Safest way to sell a bike to a stranger?

[CookMySock]

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

No it isn't. It's just one of the crew who needs some reassurance on what he percieves to be a risky transaction. See, even harley riders have feelings! Who would have thought...

Steve

[Disco Dan]

No it isn't. It's just one of the crew who needs some reassurance on what he percieves to be a risky transaction. See, even harley riders have feelings! Who would have thought...

Steve

errr righto...

Half a dozen people are running around squealing that bankers cheques are bad and are at this moment sharpening their pitchforks... another lot, actually know what they are talking about and giving good advice about using said cheques.. then you get the odd person that mentions horse rustling, cash and even taking a bloody picture of the bloke "just in case" ....I mean really?

I haven't even had a bank account for flipping years until recently I even I know how secure a bank cheque is. Heck that is why they cost $5 usually - the funds are put aside so the cheque is guaranteed until it is cashed by the person written on it. Pretty flipping straight forward isn't it... Crikey.. how many pages did that take??? ...mind boggles...

[Headbanger]

I haven't even had a bank account for flipping years until recently I even I know

Cool, So your ignorant.

Bank Cheque fraud before and after the creation of the cheque is nothing new.

Some people (myself included) therefore wouldn't accept them and would nominate cash payment, Others would accept the cheque and take extra precautions.(present it to the bank with the buyer).

Perhaps you should just read and learn a little.

[Disco Dan]

Cool, So your ignorant.

Bank Cheque fraud before and after the creation of the cheque is nothing new.

Some people (myself included) therefore wouldn't accept them and would nominate cash payment, Others would accept the cheque and take extra precautions.(present it to the bank with the buyer).

Perhaps you should just read and learn a little.

So do you prefer 3 prongs or 4 ?

[Headbanger]

So do you prefer 3 prongs or 4 ?

Information over ignorance.

[mynameis]

How is this safer ? I'm curious ? are you expecting the teller to pick out a forgery from the real thing ?



You seemed to have missed the point of how Genuine bank cheques work.

I've accepted Bank cheques for larger amounts than this for vehicle transactions without issue. The other alternative is to get him to transfer to your account and wait for the few days for it to clear before doing the exchange. It requires a high degree of trust on his part though.

Bankers draft cant be frozen.i purchaced a gto car using one and the guy had blown the second turbo between the time we test drove and the time we collected.We tried to get the unpresented cheque stopped and they wouldnt do it unless instructed by the courts to do so in the case of fraud.
We had to go visit the guys father and he got the cheque back off his son and delivered it back to us to take it back to our bank and have it cancelled and the funds re allocated into our account.
Bank cheques take three days to hit your account unless you bank at the same bank as the cheque came from.
The money leaves his account the minute it is issued.

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.

You all seem to have missed the point on how common bank cheque fraud is.

[Max Preload]

A bank cheque made to your name is not reversable so they cant get it stoped once it has been presented.
Go with him to bank and remember once the bank issues that cheque the money has already been removed from his account and that money belongs to trhe bank until presented and not him.
it is very safe but even safer is getting him to come with you to the bank where you deposit the cheque into your account.

Bank cheques can be stopped. Bank cheques are not nearly as secure as many think.

A common scam used to be to buy a low value bank cheque, alter it, buy a vehicle with it Friday night, sell it cheap over the weekend and the previous owner was never aware of the scam until he went to bank the cheque on the Monday - in the meantime the car had already been moved on and the fraudster had made his profit.

Internet banking on an unknown computer is rort with security risks, keystroke loggers etc so he may or may not agree to doing it right there and then. In any case, so far as I'm aware, ASB is the only bank that does instant internal transfers - the rest I believe are still overnight - at least that's the case with Theftpac.

You're going to have to go with your gut on this one.

[mynameis]

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.

+1

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

Cool, So your ignorant.

Bank Cheque fraud before and after the creation of the cheque is nothing new.

Some people (myself included) therefore wouldn't accept them and would nominate cash payment, Others would accept the cheque and take extra precautions.(present it to the bank with the buyer).

Perhaps you should just read and learn a little.

+1

Bank cheques can be stopped. Bank cheques are not as secure as everyone thinks.

A common scam used to be to buy a low value bank cheque, alter it, buy a vehicle with it Friday night, sell it cheap over the weekend and the previous owner was never aware of the scam until he went to bank the cheque on the Monday - in the meantime the car had already been moved on and the fraudster had made his profit.

Internet banking on an unknown computer is rort with security risks, keystroke loggers etc so he may or may not agree to doing it right there and then. In any case, so far as I'm aware, ASB is the only bank that does instant internal transfers - the rest I believe are still overnight - at least that's the case with Theftpac.

You're going to have to go with your gut on this one.

+1

Thanks for the simple example.


Like they said it's not as secure as people think they are.

[popelli]

I right to think cash is still king?

in god we trust all others pay cash

if the guy is serious there will not be a problem with wanting cash

if he wants to pay by cheque / bank draft or what ever wait untill it has cleared

[The Stranger:Me]

You all seem to have missed the point on how common bank cheque fraud is.

Ah, my posts sets out the pitfalls of relying on them and how they can be altered, but you are right, I don't know exactly how common it is.
Please give us the figures.

[MadDuck]

http://www.nzba.org.nz/pdfs/Retail%2...20Pamphlet.pdf

Note table on page 2.

[Conquiztador]

In any case, so far as I'm aware, ASB is the only bank that does instant internal transfers - the rest I believe are still overnight - at least that's the case with Theftpac.

KiwiBank does instant internal transfers 24/7 and that includes Saturday and Sunday.

[Molly]

My concern with the bank cheque was simply that I would've needed to know it was real. As it happens he's bringing cash so now I just have to be paranoid that it's not counterfeit...

Thanks for all the replies. I suppose it's a worthwhile thread since we all have to do similar transactions from time to time and I'm not one for taking risks with this sort of money.

[Indiana_Jones]

You use protection.

-Indy

[mossy1200]

My concern with the bank cheque was simply that I would've needed to know it was real. As it happens he's bringing cash so now I just have to be paranoid that it's not counterfeit...

Thanks for all the replies. I suppose it's a worthwhile thread since we all have to do similar transactions from time to time and I'm not one for taking risks with this sort of money.

24k in cash and 1k in hash and one 1k in coke.
Now you can still be paranoid.
He may intend to visit a few banks on the way down to collect your bike.LOL

Hope all goes well.You did well selling a bike worth so much in a private sale.