Posted 2011-06-28 4:51 PM (#135234) Subject: How to handle a long distance trailer sale
Member
Posts: 37 Location: Northern Nevada
I'm thinking of buying a trailer from a private party several states away that I've communicated with for a few months now. I feel confident in the condition of the trailer and trust the seller as much as I can having never met her. If I contract with a shipper what's the best way to make the payment to the seller? Not sure I'm trusting enough to send off a check and hope she doesn't change her mind and just keep my money!! I'm trusting but not naiive. :) Has anybody got experience doing this?
Posted 2011-06-29 8:14 AM (#135257 - in reply to #135234) Subject: RE: How to handle a long distance trailer sale
Elite Veteran
Posts: 720
The only risk free way I see, is for you and seller to meet together in person. You with hard cash, her with trailer and title. Then you swap. Otherwise- you either gain risk, or you gain expense (by hiring an escrow service you both can trust). I've seen times where she gives you the trailer, but then there's a title issue.
Posted 2011-06-29 4:49 PM (#135276 - in reply to #135234) Subject: RE: How to handle a long distance trailer sale
Expert
Posts: 2453 Location: Northern Utah
I would utilize a bonded dealer and pay them a service fee for handling the transaction. Any trailer or Car dealer should be able to handle that.
Or use a Escrow officer at a title company. When the title is in their hands and properly signed over, they can wire the money into the sellers account.
Or fly to the sellers location and inspect the trailer, pickup the title and give them their money in person. Have your transport company standing by to haul the trailer off as soon as the transaction is complete.
Be careful of a recent scam. Where bad people request a replacement title, go get a new loan that encumbers the property, using the new replacement title as security. When you pick up the trailer, They give you the old title they claimed as being lost. It doesn't show an encumberance. When you try to transfer title, you learn from the state that you are second or behind the first lien holder. The first lein holder takes the trailer and you are left trying to find the seller. Just because you have an official title issued by the state, Doesn't mean a second title hasn't been issued. Check with the state and make sure the title is clear on their records.
Posted 2011-06-29 8:03 PM (#135285 - in reply to #135276) Subject: RE: How to handle a long distance trailer sale
Expert
Posts: 3853 Location: Vermont
Originally written by Painted Horse on 2011-06-29 4:49 PM
I would utilize a bonded dealer and pay them a service fee for handling the transaction. Any trailer or Car dealer should be able to handle that.
Or use a Escrow officer at a title company. When the title is in their hands and properly signed over, they can wire the money into the sellers account.
Or fly to the sellers location and inspect the trailer, pickup the title and give them their money in person. Have your transport company standing by to haul the trailer off as soon as the transaction is complete.
Be careful of a recent scam. Where bad people request a replacement title, go get a new loan that encumbers the property, using the new replacement title as security. When you pick up the trailer, They give you the old title they claimed as being lost. It doesn't show an encumberance. When you try to transfer title, you learn from the state that you are second or behind the first lien holder. The first lein holder takes the trailer and you are left trying to find the seller. Just because you have an official title issued by the state, Doesn't mean a second title hasn't been issued. Check with the state and make sure the title is clear on their records.
Yet another way for bad people to scam money from an individual...
How to handle a long distance trailer sale
