Private Party Purchase – Bank Wire Transfer?

Anyone use bank wire transfers for selling/purchasing major recreational vehicles/boats?

I am looking to purchase an RV 2nd hand from private party. Did my due diligence on the mechanical side, very comfortable that it is in good condition as stated by the owner. The title is in hand and lien clear. Owner wants to do a bank wire transfer for the transaction. Never done one before, and not comfortable on how it works, or how to complete the transaction.

My understanding, once the wire transfer is complete, there is no way to get it back. The title can be signed over, but technically not complete until I re-license the vehicle in MN, it is out of state licensed now. I can type up a bill of sale document, not sure how legally binding that is?

The way I see it, there has to be some major trust one way or the other. Either the seller trusts to sign the bill of sale and title, before wire transfer. Or, the buyer trusts to wire transfer before bill of sale and title are signed.

Just no sure the safe, trustworthy process of completing that transaction? Will be in person, but back transfer is completed via cell phone, and bank to bank.

Never done one, but would he consider a Cashier’s Check? Obviously wire transfer he gets his money quicker, but a cashier’s check is a safe way to do it for both sides.

Won’t do the cashiers check. Lots of fraud there as well, and it does not clear the bank for a few days, up to a week.

Cash, of course, should work but this might be too large of an amount for comfort. If both of your banks support Zelle that’s almost instantaneous and might be an option instead. Or you two could meet at a bank and have a cashiers check given straight to the seller so that they know it’s good.

Yeah, cash is king for me, but this is too large a transaction for cash.

Our bank says bank wire transfer usually is under an hour. Our bank does not have any concern, especially knowing the bank he is working with.

I a thinking – agree on selling price, complete and sign the bill of sale, initiate the bank transfer, when verified get signed title. But I still put trust in him to sign the title after money is transferred.

toddrun wrote:

Our bank says bank wire transfer usually is under an hour. Our bank does not have any concern, especially knowing the bank he is working with.

I a thinking – agree on selling price, complete and sign the bill of sale, initiate the bank transfer, when verified get signed title. But I still put trust in him to sign the title after money is transferred.

I didn’t know wires could be that fast, maybe my bank is just slow. Zelle limits the amount you can send also so that wouldn’t work now that I look.

If you can wait with them until it’s confirmed then wire seems fine. I was imagining they wanted you to wire the money and then go pick it up later once it goes through. I think your plan is fine in that case.

Have him meet you at the bank and get a check direct from them

If you aren’t taking a lien out on the RV, I’d definitely complete the transaction in cash and eliminate any need to worry about “trust.” Have the title signed over to you at a secure bank while you count out the cash in front of the seller. If they are not busy the bank would likely even have someone count the cash for you (at least the small local banks here have in the past).

I’m not sure there’s such a thing as a transaction being too large for cash?

toddrun wrote:

Yeah, cash is king for me, but this is too large a transaction for cash.

There is no such thing!

-J.

Banker here. With prior history processing wire transfers.

Wire Transfers are basically instantaneous between banks, then moved to account shortly after that (usually processed hourly).

I think the individual talking about a few days to settle is talking about an ACH transaction.

You should be fine with the wire transfer, IMO.

Maybe I’m an idiot but how is there fraud with a cashiers check? Once the bank cuts that check, the money is taken from the account and essentially held until it’s deposited.

Sold and bought some pretty big ticket items with a cashiers check. Car dealers take them all the time.

Regardless, the title is signed and the money is handed over (cash, wire, cashiers check, etc) simultaneously.

I’ve done wire transfers for business transactions. It cost me 10 dollars and they emailed me after a hour saying it went through. I not sure there is any protection on them. maybe call your bank and ask about that.

If you’ve seen the title and verified that it’s in the seller’s name (make him show you a driver’s license to verify that the guy you’re talking to is actually the guy named on the title) then I see no problem with a wire transfer.

The risk to the buyer in buying something like a boat, RV, etc is really the same whether you’re using cash, wire transfer, whatever. The risk is that somehow, it turns out the guy who sold it to you, doesn’t actually own it.

If you’ve seen proof (clean title) that he does actually own the asset free and clear, then minimal risk no matter how you pay for it.

For those saying do a cash deal. Keep in mind depending on the amount of Cash taken out of a bank there is a Currency Transaction Report ( CRT ) There use to be either a Mini one or a full one depending on the amount of Cash involved. Its been years since I worked in banking and I’m not sure of the current process. The old process on a full CRT was rather Lengthy and slow. unless things have changed, A Cashiers Check use to not be able to have a stop put on it till after a certain period of time. This often made them the preferred method to use for large purchases.

The bank needs to file the CTR on any transaction $10k or more within 15 days. The CTR filing does not stop or delay the transaction. (Cash, bank check, wire transfer) It’s just reporting.

