selling tractor advice

   / selling tractor advice #1  

NH-Rob

Gold Member
Joined
Feb 27, 2008
Messages
319
Location
Northern NH
Tractor
Kubota B7510HSD(sold) B3200(new 6/15/09)
I have an offer on my 7510 and the guy is going to be coming up tomarow to check it out and bring it home. He is going to come with a certified bank check. My question is this a good way to go? Should I wait and make sure it clears before I send Kubota the pay off? I have never private sold anything that I still owed money on and never this much doe. I hope this all goes well because I will not have a tractor until I call the dealer and he gets the new one ready.
Thanks,
Rob
 
   / selling tractor advice #2  
I'm certainly no financial expert, but I do know that in this day and age, even certified checks can be counterfeit. When I sold my tractor, I insisted on cash. If the buyer hadn't wanted to carry that kind of cash, I'd have gone with him to his bank to get it.

I also sold a boat a year or so ago and the buiyer came with some cash and a certified check, but then he went to the nearest branch of his own bank and came back with all cash.
 
   / selling tractor advice #3  
Rob call your bank and see what they suggest. Bird makes some good points. It is a shame we can't trust even bank checks these days.

MarkV
 
   / selling tractor advice #4  
Obviously you can get shafted.
You have to look him in the eye and make the call.
If your real concerned you might call the bank it's drawn on.
A certified bank check is how I bought mine, but I was concerned about hidden damage etc. So far the only problem I've had with my B7610 is the dang transparent hydraulic fluid :)
The guy I bought from had to trust that I hadn't just printed them off.
Good luck.
 
   / selling tractor advice
  • Thread Starter
#5  
The guy sure sounds like the real deal. I don't think going to his bank is going to work where as he is traveling 4 hours to get here. He had to rent a trailer and is banking on the tractor being everything I say it is so there has to be trust both ways. I think I will call my bank in the morning and see what they think.
Thanks,
Rob
 
   / selling tractor advice #6  
Rob, I think talking to your bank is a good idea, and maybe your buyer's bank is too far off to go visit However, if it happens to be one of the larger banks, they may have a branch near you. That was the case with the guy who bought my boat. He came from over 3 hours away and I'd never even heard of his bank, but found on the Internet that they had a branch near here.

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.;) I strongly suspect that your buyer is on the level and everything will be OK, but at least write down the license number of the vehicle he's driving.:D
 
   / selling tractor advice #7  
I've bought and sold used tractors for the past 40+ years as a way of suplimenting my income. Last count I'd moved 110 of 'em. Even "back in the day", I insisted on cash. It's been my finding that HONEST people don't mind having to make a deal honestly and by the sellers terms. It's the shady folks that always question the terms.
 
   / selling tractor advice #8  
Its quite easy to call the bank its drawn upon at the time of pick up - would only take a few minutes to validate the check is valid. Further to this do a bill of sale.

Draw up a bill of sale listing the contents, vin, hours/mileage, seller, buyer, both addresses and pertinent details - i have sold cars, and tractors in this manner and getting signed docs by both parties it is "as is where is" on the specific date and time of transfer with these details is important.

Example, you sell a older unit w/o a ROPS, the guy/gal goes rolls it over two weeks later - nuf said.
 
   / selling tractor advice
  • Thread Starter
#9  
carl nh,
You make a good point on the bill of sale I will make sure to do that.
Thanks,
Rob
 
   / selling tractor advice #11  
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 #12  
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:)
 
   / selling tractor advice #13  
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.;) .:D

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.
 
   / selling tractor advice #14  
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.
 
   / selling tractor advice #15  
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.
 
   / selling tractor advice #16  
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.
 
   / selling tractor advice #17  
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.
 
   / selling tractor advice #18  
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.
 
   / selling tractor advice #19  
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
 
   / selling tractor advice #20  
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.
 

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