Paying cash vs wire transfer

[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?

[Boss 5.0]

I have bought and sold several cars with wire transfer. Its safe and easy. I admit to being concerned the first time around, but after talking with my banker I am more comfortable with it. I know people that have bought some big dollar cars the same way too. It seems to be the way to go these days.

[Sheck44]

Yup .. wire transfer, done it many times
Cheers
Steve

[rushca01]

Wire transfer is ok with me but seller wants cash...

[71RS/SS396]

Originally Posted by rushca01

Wire transfer is ok with me but seller wants cash...

You can get that much cash from your bank but typically they need advance warning unless it's a large branch.

[rushca01]

Originally Posted by 71RS/SS396

You can get that much cash from your bank but typically they need advance warning unless it's a large branch.

What about the CTR and flagging the Feds...tin foil hat 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.