Cash economy?

[Koolkat]

I'm in the process of selling a horse trailer, it's an older model, but sound. I'm wondering if I should accept a personal check or ask for cash? It's not a big ticket item, but is several thousand dollars. Would you be willing to show up with the bills? Or is that an unfair request? It's been so long since I've bought/sold anything on the "open market", I'm not sure how people do it these days. WWYD?

[Canyon]

You can accept a check, go with them to their bank to cash it and have any paperwork notarized.

When I sold my horse trailer a few years ago, I did take most of the payment in cash and accepted a personal check for the balance, from someone who had driven about four hours to pick up the trailer. I was hesitant, but all was fine in the end.

[StraightForward]

When I sold my old trailer several years ago the buyers showed up with the $3,500 in rolls of 20's. That was fun to count! I also paid for a $4K horse in cash. I think under $5K, cash is a reasonable expectation. More than that, and I would ask for a cashier's check and use a notary.

[Mareless]

We have bought and sold numerous times things with cash in the last handful of years: vehicles, horse trailer, backhoe, etc. I personally would rather deal in cash, and make a trip to the bank for it, than take a personal check.

[piedmontfields]

I would use a bank for a sizable transaction even with cash. Let's just say counterfeit dollars are still out there.

[westisbest]

Dont know what cashier's cheque is? I'm selling my trailer hoping to get around $7,000.00, I'll only accept a certified cheque.

[SnowHorse]

Dont know what cashier's cheque is?

It's a check made by the bank - in a way, one pays the money to the bank, and the bank holds it for the recipient.

It has the receiver's name on it, so if you lose it, basically only the recipient could cash it. It's safer than cash money.

[Grandiose]

I don't accept personal checks for any amount. Under 5k, cash. Over that amount and I'll meet them at their bank (if they are local) or a cashiers check. I've done one thru PayPal. They had to pay the extra amount that receiving it cost me.

[angela9823]

Wiring money is cheap and quick. I'd take cash but not a personal check.

[Tabby]

I sold a car for $5K cash once. What about e-transfers? Also, you can ask for a certified check or money order.

[westisbest]

I sold a car for $5K cash once. What about e-transfers? Also, you can ask for a certified check or money order.

The timing of the EFT? as in I wouldn't allow buyer to leave with trailer before receiving EFT. So it would have to be done on the spot presumably. Certified cheque seems safest to me.

[catriona23]

I paid cash for my $2800 trailer, my $3300 truck, and my $3800 horse.

I thought of it this way: I wouldn't want to take a personal check, I hear about all sorts of scams with counterfeit cashiers checks and certified checks. So maybe I wouldn't want to take one of those either. I hear about wire transfer scams, and people taking advantage of Pay Pal's willingness to cancel charges for dissatisfied customers. So maybe I wouldn't want that either. (I work in information security, so maybe I have some experiential bias and I hear more about scams than the average person) These were all private party transactions, so it wasn't like the individuals were likely to be able to take Visa.

I guess I believe that cash talks, and most individuals are willing to take a 5% or 10% cash deposit to hold a larger ticket item, and wait a few days for a vet or mechanic check, and for a bank to open to get the rest in cash as well.

[westisbest]

What about conterfeit cash? nothing is fool proof. I like the cash deposit tho. Altho with a trailer I'm hoping showing the recent service records will be good enough. Not like a car where you would want a mechanic to check it over.

[Koolkat]

Sold the trailer to the first couple that came to see it! There was quite a bit of interest, too, I must have underpriced it. Dang!

A pile of Franklins on the table. . . .

[viscountessleftfield]

Dont know what cashier's cheque is? I'm selling my trailer hoping to get around $7,000.00, I'll only accept a certified cheque.

There is a ton of fraud in cashier's checks. We've had a fraudulent one come through this year in my business. I won't accept them!

[WheresMyWhite]

What about conterfeit cash? nothing is fool proof. I like the cash deposit tho. Altho with a trailer I'm hoping showing the recent service records will be good enough. Not like a car where you would want a mechanic to check it over.

Me? No personal check unless you can go to a branch of their bank and get the funds.

See if they can do an EFT (which would require you providing your account number). Maybe when you go to their bank, the bank will do the EFT and you would only need to give your account number to the bank.

I personally prefer EFT if you can figure out how to make it work as that is probably the least fraudulent option. Anything involved a piece of paper can be risky.

[Hayburner]

I would only take a check if they allowed it to clear before they took the trailer and or got the title for it.

Do you have a paypal account? Not sure if it's full-proof - but, that could be another way to handle this.

I needed 10K cash and my stupid bank (it's a large banks branch) said they needed a few days notice!

Since I'm in retail I do know there is so much fraud - I am very leery of any type of check anymore.

I would probably want to meet at their bank or if nothing else call my bank and ask them to check if the buyers account had the funds. THey don't always tell you this, but many times they will just say: Yes, there are funds to cover the amount.

[WheresMyWhite]

$10K is about the limit where banks have to report the transaction to the feds (not for taxes but for possible other, illicit, uses ).

[texsuze]

Reading this thread with interest. I'm going to make notes for when I eventually sell my old manure spreader, the Honda push lawnmower, and the post hole auger

I've done so many CL sales, some in the 4-figure range, where I take personal check, either for the total amount or a deposit. Meeting folks alone (during the day) in truck stop, or Bass Pro Shop parking lots when selling some tack! So many things around here are still done on trust and a handshake that you don't often think of worst case scenario. Maybe I need to wake up and smell the coffee....