Safest Form of Payment

A conversation among Whalers
Masbama
Posts: 156
Joined: Thu Oct 15, 2015 8:33 pm
Location: Mobile, Al

Safest Form of Payment

Postby Masbama » Fri Mar 23, 2018 9:04 am

Have to sell one of my boats. What is the safest form of payment between two individuals so that the seller does not get defrauded?

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Don McIntyre - MI
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Re: Safest Form of Payment

Postby Don McIntyre - MI » Fri Mar 23, 2018 10:40 am

Cash, with the transfer taking place at a bank. Some have made the transfers occur at a local police department lobby.

If you go a financial instrument, your bank could assist in confirmation that the check, or certified check is good, but that's not 100% foolproof.

Regards - Don

Jefecinco
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Location: Spanish Fort, AL

Re: Safest Form of Payment

Postby Jefecinco » Fri Mar 23, 2018 11:04 am

When we sold our Dauntless we met and parked at MarineMax in Gulf Shores. I brought the boat and registration with a Bill of Sale. The buyer brought a Certified Check. He inspected the boat and satisfied himself all was good. A week earlier we spent an afternoon fishing in the Gulf as a test ride. He operated the boat and we both fished. BTW, I caught a lot and he was skunked. Not a good way to make a friend but what can one do?

Back to business. He drove us to the bank across Hwy 59, the bank (Compass where we bank locally), verified the funds were available and frozen to ensure his check was valid, cashed his check, he gave me the cash, I signed the title and bill of sale which the bank notarized, turned them over to him, deposited the cash in our checking account and the deal was done.

He drove us back to MM and we switched the trailer over to his Jeep.
Butch

Shadburke
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Re: Safest Form of Payment

Postby Shadburke » Fri Mar 23, 2018 11:59 am

Wire transfer or cash transaction at bank to confirm validity of us currency presented.

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Phil T
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Re: Safest Form of Payment

Postby Phil T » Fri Mar 23, 2018 12:04 pm

Ultimately cash is the safest.

I have done deals that are all cash, part cash and bank check and wire transfer. Holding back the registration and bill of sale until the check or wire clears is one way to offset risk.
Member since 2003
1992 Outrage 17, 1992 Evinrude 115

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Dutchman
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Re: Safest Form of Payment

Postby Dutchman » Fri Mar 23, 2018 12:32 pm

As Phil said: a personal check or certified bank cashier check is okay. Don't turn over proof of ownership until the money clears. and is in your hand or your account. After that happens, you can mail the re-named title to the new owner as proof of their ownership. It is important that you have buyer's and seller's real address for correct sales agreements, for title, and in case you need to take other action.

[A personal check or certified bank cashier check] worked always fine with me with all cars, boats, and RVs I ever sold and or bought.

With cash this procedure can be done immediately and addresses aren't that important as you have your money in hand. But with the values of our Whalers it is sometimes hard to get $10,000 and more in cash from somebody, hence the check statement above.
EJO
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kwik_wurk
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Re: Safest Form of Payment

Postby kwik_wurk » Sun Mar 25, 2018 5:12 pm

Side note: From a personal safety perspective, don't handle wads of cash anywhere but a bank or similar institution.

To ensure you don't get ripped off: certified check, or cashiers checks that get verified at your bank of choice. -- Next step down is personal check, and at the issuing bank (bank on the check) do a "funds verification", then you can simultaneously deposit check (if same bank as yours and they'll do the funds transfer immediately) or cash out and sign the title over. Plus you can get a notary or witness signature at the same time; a little bonus. --- Getting wads of cash is fine, but rather clumsy when talking $50K+ for larger boats.

I also take cell phone picture of the buyers drivers license and makes sure it matches the seller agreement and check info.

Done several transaction at my local BofA, and they were able to do immediate funds transfers from BofA checks.

GWD
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Re: Safest Form of Payment

Postby GWD » Sun Mar 25, 2018 8:03 pm

I actually had what I believed to be a scammer offer to pay through PayPal. But PayPal can be too easily manipulated using a credit card or bank account. He claimed he was from 1500 miles away and couldn't come by a see the boat. His "agent" would pick it up but wouldn't handle cash.

Never heard from him again after I said, "Cash only".

I have learned that if a potential buyer doesn't want to dicker the price then it is very likely a scam. But using Craigslist leads to scamming opportunity.

I like the idea presented here that the transaction takes place inside a bank. No waiting.

Masbama
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Location: Mobile, Al

Re: Safest Form of Payment

Postby Masbama » Sun Mar 25, 2018 11:56 pm

Thanks to all. Good insights

jimh
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Re: Safest Form of Payment

Postby jimh » Mon Mar 26, 2018 11:25 am

The last time I bought a boat the transaction was completed as follows:

--the seller and I (the buyer) agreed to a price and on the means of payment;
--the seller towed the boat to his bank with his truck
--we went into the bank, where the bank released their lender's lien on the boat
--I gave the seller payment in the two forms we agreed: cash and a certified check drawn on my bank in another state
--the seller gave me bill of sale and the other paperwork appropriate to the transaction, including boat registration, engine registration (in his state outboard engines were titled and registered), trailer manufacturer's statement of origin, and filled them in and signed them as appropriate for transfer to me, with bank notary witnessing the signature
--when the boat was then legally mine, we went back to the parking lot where the seller dropped the trailer from his truck's hitch, and I backed up my truck and hitched up to the trailer
--we both drove off on our separate ways

By the way, I was the first person to respond to his advertisement, the first person to see the boat in person, and I made him an offer that was very close to his asking price, which he accepted. This was done in winter, so no sea trials, and the seller's location was far from any water and launch ramp. The seller offered to start the engine and run it on a hose adaptor, but since it was winterized I told him that would not be necessary. I accepted his good faith description of the engine and how it ran.

I believe that if selling a classic Boston Whaler boat you should have a buyer that looks trustworthy--and vice versa.