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

Yup, Cash is king.  The best deals can be had when you can tell the seller that you pay cash.  Sometimes cash in hand lowers the price by quite a bit.

I am finalizing a car purchase in the next day or two and have the cash in hand.  My bank used to get a little weird when I wanted this kind of money but over time now they just ask what car I am getting.

I keep quite a lot of cash on hand so when a good deal comes along I can pounce. I prefer things to be private though and I'm not using some electronic means to move, and thereby record, my transactions when I'm wheeling and dealing. If someone can't pay me in cash then I wait for the person who can.  

Cleveland must really suck.

USAA is not a credit union thus not eligible to participate in the credit union shared branching network.

Cash can be faked too... just sayin'.

Typically scams start with a cashier's check or money order, so personally I don't mess with those, I limit it to Cash or paypal. I bought something in Canada and he would only except cash claiming that I could cancel my paypal payment (IDK). It's not ideal to mess with cash because I have it in a bank and not buried in the backyard, but I accept it is part of the business and because I buy and sell very little in person it's not a big deal. I will mentioned then anything over $600 electronically being moved in Paypal is being watched.

for anything over like 5k, I've always done cashiers checks and never had a problem with it. If you wanna be safe you can go to their bank and have them get the cashiers check while you watch. But no way in hell I'm walking around atlanta with 15k in cash, you're either getting robbed or the police are gonna seize it because they think you're a drug dealer etc.

Fellow USAA customer here. You can make large cash withdraws at any bank. Call USAA and tell them what you're trying to do. They'll authorize you to use your debit card to make a "cash advance" at any bank. It's not technically a cash advance because the money comes from your checking account, but from the perspective of the bank you get the cash from it functions the same.

I wish they'd document this on their website. I had no idea this was an option when I called, but the person on the other end knew exactly what to do and it was quick and easy.

bludroptop said:

USAA is not a credit union thus not eligible to participate in the credit union shared branching network.

Cash can be faked too... just sayin'.

Faking cash, especially over 10K is a serious crime that woule end up very badly for the buyer.

Seller is in charge, they set the rules.  Since you weren't happy with price, payment or anything else you have the option to walk away.  I sold one car on a non cash deal.  He sent the check to me, I deposited it and a week later I agreed to signing over the title.

eh I disagree with the OP, cash is still king.  

Threads like this make me happy to have dealt with normal people in buying my two Miata purchases with Certified Checks (not even Cashier Checks).

infinitenexus said:

In reply to Tom1200 :

And as I said, I didn't buy the car.

I read that but sometimes you just have to understand people have their reasons...................

I've taken personal checks on several cars up to about $6k.  Also sent off a $3K+ check to a guy in Florida who promised he'd leave the Jaguar at the airport and send me the keys and a title.  Worked out fine, but then he was a GRM'er.  I just go with my gut and so far haven't been burned. 

Walked into my credit union on the way out of town to buy a Corvette and they were pretty irritated when I asked for $22K cash.  Apparently if you want that much cash you're supposed to give them advance notice.  Not sure why a bank wouldn't have that much money available but I did get it after about an hour of waiting.

I missed out on a deal Saturday because I wasn't willing to accept a $10K Venmo for the car.  I don't use Venmo enough to be comfortable with that. I don't know if Venmo is as susceptible to scams as PayPal so I said Cash/Cashiers check only. Dude walked. :shrug:

Anything under $5K and cash is fine, $5-10K and I'll think about it.  Over $10K and I'm really not happy with the idea of paying (or accepting!) that much.

Counterfeit cashier's checks are a thing, yes, but then so is counterfeit currency.  Are you good enough at detecting it to be sure that the buyer didn't hand you a stack of bills "fresh off the printer"?  Are you comfortable driving around with that much cash in a world with civil asset forfeiture?  How about bringing $20K in cash into your house overnight (bank isn't open to deposit it yet and I'm not putting that much into an ATM) while a stranger you never met before leaves with the knowledge that it's there?  Home invasion robbery is also a thing.

The "meet at the buyer's bank and watch them make out the cashier's check" solution is a good one, so is a wire.

