Reliable forms of payment to accept for vehicles...

fieldgrade

fieldgrade

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...from possible out of state purchasers? I’m possibly going to sell a vehicle (motorcycle) and because of the narrow market in the price range, the buyer might easily be out of state. We’re talking about in the neighborhood of twenty thousand, not just a few thousand.

Aside from a tidy stack of Benjamins, and assuming we can’t just sachet over to the local Wells Fargo and have them order a cashiers check (assuming they bank there, as I do), what are the most reliable forms of payment to accept for that value, if any?
 
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My vette went to Arizona. It was paid for by bank wire. As a precaution since there is no masking account numbers I used an account that has my emergency credit card on it where I don’t keep anything in it.

Wire xfer came in and the guy arranged for transport a week later after my bank said it was passed the window for any disputes.
 
LeeMajors said:
Cashiers check or cash
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The only thing that spooks me about cashier’s checks from other banks is the last time I sold a vehicle in this price range, the buyer was in state, but the check was drawn on some small local bank three hours away, so I called them and confirmed, but if it was out of state, I dunno.

I learned the hard way that if you have to chase somebody down legally it is much more difficult for the courts to attach assets out of state. I got my money back in such an instance, but only because I’m a sneaky, conniving sob if someone tries to screw me, and I wasn’t sure I would get the money back, till I got it.
 
amnesia said:
My vette went to Arizona. It was paid for by bank wire. As a precaution since there is no masking account numbers I used an account that has my emergency credit card on it where I don’t keep anything in it.

Wire xfer came in and the guy arranged for transport a week later after my bank said it was passed the window for any disputes.
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I’ve got a small free checking account I use for ebay, paypal, etc, that has no overdraft protection that only has a hundred bucks or so in it. Are you talking about having them transfer it to an account like that?
 
Jeppo said:
Why not that tidy stack of Benjamins? I’d arm myself with one’a these.

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That right there is news I can use. Thanks!

I bought an older Mustang from a clean cut older guy in SC several years ago. I showed up with fresh $100’s. You know, the colorful ones with ribbons on them and such. This was 7-8 years ago, and these bills hadn’t been out that long, and the buyer had not seen them before. It made him nervous with me being from 250 miles away.
 
@fieldgrade
I‘m sure those pens are not a completely reliable method of identifying counterfeit but, at least it’s something. I used one the only time I had a significant cash transaction.
 
Jeppo said:
@fieldgrade
I‘m sure those pens are not a completely reliable method of identifying counterfeit but, at least it’s something. I used one the only time I had a significant cash transaction.
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Can’t be too careful. Maybe ten years ago or so a friend of mine in NC ended up with a bunch of counterfeit twenties.


...That came out of a bank ATM.
 
$20k in Benjamins would be less than 1” thick and weigh less than 1/2 pound. If the buyer can’t manage that, I’d be suspicious.
 
Jeppo said:
$20k in Benjamins would be less than 1” thick and weigh less than 1/2 pound. If the buyer can’t manage that, I’d be suspicious.
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Possible out of state buyer from 8 states away who wants to have it shipped would make that difficult. Plus I recall that there are some issues with Fed reporting that is required of banks once more than 10k in cash is involved, but I don’t recall the particulars. I think the reporting is required due to the Feds vigilance over “structuring”.
 
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fieldgrade said:
I’ve got a small free checking account I use for ebay, paypal, etc, that has no overdraft protection that only has a hundred bucks or so in it. Are you talking about having them transfer it to an account like that?
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Yep. I did it this way because I didn’t want to give a stranger my bank account number to my main just in case.

normally with checks your number on the checks are different from your account number but with wires your number is the same as your account number
 
amnesia said:
Yep. I did it this way because I didn’t want to give a stranger my bank account number to my main just in case.

normally with checks your number on the checks are different from your account number but with wires your number is the same as your account number
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I like this idea. I know of a solo real estate attorney who sent an unsecured email with wiring instructions that was intercepted by hackers, and $250,000 was sent to this guy.

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Folks used to do interstate cash transfers through the post office using the registered mail method. As safe and secure as it is going to get and the end result is the seller leaves with cash in hand. Another is postal money orders which can be easily deposited in your bank of choice. Any fraud/scams will be investigated by the postal inspectors. They usually find the perpetrators and prosecute to the fullest; something that few law enforcement agencies accomplish this day and time.
 
Cash , buy a pen ahead of time - they work on checking 99.9% of counterfeit bills quick and easy
Cashiers check or wire transfer - do not under any circumstances let the item you are selling go until funds are 100% cleared
If you decide to accept a money order - funds must clear my account, before the vehicle leaves my possession
 
OldNascar said:
Folks used to do interstate cash transfers through the post office using the registered mail method. As safe and secure as it is going to get and the end result is the seller leaves with cash in hand. Another is postal money orders which can be easily deposited in your bank of choice. Any fraud/scams will be investigated by the postal inspectors. They usually find the perpetrators and prosecute to the fullest; something that few law enforcement agencies accomplish this day and time.
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I was limited to $1000 last time I was sending $ with postal money order so I ended up sending 2 postal money orders. postal money order will work if the OP is OK with 20 of them for his $20 k sale
 
12151791 said:
I was limited to $1000 last time I was sending $ with postal money order so I ended up sending 2 postal money orders. postal money order will work if the OP is OK with 20 of them for his $20 k sale
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Yep, USPS limits money orders to $1000.
 
