Form of payment for private sale - and anything else! - Escape Trailer Owners Community
Journey with Confidence RV GPS App RV Trip Planner RV LIFE Campground Reviews RV Maintenance Take a Speed Test Free 7 Day Trial ×

Go Back   Escape Trailer Owners Community > Escape Me | General Topics > Paper Escape
Click Here to Login
Reply
 
Thread Tools Display Modes
 
Old 04-22-2022, 12:13 PM   #1
Senior Member
 
Join Date: Mar 2021
Location: Falls Church, Virginia
Trailer: 2005 Escape 17b
Posts: 124
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!
__________________

harvest is offline   Reply With Quote
Old 04-22-2022, 12:28 PM   #2
Senior Member
 
JeffreyG's Avatar
 
Join Date: Oct 2020
Location: Farmington Hills, Michigan
Trailer: 2021 Escape 19
Posts: 597
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.
__________________

JeffreyG is offline   Reply With Quote
Old 04-22-2022, 12:54 PM   #3
Senior Member
 
Join Date: Mar 2021
Location: Falls Church, Virginia
Trailer: 2005 Escape 17b
Posts: 124
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.
harvest is offline   Reply With Quote
Old 04-22-2022, 12:54 PM   #4
Senior Member
 
gbaglo's Avatar
 
Join Date: Oct 2008
Location: North Vancouver, British Columbia
Trailer: 2009 Escape 17B 2020 Toyota Highlander XLE
Posts: 17,130
Quote:
Originally Posted by harvest View Post
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?
__________________
What happens to the hole when the cheese is gone?
- Bertolt Brecht
gbaglo is offline   Reply With Quote
Old 04-22-2022, 01:49 PM   #5
Senior Member
 
rubicon327's Avatar
 
Join Date: Mar 2016
Location: Burlington Twp., New Jersey
Trailer: 2010 Escape 19
Posts: 6,179
Quote:
Originally Posted by harvest View Post
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.

Quote:
Originally Posted by harvest View Post
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.)
__________________
Mods to Rubicon: https://www.escapeforum.org/forums/f...tml#post249508
“One way to get the most out of life is to look upon it as an adventure.”― W.F.
rubicon327 is offline   Reply With Quote
Old 04-22-2022, 01:56 PM   #6
Senior Member
 
escape artist's Avatar
 
Join Date: Oct 2008
Location: St. Thomas not BVI., Ontario
Trailer: 2014 Escape 5.0TA / 2016 Ram Eco Diesel 4X4
Posts: 7,685
Quote:
Originally Posted by gbaglo View Post
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
escape artist N.S. of Lake Erie
__________________
Quote Bugs Bunny..."Don't take life too seriously, none of us get out of it ALIVE"!!!
'16 Ram Eco D. 4X4 Laramie Longhorn CC & '14 Escape 5.0TA
St.Thomas (Not the Virgin Islands) Ontario
escape artist is offline   Reply With Quote
Old 04-22-2022, 02:58 PM   #7
Senior Member
 
Join Date: Feb 2018
Location: Wake Forest, North Carolina
Trailer: 2020 5.0TA
Posts: 154
Quote:
Originally Posted by JeffreyG View Post
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.
__________________
2020 Escape 5.0 TA
2014 Escape 19 - Sold
2004 Casita 17 - Flooded by Hurricane Florence
2019 Tundra Crew Max TV
ritacasita is offline   Reply With Quote
Old 04-22-2022, 03:44 PM   #8
Senior Member
 
Join Date: Jul 2016
Location: East Dover, Vermont
Trailer: 2014 Escape 5.0 TA!
Posts: 568
Quote:
Originally Posted by ritacasita View Post
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.
Ian and Sue is offline   Reply With Quote
Old 04-22-2022, 04:27 PM   #9
Senior Member
 
Join Date: Oct 2021
Location: Canada's East Coast, New Brunswick
Trailer: 2022 E19
Posts: 259
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.
Fender is offline   Reply With Quote
Old 04-22-2022, 09:09 PM   #10
Senior Member
 
Join Date: Jan 2021
Location: Hazelwood, Missouri
Trailer: 2021 5.0
Posts: 368
Quote:
Originally Posted by gbaglo View Post
How much trouble do you want to get into by being an accomplice to defrauding the government?
Ha-game on here…
Ooshkaboo is offline   Reply With Quote
Old 04-22-2022, 10:17 PM   #11
Senior Member
 
Ron in BC's Avatar
 
Join Date: Jan 2014
Location: North Van., British Columbia
Trailer: 2014 Escape 19, sold; 2019 Escape 21, Sept. 2019
Posts: 7,082
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.

