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Posted: 1/27/2011 1:19:53 PM EDT
I listed it on ebay and it sold last night for more than I currently owe on it. I have a loan on it from a credit union. I called the credit union and they told me that even with a cashiers check it would take a few days to clear. I thought cashiers checks were supposed to be as good as cash? Would having the seller to a bank to bank money transfer be any better? What's the order of events, they give me cashiers check, I give them motorcycle and title and then when bank clears I give them the note saying there is no longer a lien on the motorcycle? Should I be worried about this cashier's check not clearing?

The sell in question lives 2 hours away and would rather not make two trips which I certainly don't blame her for.

I'm sorry if this seems like basic stuff but I've never done this before; I genuinely don't have a clue what to do and the bank wasn't the most helpful about it when I called.
Link Posted: 1/27/2011 1:23:49 PM EDT
Cash and Carry or P.O. Money Order
Link Posted: 1/27/2011 1:25:58 PM EDT
[Last Edit: 1/27/2011 1:26:51 PM EDT by jperry69]
I sold a truck that I did not have the title for, the bank owned it. The buyer sent the payoff to the bank, I gave the truck to the buyer with a bill of sale, they had to wait a couple of weeks for the title. The title will go to you then you sign it over to them. When your bank gets the check they can check if it has the funds. And yes I thought a cashiers check was GTG/
Link Posted: 1/27/2011 1:26:45 PM EDT
Take all of the money and move to Thailand.
Link Posted: 1/27/2011 1:27:17 PM EDT
They can do a wire transfer to your bank...just give them your bank name and your name nothing else...inform your bank that their bank will be contacting you....tell them not to release any personal account info to anyone other then another financial institution....sent when the wire opens it should be there in less then 2 hours....free and clear
Link Posted: 1/27/2011 1:34:14 PM EDT
Call the bank that issued the money order. They can validate if is good. Should not be difficult.
Link Posted: 1/27/2011 1:36:15 PM EDT
Originally Posted By jackhandy:
They can do a wire transfer to your bank...just give them your bank name and your name nothing else...inform your bank that their bank will be contacting you....tell them not to release any personal account info to anyone other then another financial institution....sent when the wire opens it should be there in less then 2 hours....free and clear


The seller actually asked about that option. I didn't think there was a way to do it without giving someone my account number which did not seem like a good idea.
Link Posted: 1/27/2011 1:36:19 PM EDT
I presume you disclosed that there was a lien on the bike in the auction?

Anyhow, fastest way for teh buyer that I canrecall. Draw cash, meets at your credit union, pays off bike, gets lien release.
Link Posted: 1/27/2011 2:00:31 PM EDT
Originally Posted By MisterPX:
I presume you disclosed that there was a lien on the bike in the auction?

Anyhow, fastest way for teh buyer that I canrecall. Draw cash, meets at your credit union, pays off bike, gets lien release.


I disclosed that there was a lein on the bike. I'd rather people not bid then try to scam them into it so I was up front about everything even why I was selling the bike. (I'm selling it because rather then spend time riding I spend most of my free time int he summers shooting now that I've gotten into IDPA and IPSC)

Link Posted: 1/27/2011 2:06:20 PM EDT
Yeah wire transfer can be done just between the banks...the bank would be providing your account info to the other bank
Link Posted: 1/29/2011 1:18:02 PM EDT
So I looked into the wire transfer thing and it's not necessarily any quicker than a cashier's check and still takes up to a few days to clear. It looks like they want to do a cashier's check which means they will have to wait until the thing clears for them to be able to register the motocycle and get plates for it.

Link Posted: 1/29/2011 1:21:30 PM EDT
[Last Edit: 1/29/2011 1:22:29 PM EDT by pcsutton]
Wire Transfer is theway to go, OR, if they can buy a cashiers check....they can get cash from their bank. Don't give up the Title until you are paid in full. Give them a bill of sale/receipt on account until you are paid in full.
Link Posted: 1/29/2011 4:08:05 PM EDT
It's a large sum of money though.
Link Posted: 1/29/2011 4:16:06 PM EDT
Originally Posted By jackhandy:
They can do a wire transfer to your bank...just give them your bank name and your name nothing else...inform your bank that their bank will be contacting you....tell them not to release any personal account info to anyone other then another financial institution....sent when the wire opens it should be there in less then 2 hours....free and clear

Some banks, like Wells Fargo, will now hold wire transfers for several days. We have several customers that pay us by wire. Lately they've been holding our money for five days before allowing us to transfer it into the account we pay payroll from. It makes trying make payroll interesting some weeks.z
Link Posted: 1/29/2011 4:22:10 PM EDT
When I sold my old harley on ebay to a guy in Texas. Money went bank to bank transfer, Paid off the loan I had with them and the difference went into my account there.
Link Posted: 1/29/2011 4:24:01 PM EDT
Well you sure as Hell don't give them the thing they bought. That'd be dumb.


