? For those who have recently bought or sold a vehicle

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specifically for a cashless payment, i'd be looking at a direct wire transfer or a certified cashier's check. there's also the option of an escrow company, but not knowing how much dough we talking here, it (the fees) may not be worth it.

if the person is local or coming into town to buy it, they should be amenable enough to just skip over to the bank and knock it out after agreeing on the price. what's another 30min or whatever to square away a transaction in a tidy and satisfying manner.

and i totally get you on not wanting to roll with stacks of cash. i was tasked with completing a transaction for a client on a car-- basically i had to fly in, inspect the car and pay the dude-- and at the last minute the seller got real adamant about it being all cash on pick up. which, if it was local, fine. but my *** ain't rolling into unknown territory carrying gobs of loot with who knows what kind of people expecting me and that money. no thank you. also, i didn't want the headache at the airport. the deal smelled funny so we put the kibosh on it. few months later i found a better car, more locally for less money.
 
I recently completed two transactions using what I consider large amounts of cash. One as a buyer and one as a seller. Both were out of state. It is a little concerning when traveling with large amounts of cash. After several conversations with both people, I felt confident that they weren't out to rip me off. The buyer came from out of state. He contacted his bank and told them that he needed to pick up X amount of cash in a different city. They had it ready for him when he got here. He said he was a little nervous driving the 30 minutes to my house.

BTW the IRS is only interested in DEPOSITS of $10k or more. You can withdraw all you want. The law was made to catch people depositing cash from drug deals.
 
BrianT said:
I recently completed two transactions using what I consider large amounts of cash. One as a buyer and one as a seller. Both were out of state. It is a little concerning when traveling with large amounts of cash. After several conversations with both people, I felt confident that they weren't out to rip me off. The buyer came from out of state. He contacted his bank and told them that he needed to pick up X amount of cash in a different city. They had it ready for him when he got here. He said he was a little nervous driving the 30 minutes to my house.

BTW the IRS is only interested in DEPOSITS of $10k or more. You can withdraw all you want. The law was made to catch people depositing cash from drug deals.
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That's not completely accurate. If it's a personal check the amount doesn't really matter. Banks are required to report any checks for the Irs to investigate if they think someone is hiding monies.
It's been that way for ever.
Big fine to the bank if they don't list them.
 
72Duster440 said:
I met the buyer at his bank and had them issue me a bank certified check, and I handed the title to the bank. I then cashed the check at the bank before I left and all was well.
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Since I might find myself in this exact position, could I just ask.... You met the buyer at his bank, he drew a bank check for the specific amount and you turned around and cashed it or I guess you could have opened your own account and deposited it
All this is such a headache for me, selling or buying. I give a guy in a private sale a bank check for 70 grand and walk away with only a title? Wait for three days until the seller says my check cleared and than take possession of the car
I could be buying a car across the country and while id fly drive sale to see it, im still uncomfortable
This is really screwing me up as im considering parting with the 69 and its a mid forty thousand dollar car and im still at a loss how do I do this transaction safely
Maybe an escrow account using a reputable attorney? I have no idea
 
Steve welder said:
Since I might find myself in this exact position, could I just ask.... You met the buyer at his bank, he drew a bank check for the specific amount and you turned around and cashed it or I guess you could have opened your own account and deposited it
All this is such a headache for me, selling or buying. I give a guy in a private sale a bank check for 70 grand and walk away with only a title? Wait for three days until the seller says my check cleared and than take possession of the car
I could be buying a car across the country and while id fly drive sale to see it, im still uncomfortable
This is really screwing me up as im considering parting with the 69 and its a mid forty thousand dollar car and im still at a loss how do I do this transaction safely
Maybe an escrow account using a reputable attorney? I have no idea
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Mine was a local transaction for a smaller amount. I sold our old Vette for $7k, the buyer wanted to write a check, so we met at his bank and his bank issued me the check. While we were at the bank, I paid the $5 to cash the check without having an account there. If it was a much larger amount, I'm not sure what I would have done. Maybe open an account there and then electronically transfer the cash to my personal bank, or have them wire transfer it. Once I had my cash I was on my way.
 
I sold my car to a guy from across the country. After he agreed to buy it, I sent him a picture of the title front and back so he could see there were no liens. We then did a bank to bank fund transfer. Upon receipt of funds I fed exed him the title and a bill of sale. He then made arrangements for transport. I sent him pictures of the car loaded on the transport and let him know it was on it's way. In this situation he still had to trust me that upon receipt of funds that I would follow through. I would have been nervous if I was him but I don't know of any other way that would have protected me in this case.
 
Mike69cuda said:
Cashiers checks can now be easily faked. Take the check to the bank it was drawn on and verify it prior to signing it. You will also have a video record if you do the transaction in a bank.
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Fake cashiers and certified checks were the fastest growing form of forged documents according to one of our bankers.
 
