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Topic: Selling my LD: advice re best way to accept payment? (Read 459 times) previous topic - next topic
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Selling my LD: advice re best way to accept payment?
Subject line says it all--selling our LD, looking for advice regarding the best way to accept payment. Cash?--over $20K seems like a lot of cash to carry around. Cashier's check? How to insure you don't get scammed? That sort of thing.

best,
Sean
Sean
2001 26' Mid Bath
Re: Selling my LD: advice re best way to accept payment?
Reply #1 –
When I paid $90k for my TK, bought from the original owner, I did a bank transfer (wire)

Of course I was taking a risk that the seller wasn’t a scammer, but the transfer happened after I chatted and inspected the RV.

Another way would be to use an escrow company but that will cost you some
Dave

2017 TK
Re: Selling my LD: advice re best way to accept payment?
Reply #2 –
Bank wire.   Don't sign the title until the money hits your account.

Be aware that cashiers checks can be faked and you won't find out until a week or more has passed.   Be double aware of any offer to pay over the amount asked and get a refund of the overage in cash.  

Rich
2003 MB
Re: Selling my LD: advice re best way to accept payment?
Reply #3 –
I've done some research on this for a classic car I plan on selling soon... 

If the buyer meets you in person, consider meeting at your bank if they are willing to bring cash.  My bank said they would count the cash, deposit in to my account, and allow us to do the paperwork in the branch.  If the buyer is local you can also go with them to their bank and accompany them to the teller as they obtain a cashier's check.

Wire transfer could be the safest...  but speak with your bank about fraud and confirm with your bank the funds have been verified and received.  (Do not rely solely on an email confirmation even if it looks like it's from your bank). Wire transfers seem to be riskier for the purchaser than the seller?

There are bonded 3rd party companies that, usually for a fee, will receive the funds on your behalf and not release the title to the buyer until the funds clear.  Hagerty has such a service for classic cars, I'm sure there are others out there too. 

1995 26.5 Island Bed
Re: Selling my LD: advice re best way to accept payment?
Reply #4 –
I know a wire transfer is probably the best.
But, I'd ask for payment in Bitcoin.
 Bitcoin will most likely have gone up in value, while any cash you get will be worth less.
Jota
96 23.5 FL
Re: Selling my LD: advice re best way to accept payment?
Reply #5 –
Bank wire only.  No cashiers/bank checks.  Those can be faked and it can be a month or more before you find out.

Your bank can set up an account that you use solely for receiving the wire, so the buyer doesn't have access to your primary account information.

We just did this to purchase a coach - wire transferred to the seller.  We sat there until it cleared (just a couple of hours) and they gave us the bill of sale, signed title, and keys.

Re: Selling my LD: advice re best way to accept payment?
Reply #6 –
We met at buyer’s S&L and watched the cashier’s check being drawn. Not an option for a remote purchaser. — Jon
(Former) ‘06 TK “Albatross.” And (former) Vespa 250.   Alas, no more; both are gone.😕 Great memories remain! 😄
Re: Selling my LD: advice re best way to accept payment?
Reply #7 –
There is a helpful Reddit thread on this subject from 8 months ago.  One of the responses mentions using Zelle.  I have used Zelle a couple of times recently to transfer money (once for a wedding gift and once as a deposit on a condo rental) and had no problems using it.  The money transfers very quickly.

https://www.reddit.com/r/GoRVing/comments/1ajxrkp/safe_rv_sale/
Paul
2010 MB (2011-present)                                                                                        
1994 Multiplan (1997-2010)
Re: Selling my LD: advice re best way to accept payment?
Reply #8 –
Yes, Zelle works good for sending up to a few thousand every 30 days...  I've used it quite a few times. 

But many banks have a limit on what can be sent by Zelle that is far less than $20k+. 

For example my bank allows only $3,000 to be sent every 30 days...  they do this because, yes, once Zelle is sent, it's done and you're not likely to get it back if you made a mistake or fell for a scam. 
1995 26.5 Island Bed
Re: Selling my LD: advice re best way to accept payment?
Reply #9 –
NEVER, NEVER, NEVER accept cash! I suppose a wire transfer is the safest, but I sold Daizy using a CASHIER's check. Don't accept a CERTIFIED check however. And remember NEVER accept cash!

2003 MB
Re: Selling my LD: advice re best way to accept payment?
Reply #10 –
Quote from: H. T. P.  - 
I sold Daizy using a CASHIER's check. Don't accept a CERTIFIED check however.

All check types can be faked.  Unless you can be at the financial institution with the buyer when the check is issued, don't be confident the check is real.

You can accept one, but stipulate you won't release the title or the vehicle until your bank confirms the funds are valid and settled in your account, which could take a few weeks.  Be sure to get the time limit from your financial institution.  Even some cashier's checks can be clawed back.

We had a "buyer" for our former RV pull a last minute "I'm not comfortable with wire transfer, I want to bring a bank check" after previously agreeing to a wire.  We saw through that one before being taken advantage of.  Classic scammer, and we later learned several other things they had "misrepresented" about themselves and the transaction.
 
Re: Selling my LD: advice re best way to accept payment?
Reply #11 –
Quote from: Michelle C  - 
All check types can be faked.  Unless you can be at the financial institution with the buyer when the check is issued, don't be confident the check is real.

You can accept one, but stipulate you won't release the title or the vehicle until your bank confirms the funds are valid and settled in your account, which could take a few weeks.  Be sure to get the time limit from your financial institution.  Even some cashier's checks can be clawed back.

We had a "buyer" for our former RV pull a last minute "I'm not comfortable with wire transfer, I want to bring a bank check" after previously agreeing to a wire.  We saw through that one before being taken advantage of.  Classic scammer, and we later learned several other things they had "misrepresented" about themselves and the transaction.

A cashier's check can initially clear and then be revoked weeks later.  A friend of mine started a small business importing models from Germany...  he got set up as the US Distributor.  Three guys came in to his store claiming they represented a large Hobby Shop chain...  they had business cards, everything.  They ordered nearly $100k in merchandise, paid with a Cashier's Check drawn on Bank of America.  My friend banked there.  The local branch told him the check was good.  About 10 days later, the funds showed up in his account.  Seven weeks later he got a call from the bank stating the check was forged and they were taking the money back.  Almost put him out of business. 
1995 26.5 Island Bed