Ron
Ron in BC is offline   Reply With Quote
Old 04-22-2022, 10:24 PM   #12
Senior Member
 
Centex's Avatar
 
Join Date: Feb 2020
Location: East of Austin, Texas
Trailer: 2021 Escape 5.0 / 2022 F150 SuperCab
Posts: 2,026
Quote:
Originally Posted by ritacasita View Post
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').
__________________
Alan E.
2021 Escape 5.0 / 2022 F150 Supercab 6.5' box / Centex's 2021 5.0 Modifications
Centex is offline   Reply With Quote
Old 04-23-2022, 10:31 AM   #13
Senior Member
 
Join Date: Mar 2021
Location: Falls Church, Virginia
Trailer: 2005 Escape 17b
Posts: 124
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!
harvest is offline   Reply With Quote
Old 04-23-2022, 12:40 PM   #14
Site Team
 
John in Santa Cruz's Avatar
 
Join Date: Dec 2017
Location: Mid Left Coast, California
Trailer: 2014 Escape 21
Posts: 4,092
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.
John in Santa Cruz is offline   Reply With Quote
Old 04-23-2022, 12:47 PM   #15
Senior Member
 
Join Date: Mar 2021
Location: Falls Church, Virginia
Trailer: 2005 Escape 17b
Posts: 124
Quote:
Originally Posted by John in Santa Cruz View Post
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.
harvest is offline   Reply With Quote
Old 04-23-2022, 12:52 PM   #16
Site Team
 
John in Santa Cruz's Avatar
 
Join Date: Dec 2017
Location: Mid Left Coast, California
Trailer: 2014 Escape 21
Posts: 4,092
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.
John in Santa Cruz is offline   Reply With Quote
Old 04-23-2022, 12:54 PM   #17
Senior Member
 
Join Date: Mar 2021
Location: Falls Church, Virginia
Trailer: 2005 Escape 17b
Posts: 124
That would be ideal. But no banks open on the weekend.
harvest is offline   Reply With Quote
Old 04-23-2022, 12:55 PM   #18
Senior Member
 
Mike G's Avatar
 
Join Date: Mar 2018
Location: Tulsa, Oklahoma
Trailer: 17B ordered, 2013 Li'l Hauley
Posts: 1,039
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.
__________________
Losing weight puts one at much greater risk of becoming thin.
Mike G is offline   Reply With Quote
Old 04-23-2022, 12:57 PM   #19
Senior Member
 
Join Date: Mar 2021
Location: Falls Church, Virginia
Trailer: 2005 Escape 17b
Posts: 124
No reason. I haven’t done this before so I am unclear on what I have to do.
harvest is offline   Reply With Quote
Old 04-23-2022, 01:09 PM   #20
Senior Member
 
JeffreyG's Avatar
 
Join Date: Oct 2020
Location: Farmington Hills, Michigan
Trailer: 2021 Escape 19
Posts: 597
Quote:
Originally Posted by harvest View Post
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.
__________________

JeffreyG is offline   Reply With Quote
Reply

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off




» Featured Campgrounds

Reviews provided by

Disclaimer:

This website is not affiliated with or endorsed by Escape Trailer Industries or any of its affiliates. This is an independent, unofficial site.


All times are GMT -5. The time now is 03:36 PM.


Powered by vBulletin® Version 3.8.8 Beta 4
Copyright ©2000 - 2022, vBulletin Solutions, Inc.
Copyright 2012 Social Knowledge, LLC All Rights Reserved.
×