What's the best way to pay for a out of state bike?

[Bugnatr]

What's better than one KTM 990 supermoto? Two KTM's! I really like my 2010 but it does not have abs whereas the 2013 model does. Not many of these bike around but I found one in the Chicago area that's clean with less than 9k miles on it. Time to upgrade a few years and sell my 10 after I transfer a few farkles to the 13.

My question is how to handle the money transfer to keep both parties happy?

Asking for suggestions/experience in this matter please. Bug

 

[Abercrombie FJR]

I'm not sure if it will work in your case but when I sold my 2013 FJR to a guy in Phoenix I had the same problem. Once I learned that we were both Well Fargo Bank customers I simply opened up a new temporary second savings account. After opening the account, I gave him the account number to my new empty temporary savings account and he transferred the money into it. This all took place in the time it took me to meet the motorcycle shipper at my local Yamaha dealer for its trip to Phoenix. After I checked my Wells Fargo phone app to verify that the money was transferred into my account, the old FJR went into the trailer.

Since I was already at the Yamaha dealer it made it real easy to stroll in and buy that beautiful brand new red 2014 Yamaha FJR1300ES.

The best part about it was my dealer did what they call an in and out, making it look like I had traded it in, saving me the sales tax on the trade in value of my 2013.

 

[Bugnatr]

Thanks but I'm not a big bank or credit union member either so I still need to find something that will work out.

 

[Abercrombie FJR]

Thanks but I'm not a big bank or credit union member either so I still need to find something that will work out.

Bug, That coffee can buried in the back yard isn't safe.

PayPal should work great and be safe, but they are going to want a couple percent if it is for goods or services.

 

[Bugnatr]

Thanks but I'm not a big bank or credit union member either so I still need to find something that will work out.

Bug, That coffee can buried in the back yard isn't safe.

PayPal should work great and be safe, but they are going to want a couple percent if it is for goods or services.

I use a local bank with big coffee cans in their vault. Looking into paypal they don't offer their buyer protection for motorized vehicles.

 

[El Toro Joe]

Sounds like a fly and ride may be in yer future...

 

[gregory]

Cashiers check

 

[El Toro]

I would not use PayPal. I had a buyer who wanted to do this a few weeks ago and he was willing to pay the fees too. I called PayPal and talked to a real person (ask the robo responder for an "agent"). The real person said that that PayPal is not meant for vehicle sales and that the normal protections are not in force.

I would take cash in person at my bank where the bills can be checked. I would take a personal or cashiers check and release the bike and title after it was confirmed clear. I would take a wire transfer and release bike and title after it was confirmed received.

In the subject case, the buyer was in a foreign country but had an agent in Atlanta. The buyer made a $500 deposit via PayPal, which is ok. Then my bank provided instructions for a wire transfer which did not require use if my local routing number.

The wire transfer actually took 3 days to be confirmed.

I am not waiting for the shipper to pick up the bike and deliver it to the agent in Atlanta who will handle the export.

 

[El Toro]

FWIW whenever I buy a bike from MAX BMW in NH, they want a wire transfer.

When I buy a bike from Baxter Cycle in Iowa, they are happy with my personal check (I'm a longstanding customer and I've taken their checks too).

So ... every transaction is different, but a wire transfer is often preferred by the seller.

 

[El Toro]

And last ,,, there is a late model, pristine, low mileage, KTM 990 SM/T that should be on eBay by this weekend. It is located in Brooklin, ME. If you want to contact the seller, pm me and I'll send you his contact info.

 

[Bugnatr]

Wow, both El Toro's...nice. Joe, too far and not enough time off right now. The other El Toro, pm sent.

I didn't mention I am buying from a private party, not a dealer.

 

[Fred W]

Cashiers check

I would not use PayPal. I had a buyer who wanted to do this a few weeks ago and he was willing to pay the fees too. I called PayPal and talked to a real person (ask the robo responder for an "agent"). The real person said that that PayPal is not meant for vehicle sales and that the normal protections are not in force.
I would take cash in person at my bank where the bills can be checked. I would take a personal or cashiers check and release the bike and title after it was confirmed clear. I would take a wire transfer and release bike and title after it was confirmed received.

In the subject case, the buyer was in a foreign country but had an agent in Atlanta. The buyer made a $500 deposit via PayPal, which is ok. Then my bank provided instructions for a wire transfer which did not require use if my local routing number.

The wire transfer actually took 3 days to be confirmed.

