Safest way to send funds to buy a motorcycle and have shipped to me?

[VtwinStorm]

This looked to be the closest "correct" forum for my question.

I'm looking at a V11 Sport several states away, and once I get the VIN and make sure it isn't stolen/wrecked/salvage, I'd like to know how I can pay the man?

I've purchased a motorcycle through eBay before, so it wasn't such a big deal (buyer protection), but this is a private seller. Shipping is under $600.00 from his place to my garage, so this is doable.

Any help is greatly appreciated.

Thank you.

-VTS

[fotoguzzi]

If you both have the same bank like Wells Fargo you can just do a transfer. If not the same bank I'm pretty sure you can send money with your bank via something called Zelle or Venmo.

there is also wire transfer from Western union.

Escrow.com will hold the money until your agreed upon terms are met and delivery takes place, then you ok the payment.

[VtwinStorm]

41 minutes ago, fotoguzzi said:

If you both have the same bank like Wells Fargo you can just do a transfer. If not the same bank I'm pretty sure you can send money with your bank via something called Zelle or Venmo.

there is also wire transfer from Western union.

Escrow.com will hold the money until your agreed upon terms are met and delivery takes place, then you ok the payment.

Thank you, Fotoguzzi. I think I will go with escrow if we can work out the details...

[p6x]

23 hours ago, VtwinStorm said:

This looked to be the closest "correct" forum for my question.

I'm looking at a V11 Sport several states away, and once I get the VIN and make sure it isn't stolen/wrecked/salvage, I'd like to know how I can pay the man?

I've purchased a motorcycle through eBay before, so it wasn't such a big deal (buyer protection), but this is a private seller. Shipping is under $600.00 from his place to my garage, so this is doable.

Any help is greatly appreciated.

Thank you.

-VTS

You do not need to have the same bank to do a "wire transfer". You just need the ABA, account number, Name, Address and bank name, and address of the branch where you wire the money.

The Escrow is an additional safety, but it is not free; sometimes it is a percentage of the sum that will be put in the escrow.

I would not use Western Union to transfer funds to pay for a motorbike.

The Bank to Bank transfer has the advantage to disclose the identities of both the seller and the purchaser. More difficult to vanish in thin air.

The ideal transaction would be for you to go there, and close the transaction on the "spot". Most banks have an app allowing you to do wire transfers. The seller is notified the funds have been deposited, and you sign the paperwork and you are good to go.

This is how I sold my car on Autotrader. Actually, the guy transferred the money before coming to pick up. But he had met me at my house and he was confident.

I would really recommend to meet the guy. I purchased my Le Mans from a dealership, and while they assured me the bike was ready to ride, when I got there, the odometer was not working.

One last piece of advice; it is always better to ask written questions. For quality. You also use the phone to get a feel for who is it you are dealing with. But all the technical questions answered on email you keep. Phone calls can be subject to "misunderstandings".

[VtwinStorm]

19 minutes ago, p6x said:

You do not need to have the same bank to do a "wire transfer". You just need is ABA, account number, Name, Address and bank name, and address of the branch where you wire the money.

The Escrow is an additional safety, but it is not free; sometimes it is a percentage of the sum that will be put in the escrow.

I would not use Western Union to transfer funds to pay for a motorbike.

The Bank to Bank transfer has the advantage to disclose the identities of both the seller and the purchaser. More difficult to vanish in thin air.

The ideal transaction would be for you to go there, and close the transaction on the "spot". Most banks have an app allowing you to do wire transfers. The seller is notified the funds have been deposited, and you sign the paperwork and you are good to go.

This is how I sold my car on Autotrader. Actually, the guy transferred the money before coming to pick up. But he had met me at my house and he was confident.

I would really recommend to meet the guy. I purchased my Le Mans from a dealership, and while they assured me the bike was ready to ride, when I got there, the odometer was not working.

One last piece of advice; it is always better to ask written questions. For quality. You also use the phone to get a feel for who is it you are dealing with. But all the technical questions answered on email you keep. Phone calls can be subject to "misunderstandings".

A damned fine answer, p6x. Thank you.

He's not firm on price, and was given the V11. He also is of very short inseam so can barely ride it.

I have two potential V11s on the line, this is the one out of state. We'll see how things go.

Wire transfer with escrow sounds like my best bet to protect both parties if I can work out the details with the seller. Won't do anything until he sends me a VIN and photos of the title in his name.

Thank you again, p6x. You are awesome.

 

[Twin AH]

Let me know how you make out on this one.

Ciao

[footgoose]

5 hours ago, p6x said:

You do not need to have the same bank to do a "wire transfer". You just need is ABA, account number, Name, Address and bank name, and address of the branch where you wire the money.

The Escrow is an additional safety, but it is not free; sometimes it is a percentage of the sum that will be put in the escrow.

I would not use Western Union to transfer funds to pay for a motorbike.

The Bank to Bank transfer has the advantage to disclose the identities of both the seller and the purchaser. More difficult to vanish in thin air.

