Payment options when selling a bike

[Howie]

With your name on the title as lien holder title cannot be transferred until the lien is satisfied (I think).  Might make sense if you were selling a house or business and you were the mortgage holder and collecting the interest.  For a bike?  Too much trouble and risk.  Used bike?  For a friend you might consider alternate payment.  Otherwise, CA$H!

[hbliam]

Not sure how the Lean option would work... Would you be able to add yourself as a lean holder on the title with you listed as the owner? Then it wouldn't be a 'clear' title anymore.. Looks like it will only add a few more trips to the BMV and paying them.

One of the options I was considering is to hold onto the title until I cashed the money order/ cashiers check.
Now, say the buyer takes the bike, the money order turns out fake and I still have the title. Would it mean the bike was stolen? How would the insurance work in this case? Or would I still be in the same limbo and have to deal with as a fraud case...

I'm hearing cash is the best option, so I'm going to try to stick to that as much as possible. For out of state buyers that want the bike shipped, I guess I could take a cashiers check/ money order and ship the bike only after I have the cash in hand.

Do not take a money order period. They are easily forged and sometimes "clear" but are later discovered to be forged and your ank takes all the money back. For out of state take a cashiers check or a wire transfer. On a cashiers check, take it to your bank and have the teller call and verify funds. If it's good deposit and then wait until the funds clear before shipping. Wire transfer is better.

[sgollapalle]

Do not take a money order period. They are easily forged and sometimes "clear" but are later discovered to be forged and your ank takes all the money back. For out of state take a cashiers check or a wire transfer. On a cashiers check, take it to your bank and have the teller call and verify funds. If it's good deposit and then wait until the funds clear before shipping. Wire transfer is better.

Not sure abt wire transfer.. I'd need to give the buyer my bank a/c info to send the money, and he could go on a shopping spree with that info..

[Drjones]

Escrow service.

[hbliam]

Not sure abt wire transfer.. I'd need to give the buyer my bank a/c info to send the money, and he could go on a shopping spree with that info..

Not really a comcern. When you hand someone a check you give out the same info other then the routing number being slightly different (wire transfer routing numbers are different then the regular routing number) and those are all available online anyway.

[zooom]

cash through Western Union !!!

[zooom]

Cash or Bitcoin.

Bitcoin isn't regulated yet is it?....I am not trusting of it...

[duccarlos]

In person, cash and a cashier's check if I accompany the person to the bank and then to my bank.

I have never sold anything to someone that I was not able shake hands with, but I assume that a buyer would have issues with wire transferring the money before getting the vehicle.

[Scooter Montgomery]

I would say cash only.

I have a neighbor that sells quite a few bikes. He told me he has received forged everything one time of another (money orders, cashiers checks, personal checks, everything...) He says the higher the price the higher the chances for a fake stuff. He says even cash makes him nervous sometimes and will only make a sale if the bank is open. As soon as they leave he runs to the bank to get everything verified.