Posted 2020-02-29 7:34 AM (#172999) Subject: receiving payment for a LQ trailer.
What is the safest method, other than cash of course, to receive payment for an expensive used LQ trailer. The out of state buyer buyer is coming to see it this week and will buy it if she likes it. Cashiers check? PayPal?
Check drawn on a local (to you) branch of the buyer's bank. You withdraw the money before signing the title to new owner. Don't be concerned with the $10,000 cash reporting threshold. I've moved thousands in cash before.
Otherwise a wire transfer is safest since there is no chance of a charge back or street robbery. The downside is the fee. Wells Fargo Charges $15 for incoming wire transfer. Some accounts have a free allowance.
Posted 2020-03-02 6:18 AM (#173005 - in reply to #172999) Subject: RE: receiving payment for a LQ trailer.
For a long distance deal, IMHO the only two safe options that allow the buyer to receive the title immediately are cash or wire transfer. And you need to be aware that there's a great chance the buyers bank will not authorize a wire from them without them signing it in person at their home bank. And once that happens, it can sometimes take a full day before you see it in your account. So they may get to hang around with you while you await the funds they pre-arranged before leaving home. Like HP said, there's no way it can be open to fraud- it is just somewhat time consuming. This is an example of the old phrase "cash is king". And yes, over a $10,000 deposit (or withdrawal even) you're going to fill out a form at the bank. Don't worry about it if everything is on the up and up. I haven't heard of fraud with PayPal, but Cashier's checks aren't uncommon to see issues with.