The ideal transaction would be for you to go there, and close the transaction on the "spot". Most banks have an app allowing you to do wire transfers. The seller is notified the funds have been deposited, and you sign the paperwork and you are good to go.

This is how I sold my car on Autotrader. Actually, the guy transferred the money before coming to pick up. But he had met me at my house and he was confident.

I would really recommend to meet the guy. I purchased my Le Mans from a dealership, and while they assured me the bike was ready to ride, when I got there, the odometer was not working.

One last piece of advice; it is always better to ask written questions. For quality. You also use the phone to get a feel for who is it you are dealing with. But all the technical questions answered on email you keep. Phone calls can be subject to "misunderstandings".

Great suggestions. Don't forget the many ways a title can go wrong. I drove 300 mi to discover a transposed number and I passed on it. I have had (since then) asked for the seller to inspect the title against the frame to confirm for me, and not just assume. One time I made a deal (conditional upon inspection) 200 mi away and took cash with me, I felt ok about it after a couple phone conversations. I once sold one from 1200 mi away and the gent flew in, bought it, and flew home. I delivered the bike to a nearby dealer where his shipper picked it up. I sold another one 1700 mi away and the gent sent me a check which I cleared and then allowed pick up at my home by his shipper. Shipper pick ups can be frustrating. I bought from an out of state dealer once and he filled out the title work with the wrong last name!!! I didn't notice till I applied. Fortunately he took care of it. In the end trust is a factor and one party will have to trust the other a little bit more. As said, ideal is to appear in person and deal with particulars. Good luck with it.

[po18guy]

Which states are involved? Were I in better shape, I would ride it for you.

[p6x]

16 hours ago, VtwinStorm said:

A damned fine answer, p6x. Thank you.

He's not firm on price, and was given the V11. He also is of very short inseam so can barely ride it.

I have two potential V11s on the line, this is the one out of state. We'll see how things go.

Wire transfer with escrow sounds like my best bet to protect both parties if I can work out the details with the seller. Won't do anything until he sends me a VIN and photos of the title in his name.

Thank you again, p6x. You are awesome.

 

I have no merit. I have worked internationally and have had access to numerous banking institutions, and used a lot of different monetary instruments in multiple currencies. Including in the USA before the Patriot Act.

However, I have to point out the US has been behind in adopting the cards with the chip which have been implemented several decades ago in Europe. And even now, those chip cards are available, they are still not fully in use. In Europe, for every transaction you make with your card, you need to enter your pin. Here, you still sign, and nobody verifies. But never mind.

In Europe, there is also a solution that is not available here. The bank issued check. Not to be compared with the "Cashier's check". The Bank check, is a check your bank provides, which is drawn from their own account. It means once that check is in your hands, unless the bank goes bankrupt, the seller cannot do anything about you getting paid. The Cashier's check does not provide any security; it is only a certified check by your bank, that at the time of certification, the account has sufficient funds to honor the check's face value. However, once issued, the owner can close his account if he wants to, or transfer the funds to another account. The Bank will not impede it.

Admittedly, depositing a check is quicker than before. Through the apps on your phone. But behind the facilitated transaction it is still manual.

When I sold my car on Autotrader, at the top of the add, I specified that I only accepted Wire Transfers for payment. A lot of people are scared because it implies disclosing bank account details. I don't understand why.

[VtwinStorm]

2 hours ago, p6x said:

I have no merit. I have worked internationally and have had access to numerous banking institutions, and used a lot of different monetary instruments in multiple currencies. Including in the USA before the Patriot Act.

However, I have to point out the US has been behind in adopting the cards with the chip which have been implemented several decades ago in Europe. And even now, those chip cards are available, they are still not fully in use. In Europe, for every transaction you make with your card, you need to enter your pin. Here, you still sign, and nobody verifies. But never mind.

In Europe, there is also a solution that is not available here. The bank issued check. Not to be compared with the "Cashier's check". The Bank check, is a check your bank provides, which is drawn from their own account. It means once that check is in your hands, unless the bank goes bankrupt, the seller cannot do anything about you getting paid. The Cashier's check does not provide any security; it is only a certified check by your bank, that at the time of certification, the account has sufficient funds to honor the check's face value. However, once issued, the owner can close his account if he wants to, or transfer the funds to another account. The Bank will not impede it.

Admittedly, depositing a check is quicker than before. Through the apps on your phone. But behind the facilitated transaction it is still manual.

When I sold my car on Autotrader, at the top of the add, I specified that I only accepted Wire Transfers for payment. A lot of people are scared because it implies disclosing bank account details. I don't understand why.

Looks like it doesn't matter. Bike was sold out from under me to a local gent. I also didn't get the VIN, or a video of the bike running, so...

[p6x]

3 hours ago, VtwinStorm said:

Looks like it doesn't matter. Bike was sold out from under me to a local gent. I also didn't get the VIN, or a video of the bike running, so...

No regret!

