handle money transaction for used trailer?

[S.Gallina S.]

Have searched the forums for this info, have not found it ( do not know where to place this question, expect moderator will move it to where it may belong )

What is the advise ? Or where can one find this advise ?
How does one determine the best way to do the payment transaction with a stranger ?

Imagine one is feeling quite friendly with someone you are buying this important and expensive new toy from, but... ?
Paypal, personal check, teller check, cash, credit card?

What is advised for deposit at in person on site review of trailer and then total payment at pickup?

We are compiling a list of all the necessities to get our trailer: DMV and such.

[Darwin Maring]

I sold a car to a guy in California and I said he could send me a personal check on his Bank of America account. I got the check and went to my Bank Of America and they transferred the funds immediately. They got into their system, checked his account and approved the transaction on the spot.

I sold a trailer to a person in Florida and they had a BB&T account. We went to our local BB&T, they wrote a check to BB&T and BB&T cut me a bank check that I went and deposited at my BOA.

There are too many scams. You need to be absolutely positive that the bank certified check, money order, other, is good and you actually have the money B4 you sign over title.

It can take several days for a check to clear or not clear the bank. Your bank manager will help you, so go and see him/her B4 you close the deal.

[Alexandra B]

we bought ours with cash on the spot in another state and brought it home with all the right paperwork we needed in order to transfer to out state plates.

we had no problem making the transaction.

Alexandra

[Joe Z]

When Buying I've also used cash but had the owner sign a bill of sale for the purchase price......
Another time i used a bank check made out to the person i was purchasing it from and brought them to the bank to cash it to make sure they got their money and i had a record of the transaction....

If i was selling a trailer or whatever i would tell them in advance to bring a bank check or cash... if they brought a bank check i would go down to the bank with them and cash it....

Call me suspicious or whatever but my item does not leave until i have cash in hand as i have been burnt already from a trusting face..... actually two times LOL

Joe

[Roy in TO]

Each situation will be different so what might be good in one situation may not apply in another.

If the trailer was on ebay and the seller's feedback is not only longstanding but also current, paypal is the way to go because you are usually covered. By current I mean the seller has been using the account on a regular basis. An account that shows no activity for a long period of time suddenly listing a high ticket item wanting to handle all the finances outside of paypal raises suspicion.

Does the sellers phone # match the address where the trailer is? Does that match where they want funds sent to? Is there someone you know or even someone from here that can verify a trailer exists? I know up here, postal money orders over $50 or so require ID to cash which must match the info on the money order.

Keep your deposits small, and follow the cautious side of your intuition. If the seller is demanding something you are not comfortable with either negotiate terms that you are comfortable with or back out because there will always be another trailer.

There are 2 threads in the sticky posts in the referrals forum that discuss many things to be cautious of.

[John H]

Use this site as a guide as to the paperwork needed.
http://www.dmv.org/vehicle-registration.php

[Kevin A]

When we bought our U-Haul VT from the seller in Arkansas, we sent an insured bank check for the deposit and then paid cash for the remainder when we picked it up about 3 weeks later. We have also used PayPal on eBay when buying an old VW truck.

[Angelo F.]

Cash is king. I wouldn't take a wire transfer, paypal, or cashier's check for a deal like this, but that's just me. I guess I wouldn't have a problem meeting someone at their bank, but in that event I would end up leaving with cash anyway.

So, cash is pretty much king.