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06-14-2019, 02:32 PM | #1 |
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Selling a vehicle and money questions...
Wondering how some of you are handling selling vehicles these days especially to someone out of state? I would like to hear suggestions on the safe methods and or tools you might have used with success. What banking services have you used?
thank you in advance. |
06-14-2019, 02:37 PM | #2 |
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Re: Selling a vehicle and money questions...
Johnny Cash always works
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06-14-2019, 02:41 PM | #3 |
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Re: Selling a vehicle and money questions...
I bought a car off eBay last year.
Seller accepted Cash in person or Wire Transfer and willing to ship the vehicle. A bit of a pain to make the 11 hour drive but was easier in the long run getting the right paper work for the new registration in person. Sold a vehicle to an out of state owner a few months and I accepted a personal check with a copy of their driver's license. But I did some internet searching for background info. |
06-14-2019, 02:50 PM | #4 |
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Re: Selling a vehicle and money questions...
Thanks guys, yes cash is the only way but do you accept a portion down and ask for the rest at the time of pick up? Do you give say, 10 days hold the down. Give the money back if the buyer changes his/her mind? I had not planned on using Ebay but can if it seems the best and most safe way to protect money, etc.. Those kind of things are what I am searching for.
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06-14-2019, 02:53 PM | #5 |
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Re: Selling a vehicle and money questions...
I live down under in New Zealand and have found either wire transfer ( bank to bank ) or a bank check, seems to be the best way for buying cars or parts from the USA. I have never a problem with these methods.
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06-14-2019, 02:58 PM | #6 |
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Re: Selling a vehicle and money questions...
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The only thing nice about being imperfect is the joy it brings to others.... "Silver rings, your butt! Them's washers!" "We shot our way out of that town for a dollar's worth of steel holes!" - from 'The Wild Bunch' - 1969 https://www.youtube.com/watch?v=7NReUd2_0u0 |
06-14-2019, 04:06 PM | #7 |
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Re: Selling a vehicle and money questions...
If you don't want to give your acct number you can go to your bank and open a savings acct. and after the sale is complete close that acct.
There are Brokers out there that will handle the sale for you. Believe I saw one listed on ClassicCars.com site. They were asking about $300 for the transaction. Sorry, Its been a long time ago so I may be mistaken where I saw it. Chap |
06-14-2019, 04:50 PM | #8 |
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Re: Selling a vehicle and money questions...
You are giving out your account number and bank routing number every time you write a check - those numbers are imprinted on every check you write....
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The only thing nice about being imperfect is the joy it brings to others.... "Silver rings, your butt! Them's washers!" "We shot our way out of that town for a dollar's worth of steel holes!" - from 'The Wild Bunch' - 1969 https://www.youtube.com/watch?v=7NReUd2_0u0 |
06-14-2019, 04:58 PM | #9 | |
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Re: Selling a vehicle and money questions...
Quote:
I agree with not giving out a savings account number but I wouldn't use one for a buy/sell transaction anyway. I don't worry about giving out a checking account routing and/or account number for an ACH or wire transfer. Those numbers are on every check so they're already out there. Course, I don't keep a lot money in my checking account - I transfer it in from other accounts when needed. |
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06-14-2019, 05:14 PM | #10 | |
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Re: Selling a vehicle and money questions...
Quote:
I discussed this with my banker. The bank gave me a 'temporary number', good for the one transaction. When the funds were posted, they were transferred into one of my regular accounts, and the 'temporary' account was closed. The bank left me thinking that this is a normal business practice, for them. |
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06-14-2019, 05:18 PM | #11 |
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Re: Selling a vehicle and money questions...
I just sold my Model A after 9 years of fun (now have a 40 coupe), it started it's journey to ITALY last night. About 2 weeks ago the buyer looked at car and made offer, I accepted, gave me a handfull of 100's. His cousin completed the sale last night with the remainder in cash. Easy-pleasy. Same way I bought it 9 years ago.
The 40 was different, I gave the seller a handfull of 100's and he was willing to take a bank ck for the rest. Guess I came away as looking honest. Paul in CT |
06-14-2019, 06:43 PM | #12 |
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Re: Selling a vehicle and money questions...
I'll add, having considerable amounts of cash on your person or withdrawn/deposited to accounts can sometimes be a problem. Authorities sometimes don't accept the "I'm buying/selling a car" answer. Know the risks.
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06-14-2019, 06:55 PM | #13 |
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Re: Selling a vehicle and money questions...
