Form of payment for private sale - and anything else!

[gbaglo]

Originally Posted by harvest

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?

Why don't you ask your motor vehicle branch if this is legal, or what the potential liabilities are?

[harvest]

Originally Posted by JeffreyG

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.

Does this mean that I can phone the bank and see if it is a real cashiers check? I am most sure how they are paying if they decide to buy. Because then I could phone even on a weekend. I trust them so far over the phone. I think it is unlikely this is fake also.

[Centex]

I strongly urge that you remove your plates from any tagged vehicle or trailer you transfer to another party if allowed in your state.

In Texas the DMV does not require removal of plates, but strongly encourages it; the plates have no legal use or benefit for the buyer. TX DMV also recommends online filing of a Vehicle Transfer Notification to aid in avoiding post-sale liability issues - your state may offer a similar system.

Removal of plates avoids hassles associated with any number of toll-road, parking fine, speeding systems, etc. which presume ownership / liability based on photo or LEO identification of license plates. It can be a huge hassle trying to straighten out 'mistaken identity' / actual liability for those things after a vehicle (trailer) is sold.

Finally, removal of plates serves as an incentive for the buyer to promptly register the vehicle in their own name - a benefit to you as the seller, that fully-formalizes your 'non-ownership' in law-enforcement databases nationwide for all purposes.

Just for your consideration.

[John in Santa Cruz]

yeah, rules on plates vary per state laws. in California, you leave the plate on the vehicle or trailer (unless its a personalized plate you want to keep), and file a 'release of liability' form upon sale. if the buyer registers it in California, they continue to use the same plate.

if you have a personalized/vanity plate, you can either leave it on the car for the new owner (DMV form for that), or keep it (same DMV form filled out differently) and then either transfer it to a new trailer or car, or pay a nominal fee to put the vanity plate 'in storage' for future reassignment to another vehicle.

[JazzDad]

I accompanied a buyer to HIS bank, telling him not to get the cashier's check until I watched it being made.

[canakiwi]

I guess I am really old school. If it's not a business I am dealing with it is cash. Have done up to 67,000 in cash. Works for me.

[John in Santa Cruz]

Originally Posted by canakiwi

I guess I am really old school. If it's not a business I am dealing with it is cash. Have done up to 67,000 in cash. Works for me.

I don't ever like dealing in over $1000 in cash, its too easy to get robbed.

[fudge_brownie]

If you spend anytime researching how to prevent getting taken, the answer is always a wire transfer. The safest and surest method of getting your wire. Oh! it cost $45. Let it go, cheap insurance.

[Ooshkaboo]

Originally Posted by fudge_brownie

If you spend anytime researching how to prevent getting taken, the answer is always a wire transfer. The safest and surest method of getting your wire. Oh! it cost $45. Let it go, cheap insurance.

If life were so simple…
Tell that to the 9 different criminals who lined up to rip me off after I purchased a property from the bank lobby to the title company. The deal went down just fine, seems my account was up for sale and the alphabet agencies have better things to do than trace these particular criminals. The bank ate the losses but what a shame they can’t arrest these people.

[Patrickinms]

When we bought our 2019 5.0 last Dec we wanted to have all our ducks in a row because we knew that once a 5.0 is posted things move very fast. We bought a used Andersen hitch and had it installed at home and discussed the proper procedure with our bank and told them whenever we find one we will leave within a day. Our bank told us the best way was a wire transfer. Sure enough when we saw the 5.0 we wanted we contacted the seller within minutes. Even with that we were the 2nd to reach out. Fortunately the nice sellers agreed to sell to us. This was on Saturday, so we left early Sunday morning for the 800 mile drive from Ms to NC that Sunday night we called the seller from our motel room close to them and planned to meet Monday morning.
Interesting when I talked to the seller that night he said at least 25 people had contacted him since we had. We viewed the 5.0 Monday morning and went to their bank that afternoon. I think that it made things easier since I had already talked to my bank about the purchase weeks in advance. The transaction was completed Monday afternoon and we planned to leave the trailer at the sellers house that night while we stayed at another motel that night. Tuesday morning we returned and hooked up our new to us 5.0 and drove the 800 miles back to Ms arriving home about 3am. The whole thing happened so quickly we could hardly believe it. The sellers were very nice people and everything worked out. Fortunately they allowed us to keep their NC tag until we got a tag and mailed it back to them.

[Jean]

In WA, after you sell it, file a report of sale, especially if you leave plates on.
Look into using electronic services, no fee like wire transfer: Zelle (connected through your bank), Venmo or PayPal.

