Safe method of financial transaction at sale time

[golfknut]

We have our present rig up for sale and am preparing for the eventual sale.
I'm looking into a safe method of completing the financial transaction at the time of sale. The present state of things in this world makes for a lot of headaches when dealing in financial areas.

I won't trust any type of check and the sale price is too high to expect cash.

I am thinking about a direct bank to bank transfer of funds.
My credit union said the buyer would have to set that up at his bank and then I would have to provide that bank the routing number and my account number. It's a bit scary to me to have to provide that information to a strange, probably out of state bank. But I guess that information is on every check we write.

Is this a safe method?
Any other safe methods?

[time2roll]

Alarmist? Fairly common post actually.

[DiskDoctr]

dons2346 wrote:

golfknut wrote:
We received an offer from an out of state buyer and he says he can provide us a certified bank check.

Is that a safe avenue?
Better than or different than a cashier's check?

Yup, and I bet he will have his driver come pick the coach up. Am I correct?

One of the oldest scams on the books. The driver gets the coach and you get a worthless piece of paper

This comment is unnecessarily alarmist 😞

1. Out of state, setup payment and title and transport details ahead of time. Smart.

2. Certified bank check for sure. Once the deal is made, both parties go to seller's bank together to verify and deposit the check. Banks CALL each other to confirm. Simple (they know they just issued it in the past day or so)

3. Visit notary if the bank doesn't offer automotive notary services and complete the title transfer, plates, etc.

4. Done. Go camping 🙂

Remember, the sellers don't want to waste their time traveling long distances. It is common and appropriate to ask for additional pics, details, questions, make telephone contact, etc. They are committed and serious buyers, so be honest and prepared to do all the business at once.

Been there, done that. All those steps take time, plan most of a day as an "investment" into your new camper.

It amazes me how many people think banks are dumb or will lie to you when they verify and confirm another bank's certified check :R

[Devocamper]

We used a wire transfer last fall - bank to bank and almost instant availablity of the funds there are a few fees but was very safe for both parties involved. The buyer set it up from his bank to mine and of course he had to trust I wasn’t going to disappear with the truck and trailer after he transferred the funds so someone has to trust someone in most of these deals .

[rgatijnet1]

A lot depends on if you have the title in hand to give to the buyer. I once had a buyer show up with $56,000 in cash to buy one of my Classic Cars. Even then I did not give him the title until we took the cash down to my bank to verify and put in my account. They had two people count the cash, and check for counterfeit bills, while we watched.
Wire transfer is the only other method that is non-reversible. The problem with that is that the buyer must set it up with his bank before he comes to your location. I tried to initiate a wire transfer by phone during one trip and my bank would not do it. When we got back in town we set up the procedure to do it when we traveled.
If you do not have the title because of e loan/lien on the RV, then things get a little more difficult, especially if your state has electronic titles.
Check with the lending institution and get their recommendations on handling the transaction.
A lot depends on a certain amount of trust on both sides of the transaction. I sold my '57 Chevy convertible for over $100,000 to a man that wire transferred the money to me. I then overnighted the title to him and shipped the vehicle to him a few days later. I never met him in person and he never saw the vehicle until it arrived at his museum. This is not the first time this has happened to me and I have done the same thing with purchases.

[imgoin4it]

At least one other poster had the only way I would do the deal as either the seller or the buyer. Go to you bank or other bank and have them set up an escrow account. They then hold the title and when they have the money, they hand over the title. Have done this several times. Very easy, very safe.

[afrescopXx]

Probably not applicable to this transaction BUT: we met our buyer at their bank, approximately 1/2 way between our locations (about 60 miles or more). The bank did all the transactions to include DMV required paperwork. The keys and manuals were exchanged. We were given a certified check and went on our way. The RV stayed in our storage spot until the buyer was able to come and claim it. They then took it to an RV park near our home where I showed them how to hook up, etc. Next morning I went over there to show them how to unhook, hook up the toad, etc then they went their way and we ours.

[wolfe10]

Wire transfer is the ONLY way we buy/sell anything over a couple of thousand dollars. PERIOD.

When our bank shows funds in our account, we complete paperwork and physical transfer.

We do provide buyer a copy of the title in our name prior to asking for $ transfer so they know WE are legit.

[hoosiermark]

Treat it the same as the sale of real estate. Hire a closing attorney/company to handle the transaction and prepare a bill of sale (along with the title) showing the terms-as is where is, no responsibility if something breaks, no warranty, etc. Let the closing agent take care of the money, it can be wired into their account just like a real estate deal. Then the agent can give you a check to deposit into your account. easy and simple. It may cost you a few hundred dollars but could save you thousands.

[rk911]

golfknut wrote:
We have our present rig up for sale and am preparing for the eventual sale.
I'm looking into a safe method of completing the financial transaction at the time of sale. The present state of things in this world makes for a lot of headaches when dealing in financial areas.

I won't trust any type of check and the sale price is too high to expect cash.

I am thinking about a direct bank to bank transfer of funds.
My credit union said the buyer would have to set that up at his bank and then I would have to provide that bank the routing number and my account number. It's a bit scary to me to have to provide that information to a strange, probably out of state bank. But I guess that information is on every check we write.

Is this a safe method?
Any other safe methods?

it is, we've transfered funds thst way once or twice. you might consider opening a new account to receive the funds and once deposited transfer the funds to your 'real' account and then close the other. your bank can answer your questions.

[time2roll]

golfknut wrote:
We received an offer from an out of state buyer and he says he can provide us a certified bank check.

Is that a safe avenue?
Better than or different than a cashier's check?

Sight unseen? That is a big red flag.

Now when they say they have a check for $5,000 over the amount and they want a refund and will pick up the RV later.... total scam and very common.

If you get such a check take it to the actual bank where it is drawn and request a wire transfer. The small fee is worth it.

[HadEnough]

Wires or an escrow service.

We use escrows selling boats sometimes.

Title held in escrow, funds held in escrow and all released properly at the right time.

[Farmboy666]

midnightsadie wrote:
go talk to your bank they can guide you,and it won,t be a surprise to them when you walk in to complete a deal/

That’s exactly what he said he did.

[DownTheAvenue]

To the OP: Only accept a bank to bank wire transfer and a face to face transaction. Anything else is probably a scam and you will loose your money and RV!

[DownTheAvenue]

azdryheat wrote:
Nothing wrong with a cashier's check. Do the transaction at your bank.

OH NO! A forged cashier's check will be accepted for deposit but will be returned many days, even weeks later after the vehile and buyers are long gone!

[DrewE]

ILVMYGT wrote:

You could also hold the title until the check clears, then mail it to them

If I were purchasing a vehicle, this would generally not be an acceptable arrangement for me. I'd have paid my money, but have no proof of ownership of the new vehicle. All it is doing is moving the burden of potentially unfounded trust from the seller to the buyer.