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Old 11-24-2013, 07:59 AM   #1
disconnected OP
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How to pay for a used bike

Hey gang, I traveled to the nearby BMW shop last weekend to look at a used 1150. I brought some cash with me and I felt terribly uncomfortable.


So, If I where to settle on a bike for around 10k, what would you guys think would be the best method of payment. I really wouldnt feel comfortable traveling with 10k in cash for example.

But, If I get a cashiers check from the bank and the bike is a heap, could I just shred the check and the money remain in the bank.

etc,

Thanks in Advance,

Greg
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Old 11-24-2013, 08:09 AM   #2
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Maybe look the bike over and have a neutral mechanic check it over then worry about the cashiers check. Ive done paypal transfers at a dealer as well.
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Old 11-24-2013, 08:12 AM   #3
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I left another big point out, I have found a potential fly and ride bike.

I bought a R1100GS from San Diego in 09 and did a fly and ride, but I think I carried the cash.. Thinking it was 4400.00. BUt I wouldnt want to carry more on a fly and ride.


greg
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Old 11-24-2013, 08:21 AM   #4
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So would it be normal to carry 10k in cash on a fly and ride? Would customs think I was a drug dealer? What if the potential seller beats me over the head with a baseball bat?

Thanks,


Greg
Quote:
Originally Posted by TheDrifter View Post
I'm uncomfortable carrying a bank card.

I don't understand the issue with walking in, and plunking down cash...?

What am I missing?
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Old 11-24-2013, 08:21 AM   #5
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If you're buying from a dealer, shouldn't a personal check work?
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Old 11-24-2013, 08:23 AM   #6
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I think I found a specific bike here on ADV rider from a private seller.

greg
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Old 11-24-2013, 08:24 AM   #7
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cash works if you have it and nothing to hide

carrying 10K is like carrying $10. no one will no but you
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Old 11-24-2013, 08:25 AM   #8
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hmmm, okay... I have a waist belt that hides underneath my clothes I bought for a trip to South America, But I would still be a nervous wreck!

greg

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cash works if you have it and nothing to hide

carrying 10K is like carrying $10. no one will no but you
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Old 11-24-2013, 08:46 AM   #9
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Quote:
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I think I found a specific bike here on ADV rider from a private seller.

greg
Does your bank have a branch nearby to the seller? After agreeing on the price, he can accompany you to the bank while you withdraw the money. It wouldn't hurt to give that branch a call to let them know you'll be making a rather large cash withdrawal as a heads up.
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Old 11-24-2013, 08:51 AM   #10
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Hey Max, I clicked youre link... to funny, I rode my SVS to Canada too from PA! well I think it was in 08.



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Old 11-24-2013, 08:55 AM   #11
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Quote:
Originally Posted by max384 View Post
Does your bank have a branch nearby to the seller? After agreeing on the price, he can accompany you to the bank while you withdraw the money. It wouldn't hurt to give that branch a call to let them know you'll be making a rather large cash withdrawal as a heads up.
I did a similar deal once with a buyer from Texas. His bank did not have a branch here, but we were able to arrange to have his bank transfer funds to mine. We met at my bank, with a bank representative, who verified the transfer of funds, then notarized the sales agreement and signing over of the title, etc. I think it was comfortable for both parties, as the bank sort of served as 3rd party oversight.
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Old 11-24-2013, 08:57 AM   #12
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no, I live in Pittsburgh and the potential seller is in another state 800 miles away.

Quote:
Originally Posted by max384 View Post
Does your bank have a branch nearby to the seller? After agreeing on the price, he can accompany you to the bank while you withdraw the money. It wouldn't hurt to give that branch a call to let them know you'll be making a rather large cash withdrawal as a heads up.
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Old 11-24-2013, 09:05 AM   #13
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Quote:
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Hey Max, I clicked youre link... to funny, I rode my SVS to Canada too from PA! well I think it was in 08.



They don't make terrible touring machines. Since getting rid of the clip-ons for dirtbike bars, lowering the pegs, getting a custom seat, and some luggage, it's perfect for what I do.
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Old 11-24-2013, 09:10 AM   #14
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Thumb Bank transfer...

I have done bank transfer before and it was in and out in 15 mins
Cash is king I prefer to pay cash to get a best deal
Many good advises here
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Old 11-24-2013, 09:11 AM   #15
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As long as you are not leaving the US you can carry 100k in cash and not worry about customs.
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