialty car for sale in Portland. The seller said he'd take a wire transfer. We got one, our bank to his, both the same, Wells Fargo. Drove the car, went to his bank and he said can I take the cash out now? They said no because there's a 2 day hold. Even though all parties could confirm the wire transfer was one and done. Bingo, he wasn't letting the car leave the US unless he had the cash.

So the next week I tucked the price of a mid-range Escape in my pocket, actually my money belt, declared it at the airport and flew down. Went to his bank and he had the teller count it out and deposit it.

So yah, there's all sorts of way to pay but it really comes down to the seller's comfort level.

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Old 04-22-2022, 10:24 PM   #12
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Even if you call the bank, the purchaser can still stop payment at their bank immediately after they drive away....
That's not the case with a Cashier's check (the instrument being discussed). By definition a Cashier's check is drawn on the issuing bank's own account, not the account of any individual or business account holder. That's why a call from the receiving bank to the issuing bank is an effective verification of legitimacy and assurance of payment (the respective bankers will know the 'right questions' to ask in that verification process).

Even in the case of a legitimately lost or destroyed Cashier's check of significant denomination, the process to 'stop payment' and have that instrument replaced or refunded is cumbersome, time consuming, and requires the placement of a bond by the party who purchased that instrument (requirements aimed to preserve the 'sanctity' of Cashier's checks and prevent fraud being committed with legitimate Cashier's checks).

Can I put a stop payment order on a cashier's check?

A personal or business check (a check drawn on an individual or business account) is a totally different animal and can usually be 'stopped' promptly and easily. Those cannot be 'verified as good to a receiving bank' even by the bank where the issuing account is held since they have no way of knowing what the issuing account balance will be when the check is finally presented to them for payment (a process which can take days, aka 'check clearing').
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Old 04-23-2022, 10:31 AM   #13
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Thanks everyone, your input is very helpful. We decided that a wire transfer is preferable and a cashier check is also ok, but we'd keep the title and send it once the check clears. If we do this, I wonder if a personal check could also be accepted - we would send the title once the check clears?

Also - does anyone know - can we leave the plates on and the seller can send back to us once they are back home? Otherwise, how do they drive it back to their state?

We have WA plates and registration, but are in VA now. I don't know if there is any other paperwork I need to do. Maybe I am making it more confusing than it needs to be!
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Old 04-23-2022, 12:40 PM   #14
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I bought our Escape in Texas (I live in California). it had Texas plates on it, when I registered it at the California DMV, I brought the Texas plate in along with the signed off title and a bill of sale, they swapped the Texas plate for a California trailer plate.
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Old 04-23-2022, 12:47 PM   #15
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I bought our Escape in Texas (I live in California). it had Texas plates on it, when I registered it at the California DMV, I brought the Texas plate in along with the signed off title and a bill of sale, they swapped the Texas plate for a California trailer plate.
Thank you. This sounds simple and makes sense. I was thinking of just leaving the plates on. That’s what the person did who sold it. I will send them a bill of sale and title once they check clears.
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Old 04-23-2022, 12:52 PM   #16
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oh, in Texas, the seller went with us to the local Chase branch (thats our bank and hers too, double easy!) and we did the transfer at the teller. Everyone happy.
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Old 04-23-2022, 12:54 PM   #17
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That would be ideal. But no banks open on the weekend.
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Old 04-23-2022, 12:55 PM   #18
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Not sure why you would want the old license plate back. Wasn't it specific to that trailer, and not usable on another vehicle? At least that's how it has been in the states where I've resided.
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Old 04-23-2022, 12:57 PM   #19
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No reason. I haven’t done this before so I am unclear on what I have to do.
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Old 04-23-2022, 01:09 PM   #20
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Also - does anyone know - can we leave the plates on and the seller can send back to us once they are back home? Otherwise, how do they drive it back to their state?
You should not give them the plate, but this is where your plan is going to create a problem for the buyers. If they are pulled over and driving with your plate on their trailer, that is technically illegal.

It is fine for the buyers to take the trailer home with no plate. In my experience, they most likely won't even get pulled over. If they do, they just show the officer the newly signed over title showing that they just purchased the trailer, and then the lack of plate will be forgiven.

But if they don't have a title either, they will be in a sticky wicket.

This is why it's best to have the bank call and confirm the cashiers check is legit. If it is, then there really isn't a way to defraud you. A legit (not forged) cashiers check is issued by the bank from the bank's account (the buyer actually pays the bank, the bank pays you.). So it cannot bounce.

People used to just accept cashier's checks at face value, but of course the scammers realized this and started forging them. But a bank to bank call will uncover a forgery.


I think the way to deal with the weekend thing is to have the buyers send you a photo of the check, and their bank contact info on the last weekday before they come to you. Take that to the bank for confirmation and then visually compare the check photo to the actual check when they arrive.
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