I just discovered that a buyer can finance the bike thru Harley Davidson Financial Services, which is what the dealers use.
That solves a myriad of problems since most individuals interested in these will also likely be interested in financing, at this price point.
 
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12151791 said:
I was limited to $1000 last time I was sending $ with postal money order so I ended up sending 2 postal money orders. postal money order will work if the OP is OK with 20 of them for his $20 k sale
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Personally, I would go the registered mail route. I think the cash limit is more than the 20K being transferred. The cash is counted into the envelope before mailing and again counted out to the person on the receiving end. As close to doing a face to face as it get’s.
 
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NCLivingBrit said:
Even cashier's cheques are suspect these days.
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cashiers checks are more suspect than wiring. The cashiers check takes up to two weeks to verify funds. Its actually one of the most common scams
 
amnesia said:
cashiers checks are more suspect than wiring. The cashiers check takes up to two weeks to verify funds. Its actually one of the most common scams
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Yep. Cash, cash, cash and cash are my payment options for in person meets. If they don't like that, I pass because they are probably scammers.
 
NCLivingBrit said:
Yep. Cash, cash, cash and cash are my payment options for in person meets. If they don't like that, I pass because they are probably scammers.
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Have a friend available nearby as well. They may just buy your car and then their friend is waiting to rob you.
 
Goofyfoot2001 said:
Have a friend available nearby as well. They may just buy your car and then their friend is waiting to rob you.
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Yeah, that pops up a lot in crime vids on Youtube. They meet, the seller gets shot or kidnapped. Never ends well.
 
I bought a used mustang for $13k with cash. I was living in Raleigh at the time and banking with BB&T. I went to a local branch to take out the cash at lunch, before meeting the seller and completing the deal that evening. They either didn't have $13k in cash at that location, or it was too much for them to give me in cash. I had to go to the branch off Capital Blvd, and speak with the manager before they would give it to me. "what do you need that much cash for?" "To buy a used car" .. "OK". Went to count the Benjamins and ran out, had to take the last $2K in 50's....

Ended up with the car, but it was a pain to take that much out in cash at one time.
 
I would ask the buyer to go to their bank with you assuming that the bank is a national that has a local branch and draw a cashiers check from their account while you are there. Then take those verified funds to your bank.
 
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papa_smurf said:
"what do you need that much cash for?"
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The bank needs to know why you want YOUR money?????

I was coming thru Customs and got singled out for a short arm. They asked how much cash I was carrying and I think I said “Something less than the $10k limit”. You‘d have thought they’d spotted Bin Laden. They made me pull it all out and began inspecting and counting. Toward the end of the ordeal, the “gentlewoman” asked, “Why are you carrying so many different currencies?”.

I responded by asking her which authority she had to ask me that, given I was clearly below the threshold for making a required declaration. 🤬
 
Jeppo said:
The bank needs to know why you want YOUR money?????

I was coming thru Customs and got singled out for a short arm. They asked how much cash I was carrying and I think I said “Something less than the $10k limit”. You‘d have thought they’d spotted Bin Laden. They made me pull it all out and began inspecting and counting. Toward the end of the ordeal, the “gentlewoman” asked, “Why are you carrying so many different currencies?”.

I responded by asking her which authority she had to ask me that, given I was clearly below the threshold for making a required declaration. 🤬
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"It's my money and I need it NOW!"

Ever tried depositing over $10k in cash? Then it's "Where did you get this money?"
 
Jeppo said:
I was coming thru Customs and got singled out for a short arm. They asked how much cash I was carrying and I think I said “Something less than the $10k limit”. You‘d have thought they’d spotted Bin Laden.
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Many years ago, I worked for a company that made currency validation machines (which would solve Fieldgrade's problem). They used various techniques to verify the currency including color analysis, infrared, magnetic signatures, paper density, etc.

Anyway, I was sent over to England and while I was there they gave me something like &10,000 Scottish Pounds of unreleased currency to bring back for analysis. By unreleased, I mean that it was not legal currency at that point and I had letters from the Bank of Scotland explaining all of this. When it came to customs, there was the question about how much money you are bringing in. I thought about it and said zero because that money was just paper at that point.
 
Don’t blame the banks, blame the government. We have regulations that require us to track large cash transactions to combat the cartels, organized crime, drugs, and fraud. It’s trained into us as failure to do so is extremely bad juju for the bank and the associate you are directly dealing with.


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B00ger said:
Don’t blame the banks, blame the government. We have regulations that require us to track large cash transactions to combat the cartels, organized crime, drugs, and fraud. It’s trained into us as failure to do so is extremely bad juju for the bank and the associate you are directly dealing with.


Sent from my iPhone using Tapatalk
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Yea, i didn't give them any hard time about it. The answer of buying a used car seemed to be all that he needed to know since he went to grab the cash after that. I did find it odd that they didn't have $13k in 100's at the main Raleigh branch though. Maybe they had more, but just wanted to hold it back instead of giving it all to one person?
 
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