Link Posted: 1/29/2011 4:32:30 PM EDT
Fed wires clear the same day. ACH transfers can take 3-4 business day to clear.

The 419 scam money orders can take 14 days to clear (hence the reason they are an integral part of the 419 scam). Also, lots of conterfiet US postal money orders floating around. As others have said, if you accept a money order, call the bank to ensure the funds are available before proceeding.

Your best bet is cash but, you'll have to find someone willing to give it to you while you wait a few weeks for the title.

You may also want to consider maintaining insurance on the bike until you've signed over the title.

Link Posted: 1/29/2011 4:55:26 PM EDT
All I can say is DONT DO IT MAN! I regret selling my street bike nearly every day. Nothing took the stress off like jumping on my bike and taking off with no where in particular to go.
Link Posted: 1/29/2011 5:42:35 PM EDT
Originally Posted By HKPDW:
Fed wires clear the same day. ACH transfers can take 3-4 business day to clear.

The 419 scam money orders can take 14 days to clear (hence the reason they are an integral part of the 419 scam). Also, lots of conterfiet US postal money orders floating around. As others have said, if you accept a money order, call the bank to ensure the funds are available before proceeding.

Your best bet is cash but, you'll have to find someone willing to give it to you while you wait a few weeks for the title.

You may also want to consider maintaining insurance on the bike until you've signed over the title.



In MD you keep the title but there is a stamp on the title saying that there is a lein on it and before you can register the bike the company holding the lein has to sign off on it. When you pay the lein off they give you a not saying that they no longer have a lein on it. Point being if there is cash it will all happen the saem day.
Link Posted: 1/29/2011 8:08:14 PM EDT
Originally Posted By mrozowjj:
Originally Posted By MisterPX:
I presume you disclosed that there was a lien on the bike in the auction?

Anyhow, fastest way for teh buyer that I canrecall. Draw cash, meets at your credit union, pays off bike, gets lien release.


I disclosed that there was a lein on the bike. I'd rather people not bid then try to scam them into it so I was up front about everything even why I was selling the bike. (I'm selling it because rather then spend time riding I spend most of my free time int he summers shooting now that I've gotten into IDPA and IPSC)



You said "she", which I take to mean she bought a smaller displacement bike from you-probably in the $2-5k range. I can walk into my bank and pull that much out in cash any day of the week. If she's worried about traveling 2 hours to meet a random dude with thousands of dollars in her pocket, tell her you can meet at a police station or wherever she feels comfortable.

I don't take anything but cash when I sell a vehicle.
Link Posted: 1/30/2011 7:17:46 AM EDT
[Last Edit: 1/30/2011 7:27:54 AM EDT by mrozowjj]
Originally Posted By TheOtherDave:
Originally Posted By mrozowjj:
Originally Posted By MisterPX:
I presume you disclosed that there was a lien on the bike in the auction?

Anyhow, fastest way for teh buyer that I canrecall. Draw cash, meets at your credit union, pays off bike, gets lien release.


I disclosed that there was a lein on the bike. I'd rather people not bid then try to scam them into it so I was up front about everything even why I was selling the bike. (I'm selling it because rather then spend time riding I spend most of my free time int he summers shooting now that I've gotten into IDPA and IPSC)



You said "she", which I take to mean she bought a smaller displacement bike from you-probably in the $2-5k range. I can walk into my bank and pull that much out in cash any day of the week. If she's worried about traveling 2 hours to meet a random dude with thousands of dollars in her pocket, tell her you can meet at a police station or wherever she feels comfortable.

I don't take anything but cash when I sell a vehicle.


Nope. She bought my 2009 Street Glide so 17K.

My big questions is this, if she comes with a cashiers check, and I deposit it, everything seems fine I give her the bike and she goes home and then 2 weeks later I find out the check was a fraud, what legal recourse do I have? Am I fucked? Does that count as theft?
Link Posted: 1/30/2011 7:32:21 AM EDT
There's a couple of ways that I see to do this.