-J.

Jon Jordan wrote:

The bank needs to file the CTR on any transaction $10k or more within 15 days. The CTR filing does not stop or delay the transaction. (Cash, bank check, wire transfer) It’s just reporting.

-J.

A CTR only applies if cash is involved. No CTR on a bank check or wire transfer if coming out of your account. If you bring cash to deposit, then yes, a CTR.

You are correct though, it does not stop or delay the transaction.

What is a CTR and why does a person care?

Thanks,
RVRDUX

AnotherFisherman wrote:

A CTR only applies if cash is involved.

Incorrect. CTR is required on wire transfers, cashiers checks and cash 10k or more.

-J.

I have always printed a bill of sale with all the transaction details along with making sure I get the signed title from the seller. I would just go to your bank with him and get a cashiers check made out to his name. He hands you the title, you hand him the check and the transaction is done.

I have heard of instances of fake cashiers checks, but by being at the bank together you ensure that is not possible. There’s no reason to bring cash into a transaction over $5,000.

Matt Moen wrote:

Maybe I’m an idiot but how is there fraud with a cashiers check? Once the bank cuts that check, the money is taken from the account and essentially held until it’s deposited.

Sold and bought some pretty big ticket items with a cashiers check. Car dealers take them all the time.

Regardless, the title is signed and the money is handed over (cash, wire, cashiers check, etc) simultaneously.

Several years ago copying and printing technology reached the level where it’s fairly easy for someone to produce a fake cashiers check.
I’ve bought and sold several big ticket items with electronic transfers with no problems. One buyer wasn’t sure about the safety of an ET so we were at our respective banks 400 miles apart and people at the 2 banks handled the transaction. I gave the title to my banker at the start of the process, signed it when the money arrived and my bank mailed the title to the new owner with me paying for the certified postage.

RVRDUX wrote:

What is a CTR and why does a person care?

Thanks,
RVRDUX

Homeland Security looks at the transaction to make sure you’re not a terrorist or drug dealer

In person at a bank is not possible. I have to drive 3 hours to his location, he is using Chase Bank with no local office, and my bank does not have an office near him. So bank wire transfer is the best solution. Just tying to get a process in my head. Bad part is if the wire transfer does not complete the same day. Then that is separation between us, and the transfer can complete at any time after separation, until the next morning. Lots of trust, or lack of….

Reef W wrote:

I wouldn’t just because of the timing of it. Wires take at least a day usually so they want you to send the money and then wait for them to receive it?

I deal with large bank wires on a daily basis… most post instantly… some of the larger ones get held up by the bank and take a little longer, usually within 10-15 minutes, to clear

Jon Jordan wrote:

<div class=”d4p-bbt-quote-title”>AnotherFisherman wrote:</div>
A CTR only applies if cash is involved.

Incorrect. CTR is required on wire transfers, cashiers checks and cash 10k or more.

-J.

Time to refresh on my training

Jon Jordan wrote:

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Incorrect. CTR is required on wire transfers, cashiers checks and cash 10k or more.
-J.

Jon – Is the current CTR process still a fairly long slow process??? Its been a LONG time since I worked at a Bank. I use to hate processing those things. I had a customer who owned several cab’s – He would bring in rather large cash deposits almost every week. In those days I would say it took over a Hour to process the transaction

Pat K wrote:

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Homeland Security looks at the transaction to make sure you’re not a terrorist or drug dealer

That is correct – Big brother is always watching. Its one of the primary tools used to stop or catch money laundering.

I sold my ice castle late last year and completed the deal via bank wire. I work in finance and you must be careful who you are wiring money to. If the person checks out and has a legitimate bank account, I would have little concerns. Banks do have different clear times on wires but should be able to clear funds within 24 hours.

Committing theft by wire fraud is a serious federal crime and easily traceable if you are being careful. Safer than a check or cash in my opinion

Post edit recommendation: Do not use your everyday savings and checking account for sending or receiving wires. Your account information can be accessed by both parties. I always use a “dumby” account that only has funds in it when I am ready to send out a wire.

Still unsure of why you wouldn’t bring him cash. Sounds like you have to meet him to get the rv any ways. Or in case of wire transfer, get a room near his bank or home for the night if it doesn’t go through immediately

Bearcat89 wrote:

Still unsure of why you wouldn’t bring him cash.

Would you really want to carry around $50K in cash (just throwing out a number)?

Ralph Wiggum wrote:

<div class=”d4p-bbt-quote-title”>Bearcat89 wrote:</div>
Still unsure of why you wouldn’t bring him cash.

Would you really want to carry around $50K in cash (just throwing out a number)?

I wouldn’t mind I guess, I just did 30 for a tahoe. That’s if he is experiencing head aches to make it work.