How to get PAID ! What form of payment?

[Ledge End]

You worry too much! Not many crooks will be buying tractors...

Yes Bluegill2, I must worry a bit more than normal When I was buying a tractor I even worried if I was buying one with a lien on it or if it was stolen! After a few phone calls I was told that it is not legal to sell an item with a lien on it. A few more phone calls and I found out that there is no way to find out if there is a lien on a piece of equipment! As far a knowing if it is stolen, well there is no way to know that either. However, after you own the machine and are told that there is a lien or that it was stolen you must give it back and try to get your money back from the seller or the thief. :confused2:

 

[joshuabardwell]

Yes Bluegill2, I must worry a bit more than normal When I was buying a tractor I even worried if I was buying one with a lien on it or if it was stolen! After a few phone calls I was told that it is not legal to sell an item with a lien on it. A few more phone calls and I found out that there is no way to find out if there is a lien on a piece of equipment! As far a knowing if it is stolen, well there is no way to know that either. However, after you own the machine and are told that there is a lien or that it was stolen you must give it back and try to get your money back from the seller or the thief. :confused2:

I thought of that when I bought my (new) tractor. It's got a lien on it, but unlike a car, there is no title for the bank to hold. I could sell it today and walk away and nobody would be the wiser.

 

[Ledge End]

I thought of that when I bought my (new) tractor. It's got a lien on it, but unlike a car, there is no title for the bank to hold. I could sell it today and walk away and nobody would be the wiser.

Would you take a check? :laughing:

 

[sixdogs]

You covered a few items that I have been told. Wire transfers, certified checks, bank drafts, paypal or other credit card pmt all are no go for seller security. As far as getting my attorney involved... I think that I would take a personal check and wait the 2 weeks (!!! yes 10 full business days is what my bank said they need to be pretty much assured that it is good - this is the best they would commit to).

Cash at the bank seems to be the only way so far to be able to make a deal on the spot.

It seems that in this day in age there would be at least a handfull of options for good payment.

One bank also wanted my finger prints before they would cash the check drawn on their bank. Go figure, they want my ID and my finger prints for a check from their bank. This implies that they can not verify a good check from their own bank.

A check in your account can get reversed after it has cleared. In business we had a claim of an overpayment result in an account debit to us by the original sending bank of many tens of thousands of $$ and it was typical. Unusual but not out of the ordinary.

Read my post again as there are only two ways that are certain. I didn't want to use a lawyer either but they do this all the time and it's cheap money spent. Cash at the bank works well too and in both cases the seller did not object.

Financial institutions can do what they want to protect their interests and you have agreed to that by having an account there. They aren't going to lose a penny and have a lot of peopel there to assure that.

On the lien thing--some states keep track of this but the best way is to see the receipt from the original tractor purchase. You need to have a little horse sense here for an old tractor but a new one has a receipt or some other proof of purchase. Don't be blinded by an attractive price. There is no free lunch.

 

[aczlan]

Cash at my bank for anything over $2000 is my rule.


Aaron Z

 

[joshuabardwell]

Cash at my bank for anything over $2000 is my rule.

Anybody who can come up with a money order or cashier's check can come up with cash. I understand people might balk at carrying tens of thousands of dollars in cash, but that's life. Going to my bank to deposit it is a fantastic idea.

 

[joshuabardwell]

Cash at my bank for anything over $2000 is my rule.

Anybody who can come up with a money order or cashier's check can come up with cash. I understand people might balk at carrying tens of thousands of dollars in cash, but that's life. Going to my bank to deposit it is a fantastic idea.

 

[Ledge End]

A check in your account can get reversed after it has cleared.

SixDogs - thank you for making this clear. I didn't know this.

I've sorted out the sell side - cash handed to the teller at the bank.
When I'm ready to buy I'll have to sort out the buy side - no lien and no stolen prop.


---------------------------------------------------------
Everything is fine, until it isn't.
When I call my lawyer I already have an expensive problem.

 

[whistlepig]

I have had two personal checks bounce. One for $3000.00 and one for $2500.00. Not a warm and fuzzy feeling. Not much I could do but lick my wounds. The buyers made the checks good but I'll never do personal checks again. There is no protection there.

 

[NHmitch]

We are run a breeding operation, and my wife is a sales agent for high value equine clients that often sell their horses well into the 20k+ range. We always use wire transfers, because once the bank verifies the funds from the purchasers bank and puts the funds into your account, they cannot be taken back. It is a very easy process. There is about a $30 fee for a wire transfer, but it is well worth it, and we always have the purchaser pay the fee. It only takes about 24 hours for the funds to post for North American transfers from a US bank to a US bank, and the same between a Canadian bank and a US bank. It is by far the safest method, and no one has to ever carry cash, or worry about a bad check or money order. The banks are FDIC insured, so you have a piece of mind and know the money is backed.