How do I pay for it ???

[subagon]

My question is how do I pay for a used trailer? I've bought many used motorcycles and always pay in cash. None of the bikes cost me more than $3500, so I was okay carrying that much cash around.

Say I find a nice trailer that's not local (out of state) and is over $10,000. Assume a private sale (not a dealer). How do you handle a transaction like this? I really don't want to carry that much cash around.

The title and insurance stuff I think I have a good handle on, having bought vehicles out of state before.

Mike

[Roy in TO]

I would ask your bank branch how best to do so safely. I know how to do it here in Canada, but your banking system is very different than ours.

Keep in mind that single transactions $10K or above triggers automatic reporting requirements to try to prevent money laundering.

[frankcfx]

Meet the seller with a Cashiers check. Inspect the trailer and deduct for damages and go to a bank and cash the cashiers check with the seller. It worked for me.

[Timber Wolf]

Originally Posted by frankcfx

Meet the seller with a Cashiers check. Inspect the trailer and deduct for damages and go to a bank and cash the cashiers check with the seller. It worked for me.

Cashier's Check is far and away my preferred mode of payment for large transactions. USPS MO for smaller deals through the mail. I will not be buying any trailers sight-unseen.

[papa-t]

Originally Posted by Timber Wolf

Cashier's Check is far and away my preferred mode of payment for large transactions. USPS MO for smaller deals through the mail. I will not be buying any trailers sight-unseen.

I agree there are so many scammer's out there. I would never buy a used camper without inspecting it myself. Cashier's check if over 5K. If they don't want it that way. Walk away. Remember, if it's to good to be true; beware.

[frankcfx]

I forgot to mention. Have the cashiers check made out to yourself.
Frank

[Fran L]

If dealing in person with a local person you might also consider a PayPal transfer of funds on site (assuming web access). Confirm receipt of the funds before releasing the trailer. Takes just minutes. Might need to break into 2 transactions.

[subagon]

Thanks everyone! I think I have my answer. Looks like a cashiers check (made out to myself) is the way to go.

Paypal would be okay except for the 2% to 3% service charge.

Mike

[tractors1]

I chose to do an electronic transfer from my bank to the sellers account. Met at a branch of his local bank and had the money moved after a bill of sale was signed. After receipt of the money in his account he signed over the title. Took 5 minutes.

[Paul Braun]

My bank informs me that as a seller there is only one safe way to accept funds and that is via wire transfer. All the other methods including Cashier's Check are easily faked. Now, if the buyer will accept some other payment that is their problem.

There will probably be some fees involved in a wire, I believe I pay $15 for outgoing and $5 for incoming. I was impressed how quick that transaction that Tractors described went through. I have never tried something with such a short timetable.

[keekers]

I agree with the wire transfer, that's what I did with my Jeep.

[Timber Wolf]

Originally Posted by Paul Braun

My bank informs me that as a seller there is only one safe way to accept funds and that is via wire transfer. All the other methods including Cashier's Check are easily faked. Now, if the buyer will accept some other payment that is their problem.

There will probably be some fees involved in a wire, I believe I pay $15 for outgoing and $5 for incoming. I was impressed how quick that transaction that Tractors described went through. I have never tried something with such a short timetable.

I have never paid that way but did receive money that way once. When I complained about the incoming fee ($15) to my bank they waived it. Guess it pays to have a good long-term relationship with your bank.