- Thread starter JDB
- Start date
ssgshelton
Member
I have always brought cash to purchase something but I have thought many times, while driving hundreds of miles from my home, usually alone, with thousands of dollars in my pocket, if I was sane or not. To me an agreed upon cashiers check or postal money order would be safer for the buyer and for the vast majority of times would be guaranteed for the buyer. Think of it this way. IF hoaxes can be done buy posting a fake picture and request to send money then it can easily be done by working out a deal over the phone and then ambushing the honest guy showing up with cash in his hand.
bobs old iron
Well-known Member
if they want to go with you to your bank, and do a wire transfer, knowing the money has been deposited, then the items can be picked up, since they are there with you...with todays printers, to easy to print a phoney check, money order, etc..
waltdavies
Member
I second this method it's the safest way to except large amount of money. One thing when bank says it there then it there and you don't have to worry.
Walt
Ps its also as easy as going to your bank to deposit a check.
Walt
Ps its also as easy as going to your bank to deposit a check.
the tractor vet
Well-known Member
CASH it is called CIF that is CASH IN FIST in nice old bills with lots of dead presidents pictures on them . Same way i did when buying from someone that did not know me or my bank . same way i sold stuff CASH unless i knew you it was CASH.
Anonymous-0
Well-known Member
You don't let anything out of your possession until you are 100% positive ALL the money has been paid in full. If the buyer has to wait 2 weeks (or more) for something to clear, they have to wait 2 weeks until they can get the tractor.
Postal Money orders are the safest type of M.O., but even they can be faked. Also, there's an upper limit on Postal M.O.'s. I think it's $700.
Cashier's Checks are only slightly better than a personal or business check. A stop payment can be placed on a Cashier's Check!
Cash is great. Get one of those pens that help detect phony bills.
Wire transfer is best.
Unfortunately I have never sold nothing in my life, I guess I am married to it all. The other side of the coin is this, I am not taking cash or cashiers check or none of this silly crap to buy anything! I write the man a check and he calls me when it clears and I go get it. That simple. If he can not deal with that I don't need what he has got.
Only problem i see is with these large amounts of money is few people carry 10-10000 in cash!!!!! If they buy it for a buisness they may finance it from there bank and ie get a bank check and claim it as an exspence. Big difference here than in buying say an old $500 restoration tractor or a tooll set for $150 at a yard sale!!!!
todd hamilton
Member
What animal said below. Banks actually use electronic transfers these days based on the information from the written check. You should have your money in 48 hours. On that amount I would also have a sales contract and have it notarized. Copy of contract and check for each party.
If you'd ever sold anything you might not consider those forms of payment "silly crap".
Sellers get screwed every day. Banks SHOULD know in 48 hours if a check is good or not. The problem is they sometimes don't let the depositor know right away. Banks will sometimes try to run a bad check through again. If it still won't clear then they mail the depositor to let them know. It can take 1 1/2 to 2 weeks before the seller knows the check was bad. Not many buyers are willing to wait that long.
The OP was wise to ask for advice. Showcrop also made a very important point that getting mugged after receiving cash is a very real possibility.
That's why wire transfers are best for larger purchases.
Traditional Farmer
Well-known Member
- Location
- Virginia
If the tractor or equipment is from an individual I pay cash.Over the years I have gotten some real good deals because I had the cash right then to buy something.Lots of people wait until they are in a bind to sell and need the $$$$ right away.
An old equipment dealer I knew would go look at a piece of farm equipment and say the seller wanted
$1500 and he offered $1000 he'd hand the seller the 1000 in cash and let him hold it while he looked the equipment over.The old dealer said rarely would the seller hand him the $$$ back
he'd take the offer.
An old equipment dealer I knew would go look at a piece of farm equipment and say the seller wanted
$1500 and he offered $1000 he'd hand the seller the 1000 in cash and let him hold it while he looked the equipment over.The old dealer said rarely would the seller hand him the $$$ back
he'd take the offer.
if this man is unknown to you and you dont know any of his kin, id ask for cash period, if he wants the tractor he will borrow the money from a bank and you'll have yours, i sold a kenworth truck that way the buyer had to bring it in a briefcase, but he brought it, some cashiers checks arnt worth the paper there printed on, since i dont know the difference between a real one and a computer faked one and there seems to be more shysters around than ever i asked for cash, and i got it, if this guy either is running a fast one, or even if he's honest, and something happens and he cant make the payments your out some money as well as you will have to hire a lawyer, court cost and a transporter to go recover the tractor that may cost nearly as much as your asking for the tractor by the time you have to go thru all that ,its your tractor, you do what you need to do
wilson ind
Well-known Member
Was talking to friend who is bank employee just few days ago .I said have a cd due in a few weeks and griping about rates. I said maybe I should just get cash. He replied in sincereity, let us know in advance as banks seldom have much extra cash. You serious??? He said in honesty there is not as much cash as most people think, what with electronic banking. Also if getting 10,000 or more bank must report to goverment and you have paper work. Sure got me to thinking!!!
Nebraska Cowman
Well-known Member
Ask your bank. Not us. We don't know the guy either. If I bought a tractor from a stranger I would not expect to pay him in cash. I would expect him to accept either my personal check or a cashiers check from my bank.
