Club Homepage Forums Classified Ads Buy & Sell - Airplanes Only Airplane Buyer Scam - Feb 2024

Cash

I am a member. They quoted me $550 for their recommended escrow service. Do they take care of making absolutely sure the funds clear before completing the transaction? I ask because “I know a guy”, who took a fraud report from the bank I happen to use where they took a “certified” cashier’s check, said it was legit, cashed it, then 3 weeks later said it turned out to be fraudulent and withdrew the funds from their client’s account after the merchandise and buyer were long gone. Obviously, I want to keep this from even being a possibility.

That’s my preferred method, but understandably people don’t want to carry around that much cash, especially for dealing with an out of state seller they don’t know. I also want a cash transaction to occur at my local bank so I don’t get any counterfeit money.

Some may call me paranoid. I prefer to think of myself as prepared and aware of the world.

Counterfeit money is certainly a thing, I have a friend that got paid in funny money on a Craigslist deal once and he only figured it out when he when to Walmart and they checked it with the pen.almost got arrested, and he had to go back to every business he visited with the detective.

There are probably better ways to test, but I always use the counterfeit pen when I get paid at my shop.

You can accept a cashier's check after you call the bank that issued that check to make sure it is legit.

In God we trust.

All others pay cash.

We did a wire transfer when I sold the 150 out of the buyers bank account . Will the buyer be present? The buyer was here and we made sure the funds cleared before they took off. I did a wire transfer when I bought the Champ out of escrow. On a funny cash note a potential buyer for the 150 flew up with his CFI and a bag of cash with a handgun for protection of course. You can't make this stuff up. They took the plane for a test flight and he wouldn't leave the cash with me. I was like - you have my airplane, I'm not going anywhere. He said that someone could come by and steal it. Realize, we are at a completely backwoods private strip. Long story short the sale didn't happen and he took his bag of money and flew away. Now I have a story.

Pete

How did you know the guy had a gun? If you’re carrying properly, it shouldn’t be noticeable to everyone.

I’m more surprised that you let them take the airplane for a test flight without you right seat or cash in your hand.

Pete,

Great story!

Wow, how MUCH ca$h was he carrying that he had to be armed with a pistol...and a CFI?

I mean, we all think our 150's are worth the world, but seriously....

Some people we all meet do have "security issues" (trust) with belongings or themselves...it is exhausting working with them.

$15,000.00 (Of course it was $1,000 less than the asking price). This was pre-covid before the prices went through the roof. Had the handgun in the bag of cash, which he opened to show me. The CFI met the open pilot conditions on the insurance policy, and seemed more than qualified and mentally stable, so I let her sit right seat. Anyway, I had their 172 in the event they absconded.

Pete