Safest payment option/s for a sold RV

[Oswegatchie]

I think I may have sold my truck camper this week. I am in NY and my potential buyer is in Indianapolis. We have agreed that I would bring it out to him. What are the best ways to go about a payment structure (down payment/full payment on agreed final sale). How much down is acceptable (cost of unit is 25,900)? What type of payment protects us the best? What about delivery costs? What happens if for some reason he decides not to take it? Is it fair to expect buyer to pay the costs of going out there and back? Or maybe split the costs? Any help here is most welcome, since I am sure many people on the forum have bought/sold RV's.

 

[highdesertranger]

I wouldn't except payments from a private party, cash on the barrel head. yes you should get reimbursed for delivery cost, going rate per mile. highdesertranger

 

[Almost There]

I believe most banks nowadays have an 'e-transfer' available on their website. They buyer only needs to get from you a password (it can be something that you'll only ever use for e-transfers). No need for any banking information at all.

The deposit should be in an amount that both of you are comfortable with - in this case, I'd suggest $5,000.

The balance can be done as an e-transfer once you're both in the same place. That way the money is in your account and he gets the keys and title.

IMO, the delivery fees should at least be split. I wouldn't be asking for 'going rate per mile' but at least the cost of the gas and travel expenses (meals etc.) Either that or negotiate a defined delivery fee that will cover costs and maybe something for your time. Personally, I'd rather do the road trip for expenses only because, after all, you're getting the sale over and done with.

 

[Gunny]

Cash at a Police Station, delivery costs or reimbursements worked out before even thinking of going to deliver it. Non-refundable deposit unless he finds something you did not disclose to him.

Watch your back on the way out of town if carrying a large amount of cash. Trust no one.

Rob

 

[bullfrog]

How is he going to haul it after he buys it? Full payment in person at the bank including transport cost. For $25,900 it is worth a cheap plane ticket to have him come look and pay.

 

[Gary68]

as is,where is,cash,money order,cashier's check in full

no way would i do payments or deliver

 

[OutdoorFT]

Thats alot of money. Cant meet half way or anything?

Definitely cash in a public place.

 

[Oswegatchie]

Thats alot of money. Cant meet half way or anything?

Definitely cash in a public place.

He is in Milwaukee, so we are meeting somewhat in the middle. I think a money order would probably be best. He will not be near his bank and it will be the weekend. I think we will do a non-refundable amount to cover costs in case he does not take it. We will disclose the few items we know are an issue ahead of time.

 

[Oswegatchie]

Cash at a Police Station, delivery costs or reimbursements worked out before even thinking of going to deliver it. Non-refundable deposit unless he finds something you did not disclose to him.

Watch your back on the way out of town if carrying a large amount of cash. Trust no one.

Rob

Thanks for the tip on the non-refundable deposit after we have full disclosure. Would rather not deal with cash. Thinking cashier's check or money order.

 

[Dgorila1]

I believe most banks nowadays have an 'e-transfer' available on their website. They buyer only needs to get from you a password (it can be something that you'll only ever use for e-transfers). No need for any banking information at all.

The deposit should be in an amount that both of you are comfortable with - in this case, I'd suggest $5,000.

The balance can be done as an e-transfer once you're both in the same place. That way the money is in your account and he gets the keys and title.

IMO, the delivery fees should at least be split. I wouldn't be asking for 'going rate per mile' but at least the cost of the gas and travel expenses (meals etc.) Either that or negotiate a defined delivery fee that will cover costs and maybe something for your time. Personally, I'd rather do the road trip for expenses only because, after all, you're getting the sale over and done with.

I second the bank e-transfer. Safest way to do it and most legit, especially for such a large amount of money. Money orders can be easily counterfeited.

 

[highdesertranger]

I misinterpreted. I thought the buyer was going to make payments. cashier checks and money orders can be counterfeited easier than cash. does your bank have a branch where you are going to meet? if so I would do the transaction there in cash and have the bank check the cash, then just deposit it. highdesertranger

 

[LMTLMT]

^^ spot on. Money Orders and Cashier's Checks these days can be faked easily.