Almost every single deal I do under 100K is cash. Even some over. In a major city it is easy enough to find two branchs close to each other and just walk it between the parking lots. But most of our banks have armed guards. Cashiers check are not 100% and I have had two pulled back selling cars by the issuing bank, so cash it is anytime I deal with Navy federal or Wells Fargo, or you wait two weeks for pickup/shipping so it fully clears and cannot be returned.  

In reply to wearymicrobe :

Guys like OP are why I get the good deals. Keep cash around, and be ready while other people scramble, and ask the seller to accommodate their problems. Thanks OP.

It's so hard to get that much cash in my wallet!

When I bought the drift car I just e-transferred the seller from my banking app while she double checked to make sure I had the email address I was sending it to correct and she got the email ding that she had the money before we had finished loading everything. 

I'm by no means a finance expert but if you are taking $5k+ out of or putting it into a bank it is being noted. Sure the government is watching PayPal waiting to get their taxes but cash is being watched closely too. I'm not trying to be a Tim hat here, just my personal experience. I bought and sold a couple of cars back to back and I was putting in and taking out $5-10k when that happened. The bank asked questions and had a form to fill out. 
I have a friend that investigates financial crimes. I don't know the means and tactics he (the USG) has to do this but I have heard some funny anecdotes about people with large cash transactions of questionable nature and how they were pin pointed. 

NY Nick said:

I'm by no means a finance expert but if you are taking $5k+ out of or putting it into a bank it is being noted. Sure the government is watching PayPal waiting to get their taxes but cash is being watched closely too. I'm not trying to be a Tim hat here, just my personal experience. I bought and sold a couple of cars back to back and I was putting in and taking out $5-10k when that happened. The bank asked questions and had a form to fill out. 
I have a friend that investigates financial crimes. I don't know the means and tactics he (the USG) has to do this but I have heard some funny anecdotes about people with large cash transactions of questionable nature and how they were pin pointed. 

Engaging in large cash transactions is legal, just don't try to hide the fact that you're doing it.  In particular, do not ask the bank about the limits on what they need to report, and especially do not try to do multiple transactions below what you think that limit might be.  (this is called 'structuring' and is illegal in and of itself)

If you show up to buy a car or even parts off of marketplace or where ever and haven't explicitly discussed a non-cash sale that's on you.  I met up with a guy to sell a set of wheels, got them loaded in his car and he tried to hand me a personal check.  Not a big deal I followed him to the closest ATM and we finalized the deal.

I don't mind carrying large sums of cash for transactions like that I always have some insurance tucked in my waistband and I always assume the other party does too.

DjGreggieP said:

When I bought the drift car I just e-transferred the seller from my banking app while she double checked to make sure I had the email address I was sending it to correct and she got the email ding that she had the money before we had finished loading everything. 

This seems pretty common in Canada, the only caution with it is to double check that the proper amount has been deposited. The scam is they drop a digit or move a decimal and the seller just sees the notification pop up and thinks they are good. Don't let the buyer distract you!

A friend lost a side-by-side to a fraudulent cashiers cheque, it looked legit enough that he accepted it along with his bank before letting the thing leave, when the bank actually went to clear it with the issuing bank though that's when they found out it wasn't legit and they were screwed. One of those things where you think you're being cautious and taking all the steps to not get berkeleyed but if they are intent on doing that they've probably come up with a way.

Of course a wad of cash can easily be stolen too.

So what should we be doing other than cash? I have a dozen interested parties on the mini. I hope to sell it in the next week.

In person at a bank/credit union?

Bank transfer/ E transfer seems easy enough. Even on a Sunday evening.

Should I have gone for the Venmo/Cashapp option? 

Paypal goods and services will allow them to get the money back without any recourse from the seller so that is right out. Is Friends and family any safer?

Cash with an ultraviolet lamp or verification pen handy?

codrus (Forum Supporter) said:

Anything under $5K and cash is fine, $5-10K and I'll think about it.  Over $10K and I'm really not happy with the idea of paying (or accepting!) that much.

This, there are risks to walking around with huge amounts of cash too, especially if you're in a jurisdiction where civil asset forfeiture is an issue. Being unwilling to accept any kind of bank transfer for 5-digit amounts is being unreasonable IMO.