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Old 07-12-2006, 04:41 PM   #1
pers785
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Can you Trust a Company Check?

I just got a call from a well-known company here in Houston that is interested in purchasing my bike. The weird thing is that they were only interested in purchasing it (for my asking price which seemed like a plus) with a company check. I told them that I was only interested in cash, and they said that if it would make me feel better that I could keep the title of the bike until the check clears and then sign the title over. Either way I said I was only interested in cash, and if they wanted the bike bad enough they could go cash their own check and bring that by.

I was just trying to figure out what makes them soo adamant about buying it with a company check instead of cash, especially if theyre letting me keep the title until it clears. weeeeeeeeeeird
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Old 07-12-2006, 04:42 PM   #2
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do a BBB search on them. That's probably OK since they can't sell the bike without the title(legally anyhow). will they get you a cashiers check? also, PM me their info, I'm selling my bike.
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Old 07-12-2006, 04:44 PM   #3
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Old 07-12-2006, 04:49 PM   #4
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Accept the check and go the their bank and cash it. Hold on to the title until it clears. I see no problem here bro companies typically do not pay in cash.
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Old 07-12-2006, 04:53 PM   #5
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Hmmm, i dont like calling companies out, and I mean it may be legit and everything, but it just sounded WEIRD. I asked him why he couldnt go cash the check himself, and he said that he didnt want to go through the hassle of going to a bank and cashing it, and then delivering the cash to me. WELLLLLL, I would have to the EXACT same thing, so if its a hassle to you, it'd be a hassle to me as well. Anyways, its a well known company that likes to buy and sell bikes (maybe for a little more), and the name has come up on this forum QUITE a bit.
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Old 07-12-2006, 04:57 PM   #6
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If your that worried, have a friend go with you to the place, leave him with the title and the bike, run to the bank and cash it, when you have cash in hand, call the friend to hand over the goods.

BTW any dealer has a bond that they have to have, for cars I know it's $25,000 for bikes I THINK it's around $10,000 but dunno on that one. If the check bounces (if thats what your worried about) you can file on their bond and get the cash amount.. and btw, no dealer wants to have their bond filed against because thats the worst thing they could have happen to them.

If they offered to let you keep the title I would feel comfortable with it.
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Old 07-12-2006, 04:59 PM   #7
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I wouldn't trust it. Why would a 'company' be buying the bike, rather than an individual if it's not wholesale? Doesn't make sense. I'd pass.
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Old 07-12-2006, 04:59 PM   #8
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Most companies need to pay with a check to the person they are buying the bike from, for accounting purposes. If it's a larger shop it's probably difficult, if not almost impossible to make a check out in the employees name for "cash" to buy a bike. The accountant as well as the IRs would raise a few eyebrows on that one.
If it's a company check, just take it to the bank it's drawn on and cash it. Then bring them the title. If the bank it's drawn on won't cash it, go get your bike back and flame the company on the board.
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Old 07-12-2006, 05:00 PM   #9
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Heres the deal, if they are eager enough to give you your asking price, chances are they have it "pre-sold" and thats why they are so eager.
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Old 07-12-2006, 05:00 PM   #10
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You're good to go bro, check your PM's. Sell that , they'll sell it with no problems. They have been doing business in Houston for years for a reason, they're good at it. Where did you post the bike for sale? craigslist? they bought my buddies bike out of the greensheet.
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Old 07-12-2006, 05:00 PM   #11
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Quote:
Originally Posted by ArturoC
I wouldn't trust it. Why would a 'company' be buying the bike, rather than an individual if it's not wholesale? Doesn't make sense. I'd pass.

Maybe he's selling it for a good price, I sell stuff to companies all the time as long as I'm in it right.
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Old 07-12-2006, 05:02 PM   #12
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Quote:
Originally Posted by Ramius
Maybe he's selling it for a good price, I sell stuff to companies all the time as long as I'm in it right.

:dontknow:
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Old 07-12-2006, 05:02 PM   #13
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You're also correct on the bond, it's $25,000, if a shop gets filed on they can their GDN license and not be able to sell bikes anymore, plus a hefty fine.
If it's a well established company I'd take the check and be done with it.
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Old 07-12-2006, 05:06 PM   #14
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It's 25k for bikes too? Phew!

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Old 07-12-2006, 05:07 PM   #15
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Quote:
Originally Posted by Patrick
You're also correct on the bond, it's $25,000, if a shop gets filed on they can their GDN license and not be able to sell bikes anymore, plus a hefty fine.
If it's a well established company I'd take the check and be done with it.
Well when I had finsihed talking to them originally, I told them I didnt want anything but cash (because the check thing freaked me out). They said they would think about it and call me back. I guess well see what happens, but its good to know that theres bonds and what not to keep the checks legit.
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Old 07-12-2006, 05:51 PM   #16
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Quote:
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Most companies need to pay with a check to the person they are buying the bike from, for accounting purposes. If it's a larger shop it's probably difficult, if not almost impossible to make a check out in the employees name for "cash" to buy a bike. The accountant as well as the IRs would raise a few eyebrows on that one.
If it's a company check, just take it to the bank it's drawn on and cash it. Then bring them the title. If the bank it's drawn on won't cash it, go get your bike back and flame the company on the board.
+1, we buy bikes all the time, but only with a check. The IRS (and our accountant) doesn't like "cash deals", it raises major red flags.

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Old 07-12-2006, 06:16 PM   #17
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Quote:
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Hmmm, i dont like calling companies out, and I mean it may be legit and everything, but it just sounded WEIRD. I asked him why he couldnt go cash the check himself, and he said that he didnt want to go through the hassle of going to a bank and cashing it, and then delivering the cash to me. WELLLLLL, I would have to the EXACT same thing, so if its a hassle to you, it'd be a hassle to me as well. Anyways, its a well known company that likes to buy and sell bikes (maybe for a little more), and the name has come up on this forum QUITE a bit.
If it makes you feel better about the deal, Eximports bought my friends bike (Quackmire) a few weeks ago and told him the same thing, they didnt want to pay cash. Long story short he sold them the bike and the check cleared no problems. Just stick to your asking price.
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Old 07-12-2006, 06:34 PM   #18
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more then likly the company he is talking about is Eximports and they are legit when it comes to checks.. that is how all companys buy bikes off of people beacsue if that person works at the company and they would like to purchase it, it is much easer to do a company check. the IRA and the bookeepers and the bank all would raise till they foudn out what was going on but if u send a company check its a much easer process. i know this for a fact since i deal with company checks and buy and selling stuff all day long.
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Old 07-12-2006, 06:38 PM   #19
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they probaly want records of the bike being bought, maybe for tax purposes. If it's bought by a company, they can write it off at the end of the year as a comapny expense.
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Old 07-12-2006, 07:10 PM   #20
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He shoulda said a 'dealer' instead of 'company'. That made it sound too fishy.
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