Payment for sale of motorhome

[alpha99]

Originally Posted by Air Baron

Cash? You gotta be kidding....

Uh no, not kidding. You'd be surprised (apparently) how some prefer to use good old fashioned cash for large transactions.

And be well armed.


Cheers!

[Air Baron]

Originally Posted by alpha99

Uh no, not kidding. You'd be surprised (apparently) how some prefer to use good old fashioned cash for large transactions.

And be well armed.


Cheers!

Sounds to me like behavior where the risk far outweighs any possible reward. Go get 'em cowboy....

[theroc]

Man, I'm with the the folks suggesting using a wire transfer. No way would I want to be carrying around $100k (plus or minus whatever) for either purchasing or accepting for purchase when selling.

If buying a motorhome and the seller insisted on actual cash, I'd pass and look for another unit.

If selling one, I'd be very hesitant on accepting $100k (plus or minus whatever) in cash from somebody I didn't know. I can't tell a counterfeit $500 bill from a good one ...assuming a $500 bill is the highest denomination issued by a bank nowadays.

But generally, having to count and accept that much money would make me very nervous and I just would not be comfortable carrying around that much cash.

[Lincolnut]

When I bought mine it was in Nevada and I was in New Mexico. Before I drove out to see it I had my bank make sure they talked to his bank and got all the numbers they needed.

So when I got to Nevada and saw & drove the MH. I made a call to my bank and told them to send the money and in about 20 min. I got a call from his bank ( in Los Angeles) that said the funds were there & I could drive off and they would send me the paper work in the mail and I was a happy Camper......

.. Bill of sale and I was gone......

Mike

[palehorse89]

Originally Posted by Lincolnut

When I bought mine it was in Nevada and I was in New Mexico. Before I drove out to see it I had my bank make sure they talked to his bank and got all the numbers they needed.

So when I got to Nevada and saw & drove the MH. I made a call to my bank and told them to send the money and in about 20 min. I got a call from his bank ( in Los Angeles) that said the funds were there & I could drive off and they would send me the paper work in the mail and I was a happy Camper......

.. Bill of sale and I was gone......

Mike

Good explaination of a wire transfer and how its done. As posted above, I have never done one. Thanks!
One thought, Having to call your bank and having them call his bank, is sort of what I did with the Corporate Check to make sure both banks were on board, when things checked out, no 20 minute wait for the wire........handed him the check(pre-approved and he talked to his bank manager) and away we go........
Like always, everyone has their way of doing things, I am glad I just learned another way

[shoreco]

How much are we talking?

Are there loans involved?

I paid $25k for mine and paid cash!....

If I were buying my dream DP for over $100k...the bank would draw a loan check. ..

[Lincolnut]

Originally Posted by palehorse89

Good explaination of a wire transfer and how its done. As posted above, I have never done one. Thanks!
One thought, Having to call your bank and having them call his bank, is sort of what I did with the Corporate Check to make sure both banks were on board, when things checked out, no 20 minute wait for the wire........handed him the check(pre-approved and he talked to his bank manager) and away we go........
Like always, everyone has their way of doing things, I am glad I just learned another way

I think it took the lady in LA that long to finish her cup of coffee cause my bank sent it while I was on the phone to them by just pushing a button, so she was "busy" on the other end.........LOL......either way will work fine......I paid 35grand and I did not want to drive down I-40 with that much cash cause them revenuers are always looking for large stacks of 100's, something 'bout drugs......Opp's there goes my 35G's in some counties trust fund.......Not......

Just my .02 Mike

[Route 66]

The $100 bill is the highest denomination currently in circulation.

Originally Posted by theroc

I can't tell a counterfeit $500 bill from a good one ...assuming a $500 bill is the highest denomination issued by a bank nowadays.

But generally, having to count and accept that much money would make me very nervous and I just would not be comfortable carrying around that much cash.

[georgetown350]

Just another reason why I wont sell privately.

[theroc]

Originally Posted by Route 66

The $100 bill is the highest denomination currently in circulation.

Ah, thank you. That tells you how out of touch I am with dealing in cash. I hardly do anything with cash anymore. Decades ago when I was younger, I remember selling two used cars for cash but that was in a price range under $1,000.

But it makes it even worse if the highest denomination is a $100 bill. Can you imagine the hassle if one were to insist on a cash transaction when selling a motorhome? If we're talking about $100k (again, plus or minus whatever), I'd hate to be counting 1,000 one hundred dollar bills in front of the purchaser and carrying that much around when trying to get to the bank. Even if we're talking about $25k, counting 250 bills is still too much for me to deal with in accepting from somebody I didn't know while trying to make sure that none of the bills were counterfeit ...no thanks; electronic transactions for me.

[TQ60]

Wire transfer between banks with coordination fron both ends to be sure it is done correctly and funds confirned.

To add another step...

Title transfers at dmv before it moves.

Your bank confirms funds 100 % yours and cannot be revoked.

New owner transfers title from you to them.

They arrive with title you hand them keys.

No risk to you if they get in accident or something on the road.

[IdahoSRT10]

Post #3...and only release the RV after the funds have cleared.

[hdossett]

Have been on both end of this kind of deal. Both times we, buyer and seller, went to the "buyer's" bank and had the teller issue a bank counter check. Funds were drawn from the buyers account immediately. The check was now drawn on and backed by the bank.

Titles were signed, signatures notarized by the bank, and then exchanged for the checks. Checks then deposited in sellers bank. These were like eight and fifteen thousand dollar transactions. On the 15k one, the buyer was going to withdraw and pay me in cash. It was over the withdrawal limit. Teller said she could do part cash, part check. I said just give me a check for the whole thing. Check are much easier to deposit than that much cash!

Worked for me.

H

[richs050]

Did the same thing when we sold our TT. Went to the Buyers Bank and they got a Cashier's check made out to us, we both signed the necessary Bill of Sales and DMV paperwork then we deposited the check in our bank. easy peezy

Richard