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Engine sold--Safe payment?

RScott

Well Known Member
Buyer is in Arizona, I am in Oregon and I'll be shipping the engine to him. Seems like a nice guy, I have met him and he has seen the engine and logs. He will pay for shipping.

He has sent 2 personal checks, one for $500 which came long enough ago that it has cleared. Second check came Thursday, deposited Friday, $1,000.

Balance due, $13,000.

He called this morning and said he has the balance.

So, how do I get secure payment? Cashiers checks are often forged, same with money orders and we all know you can't trust personal checks.

Google search for the names of buyer & his wife did not reveal anything negative.

I am tempted to accept his check, but still cautious.

How can I protect myself while shipping the engine without extensive delay?
 
Have him send the balance in a check wait til it clears then ship, he has to understand that's the only way, don't send anything til you have the money in your account.
 
if you are going to do the check route, request a copy of his drivers license with it. call the bank and verify the funds are available. once it clears your account then ship. i have had to do that in the past with no issues
 
Some banks and credit unions will no longer allow you to call and "verify funds"....which doesn't really matter since that doesn't secure the funds, just verifies the current balance is larger then the check. The funds could be pulled out 5 mins after you verified. I would:

1.) Deposit the check and wait to clear BEFORE shipping
2.) Use PayPal (small fee)
3.) Wire transfer (larger fee)
 
Suggest you use a wire transfer.

Although not likely here, I have seen situations where a "cleared" check bounced and was charged back. I've also seen bank checks go bad.

Dan
 
wire transfer

Like Dan said, wire transfer. I do it all the time - both send and receive. It is quick and if you have a big enough balance in your account, they do it for free. If no, probably cost $15.00 Well worth it to have secured funds in an hour or so.
 
Fees

Some banks and credit unions will no longer allow you to call and "verify funds"....which doesn't really matter since that doesn't secure the funds, just verifies the current balance is larger then the check. The funds could be pulled out 5 mins after you verified. I would:

1.) Deposit the check and wait to clear BEFORE shipping
2.) Use PayPal (small fee)
3.) Wire transfer (larger fee)

Isn't (2) a bit bigger than a "small fee"?

"PayPal fees mainly apply to sellers, who pay a 2.9% transaction fee on the total sale amount plus a $0.30 fee per transaction."

Works out to $290.30 on a $10,000 engine sale - effectively paid by the reciever of the money.

My Credit Union charges a $20 Wire transfer fee, but the sender of the money pays that. Incoming wire transfer fees are free.

Go with Option (3) - cheaper and quicker for both of you.
 
"PayPal fees mainly apply to sellers, who pay a 2.9% transaction fee on the total sale amount plus a $0.30 fee per transaction."

Works out to $290.30 on a $10,000 engine sale - effectively paid by the reciever of the money.

Oops....guess I didn't do the math. :eek:

PayPal used to be free if both parties were verified 'personal' (not business) PayPal users transferring from bank account to bank account. PayPal only charged the seller on the incoming transaction if the buyer paid with a credit card. This might have all changed since then. :rolleyes:
 
Paypal has some ability to reverse the flow of dollars, I would only consider a bank wire transfer. Low cost, NO way it can get lost or reversed, fast, easy as pie to do. You need to give him your bank routing number, name and address of your bank, account number and the name on the account. I do it routinely, less pain and suffering for both parties.
 
You can still send money for free via PayPal. Just send the money as "Personal payment" and select "Other". Or, to find a billion websites that talk about how to do it, just Google "How to send money on Paypal with no fees".
 
Isn't (2) a bit bigger than a "small fee"?

"PayPal fees mainly apply to sellers, who pay a 2.9% transaction fee on the total sale amount plus a $0.30 fee per transaction."

Works out to $290.30 on a $10,000 engine sale - effectively paid by the reciever of the money.

My Credit Union charges a $20 Wire transfer fee, but the sender of the money pays that. Incoming wire transfer fees are free.

Go with Option (3) - cheaper and quicker for both of you.

Something you want to check - make sure the product is working and correct when you receive it. If you "assume" the seller is honest and put it aside for a couple years then find it faulty you will have grief dealing with with a questionable seller....
 
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