rk911
DuPage County
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LouLawrence wrote:Bought a used Prevost a few years back. Transferred over $100,000 from my brokerage to checking. A week or so later went to the bank and got a cashiers check made out to the seller(dealer). If someone wanted to rob me they would have gotten a worthless check since it was made out to the seller already. None of these transactions created any kind of IRS/Government related intervention. It's just business as usual for the bank, the consumer and the dealer.
Those that choose to deal in cash only for very large transactions are going to find it difficult trying to make it a smooth and easy transaction.
We did the same thing about a month ago but for about half Lou's amount...also for a new vehicle. In our case the dealer accepted our personal check for the entire sales amount.
Rich
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JRscooby
Indepmo
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free radical wrote:
Theres something called civic forfeiture when police can take your money claiming its from ilegal activity.
And you will have to sue the state to get it back
It hapened to many people.
See Lehto law chanel
Something to consider.
This is what I was hinting about first time posted on this thread. Just hint because some mods get bowels in uproar declaring the discussion is political. And because I have never been able to find the amount that will trigger CAF in a given area (know it is way less than $45,000 in most areas), and many RVers carry some cash, I think it should be talked about more.
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valhalla360
No paticular place.
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JRscooby wrote:
Both friend and I trusted the bank we had dealt with for years would of been certain when they contacted buyer's bank the Cashiers checks where good. There excuse was the other bank didn't know the check had been copied until it got back to bank. Of course, bank will take no responsibility if will cost them.
My friend sued, but I don't know how he came out in court. I do know he lost a truck behind the deal.
I went another way, got my trailer back, and sold again as several years newer.
It's not a question of "trust". Banks operate under rules that they can't violate...and no, if you deposit a bad check and the rules allow, they aren't going to eat the loss.
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JoeH
Apollo Beach,FL
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mountaintraveler wrote:rk911 wrote:when you cash the check do not walk out of the bank with all that money. have the bank issue you a cashier's check that you'll take to your bank to deposit.
No, I don't want to deal with banks. My question was about cash transaction. Walking out is fine, as soon as the buyer isn't shady. I will not sell to a shady buyer, have pretty good spidey sense about people. Just want to make sure I won't be given fake cash, so won't sell to cash directly one on one. Banks parking lots are pretty safe, and I'd drive around to lose anyone who might be trailing me (I've been around some dangerous places in this world, know the procedure)
10 yrs ago , I sold our previous MH for about the same price you are talking about... guys came over, looked at it and we negotiated price... they went to their car and came back with a bag full of cash. Wow... I wasn't about to try to count it or check for fake bills... so we go to a local bank and they run it thru their machine
which counted and checked for fake bills and all was good.
Joe
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shelbyfv
TN
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I've found the thread interesting and timely as I'm thinking of selling my travel trailer and I'm no financial wizard. I was pretty sure I didn't want to deal with $20K in cash but wasn't up to date on the alternatives. I've done some Googling as well. I need to check the specifics with my bank but it seems as if meeting with the buyer at my bank and doing an electronic transfer would be best. Fun to speculate as to why OP is trying to avoid banks. IRS? Ex? Debt collectors?
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StonedPanther
Goshen IN
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shelbyfv wrote: Fun to speculate as to why OP is trying to avoid banks. IRS? Ex? Debt collectors?
Perhaps saving a nickel by spending a dollar?
Throwing dimes like they're manhole covers?
Who knows LOL.
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ro_sie
South Carolina
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I think you will have to deal with a bank. Not too many buyers are going to show up at your
I agree with you 100%. He needs to talk to his banker about what is going on, ask seller to make a wire transfer and with his banker on alert, have it put right into his account. That much money, I wouldnt do it any other was. I recently did this but it was for quite a bit more money.
ro_sie
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ferndaleflyer
everywhere
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As stated above, whole bunch of "experts" commenting on something they know nothing about. Cash is king and have you not heard of the under ground economy the government is trying to do away with that robs them of taxes and fees. You can use most of the methods mentioned above but cash is good everywhere and when its Sunday, the banks are closed, and a buyer is standing there with cash. I'll take the cash. Someone above said the title had to be notorized, maybe in NC but most states have done away with that nonsense. Don't make it complicated!
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ktmrfs
Portland, Oregon
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LouLawrence wrote:Bought a used Prevost a few years back. Transferred over $100,000 from my brokerage to checking. A week or so later went to the bank and got a cashiers check made out to the seller(dealer). If someone wanted to rob me they would have gotten a worthless check since it was made out to the seller already. None of these transactions created any kind of IRS/Government related intervention. It's just business as usual for the bank, the consumer and the dealer.
Those that choose to deal in cash only for very large transactions are going to find it difficult trying to make it a smooth and easy transaction.
Did similar on the last new car we bought. I wrote out a personal check to the dealer post dated by 5 days and agreed on the date they would deposit the check. Drove the new car home, did an ACH transfer from my brokerage account to checking, 2 days for money to move to checking.
easy peasy,
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way2roll
Wilmington NC
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ferndaleflyer wrote:As stated above, whole bunch of "experts" commenting on something they know nothing about. Cash is king and have you not heard of the under ground economy the government is trying to do away with that robs them of taxes and fees. You can use most of the methods mentioned above but cash is good everywhere and when its Sunday, the banks are closed, and a buyer is standing there with cash. I'll take the cash. Someone above said the title had to be notorized, maybe in NC but most states have done away with that nonsense. Don't make it complicated!
Been working in the banking industry for over 30 years, most of which spent in anti money laundering, sanctions and data governance and oversight. But yeah, I guess you're the expert.
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