favorite method of payment from a stranger??

[Ed_Geary]

Just curious....when you sell a boat or a car to an absolute stranger (for large sums), what is your preferred method of payment?

Certified cashiers check, cash, etc

[sivs1]

I met the buyer at the bank. It was convenient for both parties as their new loan was going through the same CU as I used.

[sandm]

just sold a boat for 46k. bank wire from his to mine. did not ship until wire had cleared and my bank ok'ed the funds.
sold several cars same way and shipped. this is my preferred method for selling to out of state and not in person. in person, meet at your bank for funds straight from your bank.

cash, to me, is too cumbersome once you get over the 5 to 7k range and cashiers checks can be forged anymore. this is assuming a local payment.


I did have several people that offered to send funds for over the selling price, have me pay the transport and for my trouble, would include a few thousand extra... this sounded very appealing but boat had already been sold.. :) :)

[trayson]

I did have several people that offered to send funds for over the selling price, have me pay the transport and for my trouble, would include a few thousand extra... this sounded very appealing but boat had already been sold.. :) :)

Were they a Namibian Price and also offered to give you a huge inheritance?

The sad thing is that people fall for those scams all the time.

[KG's Supra24]

just sold a boat for 46k. bank wire from his to mine. did not ship until wire had cleared and my bank ok'ed the funds.
sold several cars same way and shipped. this is my preferred method for selling to out of state and not in person. in person, meet at your bank for funds straight from your bank.

cash, to me, is too cumbersome once you get over the 5 to 7k range and cashiers checks can be forged anymore. this is assuming a local payment.


x2. I'd be comfortable with a little more cash but I'd take one of the pens and mark a few random bills. Until my bank ok's the funds, I'm not realizing the item. And as mentioned, that's not necessarily the case with cashiers checks.

[sandm]

I'd take one of the pens and mark a few random bills.

like this??

https://s-media-cache-ak0.pinimg.com/736x/d5/8f/d7/d58fd719e4b31b26daeea06e3c31cbf9--batman-meme-batman-art.jpg

[deerfield]

Just curious....when you sell a boat or a car to an absolute stranger (for large sums), what is your preferred method of payment?

Certified cashiers check, cash, etc

Ed - I met the New York buyer at a Virginia interstate highway exit, accepted a cashier's check, signed over the title, and said goodbye to the Outback. The buyer several weeks prior had been in Virginia to check out the boat. Satisfied, we agreed on price and that a cashier's check would be the form of payment. Worked well for both of us. Good luck. - Stuart

[Ed_Geary]

Stuart! Thx. Sent you a PM

[kaneboats]

Cashier's checks are as easy to forge as personal checks. If I'm selling I want the money $$$$$$$$$$$$$$$$$$$$$$$. I'll meet at their bank and have them count it out to me. Go ahead and try to take it from me. Make my day. :)

[sandm]

kane is right. I would not take a cashiers check for anything.

[execoll]

Cashier's checks can and are forged very easily. However a call to the bank to verify the check is legitimate is also very easy. So with a couple of precautions checks can be taken without much issue.

That being said in this day and age of electronics why not just wire transfer it? I don't want cash, its to hard to manage and easy to lose. I certainly don't want to be at the interstate rest stop counting out 45k in 20's while a) the highway patrol is watching wondering what the hell is going on or b) crack head in the car next to us is wondering how far we can go before we will need to stop for gas so he can whack me in the head.

Another option is if they are financing the boat (most likely) then their loan officer will gladly send you the check directly from the loan proceeds in exchange for you sending the paperwork he needs for the transaction. ( I do this everyday, especially with boats because of the lack of titles) the seller usually has to wait an extra day or two but the guaranteed funds is usually worth it.

Just some ideas.

[trayson]

Cashier's checks are as easy to forge as personal checks. If I'm selling I want the money $$$$$$$$$$$$$$$$$$$$$$$. I'll meet at their bank and have them count it out to me. Go ahead and try to take it from me. Make my day. :)


kane is right. I would not take a cashiers check for anything.


Cashier's checks can and are forged very easily. However a call to the bank to verify the check is legitimate is also very easy. So with a couple of precautions checks can be taken without much issue.

That being said in this day and age of electronics why not just wire transfer it? I don't want cash, its to hard to manage and easy to lose. I certainly don't want to be at the interstate rest stop counting out 45k in 20's while a) the highway patrol is watching wondering what the hell is going on or b) crack head in the car next to us is wondering how far we can go before we will need to stop for gas so he can whack me in the head.

Another option is if they are financing the boat (most likely) then their loan officer will gladly send you the check directly from the loan proceeds in exchange for you sending the paperwork he needs for the transaction. ( I do this everyday, especially with boats because of the lack of titles) the seller usually has to wait an extra day or two but the guaranteed funds is usually worth it.

Just some ideas.

Agreed. I see too much risk with taking a cashiers check. It's a pretty common scam these days.

Meeting at the bank, wiring money to the bank, etc. are def the ways to go. Using the bank as the middle man is a solid plan.


Also, keep in mind that if you're depositing more than $10k in cash at your bank you have to fill out extra paperwork so the IRS has a record of that. I had that happen before.

[KG's Supra24]

Regions told me (in most scenarios) they would not have verification of a cashiers check until next day.

Perhaps a local bank or credit union would be easier to work with but that was my experience.

[New Guy]

From the buyers end they want to make sure that the UCC filing is free and clear. A UCC filing is often used on items that do not have titles such as a boat. When I bought out first one the seller had to write out a $6K check to clear it. Without them doing that they could have defaulted and the original bank would have rights to the boat and I would have been SOL.

[trayson]

From the buyers end they want to make sure that the UCC filing is free and clear. A UCC filing is often used on items that do not have titles such as a boat. When I bought out first one the seller had to write out a $6K check to clear it. Without them doing that they could have defaulted and the original bank would have rights to the boat and I would have been SOL.

Haven't heard of that one. But my boat and trailer both have titles...

[New Guy]

It's pretty common in the ag world where there are not titles.

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