When I bought my 32 coupe, the owner wanted all in cash. I was in another state so I notified the branch of my bank in his home town that I would be there to withdraw X amount of dollars in cash so they would have it on hand. He went with me to the bank, I withdrew the cash and gave it to him and I proceeded to his house with trailer in tow and took possession of the car and paperwork. It was a long drive but was a safe and easy transaction.
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06-14-2019, 08:50 PM | #14 | |
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Re: Selling a vehicle and money questions...
Quote:
Here is my reply there: Why not sell your car here in the classifieds ? Jim |
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06-15-2019, 03:07 AM | #15 |
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Re: Selling a vehicle and money questions...
When buying a car, on 3 separate occasions I have made a cash transaction at the DMV window upon successful registration transfer. The clerks on each occasion were amused and went along with it, even though I suspect that their bosses would not have approved.
On selling a car once, I met in a McDonald's parking lot. In a joking way, I explained to the buyer that my friend in the back seat was holding my Glock. The buyer wasn't really sure if I was joking, and the transaction went smoothly. There was no gun, but my spur of the moment feeling was that it was necessary to tell him that.
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06-15-2019, 04:14 AM | #16 |
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Re: Selling a vehicle and money questions...
Adopt the philanthropist (Bill Gates) approach.....just give 'em the car and watch them smile
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06-15-2019, 12:48 PM | #17 | |
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Re: Selling a vehicle and money questions...
Quote:
Jim |
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06-15-2019, 04:04 PM | #18 |
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Re: Selling a vehicle and money questions...
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06-15-2019, 08:04 PM | #19 |
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Re: Selling a vehicle and money questions...
If you verbalize a threat with reference to use of a deadly weapon - that is assault.
You dont have to produce a weapon. Ask a police officer. Jim |
06-16-2019, 01:04 AM | #20 |
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Re: Selling a vehicle and money questions...
Some things you missed.... TJ is a retired Police Officer, there was no gun, and no joke.
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Alan Last edited by ford38v8; 06-16-2019 at 01:12 AM. |
06-16-2019, 07:38 AM | #21 | |
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Re: Selling a vehicle and money questions...
Quote:
You can threaten to commit a violent act by verbalizing intent. Meeting someone in a public parking to conduct a sale of goods - one party has a feeling that motivates them to mention there is a passenger in the back seat of the vehicle they arrived has a gun - the reasonable assumption is that person feels threatened. If that person turns out to be a retired police officer - the assumption is that their feeling is more justified. If you are not comfortable or feel threatened doing a business transaction with another party in s public setting - walk away. Dont mention a passenger in your vehicle has a gun. Jim |
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06-16-2019, 09:57 AM | #22 |
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Re: Selling a vehicle and money questions...
Looks as if it might be easier and safer to just keep the car.
All kidding aside, a bank to bank transfer would be best for everyone. |
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06-16-2019, 10:12 AM | #23 | |
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Re: Selling a vehicle and money questions...
Quote:
Are you serious? Sounds like you were raised in "snowflake" country. ☺
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Matt 24:36-41 |
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06-16-2019, 10:24 AM | #24 | |
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Re: Selling a vehicle and money questions...
Quote:
Your continuing to press your point is irritating and intimidating. My friend Ryan in the backseat is my equalizer today.
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06-16-2019, 11:45 AM | #25 |
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Re: Selling a vehicle and money questions...
"trulyvintage" - I'm with you. There is too much of this of this "Rambo" BS going around these days. Hopefully, this thread will get shut down, as there is plenty of information about this on this forum and others, and this thread has deteriorated to the point where it is useless.
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06-16-2019, 02:01 PM | #26 | |
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Re: Selling a vehicle and money questions...
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Quote:
Bank wire transfer is safe for both parties. I had an out of state buyer for my mom's car. His banker/loan officer called me. I gave him the routing information. They drove in and met at the credit union, looked at the car and drove it. Called the banker and initiated the transfer. My credit union was watching for it and notified us when it cleared. The credit union then notarized the paperwork. |
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06-16-2019, 02:49 PM | #27 |
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Re: Selling a vehicle and money questions...
Has anyone ever had Uncle Sam come after you wanting income tax on the proceeds of a car/truck? I know he is informed of anything over 10K and I often wondered if the seller of a high value vehicle ever had the tax man wanting a cut of it. Its not really profit in most cases. I don't think I ever made money when selling a car, just break even in most cases when you figure in the time, labor and parts.
