Wildguzzi.com
General Category => General Discussion => Topic started by: Motormike on November 22, 2021, 02:26:20 PM
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I'm working on a deal to sell one of my bikes to an out-of-state purchaser. To date, every motorcycle I've ever sold, the purchaser has been close enough to show up with a trailer, cash-in-hand. This time they are far enough away to necessitate having the bike shipped. What's the collective wisdom here on how I should accept payment? Wire transfer only? Cashiers check and hold the bike for 10 days until it has cleared?
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I'm working on a deal to sell one of my bikes to an out-of-state purchaser. To date, every motorcycle I've ever sold, the purchaser has been close enough to show up with a trailer, cash-in-hand. This time they are far enough away to necessitate having the bike shipped. What's the collective wisdom here on how I should accept payment? Wire transfer only? Cashiers check and hold the bike for 10 days until it has cleared?
Wire transfer direct to your bank, or preferable, cash. I've bought and sold a number of bikes out of state, in state too for that matter, and always tried to pay with cash if possible.
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Over the years I also have sold motorcycles that had to be shipped .I've accepted cash of course or cashier's check .I've accepted cashier's check with the caveat that neither bike nor Papers leave my possession until funds cleared my bank .
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Don't cancel the theft insurance on the bike until everything is fully settled. If you don't have theft insurance, you might want to get it. Won't cost much for a month or two. Just make sure it covers the sale value.
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For those of you that mention "cash." How does that work if the buyer is 1500 miles away or more? Are they just stuffing it into a fedex envelope and taking their chances?
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I would assume you have spoken with the buyer on the telephone.
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Open a bank account different company to the one you have.
Have the money wired there.
When it clears, withdraw it in cash (if possible) and close the account. (Don't get mugged when you leave)
Put the cash under the mattress for six months or deposit it in your normal bank account.
Or have them wire the money and hope for the best based on any time on the phone.
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I would assume you have spoken with the buyer on the telephone.
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Open a bank account different company to the one you have.
Have the money wired there.
When it clears, withdraw it in cash (if possible) and close the account. (Don't get mugged when you leave)
Put the cash under the mattress for six months or deposit it in your normal bank account.
Or have them wire the money and hope for the best based on any time on the phone.
Hopefully I won't have to jump through quite so many hoops. Although I will admit, both the bank and the mattress pay the same amount of interest these days.
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I've sold two in the past year to out-of-state buyers.
I had them wire money to my account. I sent them the account and routing numbers.
It worked fine.
I have a separate account in a separate bank for my "mad money."
Once the funds are in, we ship the bike.
No hassle whatsoever - no chance of a duff check, everybody's happy. :smiley:
Cash is better if they're coming to pick it up.
-Stretch
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The buyers location really isn’t relevant IMO.
If cash is logistically difficult, your safest bet is to require payment by wire transfer. No need to open a separate bank account — he can’t do anything with your account and routing number aside from transferring funds to you.
Otherwise, either a personal check or a Cashiers check is fine as long as you don’t release the bike or the title until the funds have cleared and are available for withdrawal. I prefer a personal check.
In any event, you could also request an immediate non-refundable deposit ($500) via PayPal Friends and Family just to confirm he’s serious about completing the deal.
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Thanks for all the advice. Think I'll stick to asking for a wire transfer if the deal goes through.
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Thanks for all the advice. Think I'll stick to asking for a wire transfer if the deal goes through.
I prefer cash if the buyer is picking up. If not, a wire transfer is great.
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I sell a lot of parts for MC & cars and use paypal or venmo when cash isn't possible, and occasionally checks or money orders. For big purchases, I prefer a Postal Money Order (Easy to get) or Western Union. Certified checks can be hit or miss as I understand it, and would have to wait until it clears. Haven't been burned yet.
This was how I sold my MGX-21. Certified Check from the same bank I use, and when the buyer showed up, I called the bank to verify the funds and validity, and did an immediate deposit. Buyer wasn't happy and a little offended, but business is business.
When selling to known people, friends, forum members, etc, I take and write personal checks all the time. Have never had a problem. IMO, it is totally reasonable for the buyer to wait till $$ is confirmed. Unfortunately, the ways and means of the dishonest are more and more complex.
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Tried to buy a bike out of state this year. Was willing to use cash but the bike had a lien. Asked my Credit Union for the best plan. They said they would pay the lien with a ten day letter from the financer of the bike. I could pay the difference any way I liked. Seller didn't like that but did not offer to pay the lien himself. Red flag for sure. Ended up the bike had an undisclosed issue and then the deal was really over.
