RMS73

I have a potential buyer from Europe who will come over to the US to inspect the car and pay cash, US dollars, for the Corvette. Has anyone heard or think of any type of problems with this payment method. The only thing I can think of is counterfeit money.

Jclgodale3

Tell him you'll escort him to your bank and he can deposit the cash into your account. If he is traveling that far, a quick trip to your bank shouldn't scare him...

Jeff_Keryk

Sometimes cash buyers are trying to launder money... Cash does not have as good an audit trail as a bank check or personal check.

Alan 71

Hi RMS,
Why does a person from Europe have so many American dollars? Or will he get the dollars once he's here?
If you deposit the CASH in a U.S. bank the deposit (if more than $10,000) is reported to the IRS. If after the deposit is made there is problem with the legitimacy of the money the bank comes after you not him.
I'd think you should talk to your bank about the whole deal. I'm sure they can give you some guidance since the whole scam issue is so prevalent.
Regards,
Alan

mikejpss

A cashiers check is best..........

GREGG-73

....no check is a good method of payment. Its just that bad out there...period.

Roger...you have a PM.


Stay in tune.....

mydejavooo

Are you sure the buyer isn't from Nigeria?!

onaqwst

check the ghost images of the bills... it's a matter of bleaching $1's and printing $20's on them......

GREGG-73

Thanks for the heads up.....you won't be buying any of my cars.....

Stay in tune.....

myoriginal77

Have the bank accept the cash, they can check it there and let you know.

Frank

Poppa Bud

Best way is an electronic funds transfer. The buyer's bank wires the money to your bank (via the federal reserve bank). When your bank verifies the funds are in your account you sign the papers and hand over the keys

jordan89

joewill

I don't get it. this is exactly what I would want.. he is an international buyer trying to protect himself by inspecting the car himself and paying for the car himself and avoiding all the scams out there and getting a trip to the states on the side.
you the seller will have nothing to do but sign the title and deposit the money.. no worries about shipping, checks clearing before releasing the car, out of country cashiers checks, or brokerage/escro scams..
I would take that deal in a minute..

yes, take your Buyer to your bank and conclude the transaction. flip your banker a C-note for his help...

all this hype about a major cash deposit alerting the IRS, so what?.. if you made money then the money you made is taxable.. most people do not make money because their basis for the car is way above the selling price.

go for it... let us know what happens!

RMS73

I have no problem with a fella from Europe coming to the US for business and then stoppoing by to inspect the car before he pays for it. I believe I would inspect the car before I bought, thats what I did before I bought the Corvette in Florida.

I just want to know what to look for in the bills or any other issues with cash. I am thinking about asking for $100 so I only have 160 bills to look after, in $29 it would be 800 bills.

I am not too worried about the money laundering issue. The fella is corresponding with me through the ebay message center. I figure if he was up to no good he would stay away from ebay and just use email - less tracability.

Easy Mike

If the sale goes through, he authorizes his bank to wire the money to your bank. Neat and tidy.

Roma

Hello,

I am from Germany and if I would come in person to buy a Corvette in the US, I would also have cash with me.
All this Moneytransfers from Bank to Bank in seconds is maybe possible in the cinema but in real life ?, with people not having Millions and an Account on the Caymens ?
When the European comes in person to look at the car, he will also understand that you want to doublecheck if the cash is valid at your bank.
I would do the same here Germany, when someones paying my car with cash and no one has problem with this.

Wish you a good deal

Roma

WESCH

Hi

Either way, money transfer or cash is fine as secure.
I sold a 68 Vette from Luxembourg to Sweden and the seller did not want to carry that much cash along when he picked the car up.

Once he agreed to buy it, we went to my bank, he called his bank and the money was within seconds transferred and my bank assured me that this is secure and can not be canceled.

I could see the reason of bringing cash USD to the States to buy a car in trying to reduce the price by waving with the cash money.
This seems to be a overall procedure. I pay X amount cash on your hand, deal ?

Good luck . It's agood time to sell to Europe. The Euro is strong against the USD.

Rgds. Günther

Roma

I forget (A member of the German Corvette Forum told me) :

When we leave Europe we have to declare at Customs if we have more than 10 000 Euro (about 14 000 USD) with us, including where it comes from and what we want to do with it.
Also at the time we enter the US we have to do the same at US-Customs.

So when he arrives with Cash he should be able to show you the declaration or the receipt of a bank.

Have a nice day

Roma

bobs77vet

why not have this discussion with your bank manager. i sold my tilt front vette to a guy from europe who paid cash....it takes them a while to get the vehicle shipped to the docks. so most likely its not like he will be driving it away that afternoon.

PRNDL

I think you need to be concerned - at least aware of the risk - of counterfeit cash as well as counterfeit cashier's check. Just like the cashiers check, the bank will accept a large cash deposit at YOUR risk, not theirs. If the bills are later found to be counterfeit and they can trace them back to your deposit, YOU will be on the hook, not the bank. Just because the bank accepts the cash deposit does not mean that they guarantee the bills are good at that moment.

Also, I believe anyone flying into the U.S. must declare cash over $10,000. Although this is your buyer's responsibility, if there is a problem with the cash later it could become your problem too.

In spite of all the concerns mentioned above, I think the scammers typically don't want a free corvette (they would have to ship it!). They want your money. So the real alarms would go off if the buyer wanted cash back from a check, shipping expenses paid by you from his check, or any cash spent by you based on his payment of cash or check.