Selling a tractor rather than trading it in

   / Selling a tractor rather than trading it in #1  

vrman

Silver Member
Joined
Jul 7, 2006
Messages
129
Location
Joliet, IL
Tractor
Kubota BX23 & ZD326P
Anyone have any experience selling their tractor to someone. My question is basically, what did you accept as payment?
I'm assuming most people won't be walking in with $12k in cash. ;) I've done stuff through the local paper, craigslist, etc, but nothing for more than a few hundred dollars. Just wondering what is the safest way of transacting a sale like that.

Thanks!!
 
   / Selling a tractor rather than trading it in #2  
Cash, Cash and/or Cash. Perhaps a cashiers check if you are feeling lucky but even those can have problems...

Aaron Z
 
   / Selling a tractor rather than trading it in #3  
I'll often take a bank check from a local bank.
 
   / Selling a tractor rather than trading it in #4  
I'm with Al, I too will take a local check. but I understand your concern. I'd go for a Cashier's Check. I'd also ask for the phone number to the issuing bank and call them before accepting payment. If the buyer won't give you his bank phone number he needs to move on down the road.
 
   / Selling a tractor rather than trading it in #5  
If you take cash,make sure it is real money. A check is fine,but hold the tractor untill your bank says it cleared.
 
   / Selling a tractor rather than trading it in #6  
Anyone have any experience selling their tractor to someone. My question is basically, what did you accept as payment?
I'm assuming most people won't be walking in with $12k in cash. ;) I've done stuff through the local paper, craigslist, etc, but nothing for more than a few hundred dollars. Just wondering what is the safest way of transacting a sale like that.

Thanks!!

I bought a 2004 Isuzu NPR stake bed truck off eBay several years ago for $11K. Made a 10% down payment via PayPal when I accepted the deal and paid the rest to the seller in person with a cashiers check (the seller was located in the Sacramento area about 140 miles from my place). I use it to haul around my old parade tractors. I pay cash for those tractors (generally cost less than $3K).
 
   / Selling a tractor rather than trading it in #7  
I'm with Al, I too will take a local check. but I understand your concern. I'd go for a Cashier's Check. I'd also ask for the phone number to the issuing bank and call them before accepting payment. If the buyer won't give you his bank phone number he needs to move on down the road.
Thats fine as long as the buyer doesn't mind waiting a week until the cashiers check clears...
Answers about Funds Availability :
The bank placed a hold on a cashier's check that later turned out to be fraudulent. Aren't cashier's checks supposed to be honored immediately?
Generally, cashier's checks must be made available by the next business day. However, because of the number of fraudulent and counterfeit checks now being passed, banks are beginning to place an extended hold on cashier's checks.
A bank can only place a hold on the amount of the check deposited in excess of $5,000. And the first $5,000 must be made available in accordance with the bank's normal availability schedule.
However, always remember that funds may become available to you before the bank has been able to verify the check. You may end up withdrawing the funds before the bank knows that the cashier's check is fraudulent.
If the cashier's check is fraudulent, the bank may charge the cashier's check back against your account or obtain a refund from you. In addition, you may want to review the Account Agreement you received when you opened the account, as it explains the availability process.

Aaron Z
 
   / Selling a tractor rather than trading it in #8  
If the buyer's bank is local and open, both go in, the buyer writes a check to himself to cash, get the money from the bank, you get the cash directly. If the bank has a problem with the check, it is on the buyer, not the seller. If the cash that that the seller receives is bad, then the bank should take care of it (replace it with good since they gave it out).

After saying all that, I have never been able to get that to work out, just paid cash or received cash.
 
   / Selling a tractor rather than trading it in #9  
I guess each area is different but I've never had an issue with a local bank check. Banks around here require the funds to be available before issuing the check. Normally they require you to have an account with their bank. A quick phone call can confirm the check is good. If there's any questions you can drive over to the bank.
 
   / Selling a tractor rather than trading it in #10  
I'd do it the same way I sell a car. Meet them at the bank, witness the bank issuing a certified cashiers check, hand over the keys.
 
 
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