Since the buyer is only 2 hours away from you, there's probably a mutual bank that's in both area's.

If the buyer doesn't want to haul 17k in cash, have them go into that bank, get a cashiers check, THEN....

You meet at the local branch of the mutual bank.

You have the BUYER CASH the check there. Then the buyer can hand you cash in the lobby of the bank. You can then buy another cashiers check from the bank, hand the buyer the title, and walk out.

You don't have to worry about a bogus cashiers check, or walking around with a large sum of money on you, etc.....

Sounds like a "WIN-WIN".....

But, what the Fuck do I know?
Link Posted: 1/30/2011 7:39:23 AM EDT
Personally,I wouldn't be giving up a $17,000 item UNTIL the check cleared or unless they paid you in cash. Just sayin,
Link Posted: 1/30/2011 7:39:55 AM EDT
[Last Edit: 1/30/2011 7:46:33 AM EDT by destaccado]
My experience selling vehicles on eBay has been you give the buyer a Bill of Sale that mentions the sale is official as soon as payment clears along with the bike - then you keep the title until the payment clears. If the seller is concerned that you won't pay off the title - then have them accompany you to your financial institution and allow them to witness you paying it off. In the meantime - you maintain insurance on your motorcycle in case something crazy happens like the buyer dumps it without having their own insurance, leaves it at a crack house where it gets stolen, etc....

If the check didn't clear and I couldn't get my bike back immediately - I'd simply report it stolen and since the title would still be in your hands you should be good to go. I would also verify the check with the bank who issued it before I accepted it and make sure to view some form of picture ID.

If I was purchasing a product with a cashier's check - I would expect the bill of sale from the seller along with the product. I would also want to at least see a copy of the title of the vehicle they are selling before giving them any money.
Link Posted: 1/30/2011 7:41:02 AM EDT
[Last Edit: 1/30/2011 7:41:15 AM EDT by caduckgunner]

Originally Posted By jperry69:
I sold a truck that I did not have the title for, the bank owned it. The buyer sent the payoff to the bank, I gave the truck to the buyer with a bill of sale, they had to wait a couple of weeks for the title. The title will go to you then you sign it over to them. When your bank gets the check they can check if it has the funds. And yes I thought a cashiers check was GTG/

I did the same thing with a Jeep I sold. No problems.
Link Posted: 1/30/2011 7:46:18 AM EDT

Originally Posted By helogene:
There's a couple of ways that I see to do this.

Since the buyer is only 2 hours away from you, there's probably a mutual bank that's in both area's.

If the buyer doesn't want to haul 17k in cash, have them go into that bank, get a cashiers check, THEN....

You meet at the local branch of the mutual bank.

You have the BUYER CASH the check there. Then the buyer can hand you cash in the lobby of the bank. You can then buy another cashiers check from the bank, hand the buyer the title, and walk out.

You don't have to worry about a bogus cashiers check, or walking around with a large sum of money on you, etc.....

Sounds like a "WIN-WIN".....

But, what the Fuck do I know?

That seems like a good idea. Why won't this work?
Link Posted: 1/30/2011 8:46:11 AM EDT
[Last Edit: 1/30/2011 8:57:30 AM EDT by mrozowjj]
Originally Posted By Ahiodsohi:

Originally Posted By helogene:
There's a couple of ways that I see to do this.

Since the buyer is only 2 hours away from you, there's probably a mutual bank that's in both area's.

If the buyer doesn't want to haul 17k in cash, have them go into that bank, get a cashiers check, THEN....

You meet at the local branch of the mutual bank.

You have the BUYER CASH the check there. Then the buyer can hand you cash in the lobby of the bank. You can then buy another cashiers check from the bank, hand the buyer the title, and walk out.

You don't have to worry about a bogus cashiers check, or walking around with a large sum of money on you, etc.....

Sounds like a "WIN-WIN".....

But, what the Fuck do I know?

That seems like a good idea. Why won't this work?



Actually she mentioned her bank is a Bank of America... and there is a Bank of America branch here... I suppose I could have her go to that branch here and I can be with her when she gets the check? IT still might take a while to clear but if I'm there watching her get it there is 0 chance of it being a fraud. I have no idea why I didn't think of that.
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