Safest Payment Method?

[Southernspeed]

If you sell a vehicle or piece of equipment for a substantial value (in this case, a truck for $50k) and it's a face to face private deal, how would you take payment? Cash? That's a lot of cash. Would you trust a personal check or even a certified check? Any other suggestions? Thanks!

 

[Tpondel]

Don’t give the keys or title until they wire the funds to your bank.

 

[KennyG]

Certified checks aren't guaranteed. Cashiers checks are but they can be forged. With a face to face deal, go to the buyers bank and get a cashiers check. (Or cash)

 

[WranglerX]

Electronic funds transfer..... No transfer, no title, no keys, no vehicle....

 

[RayIN]

I can't imagine the hassles of dealing with $50K in hard cash today. In the first place, that gets the IRS and banking laws involved immediately. Bank to bank electronic transfer is the safest and easiest method. If you have questions, your bank will be happy to explain.

 

[Southernspeed]

Thanks for all the replies, that's good advice. I've always been a 'cash guy' but the thought of getting $50k in dud notes is quite worrying! Electronic transfer sounds good if that is an accepted practice.
Thanks again.

 

[chim]

I sold my L3200 after buying my current tractor and had the unknown guy bring $18,500 in C-notes. We went to my bank and deposited it. Went well, but I'd do it with electronic bank to bank transfer if something like that happens again.

 

[caver]

yep wire transfer...also read up on your state's civil asset forfeiture laws.

 

[bdhsfz6]

I sell a lot through eBay and FB Marketplace. I usually use PayPal, Apple Cash or Venmo if the $$ amount is within limits. On some occasions, I'll take a certified check. So far, I've had no issues.

 

[LittleBill21]

the safest way, is none that have been listed, ach can be reversed.

go to the bank of the guy who is buying the truck, open an account with them, have them transfer the funds directly at the bank, this is about the only guarantee your going to get it won't be reversed.