Selling a Vehicle Question - Great Lakes 4x4. The largest offroad forum in the Midwest

Go Back   Great Lakes 4x4. The largest offroad forum in the Midwest > General 4x4 Stuff > The Pub
GL4x4 Live! GL4x4 Casino

The Pub A friendly forum where everybody is nice, and will answer any questions you have about life.

greatlakes4x4.com is the premier All Forum on the internet. Registered Users do not see the above ads.
Search
Reply
 
Thread Tools Search this Thread
Old November 1st, 2012, 03:34 PM   #1
Paul04TJ
Small, but talented
 
Paul04TJ's Avatar
 
Join Date: 11-05-05
Location: Shelby Twp. MI
Posts: 2,610
iTrader: (10)
Mentioned: 0 Post(s)
Default Selling a Vehicle Question

I have a few people interested in looking at my Jeep. One guy coming from a few hours away said if he wants it he will bring cash and take it with him to avoid driving back out.

I've sold a couple cars for a couple thousand before but never 10K.
How can you be sure the Bills are Real? He want to come Saturday, and my Credit Union is not open. I would prefer have him hand me cash and I hand it to the bank to deposit, but not an option on Saturday.

Any thoughts? Hold each Bill to a light? Get one of them marking pens?
Make him aware I'm carrying?
Paul04TJ is offline   Reply With Quote
Old November 1st, 2012, 03:36 PM   #2
kickstand
sHaMoNe!
 
kickstand's Avatar
 
Join Date: 09-20-06
Location: fenton
Posts: 30,880
iTrader: (46)
Mentioned: 24 Post(s)
Default

ask him to do a certified check, money order, get all his information, make a copy of his drivers license, etc.

The more info you have, and the more willing he is to give it, the less likley you are being scammed.
kickstand is offline   Reply With Quote
Old November 1st, 2012, 03:37 PM   #3
8PTBUCK
Hobo Joe and the TCG
 
8PTBUCK's Avatar
 
Join Date: 12-02-09
Location: Waterford/Gladwin, MI
Posts: 5,391
iTrader: (6)
Mentioned: 56 Post(s)
Default

If he hands you a $10,000 bill I'd double check it
8PTBUCK is offline   Reply With Quote
Old November 1st, 2012, 03:46 PM   #4
montecarlo33
The Violator
 
montecarlo33's Avatar
 
Join Date: 08-23-07
Location: Otsego County 49735
Posts: 4,373
iTrader: (19)
Mentioned: 3 Post(s)
Default

I would get a pen forsure at least. Who the hell has 10 grand in cash these days? Banks wont even hand that kind of money out on a loan in straight cash, and you have to call days ahead of time to get that kind of cash put together even withdrawn from a account with 10k+ already in there. The last time I sold a vehicle that was over 10k, just over 16k, I just had them do a wire transfer from his account to my own savings and didnt do anything (sign title or take insurance off) until the buyer's funds had cleared and then I just did a transfer, paid off the loan and they faxed me a release of lien. It did take a few days, and honestly I didnt believe it until I checked my account, but thats the only way I would do it IMO. That much cash sounds fishy to me, you just dont see it much these days except for on TV, Richard Rawlings on fast and loud always seems to have the green backs and plenty of it when he buys cars but i think thats all for show cause no one wants to roll around town with that much cash. Imagine getting just pulled over with 10k cash?

Last edited by montecarlo33; November 1st, 2012 at 03:50 PM.
montecarlo33 is offline   Reply With Quote
Old November 1st, 2012, 04:01 PM   #5
Paul04TJ
Small, but talented
 
Paul04TJ's Avatar
 
Join Date: 11-05-05
Location: Shelby Twp. MI
Posts: 2,610
iTrader: (10)
Mentioned: 0 Post(s)
Default

Quote:
Originally Posted by kickstand View Post
ask him to do a certified check, money order, get all his information, make a copy of his drivers license, etc.

The more info you have, and the more willing he is to give it, the less likley you are being scammed.
I've read about fake money orders and certified checks.

I thought about electronic transfer, theres no way they can get into my account?
Paul04TJ is offline   Reply With Quote
Old November 1st, 2012, 04:01 PM   #6
Hunter9
Not Right!
 
Hunter9's Avatar
 
Join Date: 01-21-06
Location: 2 miles past BFE
Posts: 1,467
iTrader: (6)
Mentioned: 0 Post(s)
Default

I have sold multiple vehicles at or over 10k, they have been in cash, $100 bills most often.
I do check them when I do a deal. The last was a individual from GR, with Mexican decent. So I would always be certain.
There are people out there that pay cash, and lots of them.
I have witnessed equipment purchases in cash, yes 6 figure deals at sales and auctions. People crap when someone has a bag full of dead presidents.
Hunter9 is offline   Reply With Quote
Old November 1st, 2012, 04:03 PM   #7
Hunter9
Not Right!
 
