How to pay for a used bike

Discussion in 'The Perfect Line and Other Riding Myths' started by disconnected, Nov 24, 2013.

  1. disconnected

    disconnected rider

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    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
    #1
  2. Foot dragger

    Foot dragger singletracker

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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.
    #2
  3. disconnected

    disconnected rider

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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
    #3
  4. disconnected

    disconnected rider

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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? :D What if the potential seller beats me over the head with a baseball bat?

    Thanks,


    Greg
    #4
  5. max384

    max384 Bandaided

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    If you're buying from a dealer, shouldn't a personal check work?
    #5
  6. disconnected

    disconnected rider

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    I think I found a specific bike here on ADV rider from a private seller.

    greg
    #6
  7. DudeClone

    DudeClone Long timer

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    cash works if you have it and nothing to hide :deal

    carrying 10K is like carrying $10. no one will no but you
    #7
  8. disconnected

    disconnected rider

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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

    #8
  9. max384

    max384 Bandaided

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    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.
    #9
  10. disconnected

    disconnected rider

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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.



    [​IMG]
    #10
  11. Cuchulainn

    Cuchulainn Y.Me

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    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.
    #11
  12. disconnected

    disconnected rider

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    no, I live in Pittsburgh and the potential seller is in another state 800 miles away.

    #12
  13. max384

    max384 Bandaided

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    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.
    #13
  14. Scubalong

    Scubalong Been here awhile

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    I have done bank transfer before and it was in and out in 15 mins
    Cash is king :evil I prefer to pay cash to get a best deal
    Many good advises here :thumb
    #14
  15. Robert_W

    Robert_W Been here awhile

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    As long as you are not leaving the US you can carry 100k in cash and not worry about customs.
    #15
  16. QSrider

    QSrider Adventurer

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    That's exactly what I did. When we agreed on the bike and price, we went to his bank. The bank employee dialed my bank on the phone. Told them I was there and wanted to make a transfer (I had warned my bank before I left that they could get a call). They passed me the phone, I answered a few security questions. They asked for the seller's bank code/number and the seller's account number. I was done in no time and safe. Everybody was happy with the transaction too.

    Good luck with the buy.
    #16
  17. leftfield6

    leftfield6 Dog is CoPilot

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    If traveling by air, I'm pretty sure there is a $10,000 limit on cash you can carry IF you are traveling to/from the US. Not sure if there are any specific regulations for travel within the states.

    Having said that, I'd find a way to carry the funds without actually carrying it all in cash. Here is how I would do it.

    Let's say the bike asking price is $10,000, but you're hoping to get it for $8500. I would take $8500 in a cashiers check, and then $1500 in cash.

    Gives you the option of keeping most of your funds in a somewhat secure form, and still some cash for wheeling and dealing.

    BTW, if you don't use the cashiers check, don't shred it!! You will need to return it to the bank so they can void the check, and they will return the funds to your account.
    #17
  18. disconnected

    disconnected rider

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    great info here thanks!

    #18
  19. trc.rhubarb

    trc.rhubarb ZoomSplat!

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    If it's at a dealer, I've always paid with a personal check.

    In person and under $5k, i'll take cash.
    Over 5k, we meet at the bank and do a transfer right there.
    Took just a few minutes and I think both of us strangers felt better about not having a huge wad of cash on hand.
    At least out here, a lot of people get robbed on CL, so I choose my neighborhoods and cash amounts carefully.
    #19
  20. Garp

    Garp Long timer

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    If you take a bank check, don't tear it up if the deal falls through. That money comes out of your account as soon as the bank writes the check. You would need to take it back to them, to reverse the transaction.

    What not get a bank check for say $8k and carry $2K in cash. That way if the bike is not as represented you can negotiate a lower price.
    #20