Posted 2011-05-10 4:42 PM (#134030) Subject: HOW DO YOU AVOID BEING SCAMMED WHEN YOU ARE SELLING A TRAILER
New User
Posts: 2
Location: Suffolk, VA
Hi, I have a trailer for sale and am wondering what to look for in responses to my ad that might be from scammers? How would you accept payment for your trailer? Good old cash is fine, but this is a LQ trailer, priced at $20,000 so I understand most people are not going to show up with cash. What is the safest means of private party payment when cash is not an option?
Posted 2011-05-10 6:05 PM (#134033 - in reply to #134030) Subject: RE: HOW DO YOU AVOID BEING SCAMMED WHEN YOU ARE SELLING A TRAILER
Expert
Posts: 2953 Location: North Carolina
Welcome to the forum ...
I suggest meeting the buyer at whatever branch bank they choose. Sit down with their loan officer or bank officer they are drawing the check on. When you get the check, give them the title and then they can take delivery of the trailer. You could either cash the check at the bank when you get off your chair or deposit it to your account. They would have to have the collusion of the bank officer to scam you. Not immpossible, but definitely more trouble for them. Another way is to get a check and contact the bank for a hold on the funds. Then give the buyer the title.
Posted 2011-05-10 10:11 PM (#134047 - in reply to #134033) Subject: RE: HOW DO YOU AVOID BEING SCAMMED WHEN YOU ARE SELLING A TRAILER
Regular
Posts: 80 Location: canada
We sold our van to a private party several years ago and they presented us with what looked like a perfectly valid check. Took the bank a couple of weeks to figure out it was phony, yet the buyers had our van.
Would either a certified bank check or money order work for larger amounts?
Posted 2011-05-10 11:27 PM (#134049 - in reply to #134030) Subject: RE: HOW DO YOU AVOID BEING SCAMMED WHEN YOU ARE SELLING A TRAILER
Expert
Posts: 2453 Location: Northern Utah
They can both be forged. thats why if you accept a check, you want to do so at the bank it's drawn on. So that the bank officer can check the available funds at the moment you accept the check, and you cash it immediately.
Cash it and take the cash or Just have that bank wire the money to your account, It'll cost you $10 for the wire fee.
Or use an escrow officer. Most title companies have escrow officers. In today's slow housing market they are sitting around twiddling their thumbs. Most would be happy to make a small fee to handle a transfer. You give the title to the escrow officer, the buyer gives the money to the escrow officer. When check clears, he pays you and transfers title.
Posted 2011-05-11 9:40 AM (#134055 - in reply to #134030) Subject: RE: HOW DO YOU AVOID BEING SCAMMED WHEN YOU ARE SELLING A TRAILER
Elite Veteran
Posts: 714 Location: Minnesota
Another option is a wire transfer from bank to bank. That is a very safe way of doing it, because only banks can do it and it will most times go through the Federal Reserve. My banker has suggested that we open a seperate account just for this purpose so that there is no way for anybody to hack into it.
Posted 2011-05-12 9:07 PM (#134095 - in reply to #134030) Subject: RE: HOW DO YOU AVOID BEING SCAMMED WHEN YOU ARE SELLING A TRAILER
Expert
Posts: 1351 Location: Decatur, Texas
Originally written by Damkak on 2011-05-10 4:42 PM
Hi, I have a trailer for sale and am wondering what to look for in responses to my ad that might be from scammers? How would you accept payment for your trailer? Good old cash is fine, but this is a LQ trailer, priced at $20,000 so I understand most people are not going to show up with cash. What is the safest means of private party payment when cash is not an option?
Thanks,
Damkak
Even with cash you must protect yourself. Stop by your bank and talk your banker into letting you use one of their marking pens that check the bills. I have been checking my since the first of the year and have had a couple of bad 5's and 20's, without the marker I would not have known. Really adds up on 5 and 6-k trucks.
Wire transfer or bank draft is the best. And you should hang on to the trailer until your funds clear, if the buyer has a problem with that then they are not really your buyer! Also when doing a wire transfer, DO NOT give your information to the buyer. Call and talk to the bank dirrect.
Posted 2011-05-12 9:17 PM (#134096 - in reply to #134030) Subject: RE: HOW DO YOU AVOID BEING SCAMMED WHEN YOU ARE SELLING A TRAILER
New User
Posts: 2
Location: Suffolk, VA
I want to thank everyone for all their ideas and input on this topic. It is really so scary to think about how dishonest people can be and how advancing technology makes it easier for the bad guys to try to scam honest people. It almost makes it worth it to just opt for using a dealer and trading in a trailer- we'd get less money, but we'd avoid the hassle and worry involved in selling a vehicle ourselves. I wonder, have other people opted for trading in (instead of selling) for this very reason?
Posted 2011-05-13 9:10 AM (#134098 - in reply to #134030) Subject: RE: HOW DO YOU AVOID BEING SCAMMED WHEN YOU ARE SELLING A TRAILER
Member
Posts: 37 Location: Irricana, Alberta, Canada
Hi, In Canada we have seen phony bank drafts, phony cash and phony money orders. I sold a car for 20K and the bank said that due to the new "terrorist Act of Canada" if we brought in cash over 5K we would have to fill out a bunch of forms and they may or may not accept it. So the bank said for us to bring in the buyer and they would confirm that their bank draft or certified cheque is good by calling the buyer's bank and verifying funds etc. This turned out to be the safest way. We signed the papers and handed over the keys after the money changed hands with the bank. It is sad that this is happening. Also, we were advised to meet in a public place because people come to your farm or home and case the place for other things. Don't tell people you work during the day or any of your habits. If the scammers spent this much energy making an honest living - they would be rich!
HOW DO YOU AVOID BEING SCAMMED WHEN YOU ARE SELLING A TRAILER
