Best way to pay and ensure a smooth transaction?

[Smokin72on20s]

I am selling my motor to ClassicChev (darren) and we were wondering the best way to do things. I want to make sure i get the money and he wants to make sure he gets the motor, whats the best way to do this? i want to be 100% confident that i will receive the money and i want him to be 100% confident that he will recieve the motor, we dont want any room for excuses or being burned. Any suggestions would help. thanx

[lukecp]

Meet him somewhere and exchange the motor in person. Then you can hand him the motor, and have him hand you the cash in person. Not to mention you will meet another board member.

(of course that won't work if you are a very long ways away)

[Smokin72on20s]

yea that is the best way, however he is in Calgary and i am in Colorado so there is no way that could happen.

[rage'nrat638]

ok here's how to do it.......
both set up paypal accounts...it's free.....

50% down plus shipping cost.....buy insurance...
when the engine get's delivered.....he sign's the acceptance sheet
for the engine.....
he paypals you the rest of the cash.........

it's the best i can think of with out being there in person.....

[68 Suburban]

Don't be so confident with Paypal transactions. If someone pays with a Visa through paypal, they can go to the issuing banking institution and dispute the charge. Then you are at the mercy of that banking institution if you get your money.

I have someone right now wanting to buy my wagon with paypal, and I am not comfortable doing it. It has never happen to me, but I am not going to let the first time be with a transaction of that value.

[rage'nrat638]

by rage'nrat638

it's the best i can think of with out being there in person..... [/B]

[neonlarry]

Use an escrow service. He pays the escrow service, they notify you they recieved payment, you send him the engine (insured, signature required), he tells the escrow service he got the engine, they pay you. At least thats my impression how it works. Just type in escrow services in your search function.

[CG]

i can hold the money for you

[Castiron9]

Depends on how much money we are talking here..If it is in the thousands I would say go with an escrow service..If we are talking less than 1000.00 how about the good old hand shake and trusting a person.............Just my 2 cents worth.........

[gonebad2]

You can use paypal and specify that the money has to be sent via a bank transfer and not a credit card. I got burned that way once. I sold a guy an item on ebay( total without shipping was around $200) . He paid through paypal with a credit card. I sent the item, left positive feedback for him. He received it, and left me good feedback. About 2 months after that, paypal contacted me saying this buyer was disputing the charge. He claimed he never received the item. I sent the item through the post office. He declined the delivery confirmation when he bought the item. Paypal placed a lein on $200 that was in my account. The guy's credit card company contacted me and asked for a proof of delivery signature. Since it was sent through the post office with no confirmation, there was nothing I could do. He declined it before it was shipped. Since I could not prove he received his item, I lost $200. His bank pulled it from my account and refunded it to him. From now on, everything I send goes out with a confirmation number. On high dollar items, I pay the extra for a delivery confirmation with a signature. It was a bunch of BS that I lost a $200 item and $17.00 for shipping. If they pay with a bank transfer, that's it....They are on their own. The bank won't help out at all. Sorry for the long post...Just hope nobody else gets burned like I did.

[Smokin72on20s]

thanx for all the replys guys, i still dont know what to do, this is a $3000 dollar motor, and $236 in shipping.

[classicchev]

thanks for all the good info, I wonder if Roadway will act as the middle person? May take a little extra time but at least when the engine is dropped off at the depot, the cheque is then given to Kent.. At least Kent gets his money and the shipping company has my insured engine.. I would us Paypal, but presently in the claim process with someone with not recieving my parts I paid for 1 month ago. Just trying to protect both of us.

Thanks Darren

[dtlilly]

How about paying with a Postal Money Order. If it turns out bad and the motor was sold on line, the buyer with a PMO is in jeopardy of commiting a Felony by defrauding you with a Federal instrument and a violation of Interstate Commerce through Federal wire fraud violations. Either case, you have the U.S. Govt. on your side. I think if you use a credit card for payment, your card will back any bad deal made, but not sure about Canada sales.

[doughby82]

i used an escrow service before when i bought my tranny for my bike.i deposited the money in there account,they notified him they had the money.he shipped the item.once i got it.i had 3 days to accept it.notified them and they sent him the money,but i dont remeber the escrow service.or i would have him pay you first then ship it

[Blue Beard]

Postal Money Order would have to be an International money order.........and the post office doesn't back any items whether it be the money orders or insurance.......

Totally believe in CASH..........buy everything that way.

[bigjimzlll]

COD..with shipping prepaid

[Smokin72on20s]

how much is an escrow service?

[doughby82]

for my tranny i bought it was like 30 bucks tranny was 1000.00 so you figure if it was 3000.00 it would be around 90.00 i think thats cheap insurance.i used
https://www.escrow.com/index.asp