How Do You Handle The Financial Aspect of Sale

kybob

I intend to sell my T@B and was wondering how one handles the financial end of the deal. It's kind of scary dealing with such a large financial transaction with a complete stranger. 

My bank told me that the only sure thing is cash. Cashiers and certified checks can be counterfeited. I was told to wait five days or more before releasing the trailer until any type of check has cleared. They said that they would run any cash received through their counterfeit detecting machine.

Any advice would be appreciated. Thanks!

VictoriaP

If cash isn’t an option for the buyer, require the use of an escrow service. Or see if your local dealer will take it on comission.

Michigan_Mike

Cash is king!  👍🏻💰💵

jrhamel

When we bought our 400 BDL we wrote a personal check to the owner and waited until it cleared before we took it home, but we felt pretty confident the owners were honest, and they were.
When we sold or last TV it turned out the buyers banked at the same bank as we did, so we met at a branch and the teller just moved money from their account to ours. 
If the buyer wants to pay with a cashiers check you could do like wise and meet at a bank and have them verify that is it legit. 

GatorEgg

Yes, cash is king.  Both parties head to a bank, only.  No meets at Walmart or some “public” place.  I’ve bought sold multiple cars, boats, trailers, etc.  As said above, take cashiers check to bank and clear before vehicle is turned over.  I’ve done the personal check also, didn’t like it, but nothing transferred until check cleared.  I sold my truck last week.  Buyer and I, agreed on numbers, went to his bank, teller pulled the cash and counted out to me, walked to the open counter and I signed the title over.  All done.

DougH

I've sold cars and trailers on eBay, and there's plenty of teardrop trailers on the site now.  On the bright side, they act like an escrow broker of sorts with protections for both buyer and seller if you follow the rules.  On the negative side, they take a large fee from the seller. 

dragonsdofly

We purchased a used vehicle from a private seller once. We did the bank thing. All safe, all satisfied. Ended with smiles, good wishes and a handshake.

Trailhawk

From a buyers perspective, its scary as well. Its a lot of money to carry, and most of the trailers are out of state.  I know I will most likely be purchasing from a distance and it will definitely help to have someone understanding, and fairly trusting on the receiving end.

I know I plan to live full time in mine and want to have a good relationship with my seller.  Good communication will be the key!

Tampakayaker

@kybob, like jrhamel said in the second part of his post, we were lucky when we bought our T@BB, both the seller and I had an account in the same bank.  Went to the local branch down the road from his house went to the teller, she saw our ID's and got our account #'s and transferred the money from my account into his.  I wouldn't have wanted to wait around 5 days for any sort of check to clear since we drove from Tampa to Atlanta for the transaction.
The other option I originally planned on doing, was getting a cashiers check from the bank in Tampa and taking it with us, then going to his bank to deposit, but the teller in Tampa told me the electronic transfer was easier and free.  Again though it was the same bank.

Maybe if you both don't have the same bank, if there is an AMSCOT around the seller can get a check from them and then you both go to one and cash it?

There is also postal money orders.