How to sell a rig to an out-of-state buyer?

[sixstringsteve]

I've got a guy in Ohio who wants to purchase my tacoma. What's the best way to secure payment? I've always dealt in cash or gone to a bank where the bank cut me a check. I know a few of you have done this. Certified checks, money orders, and cashiers checks scare me with all the scams, and he's not going to want to wait a week or two for the check to clear. Thoughts?

 

[Kiel]

you can have him wire it to your bank from his. That is, if you trust your bank

 

[TRD270]

Cashiers check is probably the easiest, just call the bank and verify it before all is said and done.

 

[sixstringsteve]

I trust my bank... for now. I guess he's gotta trust that I'll actually send the truck after receiving payment.

 

[sixstringsteve]

Cashiers check is probably the easiest, just call the bank and verify it before all is said and done.

I thought that it takes banks a week or two to actually verify that a cashier's check is legit.

 

[Marsh99]

Randy Moss says,"Straight Cash Homie". Seriously though is he flying out or wanting it delivered?

http://www.youtube.com/watch?v=07G23zMGa4g

 

[sixstringsteve]

he's having it shipped to him. I'm not sure if he's having the shipping company work out any of the payment or verification, but that would be nice.

 

[mbryson]

Wire

 

[idahoyj]

Ive heard of auto escrow type places that receive and verify the funds from the purchaser, then release them to the seller once the vehicle is delivered.

 

[Skylinerider]

Pretty much any type of check over 5k will have a hold placed on it by your bank (I said bank not credit union) for anywhere from 2-7 days. I only recently learned this with the sale of my house, it's frustrating when you don't know that this will happen. From now on I will do an electronic funds transfer for any large amount if given the option.

 

[Kevin B.]

Tell him to get off his duff and come get it. That's only a 24 hour drive.

 

[TRD270]

I thought that it takes banks a week or two to actually verify that a cashier's check is legit.

Call the bank that issued the check, they should be able to verify immediately. I would only be hesitant if it seems like its from a mom and pop chain, if its a national bank I wouldn't worry

 

[sixstringsteve]

Tell him to get off his duff and come get it. That's only a 24 hour drive.

Don't think I haven't tried. I even used Moab as bait, but that wasn't enough to get him out here.

 

[DAA]

I sold my CTD to an out of state buyer. I refused to hand over the truck until I had the money safely in my account and I refused to have anything to do with transport/delivery, just told the buyer I wouldn't take one second of my time to help him with that unless he paid me for my time and that he'd be better off paying someone who is actually in that business. It turned out the buyer sent an employee here on a bus and we went to my bank to make sure the money had been transferred and the guy drove the truck back to Idaho.

Ohio is a lot further away and I'm sure nobody is going to be riding a bus out here and driving your truck back. But, I'd take the same stance. Money safely in your account before you hand over anything, take zero responsibility for delivery or transport after the transaction. You don't need any of that headache and you aren't that desperate to sell.

- DAA

 

[sixstringsteve]

great points Dave, thanks.

 

[Tonkaman]

Also know that his local DMV will need an Ohio bill of sale that is notarized. I would talk to your bank about the best way to transfer the cash

 

[sixstringsteve]

poop

 

[Unimog]

If you aren't dealing with cash or a wire transfer, I'd use an escrow company. Wire transfers are pretty easy these days - no mess, no fuss, quick confirmation. I'd let him figure out what he needs as far as paperwork. Utah no longer requires anything notarized unless there are extenuating circumstances.

 

[idahoyj]

https://www.escrow.com/services/vehicle-escrow.aspx

I would consider something like this, if I was in your position.

 

[sixstringsteve]

he wants to send a certified check, but I told him I didn't want to wait for the funds to clear. I'll suggest the escrow option. Thanks idahoyj.