Hunter9's Avatar
 
Join Date: 01-21-06
Location: 2 miles past BFE
Posts: 1,467
iTrader: (6)
Mentioned: 0 Post(s)
Default

Quote:
Originally Posted by Paul04TJ View Post
I've read about fake money orders and certified checks.

I thought about electronic transfer, theres no way they can get into my account?
They are easier to forge than cash, years ago I was scammed by a bogus money order for $301 dollars.
Hunter9 is offline   Reply With Quote
Old November 1st, 2012, 04:10 PM   #8
montecarlo33
The Violator
 
montecarlo33's Avatar
 
Join Date: 08-23-07
Location: Otsego County 49735
Posts: 4,373
iTrader: (19)
Mentioned: 3 Post(s)
Default

Quote:
Originally Posted by Paul04TJ View Post

I thought about electronic transfer, theres no way they can get into my account?
I asked my bank the same question, because I was concerned at the time and they said provide protection from that(just like a non authroized charge on a debit card) and if I was worried I should just give them my saving account number(nothing but 5 bucks in there anyways) number instead of checking. Lets say if you hand someone a check for whatever, from your checking account it has all the numbers on it that would would need for a wire transfer on it(routing number and account number) so MY thoughts were that I felt save enough to write checks and hand them to someone you should be ok with a wire transfer. Just the way I looked at it and all went well 8 months later.
montecarlo33 is offline   Reply With Quote
Old November 1st, 2012, 04:24 PM   #9
RyeBread
Catch the wave
 
RyeBread's Avatar
 
Join Date: 11-08-05
Location: Fenton
Posts: 7,945
iTrader: (2)
Mentioned: 0 Post(s)
Default

Quote:
Originally Posted by Paul04TJ View Post
I have a few people interested in looking at my Jeep. One guy coming from a few hours away said if he wants it he will bring cash and take it with him to avoid driving back out.
well you know he's not going to try to negotiate
RyeBread is offline   Reply With Quote
Old November 1st, 2012, 04:26 PM   #10
swampjeep
Swamp Stomper
 
swampjeep's Avatar
 
Join Date: 11-05-05
Location: Waterford, mi
Posts: 7,707
iTrader: (25)
Mentioned: 2 Post(s)
Default

sounds like it might even be worth opening a national bank account,

I have a Chase account and I see the advertisements for doing electronic transfer from one account to the other over your phone... even if you don't do the ET, you could walk into a Chase (or other) bakn and make your deposit.

On that note maybe even call a local bank that is open on Saturday and ask if they would verify 10k for you, and or take it and issue a certified check for you to take to your CC on Monday. Might be worth it if it's only a small fee.
swampjeep is offline   Reply With Quote
Old November 1st, 2012, 05:25 PM   #11
two_much_talk
sit down shut up and ...
 
two_much_talk's Avatar
 
Join Date: 06-13-06
Location: MI
Posts: 5,654
iTrader: (32)
Mentioned: 0 Post(s)
Default

I'd go to a local bank that's open and have them check it for you.
two_much_talk is offline   Reply With Quote
Old November 1st, 2012, 05:30 PM   #12
boggin-machine
Senior Member
 
boggin-machine's Avatar
 
Join Date: 01-11-06
Location: bay city
Posts: 11,638
iTrader: (31)
Mentioned: 0 Post(s)
Default

large amounts of cash doesnt need to be cleared with the bank days in advance. im not sure what you guys have been doing but i know for a fact you can walk into the bank and take out alot larger amounts of cash. they never questioned it
__________________
08 qcsb Duramax Ltz
02 tj with some parts laying around **for sale**
08 crf 450 with a few goodies
boggin-machine is offline   Reply With Quote
Old November 1st, 2012, 05:36 PM   #13
cj65
Senior Member
 
cj65's Avatar
 
Join Date: 04-07-07
Location: 48174
Posts: 3,807
iTrader: (19)
Mentioned: 2 Post(s)
Default

