Paying cash for a used bike?

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youngrider

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Hey, I am thinking about getting a bike tonight, any disadvantages of paying cash?

Just wondering if I should break out the check book or if cash is fine? UVIP will be present so a bill of sale etc will be made.
 
youngrider said:
Hey, I am thinking about getting a bike tonight, any disadvantages of paying cash?

Just wondering if I should break out the check book or if cash is fine? UVIP will be present so a bill of sale etc will be made.
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My goodness you're full of questions ...

I'd be very surprised if any seller accepted a personal cheque. Cash is king.
 
Cash talks, all else walks.
 
Get a bank draft for the amount.
 
I would make sure you get all new notes. Personally if you showed up to my place with a bank note or cheque, we'd going to the bank together to exchange it for cash. If that couldn't happen, I would ask you to come back when you have cash (and if you were nice about having to come back I would probably knock off 20 or so).
 
youngrider said:
Hey, I am thinking about getting a bike tonight, any disadvantages of paying cash?

Just wondering if I should break out the check book or if cash is fine? UVIP will be present so a bill of sale etc will be made.
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You should also check whether he is the owner of the bike. Check that his name is matched against the UVIP and the ownership. Match that with his driver's license.

Otherwise, it could still be stolen with an ownership and an old UVIP which does not have an updated status. Perhaps the original ownership was with the bike.
 
RR929 said:
You should also check whether he is the owner of the bike. Check that his name is matched against the UVIP and the ownership. Match that with his driver's license.

Otherwise, it could still be stolen with an ownership and an old UVIP which does not have an updated status. Perhaps the original ownership was with the bike.
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Make sure the VIN on the ownership matches the VIN on the bike as well.

Best bet is to bring nothing but brand new $100 Polymer bills. They make the transactions go the smoothest and they're too new to have fakes out there.
 
Man, you threads made me all paranoid - bike is likely stolen, seller will replace all expensive parts with used ones and will likely kidnap you and keep you chained in his basement.
 
nfq said:
Make sure the VIN on the ownership matches the VIN on the bike as well.

Best bet is to bring nothing but brand new $100 Polymer bills. They make the transactions go the smoothest and they're too new to have fakes out there.
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Yeah this guys going to **** himself when he sees my to do list...checking everything...hope he has some time to spare...

Yeah I have brand new polymer bills ready, counted them three times, don't want to hand him a stack thats short.

Offtopic: Have you heard of the new fake polymer bills?


klr_guy said:
My goodness you're full of questions ...

I'd be very surprised if any seller accepted a personal cheque. Cash is king.
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haha ;) i'd much rather be known as the guy who asked a ton of questions before he buys the bike rather then the guy in the technical/help section asking a ton of questions after he buys it !

yea he sounded quite enthusiastic when i said i have the cash, not sure what other type of payment he was expecting when he asked me "how will you be paying"

mongol777 said:
Man, you threads made me all paranoid - bike is likely stolen, seller will replace all expensive parts with used ones and will likely kidnap you and keep you chained in his basement.
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THIS IS EXACTLY WHAT I WAS THINKING, I think i'll move onto the next ad, thanks!
 
When I bought my used bike, we both met at one of the MTO office and did the deal there on the spot, cash and bike transfer all done same time.

Its normally done with all private sale used car as well, why not with bikes?
 
youngrider said:
Yeah this guys going to **** himself when he sees my to do list...checking everything...hope he has some time to spare...

Yeah I have brand new polymer bills ready, counted them three times, don't want to hand him a stack thats short.

Offtopic: Have you heard of the new fake polymer bills?




haha ;) i'd much rather be known as the guy who asked a ton of questions before he buys the bike rather then the guy in the technical/help section asking a ton of questions after he buys it !

yea he sounded quite enthusiastic when i said i have the cash, not sure what other type of payment he was expecting when he asked me "how will you be paying"



THIS IS EXACTLY WHAT I WAS THINKING, I think i'll move onto the next ad, thanks!
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yup, doesn't matter what you make or what "security" features you put into place, there will be fakes, only difference is it will be harder to spot
 
youngrider said:
haha ;) i'd much rather be known as the guy who asked a ton of questions before he buys the bike rather then the guy in the technical/help section asking a ton of questions after he buys it !
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You've checked insurance costs, yes?
 
ask the seller what they'd like.

Me, last time i had a dude bring me that much cash in hand, i made him come with me to the bank and have the money checked first.

paranoid perhaps, but i'm not gonna be the one with the short end of the stick.

Me, always bank draft preferred.



I like when i'd sell stuff on kijiji - responses like this cracked me up when i ask for, say, 5k for my bike.... "yo guy, i'll give you 3000..... CASH!!"

As opposed to what???
 
JFD said:
ask the seller what they'd like.

Me, last time i had a dude bring me that much cash in hand, i made him come with me to the bank and have the money checked first.

paranoid perhaps, but i'm not gonna be the one with the short end of the stick.

Me, always bank draft preferred.



I like when i'd sell stuff on kijiji - responses like this cracked me up when i ask for, say, 5k for my bike.... "yo guy, i'll give you 3000..... CASH!!"

As opposed to what???
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We are meeting a bit later tonight I already thought about doing this at the bank, im keeping the cash at my house, he gets the money when I get the bike in my garage to avoid robbery

btw are you JFD from RFD?

klr_guy said:
You've checked insurance costs, yes?
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all around up down left and right :P found desjardin will insure me for $250 a month on this ninja 650r, with my age / license I think this is more than acceptional :P

mongol777 said:
Totally - just to be on the safe side. If you still decide to get it - just program 911 on your speed dial and keep it ready.
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SWAT team is already on their way, anyone have the Marines on speed dial too?

RR929 said:
mind me asking...which bike are you getting?
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ninja 650r :P
 
I once gave my bike to the buyer as he gave me a certified cheque. I wasn't in a big rush so waited a couple days later to cash it. Brought it to the teller and she said I have to wait 5 days to clear. Man I thought they were good as cash. She told me recently people have been making fake bank drafts so they started making 5 day holds mandatory. I called the branch from which the draft was issued and they said it was all good. But I was still sweating those 5 days.

From now on its cash or buyer and I got to bank to transfer.
 
daisoman said:
I once gave my bike to the buyer as he gave me a certified cheque. I wasn't in a big rush so waited a couple days later to cash it. Brought it to the teller and she said I have to wait 5 days to clear. Man I thought they were good as cash. She told me recently people have been making fake bank drafts so they started making 5 day holds mandatory. I called the branch from which the draft was issued and they said it was all good. But I was still sweating those 5 days.

From now on its cash or buyer and I got to bank to transfer.
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O.O wow got some balls of steel accepting a check, it could have easily just been a messed up bank account, fake check, an account that didn't have enough funds etc.

Did you know the guy a bit? address, name, job etc?
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