by "mkbruin, Atlas VP" (mkbruin)
Published 12/04/2017 at 10:20
by "mkbruin, Atlas VP" (mkbruin)
Published 12/04/2017 at 10:20
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STARS: 0
Found a buyer for the Tundra, potentially, so that’s another vehicle in the history books... but ran into an oddity. The buyer is from small town middle America and banks with a local FCU. Buyer offered to pay using a certified check.
Needless to say I said cash or cashier’s check only, and if cashier’s check than I will be calling the issuing banking institution to validate. I understand the buyers trepidation about showing up to meet a stranger with $8,000 cash (danger of being robbed) for a vehicle you haven’t seen or driven (money out of your account if you don’t buy) but nobody in their right mind would sign over title after accepting an $8k personal check from a hole in the wall bank that cannot be easily validated.
"AMGtech - now with more recalls!" (amgtech)
12/04/2017 at 10:31, STARS: 0
I wonder if you could use an app such as venmo for this...
"Chariotoflove" (chariotoflove)
12/04/2017 at 10:38, STARS: 0
Not that this addresses your problem, but does anyone ever try wire transfer for these types of sales?
"FTTOHG Has Moved to https://opposite-lock.com" (alphaass)
12/04/2017 at 10:40, STARS: 0
What does a wire transfer cost? Like $50? I would just discount the price of the truck by that so he pays $8,000 even with the fee to get the transaction done with at this point.
"Orange Exige" (OrangeExige)
12/04/2017 at 10:50, STARS: 1
I wonder similar things... I’m particular, I had an issue for a small-ticket (think $20) item I sold in Facebook marketplace where the buyer didn’t show up with enough money... (another example is being susceptible to on-the-spot healing - good for buyers, bad for sellers) Long story short, could I just request the payment in advance, like a day before meeting, through Facebook Messenger (or Venmo, etc... Messenger just happens to have native transaction functionality and is where the rest of negotiations take place) to prevent any of money issues that arise mid-sale? Sure buyers may be hesitant, but I’m sure all these same people have purchased items on eBay before sight unseen, so that counter argument is largely invalid.
So two things: 1. Depends on how such payment systems handle buyer/seller protection... If the buyer pays, submits a claim and then they automatically get their money back (which I’ve heard is a major issue with PayPal donations to Twitch streamers), I don’t want to risk it as a seller.
2. Regardless of that answer above, I’d still be very hesitant to use such a system for a traditionally large sum cash-only deal like buying a car from a private seller. I can’t imagine that a several thousand dollar transaction is NOT reported to the IRS one way or another...
"TractorPillow" (tractorpillow)
12/04/2017 at 11:08, STARS: 0
I sold my last car via wire transfer.
"brianbrannon" (brianbrannon)
12/04/2017 at 11:24, STARS: 1
Don’t they have silver suitcases with blinky lights inside for this type of thing?
"Chariotoflove" (chariotoflove)
12/04/2017 at 11:47, STARS: 0
So, what was your procedure?
"Rico" (ricorich)
12/04/2017 at 11:51, STARS: 0
Because it’s property there will be some tax involved for sure. However if this was just money owed to you you should good if it’s under $10k.
"TractorPillow" (tractorpillow)
12/04/2017 at 11:53, STARS: 0
Guy was out of state, we agreed on price, I emailed a bill of sale, he wired the money, I verified with my bank that it was all kosher, I sent the signed title and mailed it.
The shipping part was a little weird because his shipper was playing games and taking too long to pick it up. At the same time my Evora was on its way to my house so I played broker and my shipper picked his car up right after my Evora came off the truck.
"DancesWithRotors - Driving Insightfully" (danceswithrotors)
12/04/2017 at 13:15, STARS: 0
The only acceptable solution is a Halliburton case full of money and/or drugs.
"AMGtech - now with more recalls!" (amgtech)
12/04/2017 at 15:37, STARS: 1
Personally I always do cash only. In a public place, preferably in front of a busy police station. But with the advent of all the payment apps electronic payment might win over at some point.
"Variance" (Variance)
12/04/2017 at 22:37, STARS: 0
Uh... a certified check isn’t a personal check. A bank issues a certified check after verifying that the funds are available, and set aside in an “internal” account at the bank. It’s essentially no riskier than a cashier’s check.