Selling machinery privately

[AlfM]

We have a piece of machinery we may sell privately. It's of a reasonable value, max of £40k. I would usually trade machinery in and have no experience of selling things worth more than a few k. So possibly a stupid question but what is the etiquette regarding money? Presumably full payment in our account before machine moves but is there any other accepted method or anything to watch out for other than not accepting cheques made of rubber? Thanks.

 

[D14]

We have a piece of machinery we may sell privately. It's of a reasonable value, max of £40k. I would usually trade machinery in and have no experience of selling things worth more than a few k. So possibly a stupid question but what is the etiquette regarding money? Presumably full payment in our account before machine moves but is there any other accepted method or anything to watch out for other than not accepting cheques made of rubber? Thanks.

Purely depends on who it is. We've started saying cleared funds prior to collection and its had mixed results to the honest. Some people won't do it, so do we want to deal with them!
If you sell it privately but to the trade then we are more relaxed but to somebody we don't know, then I am sorry but if you want it pay for it before its collected.
Sold an item a couple of weeks ago for £45k + vat. Money transferred Sunday and they rang to make sure it was clear to collect the day after on the monday.

Then last week sold something else for £2k + vat and they moaned like hell we wouldn't let them collect it before payment. Take it or leave it.

 

[le bon paysan]

Make it clear that the item can be collected when the cheque/transfer etc. has cleared.

 

[Johnnyboxer]

What if the purchaser needs to finance it?

 

[john432]

What if the purchaser needs to finance it?

Once it's on his yard, he won't need finance

 

[Johnnyboxer]

Once it's on his yard, he won't need finance

He might need it, before it gets to his yard ...........£40k machines are pretty often financed

 

[ffukedfarmer]

I wouldn't expect anything to leave a private vendors yard without having paid for it first.

 

[holwellcourtfarm]

What if the purchaser needs to finance it?

Them they'll need to sort the finance before they go shopping. If they want dealer finance facilities them buy from a dealer.

 

[holwellcourtfarm]

We have a piece of machinery we may sell privately. It's of a reasonable value, max of £40k. I would usually trade machinery in and have no experience of selling things worth more than a few k. So possibly a stupid question but what is the etiquette regarding money? Presumably full payment in our account before machine moves but is there any other accepted method or anything to watch out for other than not accepting cheques made of rubber? Thanks.

Cleared payment before collection. It's too much of a jungle out there for anything else these days, sadly.

Don't be put off by the Eastern European lads either, they are often very good buyers (or were before Jan 1st anyway).

 

[essexpete]

I would not let it go without payment into bank. Issue the customer with a proforma invoice pre payment. On receipt of payment issue them with a full invoice signed as payment received. If I were the purchasing customer and nervous then I would go and look at the machine, strike the deal and transfer the funds at that point with the V5 and a bill of sale.

 

[startinghandle]

Before Christmas my account was emptied by some barsteward , the money was refunded but from then on
I am extra extra careful regarding my account details. I am saying this as you have a substantial amount involved and the fooking crooks are always 2 steps ahead

 

[Zippy768]

Cash

 

[Andrew K]

If you dont know the buyer get a reasonable deposit at the time of viewing and payment in full before despatch, not just a cheque waved in your face. Having said that, farmers are normally pretty good payers, its the other industries that have a problem with payment on occasion, to the detriment of us all.

 

[holwellcourtfarm]

Before Christmas my account was emptied by some barsteward , the money was refunded

Really? How? Sounds like a major banking security failure.

 

[essexpete]

Cash

No thanks for 40k

 

[Still Farming]

Cash

Could be fakes ?
Beware.

 

[startinghandle]

Really? How? Sounds like a major banking security failure.

In December I tried to get cash from post office but couldn't as my account was empty, turned out there was a number of withdrawals made with Argos and just eat . In January the money was refunded and I was told by
lady at bank fraud department that they would look into it and if I was telling lies then they would take all the money back

 

[thesilentone]

It cuts both ways, so a buyer as well as a seller needs protection.

If someone is travelling some distance to see the item, they won't have £40k cash with them, and to be honest, I wouldn't accept cash for such high value item.

So, they will need to see, and maybe test before they buy.

If a sale is agreed, then a Bank Transfer is the best solution. They can do this on-line from you're premises, and show you on the screen the confirmation that the payment has been completed.

Whatever you agree, write EVERYTHING down on the invoice/receipt, and make two copies, one for you, one for the buyer and both sign both. For example, if the item is tested before a sale is agreed, write it down.

Job done.

 

[Zippy768]

No thanks for 40k

And not sail away into the sunset without a trace...... although not sure how far 40k would get you

 

[Zippy768]

Could be fakes ?
Beware.

Could be