m5700 purchase

dirt clod · Oct 21, 2009

found a m5700 with 4wd,loader with bucket and pallet forks, 460hrs, 2004 model.
Seller says everything works good and no damage.

They want $15500 which seems to be good price. Seller said they have had problems in past with cashier checks and with the soar in frauds I can understand there concern, as such they want to have cash in hand b4 get tractor. I'm not sure I want to carry that much cash on a trip that would be 5-6hrs.

Anyone care to share some wisdom on transaction or the tractor?

HCJ · Oct 22, 2009

I have a M 6800 about that same age and hours, and love it . Never had any problems with it and I use it hard! That price sounds pretty good. As far as payment, I cannot see how anyone could turn down a cashiers check written by a reputable local bank. I would not take 15 grand in my pocket to visit strangers. I would offer to meet them at a bank to make the transaction so the cashiers check could be cashed immediately and would have a sales document written up with the serial number of the tractor that could be signed at that time at the bank and witnessed and notarized. If they refuse a reasonable request like this, I would either suspect they are frauds or idiots, and I would shop elsewhere.

Gary Fowler · Oct 22, 2009

My experience with cashiers checks is that the banks wont cash them either. They will hold them till they clear the bank that they are drawn on just like a personal check. Just too easy to forge something now days. I had one drawn on the same bank but a different branch and I had to wait 7 days to clear it and only after I threatened to close my account did they agree to the 7 days. First they were going to hold it for 30 days. This was in 2002 in Canada but I had similar experience in California with them holding the money till check cleared. Had to pay for the cashiers check also and it was no better than a personal check.
Your advice on meeting at the bank was probably dead on. You can get the bank notary to notarize a bill of sale and transfer at that point. I think I would also have to see the tractor on a trailer setting outside also and verify serial numbers prior to handing over cash. You could still be buying a stolen tractor since none of them are registered and titled at least in my part of the country.

Big Bri · Oct 22, 2009

HCJ and Gary Fowler are right on about going to a bank and exchanging papers and money. there has been a rash of robbries from people answering cregs list and ebay ads. TX or FL was in the news a few months ago where some boy went to by a car, went with his girl friend, ad said bring cash. He was shot and killed. Girl friend helped police get the low life but the boy is still
dead. Just be very careful with cash!
Good luck and I hope the tractor is all you expect.
Brian

blueriver · Oct 22, 2009

I would ask their banker and yours to communicate and work out the transaction ... Also have your banker run the sellers name to be sure their is no UCC filing. They could owe money on it.

powerstroke444e · Oct 22, 2009

I have done many large transactions and ussually have my bank get in touch with there's but I have had a few that cash was more important than price, thus use caution when this is the case, but remeber alot of money to you is not much to others.

With bank transations if you use a nation bank chain like US Bank Chase National City you can go to the local branch with him and cash the check and the give him the money and you don't have to carry that 'cash'

Always us caution and bring a friend.

dirt clod · Oct 24, 2009

Just got it home. Got it for 15k. Was no doubt this tractor was used for just moving items with front end loader.
These people got burned by fraud in the past, thief got state attorney, was sentenced to 5yrs of home arrest but did not have to serve as his job required working out of area and didnt pay restitution. This was for a federal offense.

. I think I would have been paranoid also.

manganos · Oct 24, 2009

I just sold a car and took a bank cashiers check. I went to the issuing back and they had to make sure it cleared. I was like WTH? The manager said the person can still put a stop payment on a cashiers check. Blew my mind. I don't worry about carrying 15k cash on me. I've done numerous 30k plus transactions in cash. I feel the person out, get a phone # and address and meet them in a bank parking lot during business hours. I also carry a Glock 32 357 sig and tuck a .39 M frame just in case

HCJ · Oct 24, 2009

We had an elderly gentleman (a very prominent citizen) murdered several years ago here. He had advertised his vehicle for sale, and a arranged a meeting with a couple to either look at it or buy it. They bound him with duct tape and suffocated him in the trunk, and drove the vehicle home. Thought they could get away with such a stupid, senseless crime. Fortunately they were apprehended. Sounds like that Glock or Sig is great "insurance". A bullet to the brain would be appropriate for miscreants like these two.
You never know who you are dealing with, so be careful!

Builder · Oct 24, 2009

I bought several things with piles of cash including my L-35 with 20,000 cash. I pretty much know who I'm dealing with over the phone. When I met the guy to buy the L-35 I had to travel with him to an abandoned industrial park. Little spooky, but I knew I could handle him if he wanted to pull any crap. I don't need a gun. Most of the times I've been in fights with someone with a knife of gun couldn't even get it out of their pocket before I had them on the ground in a hold. (I used to work in a couple different bars at the door). I did get stabbed once in a fight with some dumbazz drunk, but it wasn't anything too serious.