Have him wire transfer you the money. Tell him once your bank verifies that it's in your account you'll ship him the car.
I've done this several times without any problems.
Have him wire transfer you the money. Tell him once your bank verifies that it's in your account you'll ship him the car.
I've done this several times without any problems.
Datsun1500 wrote: There are Bank of Americas in almost every town. Have him open a free account at one. Put the money in that account. He can withdraw it at a BOA near you in cash. Problem solved.
Yeah, this was going to be my suggestion. A bit more hassle for him, but if he's willing to travel 600 miles to pick up a car it's not a huge increment.
codrus wrote:Datsun1500 wrote: There are Bank of Americas in almost every town. Have him open a free account at one. Put the money in that account. He can withdraw it at a BOA near you in cash. Problem solved.Yeah, this was going to be my suggestion. A bit more hassle for him, but if he's willing to travel 600 miles to pick up a car it's not a huge increment.
But it may take several days before his money is credited to the new account.
wbjones wrote: so .... he sets up the account a few days ahead of time .... no big deal, I'm assuming that the purchase wasn't/isn't a spur of the moment thing
but you have to be careful about large cash transactions at the bank ... depending on the situation it'll get reported to the Feds
We do a lot of long distance business, and have also been hit with seven very well done bogus checks (No loss to us, but others lost thousands) Anything printed can be forged ,money orders, bank checks, certified checks, etc. We require a wire transfer. That is totally safe, no recourse on anyone's part.
Dr. Hess wrote: Because if they forge a U.S. Postal Money Order, which has been known to happen, BTW, they now have the Feds on their ass instead of the bank. While the bank and local popo will probably do nothing at all, the Postal Inspectors take that stuff serious.
^Yup.
He has agreed to pay cash. Should I just let it go at that?
Datsun1500 wrote:wbjones wrote: but you have to be careful about large cash transactions at the bank ... depending on the situation it'll get reported to the FedsOver $10,000. This one is $6500. It's also not withdrawing over $10,000 in cash, it's when you deposit it.
Even if the bank has to report it to the Feds... so what? It's legal to do large cash transactions, they happen every day. It's not going to trigger a no-knock warrant all by itself.
I'm just waiting for the next poo poo head comment. I know its coming.
poo poo head?
That's no reference to you.
In reply to spitfirebill:
Well I certainly hope not.
I just didn't know what you meant by it.
bravenrace wrote: He has agreed to pay cash. Should I just let it go at that?
berkeley no! make him jump through some hoops based on some stuff you read on some forum!
AngryCorvair wrote:bravenrace wrote: He has agreed to pay cash. Should I just let it go at that?berkeley no! make him jump through some hoops based on some stuff you read on some forum!
See, now I gotta wonder if you know what you're talking about...
+1 on wire transfer. it's actually what you do when you e bank and transfer money from your checking to your savings account
In reply to car39:
How would that be better than cash?
Cash is best. If not then wire transfer. You have to do the deal during banking hours, so Sat morning and not Sunday. He goes in to his bank in his local town, asks what he will need to do for the process, number to call, etc. On Deal Day you go to your bank, he calls his, money gets wired, bankers on both sides bless the deal (his that he has the funds, yours that they are received and in your account) and it's done.
bravenrace wrote: He has agreed to pay cash. Should I just let it go at that?
Yes, yes and yes
Cash or wire transfer. I prefer wire transfer because these days, even the cash can be counterfeit. In addition to all the fraudulent money orders/cashier's checks -- you can stop payment on a cashier's check (I've done it). So they could pay you with a completely legitimate cashier's check and then stop payment on it. And under no circumstances do you 1) sign the title over or 2) turn the car loose until you are absolutely certain your funding is good. A reasonable buyer will understand those terms. And, let's face it - who wants to deal with an unreasonable buyer?
I apparently didn't make myself clear in my first post. All this talk about wire transfers is legit. Have him ARRANGE WITH HIS BANK BEFORE TRAVELING a time and a real live human to call. He shows up to your place with a phone number, you two go to YOUR bank and, once there, call and have his bank wire the cash to your account. I've never had a bank refuse this type of service, especially when pre-planned. Worst case scenario, it'll cost a few dollars.
AngryCorvair wrote:bravenrace wrote: He has agreed to pay cash. Should I just let it go at that?berkeley no! make him jump through some hoops based on some stuff you read on some forum!
I'm doing my own vasectomy from youtube videos!
Giant Purple Snorklewacker wrote:AngryCorvair wrote:I'm doing my own vasectomy from youtube videos!bravenrace wrote: He has agreed to pay cash. Should I just let it go at that?berkeley no! make him jump through some hoops based on some stuff you read on some forum!
Now that's just nuts.
MichaelYount wrote: So they could pay you with a completely legitimate cashier's check and then stop payment on it.
One thing I've always wondered -- if someone does this (pay with counterfeit currency, stop payment on the check, etc) then doesn't it void the sales contract? If so, then the car is now stolen, right? If it's not recovered, is it still covered by comprehensive insurance?
Datsun1500 wrote: Not if you signed the title. At that point you transferred the ownership and the insurance company is out. It becomes a civil/criminal matter
What if you have a bill of sale specifying the payment? But I'm guessing that just strengthens your civil suit without changing the lack of insurance coverage.
David
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