Paying cash vs wire transfer

[ADY]

Have the seller meet you with the car at your bank and request that your Bank write the seller a certified check. With all the anti-money laundering rules and regs, and risk of handing out large sums of cash you will not find a bank that will hand over anything over $10k typically. Its also a safe place to conduct the transaction b/c you have the seller on the banks cameras if the car ends up having title issues.

[minendrews68]

Originally Posted by ADY

Have the seller meet you with the car at your bank and request that your Bank write the seller a certified check. With all the anti-money laundering rules and regs, and risk of handing out large sums of cash you will not find a bank that will hand over anything over $10k typically. Its also a safe place to conduct the transaction b/c you have the seller on the banks cameras if the car ends up having title issues.

Good advice... I vote for this one! Are you both in the same town to do this, (or reasonably close)?

[DT69Cam]

The seller Doesn't want a check...... The seller Doesn't want a check........

[Vega$69]

A stop payment can be issued on a cashiers check by the purchaser of the check.

Last deal I made I went to my bank's branch with the seller in his state. Had the bank issue him a cashiers check with him as the purchaser.

Therefor he owned it and nobody else could stop it as he was the purchaser.

Dealing with over $10K cash at a bank will get reported to the Feds. Whether you are taking it out or putting it in.

Multiple large cash transactions under $10k over a short period of time will also be reported to the Feds.

[YAMATHUMP]

A wire transfer is just as good as cash, once it shows up in his account, it is his money...no taking it back. No such thing as a stop payment once the transaction has taken place. If you tell your bank your intentions beforehand, the process is pretty quick and shows up within minutes to his account .

[Zoomin]

A friend of mine did a repair on my MIL's car for $400. She paid with 4 Franklins, which he happily accepted. The next day he deposited the money in the bank and they said one of them was counterfeit - and kept the bill! No receipt of any kind.

He calls me and explained the problem. If he hadn't been a close friend I would've told him to pound sand. My MIL went to her bank where she got the bills and they agreed to replace it, and she had to sign an affidavit.

I've never been persuaded that cash was all that great, and prefer a wire for lots of reasons. My guess is the seller wants to make sure the IRS never gets wind of it.

[JKnight]

Originally Posted by Zoomin

My guess is the seller wants to make sure the IRS never gets wind of it.

This is likely what's going on in this situation. Not sure there's any great way for both parties to be completely assured when this is non-negotiable.

[BMR Sales]

Originally Posted by Zoomin

My guess is the seller wants to make sure the IRS never gets wind of it.

That is probably the case but that is on him. If he can't do it legally, I would walk away.

[Zoomin]

Originally Posted by YAMATHUMP

A wire transfer is just as good as cash, once it shows up in his account, it is his money...no taking it back. No such thing as a stop payment once the transaction has taken place. If you tell your bank your intentions beforehand, the process is pretty quick and shows up within minutes to his account .

Not true, I found that out the hard way. Ask your banker, I couldn't believe it could happen and it most definitely did.

[66fury]

nobody but gas monkey guy carries around 40$k .GYSOT !!!