tdelph

I am confident that my corvette will be sold this week. one thing that has come up is what method of payment do I accept. I have done bank transfers before and bank cashiers checks for smaller items but a few guys were talking about fake cashier checks are happening more often.

any guidance as to what you would do and what have you done? if it was a local buyer it would be much easier because I would go to the bank with them and ensure it happened.

Tim

MrPbody

bank to bank transfer - or green cash

thealien

Yup. I am extra paranoid. I will withdraw the money ASAP even with a wire transfer. I have a small account just for stuff like this.

69z28&ss396

Yep, b2b or cash money.. bring a pen with you to check the bills too

1snake

Bank to bank wire transfer or a cashiers check made out to you while you're with him at his bank. I wouldn't accept cash. Too many counterfeit bills out there and the possibly of being robbed always exists. Besides, who wants to sit and count 500+ bills. I just sold my 65. I went to his bank, he withdrew the money and they made the cashiers check out to me. 100% safe AND foolproof.

Jim

65 Pro Vette

thealien

I don't trust the pens. Just look for the plastic strip embeded in the bill. It will say USA 100 USA 100 USA 100 and USA 50 USA 50 for 50s etc etc.

MrPbody

From the horses mouth (my bank) the pens are not reliable. when I do cash I like to be at the bank and deposit it right there with the buyer present. once it's accepted by my bank, it's good, but not before.

Karfever

Bowtyeguy

Wire is safest for you, bank checks can be bad, cash always works.

67vetteal

Whatever works for you, do not surrender the Title until the cash is in your account. Buyer can take the car but not the Title. Bill of Sale can be given to purchaser with Title to follow once cash is clear. Also, get a copy of photo ID at time of purchase. Bad guys will Balk at that sometimes. This type of Transfer is quite common when cars have Leans from a Bank on them. In the event of a problem with the payment you can File a Police Report. Al W.

Dr L-88

What about the IRS, or other gov'mt agencies? Do they keep tabs on large deposits? They seem to be watching everything else we do.

Dr L-88

What about the IRS, or other gov'mt agencies? Do they keep tabs on large deposits? They seem to be watching everything else we do.

Dr L-88

See........................I told ya...........................they were watching and caused me to post this twice.

Ken Sungela

The bank is required to file a Currency Transaction Report, Form 4789, with the IRS for any deposit over $10,000. Best to document what you paid for the car and any "improvements" other than maintenance.

Hitch

B2B wire transfer has worked for me

Old Vet

Wire transfer ONLY. I even have a special account that I transfer into then I move it to another account......

If you deposit more than $10k CASH it sets off all sorts of red flags, prob have to pay capital gains etc.....

I'm a Realtor and we cannot accept anything except wire transfer at closing period.

Printers are too good anymore to accept checks. On small items I accept US POSTAL money order prior to shipping then take to post office and cash there, if its bad they will know on the spot if not I have the cash and they cannot take money out of my account.

Just the way it is.....

Blk63Vette

Best way!

RoadKing96

Take payment in Gold Bars or American Gold Eagle Coins. Then keep em in a safe at home. The green stuff is worthless.

RK

Frankie the Fink

Sold my '67 Chevelle SS-396 to a gentlemen who drove to Orlando from Odessa, TX to pick it up. Bank-to-bank wire transfer and everything transacted in about two hours. Clean and safe.

And if the NSA is monitoring tens of millions of cell phone calls in 6 countries monthly, then you can be damn sure ANY electronic money movements are easily tracked if the IRS or DEA or DHS (or whomever) wants it to be...nothing special anymore about $10K cash deposits...