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Best way to get paid by an out-of-state buyer
03-28-2009, 02:54 PM
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#1
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Moderator Emeritus
Join Date: Feb 2006
Location: San Francisco
Posts: 8,827
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Best way to get paid by an out-of-state buyer
I may have a buyer for my RV (with eyes on a bigger one down the road). He will be driving in from Michigan to close the deal.
With all the warnings from Craigs List, Ebay etc. against taking money orders, cashier checks, etc. what is the best way to have him pay me for this? It's too expensive to expect cash (~$20k). And he will be driving off with it the same day, so I can't wait for a check to clear.
I do have a Paypal account but not sure that does the trick.
Any ideas to protect everyone's interests?
__________________
Rich
San Francisco Area
ESR'd March 2010. FIRE'd January 2011.
As if you didn't know..If the above message contains medical content, it's NOT intended as advice, and may not be accurate, applicable or sufficient. Don't rely on it for any purpose. Consult your own doctor for all medical advice.
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03-28-2009, 03:04 PM
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#2
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2008
Posts: 6,506
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I'd go for a certified bank check, then call the originating bank to verify authenticity. (check#, routing number, amount, signature) Verify bank's tel# via 411 or other independent means, like internet to bank's website.
Edit add: Do it before handing over title.
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03-28-2009, 03:10 PM
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#3
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Thinks s/he gets paid by the post
Join Date: Jun 2006
Location: Central, Ohio, USA
Posts: 2,635
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Cash?
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Vietnam Veteran, CW4 USA, Retired 1979
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03-28-2009, 03:11 PM
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#4
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Full time employment: Posting here.
Join Date: May 2007
Posts: 984
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+1 for certified check -- either that or cash when I sell a high dollar item (auto or boat).
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03-28-2009, 03:17 PM
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#5
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Thinks s/he gets paid by the post
Join Date: Mar 2005
Posts: 2,603
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Paypal takes 4% ... that's a big number in 20k.
Cash is king (20k is not THAT big a pile of 100's).
If he wants to steal it he'll have a good looking "bank" check. Need to call the bank to verify funds. And don't use a phone number he provides.
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FIRE'd since 2005
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03-28-2009, 03:22 PM
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#6
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2002
Location: Texas: No Country for Old Men
Posts: 50,021
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Rich, I went through something similar a couple of years ago when I sold a boat to an out-of-town buyer. What ls99 advised above was the best I could come up with as well.
One additional level of security is to note very carefully the security features (anti-tampering/anti-fraud) on the check itself. The document should tell you what to look for - microprint signature line, watermarks, special inks, etc.
Buying that 45', 600HP diesel pusher, eh?
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Numbers is hard
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03-28-2009, 03:31 PM
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#7
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Moderator Emeritus
Join Date: Feb 2006
Location: San Francisco
Posts: 8,827
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So the buyer called and told me that I'll get a certified check from their credit union. I'll have my DW sneak off while we are doing the inspection to authenticate the check with the credit union and assure the phone number is publicly accurate.
How to I check out the security features of the check?
I guess transactions like this are always dicey, but so far it all sounds legit.
I'll probably wait til after the summer hurricane season to buy the replacement. But I did spend an hour at LazyDays this morning.
__________________
Rich
San Francisco Area
ESR'd March 2010. FIRE'd January 2011.
As if you didn't know..If the above message contains medical content, it's NOT intended as advice, and may not be accurate, applicable or sufficient. Don't rely on it for any purpose. Consult your own doctor for all medical advice.
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03-28-2009, 03:46 PM
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#8
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2002
Location: Texas: No Country for Old Men
Posts: 50,021
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Quote:
Originally Posted by Rich_in_Tampa
How to I check out the security features of the check?
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The check should have instructions printed on it (front and/or back) telling you what security features to look for. The most common are watermarks, security thread, color-shifting ink, and microprint signature lines (the ____________ line for the signature is actually a tiny printed message, visible with a magnifying glass - very, very difficult to reproduce on a copy machine).
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Numbers is hard
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03-28-2009, 03:47 PM
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#9
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2002
Location: Texas: No Country for Old Men
Posts: 50,021
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Quote:
Originally Posted by Rich_in_Tampa
I'll probably wait til after the summer hurricane season to buy the replacement. But I did spend an hour at LazyDays this morning.
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You won't make it past May...
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Numbers is hard
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03-28-2009, 04:18 PM
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#10
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Thinks s/he gets paid by the post
Join Date: Jun 2004
Location: W Wash
Posts: 1,644
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Ditto on remarks from REWahoo & IS99--also suggest you be sure your transaction is happening when the issueing bank is sure to be open. I recently sold both my old
Class A and PU and found it was easier when you call the bank branch that issued and specifically requested the manager to confirm the check number, date, etc.
