Safest way to sell a bike to a stranger?

[cowboyz]

this is good news

[Headbanger]

IFAIK bank cheques cant be stopped/transferred and are as good as cash.

We were instructed by our accountants at least 10 years ago to stop accepting bank cheques as fraud had got to the point that banks had advised they wouldn't honour their own cheques if they believed they were dodgy. And this in relation to cheques drawn up and legitimately issued by the banks in question.

The loopholes being exploited back then may now be closed, but it meant the end of viewing the actual Bank cheque as holding the worth of the amount printed on it. Its just a bit of paper with an IOU on it.

[caseye]

pretty simple really, take a photo of him with the bike and if the bank cheque doesn't ring true good ID, if he bought it through trade me you have their bullet proof address verification and their back up if it turns sour.[yeah right]

Sorry jellywrestler but it seems you need to know this.Theres nothing bullet proof about Tardme sending a letter to an address to verify someones actual address.too easy send them the address, pick up the mail for the next week send it back bingo address(not yours ) verified.

Also their back up? what would that be?"you've been a naughty, naughty boy give the money back this instant" sorry they don't do that either.

Trust your own insticnts and now that you can go to the bank together, be happy, send him off with the bike knowing that cash is yours.

[Mystic13]

I think it's fair to be cautious and in my experience...

- a bank cheque can definitely be stopped.
- I take an objective look at who has bought the bike. I generally like to get phone numbers and ring them back before I hand out an address. My concern is the bike being borrowed before they turn up.
- Secondly If in doubt ( or I have that little voice popping up) I say that the bike is stored at my brothers place but I'll go and get it on the day and bring it over. Or vice versa. The plan is to leave them with the impression it's stored elsewhere.
- In the weekend I'd only accept cash. Unless they are with ASB as I am, in which case it's an instant transfer of cleared funds.
- If they want to come in the weekend with a bank cheque I would be asking them to do the transaction on the business day. I'm not going to allow myself to be put out and take a risk. You can get an on the spot special answer on a bank cheque. They phone the issuing branch. At this point the issuing branch will not cancel it.
- Alternatively you go with him to the bank and the bank person hands you the bank cheque and you walk over to your bank, get the persons name for the special answer phone call.

I'm easy going and working with the person expecting all will go well and on the other hand cautious. Never hand them your part of the Notice of Sale. Their portion only requires their signature. You should only send yours in when funds clear. If you give them your portion then your stuffed if all goes wrong.

On the receipt I always sign the receipt of funds and the sale is conditional on the funds clearing. I don't want a dispute when I go to retrieve a bike that hasn't been paid for.

I have had to help a friend retrieve his car when the funds didn't go through.

I've never had a bike transaction go wrong and so far all buyers have been great. Riders are a good bunch although there are a few bikes being reported stolen after being advertised on TM.

Good luck with the sale. I'm sure you'll have a smooth transaction and you both will be happy. If you do receive cash let them know you'll be shooting down to the bank to drop it in their after hours deposit box if the bank isn't open. Again I'd be wanting to leave them with the impression that you don't have the cash on you for the remainder of the weekend.

I once had an Indian dairy owner wanting to buy our house with a $70,000 deposit, cash and he didn't want it listed on the sale and purchase agreement. It was the weekend and he wanted to go home and bring it back. I couldn't do the transaction on that basis and we didn't proceed. At least $70G under his matress. Scary stuff.

[Owl]

I sold my old Harley to an M/C member for cash. Didn't argue price, ask to ride it or even hear it run.

Top bloke and even helped me count the cash!

[The Stranger:Me]

But accounts can be frozen to prevent the moeny being withdrawn.



And what if the account doesn't have $26k and you've signed the forms and handed over the bike and the cheque bounces after a few days.

A bank cheque is a cheque from the bank. The bank takes the funds from him at the time they issue it. There is no question as to whether or not the funds are available.
The risk is if the bank cheque is a fake or has been altered. Many banks use printed bank cheques, which are hard to alter, however, it still may be counterfeit. Some (ASB) is one, hand write theirs and are more susceptible to being altered.

[The Stranger:Me]

I think it's fair to be cautious and in my experience...

- a bank cheque can definitely be stopped.

From the Code of banking practice.

"Bank Cheques cannot be stopped for example, because you have changed your mind about a transaction after handing the cheque over to another person or a transaction between the parties has broken down through the supply of faulty goods and services."

Yes they can be stopped by various means (court orders, fraud, forged etc) but any of there things could potentially f you up anyway. It's not like your common garden variety personal cheque in that regard, which can be stopped simply with a phone call.

[chef]

man you would be crazy taking a cheque. go to the bank with him dont trust internet banking now eather you can cancel transactions now on those too.

[Headbanger]

It's not like your common garden variety personal cheque in that regard, which can be stopped simply with a phone call.

It can, It just requires some cunning and an international transaction.

[skidMark]

how does he know you are going to give him the bike after he gives you $26000 in cash?

I thought it was a like stand at 10 paces and a 3rd and 4th party steps in and hands them over at same time, kind of like safetrader but with more guns horses and lasso's

[Espresso]

Internet transfers are not instantaneous and they are reversible. How do I know - just got told by Westpac for almost the exact same situation. Say he turns up, even on a weekday..all goes well, he logs on or has already logged onto his bank and transfers the money before your eyes on a computer, or shows you proof of funds transfer (printout of bank transfer details).
Up until 10 o'clock that night the transfer can be reversed.

It took me by surprise, but that's what the bank manager from Westpac here explained to me.

[robo555]

You're in Christchurch. Banks open on weekends.

[CookMySock]

But accounts can be frozen to prevent the moeny being withdrawn.

It doesnt work that way. The 26k has already been withdrawn from his account. The cheque is now issued by the bank, not him. The only concern is whether the cheque is physically authentic.

And what if the account doesn't have $26k and you've signed the forms and handed over the bike and the cheque bounces after a few days.

As above, it is not his account that is in question - it is the banks' account. If the cheque is authentic it will go through.

Surely with a banker's draft the money has already been allocated....

Exactly.

Since the transaction is taking place outside working hours, I would be wanting to call the bank and quoting the cheque number, and asking them if this is kosher - they will tell you yes or no right away.

So you need to know what bank the cheque will be from, and then you need their 0800 number, and then you should call them up ASAP and make sure you can in fact do what I am suggesting.

Let us know how you get on.

Steve

[CookMySock]

I once had an Indian dairy owner wanting to buy our house with a $70,000 deposit, cash and he didn't want it listed on the sale and purchase agreement. It was the weekend and he wanted to go home and bring it back. I couldn't do the transaction on that basis and we didn't proceed. At least $70G under his matress. Scary stuff.

LOL someone has been skim^H^H^H^Hsaving hard.

Steve

[Disco Dan]

This is fantastic...

The most simply of transactions has been blown out of proportion by a bunch of people all thinking they know better!!!!