What does "cash in hand" really mean?

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My buddy sold his cherry Honda CB750 in a parking lot to a guy.

Buyer rode off as my buddy got a Cashiers Check for the full amount.

A BOGUS Cashiers check!
 
Originally Posted By: ammolab
My buddy sold his cherry Honda CB750 in a parking lot to a guy.

Buyer rode off as my buddy got a Cashiers Check for the full amount.

A BOGUS Cashiers check!


Yeah, that's why you go with the guy to the bank to get the funds or only accept checks from local banks where you can call the bank and verify the check.
 
My previous bike selling had a guy come over. He had motorcycle endorsement on his license. He said he was going to buy it, cash. When he 1st sat on the bike (while I was holding the key in my pocket) I took a pic of him sitting on the bike (hey let me get a pic of you on the bike). Also snapped a pic of his truck (assuming his) to include license plate.
Then as I was getting the key out of my pocket for him to start the bike he whipped out full cash and said sold, before even starting it. So I held the cash and he drove the bike just down the street and back, a very short test ride. Shut the bike off and called his girlfriend to have someone bring her to drive the truck off. All went well.

I had thought of consignment sale, and a local college for a small fee ($15 at the time) has weekend auto fair for cars, trucks, motorcycles, motor home's and boats. The college has a system where they show the vehicle/vessel then call the owner/seller for test drives. I had to fill in my information and a formatted paper about the vehicles (make, model, year, miles, engine etc. and things like mods, maintenance, any known defects etc.)
I had wondered about a motorcycle test driver driving off. I guess it happens. I figured I was taking a chance but was paid cash so fast before starting the bike seem crazy at the time.

My current bike (Harley) the guy gave me the key and said just bring it back in an hour or so. Didn't ask for any info, deposit etc. I did have my SUV parked in front of his house but I had the key. Well I got him down in price and then paid full cash.
 
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I sold my street bike and told him the same. I need to see the cash and not until then can you test ride it. Too many idiots who think they can ride but never have. 1st guy to look bought it after riding 100 yards.
 
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If you can’t allow someone to test drive then you may want to consider a person to consign it with.

Asking for money upfront is not a good way to start a transaction and i would be weary about seller giving back.
 
Well, spoke with the insurance company. They mentioned that I am covered if they crash it, but if they steal it (considering I don't have comprehensive coverage) it's not covered. Then there's the issue of "what if they damage something mechanically and I don't notice right away?".

All I know is that when I bought it 4 years ago, the PO said "sure I'll allow a test ride, after you buy it".
So I paid him the money and all was well.

I'm thinking of not bothering contacting the prospective to tell him I need ALL the funds literally "in my hand" before I can let him take it out. If I do, I'm afraid he'll think "to heck with this guy". I've already mentioned in the ad that I'm open to mechanical inspections at any shop of their choice.

It seems hasty, but it ultimately protects me against any riff raff nonsense that might be tried on me.
 
I would just ride it in front of him so he is aware it goes through the gears and shifts ok. If the bike starts, runs, looks great, has great paint and tires etc. chances are there is no reason for a test ride. Cash in hand means he has all the money in cash to pay for the bike should he wish to buy it on the spot.
 
Let the buyer hold the title if you're holding all the money.

If you don't trust people it's hard to sell stuff as a private party.

If some squid wrecks your bike and gets brain damage, just tell the cops you were letting him "hear it run" but he kicked it in gear without your permission and took off with it.
 
There is really nothing to overthink here. I would give any potential buyer two choices, a) look over the bike, start it, inspect it in the driveway, b) if they want a test ride, give the full amount you advertise the bike for in cash, provided they have a valid motorcycle license.

Yes, it's that simple, as I recently sold my Ninja 500r following these guidelines. Nobody wanted a test ride, by the way.
 
This one is easy. Test drives ONLY after the bike is paid in full, cash. If they bring it back and decide they don't want it, then give them their money back.

Give them a sob story that 4 years ago some guy wrecked a bike you were selling on a test drive and you were out the money.
 
Had a guy we knew come and look at a bike, he went for a ride and left his bike with us. He was gone a bit longer than we liked...so took his bike for some rides too...hard, really hard.
 
Originally Posted By: Kawiguy454
if he hears the bike start and run he should know if he is really interested at the price youre asking. At that point he needs to have cash in your hand to take it for a test drive. This is how you sell a superbike donrt see a reason it should be different for a scooter.


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Originally Posted By: rooflessVW
You have insurance, right?

It's part of the risk that comes with selling privately. You should be able to tell a serious buyer from someone just looking to joyride. To me, cash in hand means the ability to purchase on the spot, once a deal is made - nothing more.

I wouldn't hand over a penny to test ride.


You wouldn't be buying any bike I was selling, then.

No one test-rides a bike I'm selling unless I have all the cash in my possession. You drop it or damage it, it's yours.
 
Originally Posted By: Quattro Pete
Originally Posted By: IndyIan
Its your insurance covering your bike on the test drive.
AFAIK, insurance is only valid for the person named on the policy, plus maybe immediate family, but not some test riding stranger.


Your insurance policy covers damage to your vehicle as well as your own personal liability, no matter who is driving as long as you did not conspire with the driver for him to drive for the purpose of committing a crime. The driver's own personal liability may not be covered, but the owner's is.
 
I just like the ads that say things like "No test pilots" then throw in this image.

 
Originally Posted By: john_pifer
Originally Posted By: rooflessVW
You have insurance, right?

It's part of the risk that comes with selling privately. You should be able to tell a serious buyer from someone just looking to joyride. To me, cash in hand means the ability to purchase on the spot, once a deal is made - nothing more.

I wouldn't hand over a penny to test ride.


You wouldn't be buying any bike I was selling, then.

No one test-rides a bike I'm selling unless I have all the cash in my possession. You drop it or damage it, it's yours.


Well, she's gone. Sold it for 200 less than asking as it needed brake pads and the tires despite having decent tread, were Very dry. Glad I got all the money upfront BEFORE his first ride as the new owner almost ran into my parkade wall on his first ride....yes, I'm serious.

Got all funds deposited in my account before buyer had his first ride. Had the bike for 4 years and put 4,000 kms on it doing nothing more than a couple of oil changes and a new battery.

Overall I think I faired pretty well. I'll certainly miss the bike, but I want to focus my attention on the BMW now. After that's finished, not sure what I'll decide to do. Had it for the past 15 years. Feels like I'm going thru a lifestyle change...not sure where this will lead. Thanks to everyone in this thread.
 
Originally Posted By: Quattro Pete
"Cash in hand" means the entire amount, not just some of it.


+1

And also having the cash... in my hand.

To some people I've come across, cash in hand means cash at the bank, or cash at my GF/Wife/Uncle/Cousins/distant acquaintance's house 3 hours away.
 
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