ill-machy
New member
Cash is KING. No exceptions. THat is how I accept payment and how I give payment. Buddy just lost out on a **** of deal on boat because he didn't want to drive 4 hours with 10K. Me, i'd have went with cash, s&w and a buddy..
selling tractor advice
- Thread starter NH-Rob
- Start date
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boatyard
Silver Member
The gentleman that I purchased my tractor from called the bank that my 18,000 dollar bank check was drawn from and they confirmed the serial numbers and the fact that I had indeed been in the bank and gotten a check from them. Who really needs to have that much cash on hand?
Millions of bank checks pass hands every year, just don't take them without using your head, or from guys with ink stained fingers
Millions of bank checks pass hands every year, just don't take them without using your head, or from guys with ink stained fingers
shane
Gold Member
As for the trust, yes, that's nice, but in my former profession I learned that the best con artists are the nicest folks you could ever hope to meet.
Truer words never spoken. You always hear on the news when someone is taken by a con artist, "But he was soooo niiiiice". Duh! How effective would a con be if he was a mean jerk?
As FWJ stated, honest people don't mind taking honest measures. They understand. I'd have a hard time letting someone drive off with my high dollar machine not being 100% sure the deal was good.
Dr_Zinj
Veteran Member
Couple of things you can do.
Google him. Most people leave some sort of trail on-line nowadays that you can use to evaluate a person.
Call his phone company to verify his number is actually working, or look it up and the address it's assigned to.
The bill of sale information for both parties is an excellent idea too.
Google him. Most people leave some sort of trail on-line nowadays that you can use to evaluate a person.
Call his phone company to verify his number is actually working, or look it up and the address it's assigned to.
The bill of sale information for both parties is an excellent idea too.
intel
Silver Member
also it may not hurt to get his license number (Trailer and truck) and make and model for a worst case. also be sure you have the serial number of your tractor your selling (may help in recovery). This would all be worst case and it would be necessary with cash or go to the bank with him to cash the check.
greggh
Gold Member
You are not going to have any information on the check or the bank until you get it in your hands. Once you have it in your hands (with the tractor in your posession) call your banker and have him verify the check from the other bank. The person buying the tractor shouldn't mind your checking on the check. It should confirm that you are a good business man.
PAB_OH
Platinum Member
Good luck getting info from any bank regarding another person or their account. I was stonewalled at every turn when I sold my Kubota to a guy in Indiana (I'm in OH) who's boss was paying for it (he is in UT). Holy cow they acted like I was a terrorist plotting ot take this guy out.
I was also told by my bank and his bank, there is no such thing as a "cleared check". You can't call about a specific check to get it's actual status. What banks will look at is how long it's been iin the system and make a determination on it's status based on length of time in process. Basically you can wait 7-10 bussiness days and if you don't hear anything from the banks it's safe to assume it cleared (w/ caveats). Some checks get hung up in the system and can take 15-25 business days to be processed.
And certified checks ain't so secure. Big equipment dealers are getting ripped off with them. They aren't too common but it does happen (overseas deals mainly)
In the end, I had to trust the guy. It worked out. I was sick for two weeks though waiting to hear if I just got shafted or not. I did write up a bill of sale though for SOME protection.
Good luck.
I was also told by my bank and his bank, there is no such thing as a "cleared check". You can't call about a specific check to get it's actual status. What banks will look at is how long it's been iin the system and make a determination on it's status based on length of time in process. Basically you can wait 7-10 bussiness days and if you don't hear anything from the banks it's safe to assume it cleared (w/ caveats). Some checks get hung up in the system and can take 15-25 business days to be processed.
And certified checks ain't so secure. Big equipment dealers are getting ripped off with them. They aren't too common but it does happen (overseas deals mainly)
In the end, I had to trust the guy. It worked out. I was sick for two weeks though waiting to hear if I just got shafted or not. I did write up a bill of sale though for SOME protection.
Good luck.
hotchkiss
Gold Member
Most, if not all, banks stopped providing "certified" checks some time ago. A certified check (assuming it was not counterfeit) was a way a bank verified that sufficient funds were in the account to satisfy the notes obligation when tendered back to the bank by the payee. The bank checked the balance in account at the time the check/note was issue and then would hold those funds in the account until the check was tendered to the bank for payment. So long as the check was not counterfeit, it was as good as cash.
However, these days, most banks, if not all, will only issue "cashiers" checks. A cashiers check only means that there are sufficient funds in the account to cover the amount of the check at the time the check is issued. Ten minutes after asking for a cashiers check, the person whose name is on the bank account can come in and withdraw all the funds from the account and the cashiers check becomes as worthless as any other check drawn on an account with no funds.
The advise on a bill of sale is good. The advise regarding getting cash is good. The advise regarding dealing with honest people in that honest people don't mind getting cash and doing the right thing is good. The advise regarding calling the bank to verify that funds are in the account doesn't really work. If the buyer is a conman, they can hand you the check, you call to verify the funds, get verification, give the con the tractor and before the con leaves your neighborhood a joint account holder can withdraw all the funds making your check worthless. There are a lot of other ways to do it, but calling to verify that funds are in the account will not prevent a worthless check.
However, these days, most banks, if not all, will only issue "cashiers" checks. A cashiers check only means that there are sufficient funds in the account to cover the amount of the check at the time the check is issued. Ten minutes after asking for a cashiers check, the person whose name is on the bank account can come in and withdraw all the funds from the account and the cashiers check becomes as worthless as any other check drawn on an account with no funds.
The advise on a bill of sale is good. The advise regarding getting cash is good. The advise regarding dealing with honest people in that honest people don't mind getting cash and doing the right thing is good. The advise regarding calling the bank to verify that funds are in the account doesn't really work. If the buyer is a conman, they can hand you the check, you call to verify the funds, get verification, give the con the tractor and before the con leaves your neighborhood a joint account holder can withdraw all the funds making your check worthless. There are a lot of other ways to do it, but calling to verify that funds are in the account will not prevent a worthless check.
NH-Rob
I have sold and purchased using certified bank checks and I always call them in and ensure they are good. Get a simple signed receipt for the transaction, copy of his or her driver痴 license, car/truck type and tag number. I also sold a boat to a guy in MI and her drew the bank check from a bank chain that we also had in our town so 9 AM I had my local bank call that bank to confirm the check was good and when I got it I cashed it right away just to be sure and deposited into my acct. Just my 2 cents.
Deaf
I have sold and purchased using certified bank checks and I always call them in and ensure they are good. Get a simple signed receipt for the transaction, copy of his or her driver痴 license, car/truck type and tag number. I also sold a boat to a guy in MI and her drew the bank check from a bank chain that we also had in our town so 9 AM I had my local bank call that bank to confirm the check was good and when I got it I cashed it right away just to be sure and deposited into my acct. Just my 2 cents.
Deaf
CurlyDave
Elite Member
The only way I would accept a bank check would be to have the transaction take place either at your bank or a local branch of his bank.
He comes to your place, inspects the tractor. Then you both drive to a bank, if it is yours, you deposit the check and your bank verifies authenticity and credits your account. If it is his bank, you get cash from the bank. Then you sign the bill of sale, go directly to your bank to deposit the cash, and go back to load the tractor.
He comes to your place, inspects the tractor. Then you both drive to a bank, if it is yours, you deposit the check and your bank verifies authenticity and credits your account. If it is his bank, you get cash from the bank. Then you sign the bill of sale, go directly to your bank to deposit the cash, and go back to load the tractor.