67dodgedartconv said:
I sold my car to a guy from across the country. After he agreed to buy it, I sent him a picture of the title front and back so he could see there were no liens. We then did a bank to bank fund transfer. Upon receipt of funds I fed exed him the title and a bill of sale. He then made arrangements for transport. I sent him pictures of the car loaded on the transport and let him know it was on it's way. In this situation he still had to trust me that upon receipt of funds that I would follow through. I would have been nervous if I was him but I don't know of any other way that would have protected me in this case.
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Exactly my concerns.
If I sell my car I want it inspected. I will not do a sale sight unseen. My bank is two blocks away, let the seller deposit the funds in that bank. We'll do the transaction at the bank and transfer the money, walk up the street and he or a representative of him can load the car.
I really dont know how else to do this
 
Steve welder said:
Is this Venmo I hear so much about safe?
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I wouldn't use it for large transactions with strangers.
CudaChick1968 said:
Venmo is a division of Paypal where funds are exchanged but no fees accompany the transfer. There is little or no buyer protection.
It's more for situations where you go to lunch with à few friends, one person pays the bill and the others pay you via your phone number through Venmo for their food.
It's convenient if you know who you're dealing with can be trusted but I personally wouldn't accept it for a large purchase.
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@CudaChick1968 is right. And to piggyback on that, for tax season 2023, you'll receive a 1099-K if you have $600 or more in revenue through PayPal, Venmo, and I think Zelle as well.
jomoper said:
Curious what forms of payment y’all might be using these days. Since I’ll be parting with my car in the near future.
Would like to hear everyone’s experiences good or bad about modern forms of payment other than cash.
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I sell more machines than I do cars, but the concept is the same. Large transactions are CASH transactions and I usually draw up a bill of sale and include my terms -- "as-is," "no warranty," whatever the situation calls for. Just be aware that Hollywood "prop" money is out there and looks pretty damn real if you don't take your time. It would be easy for someone to slip in a couple $100s and when you're counting a stack of 40 of them, could be easy to miss.

$10,000 Full Print New Series Prop Money Stack
 
I sold a 70 Road Runner for a lot of money. The Bank told me there are only two safe ways ..Cash and a check it with marker. Or bank to bank wire transfer. I used the bank wire and the money was transferred right in my account. Do NOT accept a money order or certified check those can both be cancelled or even fake
 
stroked340 said:
Cash is king..
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Speaking of buying and selling ...
Your inbox is full.
If I remember right, these were/are yours. Some b*tch was trying to sell them on Marketplace. "Big block" ... using my website picture and editing out your feedback comment, it did not sit well with me. Thanks to Eric Sandberg for his eagle eye!
Screenshot_20230702-121951_Messenger.jpg

Scammers suck.
 
CudaChick1968 said:
Speaking of buying and selling ...
Your inbox is full.
If I remember right, these were/are yours. Some b*tch was trying to sell them on Marketplace. "Big block" ... using my website picture and editing out your feedback comment, it did not sit well with me. Thanks to Eric Sandberg for his eagle eye!
View attachment 1716109562
Scammers suck.
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Yup,those are the ones you did for me like 10 years ago..
 
I appreciate all the comments.All good stuff. If my car was a true classic. I think I would be using one of the many consignment dealers around Me. I think I can understand why they are so abundant these days.
 
Cash is the worst IMHO. If you lose it, fire, robbed, etc. you are out of luck. Cash can be counterfeit too. Bank wire or bank draft from a reputable bank and get id. Do the transaction at the bank if you don't trust them 100%.
 
Anyone who tries to rob me will be leaving with more holes they came with. Free of charge, of course. And what are the chances you are going to lose your cash or have it burn up in a fire before you deposit it in the bank??

Regarding counterfeit cash, that's a legitimate concern, but all you have to do is take your time when you're counting the money. It's really that simple.
 
Righty Tighty said:
Anyone who tries to rob me will be leaving with more holes they came with. Free of charge, of course. ...
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Roll the dice and take your chances. You can't carry up here and in many places I would say.
 
You’re right, we are lucky where I live.

I’m not trying to argue, but….fire? I’ve never lost any money ever in a fire, especially while I was on the way to the bank to deposit it after selling a car.

Bank transfers are great, as long as you’re tech savvy enough to make sure you’re not getting scammed. To each, his own.
 
Go to the bank the person has funds in. Open a bank account and swap it right there in the bank to your account. Never step foot outside the bank with cash.

Do a transfer to your regular account when you choose.

Wire transfer is great too.

There is a ton of fraud with cashiers checks unless you are right there to see the transaction, personal check (nope), cash (lots of counterfeit bills now).... Figure out a method you are good with.
 
Can't go wrong with Franklin and Grant when dealing in person, which I prefer.
 
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