Best way to get paid by an out-of-state buyer

[Rich_by_the_Bay]

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?

 

[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.

 

[OAG]

Cash?

 

[Lakedog]

+1 for certified check -- either that or cash when I sell a high dollar item (auto or boat).

 

[tryan]

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.

 

[REWahoo]

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?

 

[Rich_by_the_Bay]

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.

 

[REWahoo]

How to I check out the security features of the check?

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).

 

[REWahoo]

I'll probably wait til after the summer hurricane season to buy the replacement. But I did spend an hour at LazyDays this morning.

You won't make it past May...

 

[nwsteve]

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

 

[bubba]

I also took the added caution of getting info from buyer's driver license.NWsteve

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)

 

[Rich_by_the_Bay]

You won't make it past May...

In case you hadn't noticed, I can be very patient.

 

[REWahoo]

In case you hadn't noticed, I can be very patient.

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...

 

[73ss454]

Hey, leave Rich alone, he's busy at work and doesn't always have the time to post his new purchases.

 

[DblDoc]

If I work just one more year I can get a bigger RV...

DD

 

[MichaelB]

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.

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.

 

[kumquat]

To get back to the original topic, why not a wire transfer?

 

[Rich_by_the_Bay]

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...

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.

 

[REWahoo]

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.

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.

 

[CRABBY JERRY]

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

 

[Nords]

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.

Dumb question-- is there a difference between a "cashier's check" and a "certified bank check"?

I know contractors who routinely deal in $10K-$20K cash, presumably on projects for which they have a contractor's license. They say that the occasional counterfeit $100 bill is more than made up for by not having to use cashier's checks, escrow services, and so on. And they use the special pen on the bills.

In case you hadn't noticed, I can be very patient.

Well, you may have a lot of patients, but that's not quite the same thing!

 

[cardude]

The cashier's check should be fine, but as already recommended be sure to call the issuing bank directly before handing over the title to verify it is real. There are fake cashier's check scams out there but I've never gotten burned.

Make sure the bank/credit union on the check is real and not just a phone room. Google the bank and check it out.

Do the transaction in a public place so you don't get robbed or shot!

 

[JPatrick]

I'd go for the cash. Not that big of a stash, and before you bank it you can have fun just throwing it up in the air yelling "we're rich, we're rich!!"
As a side note, it is common to see people at classic car shows dragging around briefcases of cash for on the spot purchases.
When I had my Vette up for sale, I told everyone that called to show up with cash..They all took it in stride..However, in the end, it was me who backed out of the deal

 

[ls99]

is there a difference between a "cashier's check" and a "certified bank check"?

Cashier's check = bank check
Certified means a bank officer attests that the funds are set aside for that check.

In the case of a certified bank check it is belts and suspenders. If you take a cashier's (bank) check you take on faith that the bank will pay up. With it certified, a bank officer attests (certifies) that funds are set aside to pay that particular check.

In any case, cashier's or bank checks are covered by UCC (uniform commercial code). Neither certified personal nor bank checks can be revoked once in the hands of named payee, unless some extraordinary circumstances arise. Even then it is a difficult proposition to prevent payment once the named individual presents the check (demands) for payment. They become commercial paper.

 

[Trek]

Checks are kind of ancient anymore, aren't they? Why can't the buyer simply wire the money directly from his bank into your bank account? That's the easiest and safest thing for everyone involved.

Outside of that, I'd only accept cash. When I sold my car before moving to Europe, I demanded cash. $14K was no trouble for the buyer to bring along. I got one of those counterfeit markers and checked the bills as well before they left with the car.