payment for boat

[math teacher]

May look to upgrade to a new boat. Would like to sell mine to a private party. For those that have done this, how have you safely requested payment? Value between $12-13,000. Thanks for any input.

[Bobby Bass]

Bank Check

[Todd S.]

I have done it a couple different ways:

1. Buyer was from Canada, 20k boat, cash. Took his stack of Benjamin's to my bank to have them count it, verified not counterfeit, and direct deposit into my account. I was clear upfront with him on how we would handle transaction.

2. Out of state buyer, 28k boat. Wire transfer. Buyer was taking out a loan for my boat, I spoke to his loan officer and they did a wire transfer into my account with his loan proceeds. We worked out the details prior to him seeing the boat, once he saw it he called his loan officer to initiate transfer. Within the hour funds were in my account and he left with the rig.

I think as long as your upfront on your acceptable forms of payment most people will agree to payment methods. If they don't thats a red flag in my book. Good luck!

[fivebucks]

I would only do bank wire. There are plenty of counterfeit bank (cashier) checks out there. They would have the correct account numbers and check numbers as a real one so if you called the bank to verify they would confirm it. These are fakes printed on home computers using the same paper stock that the banks use. In our business we treat bank checks just like personal checks - we hold the product for 10 business days prior to delivery.

[Pat K]

The last 2 cars and the last boat I sold were with wire transfers. Their bank and my bank handled cash transfer after the buyer OK'ed it. My bank verified funds had been received.

My banker warned me not to accept a cashiers check unless I could hold onto the car or boat for 7 business days to make sure the check cleared and was not a counterfeit.

[MuskieJunkie]

Bank checks are good but can be forged. If I take one I also need a 2nd way to verify it, like calling the bank (the first being my eyeballs). hsolist flat out has a warning that says do not accept them. A lot of guys that get them will swear "it's as good as cash!". My response to that is "can I walk into Chipotle and get a burrito with it?"

Wire is good but some kinds can be pulled back. Also they require a leap of faith by the buyer, he has to initiate the transfer before he gets the boat.

Cash is great. However I have found most people are not comfortable carrying around huge stacks of it.

Whatever you do I'd let the seller know the boat does not leave your garage until you HAVE the money.

[Old Dewjabber]

Depends on where they are from. Do you have clear title? Are you paying cash or a loan. If it's not cleared and they are getting a loan the banks will handle it.

I've gone to their bank with the title and they cut me a check which I knew was good!

I've also done a wire transfer on a boat that was 5 hours away, which worked out great because I didn't want to be carrying 30+k on me.

Regardless the boat don't leave till I'm paid in full!

[kwiggy]

I am in the market for a boat in that budget. What kind of boat are you selling?

[math teacher]

kwiggy

It is a 2005 Princecraft 165sc. I am located 30 miles west of Eau Claire.

Let me know if you have interest and I will send pm.

[kwiggy]

Thanks Math Teacher, i will pass as i am looking for something different. Good luck on your sale.

[slurpie]

I am from Willmar got a 2004 18.5' crestliner sport fish. 140 Johnson 4 stroke. Interested I could get you some pics.

[delcecchi]

That is a nice rig. That is a Suzuki in drag.