Form of payment for private sale - and anything else!

[Tosh]

When I bought my 21NE, the original owner still had a lien on it with his credit union. We all met there to transact - he brought his trailer, and I brought my cashier's check. We exchanged papers, signed forms, and hitched it up to my truck for the drive home.


The only glitch was that his CU had misplaced the title, so I had to request a replacement title (which took a bit of time to acquire - another story for another time).



If I had wanted to use a personal check (from my credit union to his), I would have had to wait for it to clear before I could take the truck home. The Cashier's Check (AKA Teller Check) fee was $2 - a wire fee would have been closer to $30, and it wouldn't have been any faster.

 

[tractors1]

We are selling our trailer to out of state folks. I have requested that funds be wired to our account, but the buyer is hesitant to send the funds before they get the trailer and would prefer a check. I have been in banking my entire career so I have seen how transactions via checks can go. I understand thier hesitancy in sending money without getting the trailer on the same day. They don't want to trust us and I am nervous as well by letting the trailer go without getting paid as well. Our bank has provided wire instructions and I have sent to the buyer. What has been others experience in selling thier trailer?

Also did wire transfer at sellers bank Once deposited I left with a bill of sale and title. Very simple.

 

[diannelgraham]

My buyer brought also 30k in cash. We went to my bank so they could run it thru the counter which is also a counterfeit detector.

 

[occer]

The OP stated wanting to do on the weekend.
This is enough money that I would take the time and effort to do it during regular business hours.
If the buyer insists on doing it over the weekend, that’s a red flag and I’ll wait for a different buyer.

 

[MyronL]

When a few moons ago I sold my previous two old trailers (think it was $6000 and $6000) to ebay auction winners (great fun) my rule was cash on delivery or no deal. Them Benjamin's sure felt good in my hand. Guessing that day has passed.

 

[Chasing Trials]

When we bought our used Escape out-of-state we had our bank cut a 'bank (or cashier's) check' for the total amount (less a deposit we had paid). There are stories about bank checks being forged or faked, so we went to the seller's bank, and had a bank official call our bank and verify that the check was valid.

It was a little time-consuming, but it worked.

I did a cashiers check. The owner called my bank. (local small bank), & I had told the bank to expect a call. I had some lieing done by the seller, twice(age of tires were 9 yrs, not "OH a couple of years"). Dates on the inside, & it was mid Feb in WIS, for climbing around. So sorry, don't trust anyone, he was on this forum. Just my 2 cents worth.

 

[Grasshog]

I would let the buyer be the one to say what he paid for it.
If he wants to say that he paid 10k or something like that then that’s on him,,
Pretty sure the “Government “ has bigger fish to fry.

 

[Ron in BC]

I would let the buyer be the one to say what he paid for it.
If he wants to say that he paid 10k or something like that then that’s on him,,
Pretty sure the “Government “ has bigger fish to fry.

I'm no lawyer but I'd be loath to put myself in that situation if my signature was on the forum.

Up until recently most folks buying used cars for, say, $7,000 might say to a private vendor, how about we put down $4,500 etc. Most sellers would say fine. But they knew what they were signing.

Of course the government finally figured that out a couple of years ago and now if the "selling price" seems low they put on their current value.

Ron

 

[MrLynn]

I'm no lawyer but I'd be loath to put myself in that situation if my signature was on the forum.

Up until recently most folks buying used cars for, say, $7,000 might say to a private vendor, how about we put down $4,500 etc. Most sellers would say fine. But they knew what they were signing.

Of course the government finally figured that out a couple of years ago and now if the "selling price" seems low they put on their current value.

Ron

Here in MA they go to the Blue Book.

 

[Donna D.]

Here in MA they go to the Blue Book.

THAT could be an advantage for a buyer.
The Blue Book means nada when it comes to all molded towables. They get the pricing amounts from sales, which typically mean sales lots. There really aren't any for all molded towables, they're personal sales. Someone should send NADA the information to https://www.fiberglass-rv-4sale.com/ and
https://www.fiberglassclassifieds.com/


and of course the For Sale forum here at the EscapeForum.

 

[MrLynn]

THAT could be an advantage for a buyer.
The Blue Book means nada when it comes to all molded towables. They get the pricing amounts from sales, which typically mean sales lots. There really aren't any for all molded towables, they're personal sales. Someone should send NADA the information to https://www.fiberglass-rv-4sale.com/ and
https://www.fiberglassclassifieds.com/


and of course the For Sale forum here at the EscapeForum.