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Matt 24:36-41 |
06-16-2019, 03:53 PM | #28 | |
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Re: Selling a vehicle and money questions...
Quote:
CASH withdrawals and deposits in excess of $10,000.00 are what flags the IRS. Banks are mandated under law to report these $10K cash transactions....
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The only thing nice about being imperfect is the joy it brings to others.... "Silver rings, your butt! Them's washers!" "We shot our way out of that town for a dollar's worth of steel holes!" - from 'The Wild Bunch' - 1969 https://www.youtube.com/watch?v=7NReUd2_0u0 Last edited by petehoovie; 06-16-2019 at 06:59 PM. |
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06-16-2019, 06:08 PM | #29 |
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Re: Selling a vehicle and money questions...
Withdraw/deposit it in 5K chunks over consecutive days and you're avoiding the flags, I think. When I needed 12K cash, I went to the bank on three days pulling funds. One of my branches let me do 4K per day, but I used a different branch for the last withdraw, and they limited me to 3K. I learned I should ask a lot of questions and not make assumptions. Good thing the last 100$ was already onboard.
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-Jeff H Have you thought about supporting the Early Ford V-8 Foundation Museum? Last edited by VeryTangled; 06-16-2019 at 06:13 PM. |
06-16-2019, 06:25 PM | #30 |
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Re: Selling a vehicle and money questions...
Bank Secrecy Act & Compliance - The $10, 000 Rule
The Rule states that any person who receives more than $10,000 in a single cash transaction, or a series of cash transactions, must report the exchange to the IRS. This includes businesses as well as individuals who engage in a transaction that results in the transfer of cash so long as the payment:
See > https://blog.fraudfighter.com/bid/80...he-10-000-Rule
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The only thing nice about being imperfect is the joy it brings to others.... "Silver rings, your butt! Them's washers!" "We shot our way out of that town for a dollar's worth of steel holes!" - from 'The Wild Bunch' - 1969 https://www.youtube.com/watch?v=7NReUd2_0u0 Last edited by petehoovie; 06-16-2019 at 06:57 PM. |
06-16-2019, 07:32 PM | #31 | |
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Re: Selling a vehicle and money questions...
Quote:
^^^^This. It's called "structured transactions" and it's getting quite serious. Used to be that there had to be an underlying illegal activity for the law to apply, now it's a simple arithmetic problem, >$10K in a year is a crime. Restaurant owners are getting hit with it for depositing their cash proceeds without filing the form. Carrying cash is a problem. Travelers are getting liberated of their cash by law enforcement under "civil forfeiture" laws, and it usually costs more to get it back than the cash adds up to. IF you get any of it back. Google it for an explanation, it's scary. On my last trip to buy a vehicle a month ago was only $4K, I took an 'Official Check" from a bank. Often called a Bank Check or teller's check. We had already agreed on the price so I took a check for the full amount. It cost $10 at the teller's window. If you want to be able to negotiate, you can take multiple official checks, or a check and a smaller amount of cash. The funds for Official checks are withdrawn from your account when you buy it. If you lose or destroy the check, I understand that you can get it back, but I'm not sure how difficult that is. The seller can call the issuing bank to verify that it's not a counterfeit and is actually good if he desires. After the buyer deposits it, your bank can print out an image of the cancelled check to prove that it was accepted, if you need it for bookkeeping or tax records. Wire transfers aren't very expensive, incoming wires from overseas cost me $18 from my bank, and another $25 that gets taken out by an intermediary bank somewhere. I accept them because it's less than credit card fees (3%) for larger amounts. Sending has a fee too, varies from bank to bank. I was surprised that the last one I sent, was to Spain a few years ago, cost me over $90 for a ~$1500 wire. And it took a week to get there. I left that bank because they quoted me $45 then said "Oh by the way there are also these fees you have to pay". I'm looking into a less expensive way to make and receive wires, the branch manager told me last week that the business dept could set something up if I use them frequently, I haven't heard from them yet. I paid one seller by Paypal, but that costs the receiver 3%. |
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06-16-2019, 09:59 PM | #32 |
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Re: Selling a vehicle and money questions...
There was a politician that was brought up on charges not to long ago for multiple withdrawals over several days. He was attempting to get around the reporting requirement.
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06-17-2019, 03:06 PM | #33 |
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Re: Selling a vehicle and money questions...
Well, $10,000 ain't what it used to be. A junker can cost nearly that much now.
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