I am not waiting for the shipper to pick up the bike and deliver it to the agent in Atlanta who will handle the export.

I would not take any type of check personal or cashier's. I have in my possession a fairly legitimate looking cashier's check from Northeast Bank in Auburn, ME for $15,500.00 that is worth nothing more than the paper it's written on. Northeast Bank is an actual bank with a branch in Auburn, ME. If I were to deposit that check in my bank (not Northeast) it would clear in 2 or 3 days. Then in about 2 weeks, after I had withdrawn the funds it would bounce when the check reaches Northeast Bank as it is counterfeit.

I knew the check was no good when I got it because it was sent to me by a scammer off of a Crags List ad where I was selling a Jeep Wrangler for $9k dollars. Of course the scammer wanted me to send the overpayment to their "agent" once the check cleared at my bank to arrange shipping of the Jeep. That's how the scam works. The check clears, you send the overage, they disappear, and then two weeks later the bank wants their money back.

For any person to person (non-dealer) sale, I would only make a transaction in person, and if I were the seller would only take cash. Fly and ride, or if it's a bike you don't want to ride that far, rent a U-haul trailer or van or whatever. Either that or wait for one to come up closer to home. There are far too many low life miscreants out there to trust any stranger with that much temptation.

 

[Geezer]

I don't know of any reason why the seller could not open a savings account in a local bank and have the buyer transfer the funds from whatever bank he uses into that account. There may be a minimum amount for the initial deposit to open the account, but that should be very small. Your banker should be able to help you with any laws, rules, or fees involved.

Of course this requires that the buyer is willing to transfer a large sum to someone he has no reason to trust. Considering all of the scams, like the one Fred mentioned, I think I would either 'fly and ride' with the cash in my hand, or find a dealer to make the transfer.

One other thought, if you are having it shipped to you the shipper may be willing to handle the transaction at both ends for a fee.

 

[El Toro]

The check bouncing issue is why I said to wait for confirmed clearance. Many cashiers and personal checks seem real, but it takes a while to prove them false. About two weeks is usually enough.

If I'm selling a bike, I'm in no hurry to transfer anything until payment is confirmed ... literally.

 

[El Toro]

Fred, that's an old old scam, and seemingly real phony checks have been a ploy for more than 10 years.

You really have to wait for confirmed clearance. Your banker should be able to give you good guidance.

The scheme you report is even worse than the normal bogus check routine. That should have made it even easier to recognize.

 

[El Toro]

And Fred, cash is no longer safe either unless you take it at your bank and let the bank confirm it in person.

When I sell for cash in person, I ride the bike to the bank for the face to face transfer.

There are too many people trying to get something for nothing these days.

 

[FJRay]

Send me your money and a credit card. I will load up my trailer and go get it. I will carefully inspect it and send you pictures, ride it like I stole it, load it up and deliver it to your house. What could go wrong??

 

[Fred W]

Fred, that's an old old scam, and seemingly real phony checks have been a ploy for more than 10 years.

I know it's old, this happened a long time ago (December 2005).

I was just using it as an example of why I would never take even a legitimate looking cashiers check.

Making the transfer of ownership at a Bank or Credit Union is a very good idea. It is pretty much imperative if there is a lien on the vehicle, and the buyer wants the title in hand at the time of sale.

 

[Eagle Six]

I would be as concerned about the condition of a sight-unseen, un-inspected, no test ride, and clear title and bill of sale bike, as I would about the money exchange. In the past year I have purchased a jeep, truck and bike from total strangers from long distance.

Two were titled in my home state (Arizona), the bike was titled in Montana. I have accounts in two banks, and all three sellers had an account in one or the other that I had. Me and the buyer at the teller window, I withdraw the cash amount and the teller counts it out to me. I pass it to the buyer, the buyer hands the cash back to the teller with a deposit slip, and the money exchange is complete. At the same bank the notary for the bill of sale and title are performed. I was familiar with the Arizona titles, but the Montana title I did a search online and called the DMV to confirm a clear title in the sellers name. Was that the absolute safest way? Probably not, but it worked for me.

In all three purchases I was present. With the truck and Jeep, the wife and I made a day trip to purchase and buy. In the case of the bike, I did a one-way rental car and rode it back. All three turned out to be good buys, but there is still plenty of chances to get burned.

In your case, how does the seller want to exchange the money?

Edit: Forgot to add, I also purchased an airplane using the same process.