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Google "What is Zelle"
The first time I heard of it I thought for sure it was a scam... another app to send money? NO THANKS! But after reading up on it, this one is actually run by the banks. In order to get zelle I had to go into my Bank of America account and sign up for Zelle... it is NOT a separate app... and to use it you log into your bank and then send the funds. It's really just an easy way to wire money to someone.
As for waiting for the check to clear... that might not be good enough. There was a scam out there a few years back whereby the buyer would pay for something using a bank check from across the country, usually a smaller bank. Sometimes they even offer to pay over the listed price to really entice you. The check would actually clear at your bank because it appeared so real, you ship the vehicle, and then a week or two later your bank contacts you and says, "Sorry, the check didn't clear as expected. We have removed the funds from your account."
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When I sold my Cal vin, the buyer in new jiosey sent a check, I sent him a copy of the title signed over to him. When the check cleared he sent a truck and I shipped the title. Complicated, I know.
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Zelle? I've heard it mentioned somewhere. When I looked at the web site, it keeps referring to "friends, family...people you trust...." Well, hell, that rules out just about everybody! It seems to be designed for small transactions. This ain't no pizza I'm selling.
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Surprised on one mentioned an escrow account.
Most shippers can provide this.
If I was the buyer, I would be a bit worried about send off all the money and hoping the guy really ships out the motorcycle. As a seller, you want to know you have the money (or will 100% for sure get the money) when selling the bike.
An shipper's escrow accounts takes care of this for both. But adds around $100-$175 to the deal.
I've done this as a buyer. I put the $5000 agree on price into the escrow account ... the seller could see that ... shipper showed up at seller house, loaded up bike ... a while later (few weeks) the shipper shows up at my house, I check over the bike, as advertised, no damage, I sign some things, click on some things, and the seller gets the $5000. We split the escrow fees, I paid for the shipping costs. So everyone was very comfortable with the transaction.
Only thing, not sure what would have happened if the bike pics were great but what showed up was a rusty cracked up motorcycle ... obviously I would not accept it and not release the $5000 ... but not sure who would pay the return shipping. Assuming I would be out the shipping fees I had already paid (~$650 I think) and assuming the seller would have to pay the return shipping? But not sure.
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The last two bikes I've sold (I'm a net seller these days, sadly :cry:) showed up pulling a trailer and paid cash...easy-pezy. Even though both were from out-of-state, they were close enough to make the round trip a long one day drive. This time, the possible buyer lives multiple states away and is getting shipping quotes.
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I like the escrow way and thought of using it. Bought one bike out of state and just payed up front the total using Paypal. Just bought another one and payed half up front and the other half using PayPal for both - friends and family.
The second half went immediately when trucker showed up and sent me pictures. Comes down to what you are comfortable with …
Mark
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Part of my collection of Goodyear checks and money orders that I received from good friends overseas when I sold bmws and parts on the ibmwr we site…I could always catch them in midair…
(https://i.ibb.co/hdfhYTH/C23-ADCAA-33-D6-4-FC3-A543-BD8-CDC8-C5-D53.jpg) (https://ibb.co/hdfhYTH)
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I sold five bikes this year, some projects. I have shipped overseas. The overseas was a certified bank check from N.Ireland. One guy sent his shipper with cash. Three were paypal friends. They offered this method including a guy who bought my Norton from Winnipeg. I bought a bike shipped from AZ to NY. My mother lives in Cottonwood AZ. I sent here a cashiers check. He brought the bike he got the check. All said, I prefer cash...
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Just telling a tale here, no particular applicability.
Bought my Bassa on Ebay (coached by you folks, thank you) circa '14, drove out to the boondocks outside Tucson to pick it up.
Got there after dark, stopped for gas before the destination, did something mindless pulling out of the station and was lit up and pulled over.
Told the officer where I was going and why, he said "That's the middle of nowhere, I hope you have friends in the neighborhood." Got a warning ticket and detailed directions to the onramp.
He was correct, it was, and I did not, but the seller was honorable, and being AZ, no doubt as subtly well armed as I was, both of us behaving like gentlemen as I counted out $3,764 in cash on the hood of my car.
My Harley riding coworker said "the company network was nearly locked up as we all watched you win the auction". Fun times, I told my wife I'd won the bike and she said "Let's go get it now, I'll tell my boss I'm taking the weekend off!"
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I bought my latest Ural from an out of state seller. hey were offering a good price, but the Ural was in rough condition. I brought a trailer and cash. The seller was living in a campground in Oregon and the rig had an Indiana title. We checked it out and all was good. State of Washington insisted I pay sales tax on $4,000 more than I paid.