If I was in your position, I would figured out how much expense (food, gas, time and etc) you'll occur delivering the unit to his house. Once you have that dollar figure, ask a nonrefundable deposit double that amount (round trip if he backs out). He can send you that nonrefundable deposit via PayPay or he can wire the money to you.

DO NOT LEAVE UNTIL you receive the deposit and make sure its CLEARED.

Make arrangements to meet at his local bank and have the Cashier's Check made IN FRONT OF YOU. After each go on their way, I personally would go back to his bank on my own and exchange that Cashier's Check with a different one. The reason being is although its rare for the bank to put a stop payment on a Cashier's Checks but they sure can put a stop to it if you say its "lost or stolen".

The new one you exchanged for, he has no authority to make any stop payment requests.

I know to many of you I sound too protective and overkill but these days you have to watch out for everything. To me you are taking a lot of risk here.

I usually need all the funds wired to my account before even thinking about delivering it. I know you want to sell the RV but what happens if you went meet him half way and he just simply flakes or worst try to be malicious. People change their mind so quick these days, one minute they fell in love with your RV, the next minute you can't get hold of them anymore.

Best of luck and I truly hope it all goes smooth for you and everything is fine.

 

[VanKitten]

Lmtlmt. Watch out...there is a scam using wire transfers. It can back fire. There is cases of the bank notifying receiver that the money transfer was cancelled after it apparently appeared in receivers account.

I really think you need to get a cash deposit. You need a written agreement in advance. You are going to be paying to take this to him...then you need to know that you will at least have Your transportation costs covered.

When you do the transfer....go to his bank. He pays cash..then you sign the title.

Do not sign that title until you have payment in full. Is the famous words of Yogi Berra. "It ain't cash till it's cash".

I once had a guy cancel a cashiers check. He went and lied to them and said he lost it. He did that the day BEFORE he gave it to me! It ain't cash till it's cash.

 

[wagoneer]

Same problem with PayPal, it just sounds a bit fishy. If I were a buyer I would feel the need to inspect the merchandise and conclude the deal at the buyers bank at my own expense, or just buy from a local.
another thought is do a buy it now on eBay and let them collect the money (which will cost you) eBay has a payment plan.

 

[VanKitten]

eBay is a total rip off. And PayPal helps the scammer get away with it. Will never do business with either again.

I sold several items. In every case the buyer claimed that the merchandise was damaged. But..refused to take it to the UPS store with the box to show them. Never filed insurance claim
Requested full refund from eBay and PayPal. Without evidence, and without any follow up..eBay and PayPal took my money!

Had this happen twice.

Never had a fair hearing at all.

Bought a item on eBay. Returned it...never got my money back...and PayPal let seller bill me for the same product the next month! Had to close my checking account to get them to stop. Supposedly did an investigation...found in favor of the business. Never got my money back.....Never again.

Will never do business with either again. Will not buy...will it sell.

I should have read the reviews first...apparently there are five scammers for every legit buyer/seller these days. Many many ripped off people. eBay and PayPal do nothing to protect customers from the scammers. Wish I had read the current reviews first.

 

[Gary68]

the odds someone is going to counterfeit a m.o. or cashiers check to buy an rv is pretty slim,the want money and/or drugs and not to take a road trip

but if i am going to drop 25k i will crawl all around it and have a mech look at it and it's not like they couldnt find one closer to them,just dont sound right

 

[MrNoodly]

I prefer the drug deal method. The seller brings the product and the buyer brings the cash — to a neutral location.

 

[Bdog1]

I thought a Cashiers Check couldn't be canceled. A bank check can, and that's far more common check the bank issues.


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[Optimistic Paranoid]

I prefer the drug deal method. The seller brings the product and the buyer brings the cash — to a neutral location.

And what percent of THOSE deals end up with one of them dead and the other one walking off with both the product AND the cash?

 

[Optimistic Paranoid]

I thought a Cashiers Check couldn't be canceled.  A bank check can, and that's far more common check the bank issues.

https://www.thebalance.com/lost-or-stolen-cashier-s-check-no-longer-need-it-315028