Paying cash vs wire transfer

[Ketzer]

Originally Posted by 214Chevelle

Needless to say though, even with my bank's assurance and confirmation, before I purchased it, I went online, did a search of reviews and also checked with the BBB on the business and everything was fine. They had a few customer service issues, but that's not uncommon for a business to have an issue here and there from a customer. But, there was nothing I could find about them being crooks. .

100% agree!!!
Anytime there's a chunk of money at stake a person should do some due diligence!! You don't have to be a web super sleuth, anyone can do a few searches and see if anything odd shows up. Search the business name and see if a related business shows up. Search the owners name and see if he is linked to anything funky. Search the address and see if it was something else before that is related.

Sometimes you can do everything right. Try your best to be careful. Still get taken.

[214Chevy]

Originally Posted by Ketzer

Sometimes you can do everything right. Try your best to be careful. Still get taken.

True Jeff and that's why after all of my detective work I was still scared as hell. Until my credit union assured me I'd get my money back if it's fraud, I was going to buy from another business that was about $300 more in price just for peace of mind. I looked at it like I'd rather spend $300 more than to be taken for the several thousand in total money lost if he rips me off.

[GregWeld]

Originally Posted by rushca01

Need a little help here in buying from a private seller. What is the easiest way to buy that's beneficial to both parties. I can just walk into the bank and request 40k in cash...however the seller doesn't want a check etc.. what is the best legal way to do this? How do people pay all this gobs of cash?

You can always arrange to have clearing of all the paperwork etc done via an ESCROW AGENCY ----- where you send them the money and they don't release it until whatever stipulations you place on the transaction are met. Such as delivering the signed off title -- and if you want the car delivered to a third party for inspection before he gets the money etc. It costs a tiny bit - but PROTECTS BOTH PARTIES - just like when you buy a house.

[Solid LT1]

Research asset forfeiture cases.....my buddy sold his 69 Camaro to a guy in AZ....on the drive back....he was pulled over for burnt out tail light....they requested to search the vehicle....he stupidly let them....he is not a dope user but, they had a drug dog that allegedly "keyed up" on the envelop with $28K in cash....the cash was seized....he fought for months to get it back...had a notarized statement from the buyer....Email paper trails of the transaction but, because of the distances involved, he had to hire a lawyer....by the time everything was finished he was out between $4-5K in expenses to get HIS MONEY back. I just recently sold a car on Craigslist....met the buyer at a bank...he wrote me a check and said I could cash it right there for cash....I elected to get a bank check instead as I didn't want to do the tax declaration forms when depositing the $$ into my bank. I freaked out a seller once when I met them to buy their 2008 Audi RS4....I had $24K in cash plus my bank check...they didn't want to deal with the cash...had to wait until a local bank that worked with mine opened up to convert the cash into a check for them....Big Brother is WATCHING US!

[71RS/SS396]

Is there a divorce involved with this car? I purchased a car where I sent a $35K certified check as a deposit, once the check cleared I went and picked up the car and paid the balance in cash. The seller told his soon to be ex that he sold it for the check amount which she didn't believe and her attorney sent several threatening letters trying to get me report the sale amount, because I was out of state it's not legal for them to do that, but it took a phone call from my attorney to hers to make them go away. Something is fishy with this deal, I would be very cautious.

[rushca01]

Seller just wants to keep it out the realm of the IRS, it's that simple.

It's not responsibility to make sure they report the sale on their tax return. I have to register the car with the BMV at which point I will pay the state sales tax based on the bill of sale.

[66fury]

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