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FIREMAN

FIREMAN

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So for all of you guys that have sold cars/trucks or trailers what is the safest way to accept payment without getting ripped off.  I know cash is preferred. Then Cashiers check or?? Do you do it at the Bank? I have always bought new and kept it until it died or traded it in.  So I am new to the selling private party and don’t want to get screwed. Thanks for the help.  

 
I don't trust anything other than cash nowadays, and I even have a counterfeit money pen. If they can get a cashier's check, they can get cash. Meet at your bank so you can deposit the money ASAP so they don't come back and get you. 

I know it sounds a little paranoid but people are getting seriously desperate these days.

 
depends on amount for me.. cash always wins, if they dont want to carry cash then a wire transfer, but if its not a huge amount ill take zelle.

 
when I bought my buggy we went to my credit union (which she was also a member of) & simply did a transfer from me to her. 

I would guess you could do the same thing with any financial institution though. 

 
Kevin said:
depends on amount for me.. cash always wins, if they dont want to carry cash then a wire transfer, but if its not a huge amount ill take zelle.
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Be careful with Zelle, that is a scammers dream

 
As stated above a couple of times.

#1 cash, but I get not wanting to carry 5-10-30k in cash (what if you get setup for robbery)

#2 in person cashiers check at either bank. You know the money is withdrawn and good. Only time I won't do in person is if you feel you can trust them, like maybe users directly from this site with plenty of post history (not a first time poster, looking to buy). I feel this protects both the buyer and seller the most. The buyer has to be able to withdraw that $ at that exact moment, then the seller can deposit knowing it was a legit check. Also ALWAYS get the check with BOTH your name and buyer/seller with the "OR" statement. Just incase the deal goes south again as a buyer you can deposit that $ right back into your account. If you write the check only in their name or have "AND" then you can both get screwed. Their name only, what are you to do but recall the check and that takes time and $. With "AND" then you both have to be at the bank to deposit it in your account.

#3 wire transfer. I don't like this as much, one wrong # (account or routing) and you both lose the buy and seller. Plus it's not instant, my transaction took 3-days. I bought a MoHo this way and I was paranoid the entire time waiting for the seller to confirm receipt.

There is also the IRS issue of depositing over $9999 at one time and getting a potential flag for "income" during a audit. That's for another thread....

 
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I use PayPal as little as possible cause Eff them. Zelle is a feature of my bank so I feel better protected vs using the app. Zelle sends me a text when a payment is made and it's deposited directly into my account. Venmo has been trouble free so far and also texts when a payment is made. But I have to manually transfer the funds to my bank. No fees on Zelle or Venmo so far, but that'll change eventually.

I use Quickbooks Online for my business and they have a credit card feature I use pretty often for payments. But they have a 3.5% fee. 

Wire transfers are much easier than people think. If I take a large cash payment from a non-client I'll meet at my bank and have them run the $ through their machine. Many years ago I deposited $8k and the bank confiscated $300 in fake $20 bills. 

 
Thank you all for the great info.  Keep it coming.  

 
wire transfer of funds, they can't get it back without you approving it.

I was skeptical when I sold my trailer, it was 5500.00 and out of state buyer who "happened to be in town" and wanted to do a check. I said no way, then he said wire,

so I called my bank/credit union to verify how this worked. They told me once wired and verified they can't get it back unless I approved it to go back. So I did this and had the money in an hour, went to the credit union and took it all out lol.

 
Cash or cashiers check. 
 

just deposit it less than 10k at a time. 
 

Counting out large sums really sucks though. I had a buyer come up short $1000 and we had to count numerous times. 

 
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Wire transfers work good. Cash is king. Cashiers Checks? They should be legit too! It's hard to Trust people but.....there are some straight up people left in the world. Peace

 
Bldrinker said:
Counting out large sums really sucks though. I had a buyer come up short $1000 and we had to count numerous times. 
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Ya, it does.  I had to count $11k when we sold my father in laws Nova.  Had to count it out on my truck seat.  Nerve racking.

The few, bigger transactions I've done, I try to have a buddy with me.

 
I just went to a customers house in Austin. Referred by a friend. He's buying the best doors available. So I needed to get "MY" tape measure on the doors to make sure their right. It's a $42k job. He asked if he could pay cash. I told him I need 1/2 down. Make sure he's Legit. Watched him count out the 21k on the hood of my wifes car. Then handed her the cash and asked her to verify the count. He must be pretty trust worthy handing a total stranger $21k cash. Then again, he was referred by a very good friend. He knows I'm going to Rock his shop! Can't wait to get these bad boys hung in the air. Going to be Sweet! But yes.......strange feeling. Peace

 
Bldrinker said:
Cash or cashiers check. 
 

just deposit it less than 10k at a time. 
 

Counting out large sums really sucks though. I had a buyer come up short $1000 and we had to count numerous times. 
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Depositing multiple times under $10k that adds up to, or over $10k, will generate the same federal documentation as a $10k deposit. I deal in a cash heavy business, ask me how I know.

 
L.R.S. said:
Depositing multiple times under $10k that adds up to, or over $10k, will generate the same federal documentation as a $10k deposit. I deal in a cash heavy business, ask me how I know.
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Yeah I had 4 deposits spread over a month. I Might fly under the radar a bit better than you lol. 

 
One good idea with a cashier's check is to verify the funds. This only works if the issuing bank is open but I set up my sales that require a cashier's check so the buyer knows what will be required. I then call the issuing bank and verify the check is live. I find the public phone number listed on the banks website. I don't trust the phone number on the check itself. My credit union told me that once a check is issued, it can't be cancelled unless the check is handed back in. 

 
L.R.S. said:
Depositing multiple times under $10k that adds up to, or over $10k, will generate the same federal documentation as a $10k deposit. I deal in a cash heavy business, ask me how I know.
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So what is the deal with anything over 10 Grand? 

 
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