When I got in touch with the dealer of the Le Mans, he tried the worn out trick: there are other interested. My answer? if you have the opportunity to sell it, please do! I cannot be bothered or moved by the intention of others, and there always going to be other opportunity. So don't hesitate and sell it if you can.

He never came back with "others interested" after that.

If the bike was sold from under you, without even giving you a chance, it possibly indicates the seller was not serious in closing a transaction with you.

There are plenty of opportunities for V11 in the USA, you will get one. Better wait than purchasing something you cannot trust.

[VtwinStorm]

14 minutes ago, p6x said:

No regret!

When I got in touch with the dealer of the Le Mans, he tried the worn out trick: there are other interested. My answer? if you have the opportunity to sell it, please do! I cannot be bothered or moved by the intention of others, and there always going to be other opportunity. So don't hesitate and sell it if you can.

He never came back with "others interested" after that.

If the bike was sold from under you, without even giving you a chance, it possibly indicates the seller was not serious in closing a transaction with you.

There are plenty of opportunities for V11 in the USA, you will get one. Better wait than purchasing something you cannot trust.

I totally agree. In life, I don't like to force things to happen. If things line up, and "click", then it is an indication in my mind that it was meant to be.

There are always other bikes. Really want a V11 though, not going to lie. However, it has to be the right one.

The hunt continues...

[p6x]

1 hour ago, VtwinStorm said:

I totally agree. In life, I don't like to force things to happen. If things line up, and "click", then it is an indication in my mind that it was meant to be.

There are always other bikes. Really want a V11 though, not going to lie. However, it has to be the right one.

The hunt continues...

What about this one? https://www.cycletrader.com/listing/1998-Moto-Guzzi-V11-Custom-Cafe-Racer-5017289453

1998 MOTO GUZZI V11 Custom Cafe Racer, This is not your neighbors puttering V7- this thing really hauls! Custom V11 Cafe Racer build with only 27k original miles on the bike. This classy Guzzi was completely disassembled and rebuilt with meticulous attention to detail, the frame was media blasted & repainted, and all unnecessary tabs/brackets were removed from the frame and customized for the solo seat set up. New front cafe fairing and rear tail bubble were added, complete with new handlebars, grips and bar end mirrors. The brake system was converted to true dual front brake calipers for extra stopping power. Got a new classic chrome Guzzi fuel tank and the fuel lines were replumbed to work with the internal fuel pump and filter. The engine has been thoroughly cleaned, all fluids have been changed and new oil and new air filters have been installed. A Power Commander has been wired in for fine tuning (under left cover) which has tracking, tuning, and monitoring capability, this fuel tuner can easily and effectively optimize the air/fuel ratio to your preference. New shocks have been installed with an extra set of heavier springs to dial in specific rider preference. New rear set foot controls, low profile LED turnsignals front & rear. Brand new Pirelli Demon tires were installed and the showstopper is the new exhaust pipes that give a unique, deep and powerful sound. You will not see another one like this, truly one of a kind!

 

[VtwinStorm]

2 minutes ago, p6x said:

What about this one? https://www.cycletrader.com/listing/1998-Moto-Guzzi-V11-Custom-Cafe-Racer-5017289453

1998 MOTO GUZZI V11 Custom Cafe Racer, This is not your neighbors puttering V7- this thing really hauls! Custom V11 Cafe Racer build with only 27k original miles on the bike. This classy Guzzi was completely disassembled and rebuilt with meticulous attention to detail, the frame was media blasted & repainted, and all unnecessary tabs/brackets were removed from the frame and customized for the solo seat set up. New front cafe fairing and rear tail bubble were added, complete with new handlebars, grips and bar end mirrors. The brake system was converted to true dual front brake calipers for extra stopping power. Got a new classic chrome Guzzi fuel tank and the fuel lines were replumbed to work with the internal fuel pump and filter. The engine has been thoroughly cleaned, all fluids have been changed and new oil and new air filters have been installed. A Power Commander has been wired in for fine tuning (under left cover) which has tracking, tuning, and monitoring capability, this fuel tuner can easily and effectively optimize the air/fuel ratio to your preference. New shocks have been installed with an extra set of heavier springs to dial in specific rider preference. New rear set foot controls, low profile LED turnsignals front & rear. Brand new Pirelli Demon tires were installed and the showstopper is the new exhaust pipes that give a unique, deep and powerful sound. You will not see another one like this, truly one of a kind!

 

27k miles, heavily modded, and 7k before shipping. Not my bike.

I want something mostly stock. Upgraded or stock exhaust is fine, but I think a V11 LeMans or V11 Sport, aesthetically, can hardly be improved upon. I love the looks of these machines just as they are.

[p6x]

Its a dealership, and with a bit of negotiation, you may knock off a couple of hundreds, and negotiate free shipping to your place.

For a dealership, throwing the shipping is peanuts. They have deals with transport companies because they use them all the time. My Le Mans was shipped for free using "groupage" to even further lower the costs. It took two weeks before they shipped it, they were waiting for the transport company to have several bikes to deliver.

Ask them to shoot a video of the bike with the engine running;