I prefer cash but will take a check with the understanding that the sold item stays in my possession until the check clears. I've never used a bank draft or wired money, but it sounds like a decent idea to me. Just make sure the cash is in your hand or the money is in your account before you let your tractor go.
Anything of significant value, I always meet other party at a bank. I carry a current letter of credit from my bank when doing sales. Then go to bank and make transfer on the spot. In this day and age, I cannot understand why someone would carry large amounts of cash with an unknown party at other end. Just isn't a safe thing to do IMHO.
colekicker
Member
ASK YOUR BANK. Honestly, the crap rates they are paying you right now, they should be happy to tell you about this.
Cash or paypal is all I accept any more. I had two Wal Mart Money Orders sent to me one time in the amount of $2500 each. I suspected they were fake and I was right but it took the bank 8 days to figure it out only because after I said something. Then on the 15th day I received them back in the mail saying they were counterfeit.
They looked real but the little spot that changes color with heat would not change.
They looked real but the little spot that changes color with heat would not change.
If I'm handing over ANY form of payment, I'm not leaving without what I just bought!!!
What's stopping the seller from cashing my check and then "disappearing" my item?
Cash is the best for both buyer and seller. Seller gets paid right there and then. Buyer takes his item right there and then.
There is no waiting 48 hours for a bank transfer to go through.
There is no waiting for days and weeks waiting for a check to clear.
There is no risk that the buyer wrote a bad check and ran off with the item.
There is no risk that the seller cashed your check and ran off with the item.
The sale can happen on a Sunday when banks aren't open.
What's stopping the seller from cashing my check and then "disappearing" my item?
Cash is the best for both buyer and seller. Seller gets paid right there and then. Buyer takes his item right there and then.
There is no waiting 48 hours for a bank transfer to go through.
There is no waiting for days and weeks waiting for a check to clear.
There is no risk that the buyer wrote a bad check and ran off with the item.
There is no risk that the seller cashed your check and ran off with the item.
The sale can happen on a Sunday when banks aren't open.
Who'd be dumb enough to carry that kind of cash to a strangers place? A bank check is written from the banks account after you give them the amount they are writing it for. A fake can be made but the bank I use has an 800 number on the check and you just call that number with the check number and they will tell you if it is a good check. Bank transfers can cause delays if you aren't there early enough in the day. My bank says after 2 pm it may not show up till the next day. Then what do you do?
Traditional Farmer
Well-known Member
- Location
- Virginia
Banks have very little actually cash and if an emergency situation arises where many people try to get their money out of banks it'll be like musical chairs only there'll be 10 people and 1 chair.Anyway why in the World does anyone leave any amount of money in a bank in US Dollars anyway as its worth less every day with the Fed flushing over 1 Trillion$ a year into the system backed by nothing.Buy some Gold and Silver it'll go up in value.
Traditional Farmer
Well-known Member
- Location
- Virginia
You'd be surprised how many people don't have a bank account and many people will only take cash.
Get a CCW permit and relax.
Get a CCW permit and relax.
Brian G. NY
Well-known Member
When I sold my old '32 Ford P.U. a few years ago, the guy handed me 25 one hundred dollar bills.
A couple of years later, when I sold my '65 Falcon Convertible, that guy handed me 55 one hundred dollar bills. Seemed to work for them and it sure did work for me! LOL
A couple of years later, when I sold my '65 Falcon Convertible, that guy handed me 55 one hundred dollar bills. Seemed to work for them and it sure did work for me! LOL
willie in mn
Well-known Member
I may be foolish, but it works for me. Have sold a few medium priced items, will accept pesonal checks, & haven't been burned yet. I also take a pic for "sentimental" reasons of the item with the new owner, loaded up & ready to roll, being sure to capture the truck plate.
Doesn't hurt to steer the small talk about payment to the penalty for bad checks, & the sheriff lives a mile down the road. Mention that I let him handle any collection problems.
Willie
Doesn't hurt to steer the small talk about payment to the penalty for bad checks, & the sheriff lives a mile down the road. Mention that I let him handle any collection problems.
Willie
Similar threads
We sell tractor parts! We have the parts you need to repair your tractor - the right parts. Our low prices and years of research make us your best choice when you need parts. Shop Online Today.
Copyright © 1997-2024 Yesterday's Tractor Co.
All Rights Reserved. Reproduction of any part of this website, including design and content, without written permission is strictly prohibited. Trade Marks and Trade Names contained and used in this Website are those of others, and are used in this Website in a descriptive sense to refer to the products of others. Use of this Web site constitutes acceptance of our User Agreement and Privacy Policy TRADEMARK DISCLAIMER: Tradenames and Trademarks referred to within Yesterday's Tractor Co. products and within the Yesterday's Tractor Co. websites are the property of their respective trademark holders. None of these trademark holders are affiliated with Yesterday's Tractor Co., our products, or our website nor are we sponsored by them. John Deere and its logos are the registered trademarks of the John Deere Corporation. Agco, Agco Allis, White, Massey Ferguson and their logos are the registered trademarks of AGCO Corporation. Case, Case-IH, Farmall, International Harvester, New Holland and their logos are registered trademarks of CNH Global N.V.
Yesterday's Tractors - Antique Tractor Headquarters
Website Accessibility Policy