I also took the added caution of getting info from buyer's driver license.
Just letting buyer know you will require the above will likely assure you of a clean transaction.
Don't forget to send notice of sale to your state licensing bureau--don't want to get notice of collection on the traffic ticket your buyer gets on the way home. :-)
NWsteve
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03-28-2009, 04:37 PM
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#11
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Recycles dryer sheets
Join Date: Dec 2006
Posts: 293
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Quote:
Originally Posted by nwsteve
I also took the added caution of getting info from buyer's driver license.NWsteve
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Excellent Idea-I didn't think of driver's license. I wondered if you could record his fingerprint off the check! (I'm beyond paranoid)
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03-28-2009, 05:02 PM
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#12
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Moderator Emeritus
Join Date: Feb 2006
Location: San Francisco
Posts: 8,827
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Quote:
Originally Posted by REWahoo
You won't make it past May...
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In case you hadn't noticed, I can be very patient.
__________________
Rich
San Francisco Area
ESR'd March 2010. FIRE'd January 2011.
As if you didn't know..If the above message contains medical content, it's NOT intended as advice, and may not be accurate, applicable or sufficient. Don't rely on it for any purpose. Consult your own doctor for all medical advice.
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03-28-2009, 05:21 PM
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#13
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2002
Location: Texas: No Country for Old Men
Posts: 50,021
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I'm surprised you didn't say "just one more year".
You'll buy within the next 60 days and "forget" to post mention of it until Oct...
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Numbers is hard
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03-28-2009, 05:50 PM
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#14
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Thinks s/he gets paid by the post
Join Date: Oct 2004
Location: LaLa Land
Posts: 4,698
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Hey, leave Rich alone, he's busy at work and doesn't always have the time to post his new purchases.
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03-28-2009, 06:58 PM
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#15
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Thinks s/he gets paid by the post
Join Date: Aug 2007
Posts: 1,224
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If I work just one more year I can get a bigger RV...
DD
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03-28-2009, 08:43 PM
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#16
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Administrator
Join Date: Jan 2008
Location: Chicagoland
Posts: 40,708
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Quote:
Originally Posted by ls99
I'd go for a certified bank check, then call the originating bank to verify authenticity. (check#, routing number, amount, signature) Verify bank's tel# via 411 or other independent means, like internet to bank's website.
Edit add: Do it before handing over title.
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In addition to this excellent advice, you might ask for check details in advance - check number and credit union info. A fax copy would be great. You can call ahead of time to verify, speak with a manager and take note of name and such.
If I were the buyer I would not object to this - although I would find it awkward if they tried to do it on the sly.
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03-28-2009, 08:44 PM
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#17
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Thinks s/he gets paid by the post
Join Date: Nov 2005
Location: North of Montana
Posts: 2,769
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To get back to the original topic, why not a wire transfer?
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03-28-2009, 08:53 PM
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#18
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Moderator Emeritus
Join Date: Feb 2006
Location: San Francisco
Posts: 8,827
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Quote:
Originally Posted by various misfits
I'm surprised you didn't say "just one more year".
You'll buy within the next 60 days and "forget" to post mention of it until Oct..
If I work just one more year I can get a bigger RV...
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What you dolts obviously don't realize is that in 2012 RVs will be getting 10 mpg. Waiting a mere 3 years will probably be the the right play.
__________________
Rich
San Francisco Area
ESR'd March 2010. FIRE'd January 2011.
As if you didn't know..If the above message contains medical content, it's NOT intended as advice, and may not be accurate, applicable or sufficient. Don't rely on it for any purpose. Consult your own doctor for all medical advice.
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03-28-2009, 09:08 PM
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#19
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2002
Location: Texas: No Country for Old Men
Posts: 50,021
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Quote:
Originally Posted by Rich_in_Tampa
What you dolts obviously don't realize is that in 2012 RVs will be getting 10 mpg. Waiting a mere 3 years will probably be the the right play.
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Wait 3 years? Based on your track record you'll have upgraded twice by then.
Hey, I'm not knocking it - you always buy new and heaven knows the RV manufacturers need the business.
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Numbers is hard
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03-28-2009, 09:41 PM
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#20
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Recycles dryer sheets
Join Date: Jan 2006
Posts: 77
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Safe funds
Rich, Why not call a large bank and ask the manager how to safely make this sale.I did a pretty complicated deal on e-bay with a check by a person in one state and delivered the item to another state. My bank suggested to take the check, but to wait on shipping the item for 7 to 10 days to make sure that the certified check was indeed good. They said that even those can be bad.Be careful as my friends brother, who I thought was pretty smart, got taken for some high end electronics from two different crooks. What kind and size RV are you looking at? Good luck with the sale, Jerry
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