[kiekhaefer]

Cash cash cash. I have done many vehicle transactions with private parties. If they have the money in their account all it takes is a visit to their bank and they can come out with the cash. Even for $10 - $20 K the pile of hundreds is very manageable. Why risk it with other types of paper?

[John in Santa Cruz]

Originally Posted by kiekhaefer

Cash cash cash. I have done many vehicle transactions with private parties. If they have the money in their account all it takes is a visit to their bank and they can come out with the cash. Even for $10 - $20 K the pile of hundreds is very manageable. Why risk it with other types of paper?

paid close to $30K for our Escape, and $38K for our latest used car. ever go into your local bank branch and try and get $30K in cash? good luck with that. btw, thats 300 $100 bills.

[WillyB]

I sold my highly sellable Honda S2000 a few years ago to a gentleman from Fargo, ND and because of all the ways a seller and buyer can get in trouble on these transactions I insisted on a cash transaction.

I picked him up from the airport and we drove to his bank. Same bank he uses in Fargo. Having made arrangements ahead of time we went in and he pulled cash from his account, handed it to me and I handed him the signed title. All of this took place within the secure space inside the bank.

He took the keys, we shook hands and he drove back home the Fargo while I waited inside of the bank with a bag of cash for my wife to pick me up.

[Viajante]

Willy, I'm glad this worked out for you, but in your story the transaction is not complete. You still have to get the cash to a secure place, such as your bank or a shoebox in the closet. And when you get it to your bank it has to successfully clear their scanner. Your method of meeting at the customer's bank left you assuming all the risk of carrying the cash. If someone is buying an Escape this method is good. If you are the seller....

[WillyB]

Originally Posted by Viajante

Willy, I'm glad this worked out for you, but in your story the transaction is not complete. You still have to get the cash to a secure place, such as your bank or a shoebox in the closet. And when you get it to your bank it has to successfully clear their scanner. Your method of meeting at the customer's bank left you assuming all the risk of carrying the cash. If someone is buying an Escape this method is good. If you are the seller....

While I waited inside of the secure bank for my wife I was 100% safe. As far as carrying a bunch of cash goes. I am fully capable of protecting that cash as well as my family.

If there is concern in this scenario one could simply open an account at that bank and deposited the cash before leaving. I bet this would have taken less time to do this than it took my wife to pick me up.

I believe cash transactions within the four walls of a bank is the safest way for both the Seller and the Buyer.

[cpaharley2008]

Having sold 4 previous Escapes to persons from out of state I follow a simple process. The title is not released until payment clears. If they pay before hand then that makes it easier. Always have a signed "Bill of Sale" contract completed, that protects both the buyer and seller. Having no tag is not an issue, look at the number of fellow Escape owners who have picked up their Escape and driven not home without tags.
You have the paperwork with you for proof.

[Ooshkaboo]

Originally Posted by WillyB

While I waited inside of the secure bank for my wife I was 100% safe. As far as carrying a bunch of cash goes. I am fully capable of protecting that cash as well as my family.

If there is concern in this scenario one could simply open an account at that bank and deposited the cash before leaving. I bet this would have taken less time to do this than it took my wife to pick me up.

I believe cash transactions within the four walls of a bank is the safest way for both the Seller and the Buyer.

Not everyone lives in a state where you are allowed to carry protection from criminals, the criminals in those anti carry states are fully aware most regular citizens are unarmed and easy prey.
I receive from cash app and Zelle, Zelle is a bank to bank transaction but both users banks must be participating in Zelle. The first thing to do is do a test send with a small amount, to be sure everyone’s info is correct and no one has signed up with a counterfeit of these apps.

Hopefully wire transfers will become more secure in the future, for now I use a separate account to send and receive with, just in case it gets hacked again.

[MyronL]

Sold two trailers over the years, strictly cash on the barrel head, bought others through eBay. None were as desirable or as expensive as my current Escape 19, so this is important, timely stuff for me - great post, excellent advice and much appreciated. We all know it’s a jungle out there. Not planning to sell presently, but you never know. Always wise to have answers available that make the chore safe and easy as possible.

[WillyB]

Originally Posted by Ooshkaboo

Not everyone lives in a state where you are allowed to carry protection from criminals, the criminals in those anti carry states are fully aware most regular citizens are unarmed and easy prey.
I receive from cash app and Zelle, Zelle is a bank to bank transaction but both users banks must be participating in Zelle. The first thing to do is do a test send with a small amount, to be sure everyone’s info is correct and no one has signed up with a counterfeit of these apps.

Hopefully wire transfers will become more secure in the future, for now I use a separate account to send and receive with, just in case it gets hacked again.

I'm a Ninja Warrior. Well, an old and busted Ninja Warrior.