rant: I'm sick and tired of people selling cars and only accepting cash.

Was going to buy a 944 and the guy said he only accepted cash as he felt it was the only safe option. I explained to him that I'm with USAA who doesn't have physical locations, so I can't just go to a bank and withdraw a bunch I'd have to hit up a million ATMs over multiple days and carry that cash around in a high crime city, which is a no. He doesn't want a cashier's check, money order, nothing digital like venmo, cash only. So he lost a sale.

Seriously, people. It's almost 2024. Cash is no longer king.

Edit: If the car is $1500, that's one thing. But if we're talking $10K or more, stop being delusional.

In reply to infinitenexus :

Sorry to say it, but it's you.  Cash is King. 

It's probably time for you to open an account at a local credit union or bank just for this purpose.   Then when you're preparing to buy that car you're looking for transfer it from USAA to the local place and withdraw it.

I've never sold a car for anything other than cash **

Last large item I sold was a motorhome for $9,500 all in cash.

**(well except to Nocones here on ther forum, but he's a trusted buyer)

Kinda sounds like you might have dodged a literal bullet here. Sketchy city, large sum of cash? You were right to have your jimmies rustled. TBF I still do cash deals, but... I never travel alone, and I buy trash. My last car was literally bought with the cash I happened to have on me while I was at work. 

Separate from the complaint, I am with a small CU. They are in a network of other small CUs (90 or so credit union flavors across the country). I can go to any branch of any of those credit unions and do my banking. Is USAA linked in to anything like that?

matthewmcl said:

Separate from the complaint, I am with a small CU. They are in a network of other small CUs (90 or so credit union flavors across the country). I can go to any branch of any of those credit unions and do my banking. Is USAA linked in to anything like that?

Not that I'm aware of. They only have one physical location and it's in annapolis, MD. That's only been an issue a few times, like today, but it's enough to push me away from them. I've been considering switching to a different bank/credit union recently, I guess this is the push I needed.

Yeah that is a you problem. I will not accept anything but cash. I will take a deposit via PP/Zell etc but that is for a small portion of it. We got tired of coming across things on the internet on sundays that we couldn't get cash for and decided that a large safe bolted to the floor was a good idea and we can keep cash on hand for that or other emergencies. 

Cash is king in a world full of scammers. Friends of mine had their Charger stolen with a bank cashiers check. The account was empty and did not belong to the person that stole the car. The car was recovered totaled 4 days later after it was used for multiple crimes. 

infinitenexus said:

 I explained to him that I'm with USAA who doesn't have physical locations, so I can't just go to a bank and withdraw a bunch I'd have to hit up a million ATMs over multiple days and carry that cash around in a high crime city, which is a no.

That's your problem, not his.

Fake cashier's checks and money orders are a thing, and digital payment for a large sum is a no-no, too many scam possibilities.

Not many years ago, I sold two of my Alfas for $28k cash.  No big deal for the guy getting them.  And a few years after that, I sold another Alfa for $15k cash.  He brought his cash from PA.  

The only other way I would accept money is a bank check made out to me.  Not a personal check, a bank check.

I'd accept a cashier's check that I can see being drawn in the bank or credit union branch. 

I think your local credit union will be able to do a shared branch banking transaction with USAA. 

I can see both sides of this. I would think he would be safe if you went to his bank with him and deposited a cashiers check. But I am on the up and up and don't do a lot of transactions like this so I could be naive.

Cash is King for me as well. 

Almost everything else is either reversible or easily counterfeited. 

I may accept a wire transfer, but it's going to have to clear my account before I sign any paperwork or turn over the car.

So, are you willing to fork over $20k to a stranger on a promise? If not, why do you expect him to hand over $20k on your promise? 

Sounds like you need a better bank with a local branch. 

There is a simple solution - wire transfer...... safe as can be for both parties. You go to his bank, call USAA and give them his info, they wire the money and it's done. If he's worried that it might get sucked back somehow (it can't) then tell him to transfer it to a different account of his. Easy peasy, plus while you're at his bank you can get the title notarized, or bill of sale the same.

At my bank it costs like $10 to do this......I've bought and sold expensive stuff this way, sent money to my BIL and so on.

infinitenexus said:

Interesting how some people get very testy over a simple rant.

I don't see anyone getting testy but you about someone wanting cash. Seller sets the terms, don't like it don't buy it. 

Just another voice here to confirm that indeed CASH IS KING, but really ulterior motive to lowkey flex my Minilite money clip,

LoL, no not really, I cannot afford the frivolous expenditure of owning such a fancy thing, but as a totally unecessary  aspirational object, it is something that I sort of appreciate.

For day to day, bills/buying and checking account I still require a physical bank. For money that sits in a savings account to be transferred for emergencies etc I see nothing wrong (and have) an online only bank as long as they are properly insured and vetted. It's the ol' "putting all your eggs in one basket" thing. 

Cash is king private party, but precious metals are also acceptable. 

Short of home repair materials I won't pay for anything without cash, and I've got more fingers than there are people whose checks or anything else I'd accept. 

NY Nick said:

I can see both sides of this. I would think he would be safe if you went to his bank with him and deposited a cashiers check. But I am on the up and up and don't do a lot of transactions like this so I could be naive.

That's how we bought our Westfalia. Met the sellers, went to the bank, they deposited our cashier's check, signed over title, everyone went home happy.

So as someone who negotiates deals for a living:

You are asking someone to do something they are uncomfortable doing; regardless of how illogical you may find it they are still uncomfortable doing it.

In turn you are uncomfortable carrying that much cash (I would be as well) to a strange place.

So the terms of the deal don't work for either of you.

Is USAA not like a CU where you can walk into almost any CU regardless of the name on the front and withdraw some sort of cash? (Serious question, it would suck if that's the case)

My wife was part of a company CU her dad used to work for, and their only "branch" was 3hrs away in the employee lobby....but she would go to a local CU here and they'd let her withdraw up to $2k a day. 

Hoppps said:

Is USAA not like a CU where you can walk into almost any CU regardless of the name on the front and withdraw some sort of cash? (Serious question, it would suck if that's the case)

My wife was part of a company CU her dad used to work for, and their only "branch" was 3hrs away in the employee lobby....but she would go to a local CU here and they'd let her withdraw up to $2k a day. 

Unless things have recently changed, USAA does not do this. They have some ATMs here and there, that would be my only real option. But I would still hit daily limits and it would take me several days of driving half an hour to the USAA ATMs, pulling out all that money, that's just not worth my time and effort when there are perfectly safe digital options available.

This isn't the first time I've wound up in a situation where I needed some cash but had no local bank, so I think it's time to start shopping for a new one.