Safest Payment Method?

[Southernspeed]

If you sell a vehicle or piece of equipment for a substantial value (in this case, a truck for $50k) and it's a face to face private deal, how would you take payment? Cash? That's a lot of cash. Would you trust a personal check or even a certified check? Any other suggestions? Thanks!

 

[Tpondel]

Don’t give the keys or title until they wire the funds to your bank.

 

[KennyG]

Certified checks aren't guaranteed. Cashiers checks are but they can be forged. With a face to face deal, go to the buyers bank and get a cashiers check. (Or cash)

 

[WranglerX]

Electronic funds transfer..... No transfer, no title, no keys, no vehicle....

 

[RayIN]

I can't imagine the hassles of dealing with $50K in hard cash today. In the first place, that gets the IRS and banking laws involved immediately. Bank to bank electronic transfer is the safest and easiest method. If you have questions, your bank will be happy to explain.

 

[Southernspeed]

Thanks for all the replies, that's good advice. I've always been a 'cash guy' but the thought of getting $50k in dud notes is quite worrying! Electronic transfer sounds good if that is an accepted practice.
Thanks again.

 

[chim]

I sold my L3200 after buying my current tractor and had the unknown guy bring $18,500 in C-notes. We went to my bank and deposited it. Went well, but I'd do it with electronic bank to bank transfer if something like that happens again.

 

[caver]

yep wire transfer...also read up on your state's civil asset forfeiture laws.

 

[bdhsfz6]

I sell a lot through eBay and FB Marketplace. I usually use PayPal, Apple Cash or Venmo if the $$ amount is within limits. On some occasions, I'll take a certified check. So far, I've had no issues.

 

[LittleBill21]

the safest way, is none that have been listed, ach can be reversed.

go to the bank of the guy who is buying the truck, open an account with them, have them transfer the funds directly at the bank, this is about the only guarantee your going to get it won't be reversed.

 

[MH8675309]

In God we trust
all others bring cash

 

[nyone]

In God we trust
all others bring cash

Cash for me too.
Wire transfers arnt instant and can be canceled. You also may need to pay income tax on that if $50k is dumped into your account all at once

 

[Bavarian]

When I sold my semi truck, the buyer had his account with the same bank as me.
We both went there and the direct deposit was done within minutes.

Then I sold my tractor to a remote customer. His bank needed a bill of sales and my bank information.
Condition of the contract was "tractor will be ready for pickup up when funds cleared the bank account."
Worked flawless.

I've sold some other stuff using e-transfer. Always made sure the transaction was good before the item left the yard.

There once was a story from a Massey dealer. A guy bought a new tractor.
He showed up with a faked bank cheque.
Tractor gone, no license plates on the vehicle to track.

 

[WranglerX]

When I sold my semi truck, the buyer had his account with the same bank as me.
We both went there and the direct deposit was done within minutes.

Something similar... Bought 5 acres for "cash", monies were withdrawn for my account and since bank manager understood transaction, monies were deposited directly in "title" companies account.... Title company had notification of the deposit before I could leave bank and drive to title company (about 10 minutes) to show proof of payment.... Bank to bank (or within same bank) is probably easier than a briefcase full on random stacks of paper money.

 

[bigtiller]

Thanks for all the replies, that's good advice. I've always been a 'cash guy' but the thought of getting $50k in dud notes is quite worrying! Electronic transfer sounds good if that is an accepted practice.
Thanks again.

Don't forget the cop's share. I've read about this several times;

If a cop pulls you over for any perceived infraction and sees you have a 3" tall bundle of cash, he could assume you are a criminal and confiscate it.

Then you will spend months proving you are innocent.

 

[EddieWalker]

I'm wondering about this too. I'm going to sell my dozer and I've never dealt with a sale of this amount before. My first thought is to insist on cash. The dozer is too heavy for a gooseneck trailer, so they will need an 18-wheeler to haul it off. That's on them, and I'm guessing it might take a while, but it could also happen that day, so I'm nervous about payment.

How does a bank transfer work? Do I go to my bank first and ask them how to do it? Does the buyer go to his bank and have them do it? Then do I just wait for my bank to tell me that the funds are there?

Since I'm asking what I paid for it, how do taxes work on something like that? I'm not making a profit on it, so it's not income, or is it? And odds are good that I'll accept less for it then I'm asking, so I'm actually losing money on it.

I still need to figure out how to make a Bill of Sale. There isn't a Pink Slip or any other proof that I'm the owner. It's just an old 1989 dozer that's beat up pretty good, but still working.

 

[WranglerX]

Basically buyer initiates transfer from his bank to your bank..... Go talk to your bank manage to be sure you fully understand process.....

 

[Jstpssng]

Basically buyer initiates transfer from his bank to your bank..... Go talk to your bank manage to be sure you fully understand process.....

Best answer yet.

 

[ultrarunner]

I’ve made the deal at the buyers bank… it’s a plus if I bank there too.

In order to do a wire transfer you will need to provide the bank to bank information…

 

[square1]

Send the money to me along with sticky note telling me were it needs to go. I got you covered