Yeah, right. They use the BB for cars, but for weird stuff like Escapes they really have no reference. My guess is that they'll rely on the Bill of Sale, which I've had in both of my purchases. If it looked suspicious (i.e. a recent model trailer for $100 or something), maybe they'd get an appraisal.

The RMV determines not only the Sales Tax (6.25% in this cockamamie state) but the annual Excise Tax, laid upon us by the cities and towns. We don't call it Taxachusetts for nothin'.

 

[Telescopist]

Thanks for the information. Me and the buyer are meeting halfway between thier residence and ours and they bank with an institution that does not have a presence in my state. I know lack of trust by either party can be cumbersome.

I would argue that trusting is an abstract emotional feeling which is not necessarily connected to what occurs on the ground. Ronald Reagan, who would in this current political milieu be viewed as member of the left wing of the republican party, during the negotiations over the Intermediate-Range Nuclear Forces Treaty famously adopted an old Russian proverb, "Trust but verify"

I suggest you do the same. You, the seller should be in control of the process.

 

[Ooshkaboo]

I would argue that trusting is an abstract emotional feeling which is not necessarily connected to what occurs on the ground. Ronald Reagan, who would in this current political milieu be viewed as member of the left wing of the republican party, during the negotiations over the Intermediate-Range Nuclear Forces Treaty famously adopted an old Russian proverb, "Trust but verify"

I suggest you do the same. You, the seller should be in control of the process.

Wow…..

 

[brightday]

Thanks to Centex et al!

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').

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.

Thanks to all who contributed to this discussion, especially Centex, whose detailed information regarding a Texas sale relieves me of untold stress. Due to a COVID in the spring of 2020, then cataract surgery and a stroke later in that year, I've been unable to deal with everything a sale entails until this summer. The only thing keeping me from moving forward (besides finally locating the title just yesterday ) were issues surrounding the safe transfer of funds. Though sad to give up my little trailer and the dream of traveling in it up the Eastern seaboard to Montreal and back, I now feel a lot less nervous about placing Sojourner up for sale - next week, if all goes well. My, how I'll miss the gracious folks here on the forum! Enjoy your travels!

 

[stpax]

I bought a 2016 for 28. I live four state away. The owner requested cash only. Said all others can be forged. I was lucky. Others had backed out because they wouldn’t travel with cash. Got there. Went through sale. Went to bank. They counted the money. We got a notary to sign the title. Believe me. Someone will come with money and no worries if a bank checks the bills. By the way it was 20 over and she asked whose it was. Lunch back on the way home. Good luck

 

[brightday]

In a private sale, what percentage of the asking price should one seek for the deposit (if any), and what other terms are reasonable?

I think this is my last question before posting. ;D Thanks!

 

[MrLynn]

In a private sale, what percentage of the asking price should one seek for the deposit (if any), and what other terms are reasonable?

I think this is my last question before posting. ;D Thanks!

I don't think there's any rule. It's a measure of how much you trust the buyer. With today's prices thousand dollars can be a token, a sign of earnestness. If I was dealing with a complete stranger, whom I was suspicious of, I'd want at least half.

"Refundable" or not? Same answer.

 

[occer]

That really depends on;

#1. Is the deposit over the phone till they can come in person to inspect and decide ?
Or
#2. They already have seen and the deposit is to hold till they get the rest of the money ?

If # 1. A gratuity couple hundred bucks. To hold for a day or two.
If #2. 10%. Put a reasonable time frame on when they come up with the money

Being the market is softer I don’t think I would take a deposit , whomever come up with the money first. Gets the trailer.

 

[escaper2025]

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!

Cash only. Anyone else can take a walk.

Only do a bill of sale for the actual price paid. Don't get involved in fraudulent documentation.

As for the title, it varies by location. In my state, you have to sign the title over in front of a notary public. Research what your state requires.

 

[John in Santa Cruz]

cash only for a sale that could easily be $30,000 or even $50,000 ? yah, I don't think so. when we bought our used Escape, we went with the seller to a nearby branch of our major bank, and had them write a counter check off our account right in front of her. did much the same thing buying several nice used cars.