Quote:
Originally Posted by montecarlo33 View Post
I would get a pen forsure at least. Who the hell has 10 grand in cash these days? Banks wont even hand that kind of money out on a loan in straight cash, and you have to call days ahead of time to get that kind of cash put together even withdrawn from a account with 10k+ already in there. The last time I sold a vehicle that was over 10k, just over 16k, I just had them do a wire transfer from his account to my own savings and didnt do anything (sign title or take insurance off) until the buyer's funds had cleared and then I just did a transfer, paid off the loan and they faxed me a release of lien. It did take a few days, and honestly I didnt believe it until I checked my account, but thats the only way I would do it IMO. That much cash sounds fishy to me, you just dont see it much these days except for on TV, Richard Rawlings on fast and loud always seems to have the green backs and plenty of it when he buys cars but i think thats all for show cause no one wants to roll around town with that much cash. Imagine getting just pulled over with 10k cash?
You just never dealt with right people. I always pay cash. When I bought my truck at the dealer I paid cash. They were like you have cash? I said yes I do. They said are you going to get a certified check? I said no I have cash on me and want this truck it was no issue they were just a little shocked.
cj65 is online now   Reply With Quote
Old November 1st, 2012, 05:49 PM   #14
BlooMule
pew pew
 
BlooMule's Avatar
 
Join Date: 11-08-05
Location: a mile from the shithole
Posts: 24,647
iTrader: (12)
Mentioned: 14 Post(s)
Default

Do you have to report a sale of $10,000 to the IRS, or is that just for dealers?
__________________
-rw-rw-rw
BlooMule is offline   Reply With Quote
Old November 1st, 2012, 06:00 PM   #15
cj65
Senior Member
 
cj65's Avatar
 
Join Date: 04-07-07
Location: 48174
Posts: 3,807
iTrader: (19)
Mentioned: 2 Post(s)
Default

Quote:
Originally Posted by BlooMule View Post
Do you have to report a sale of $10,000 to the IRS, or is that just for dealers?
I don't think so.
cj65 is online now   Reply With Quote
Old November 1st, 2012, 06:52 PM   #16
Why YJ?
Don't be a wuss... HIT IT
 
Why YJ?'s Avatar
 
Join Date: 12-12-08
Location: West Branch,MI
Posts: 1,390
iTrader: (13)
Mentioned: 0 Post(s)
Default

I do think you have to fill out a form when you go to deposit it in the bank. As for the dealers, yes you have to fill out a form for anything over 10K. It is so the IRS knows where the money is coming from.
__________________
2012 JKU Rubicon.. stock for now

Run of the mill YJ with Dana 60's and Irok's..SOLD
96 XJ on 38's...SOLD
Paul
www.teamhodges.com
Why YJ? is offline   Reply With Quote
Old November 1st, 2012, 06:54 PM   #17
boggin-machine
Senior Member
 
boggin-machine's Avatar
 
Join Date: 01-11-06
Location: bay city
Posts: 11,638
iTrader: (31)
Mentioned: 0 Post(s)
Default

yes for anything over 10k cash at the bank they need to report it.
__________________
08 qcsb Duramax Ltz
02 tj with some parts laying around **for sale**
08 crf 450 with a few goodies
boggin-machine is offline   Reply With Quote
Old November 1st, 2012, 07:35 PM   #18
montecarlo33
The Violator
 
montecarlo33's Avatar
 
Join Date: 08-23-07
Location: Otsego County 49735
Posts: 4,373
iTrader: (19)
Mentioned: 3 Post(s)
Default

Wow....didnt know people on GL4x4 were such ballers and mattress money stashers.
montecarlo33 is offline   Reply With Quote
Old November 1st, 2012, 08:18 PM   #19
HPandThrottle
have fun or die trying
 
HPandThrottle's Avatar
 
Join Date: 12-04-09
Location: Ludington Mi
Posts: 243
iTrader: (4)
Mentioned: 0 Post(s)
Default

just make a couple of deposits when you sell otherwise uncle sam will look at it as income and likely audit you like a good friend of mine was it ended up costing him to sell the car after uncle sam was done with fines and interest
HPandThrottle is offline   Reply With Quote
Old November 1st, 2012, 09:13 PM   #20
XJcoupe
1ton XJ
 
XJcoupe's Avatar
 
Join Date: 04-04-11
Location: Sault Ont.
Posts: 579
iTrader: (1)
Mentioned: 0 Post(s)
Default

let the guy show up with the cash, if you dont trust that its not real, there is a way to check it yourself.

- take said bill, doesn't matter if its American/Canadian, scratch the bill on to plain white paper, the ink from the bill will transfer on to the white paper, its Real

- if the bill is reprinted or washed (fake) the ink will not transfer on to the white paper
XJcoupe is offline   Reply With Quote
Reply
Great Lakes 4x4. The largest offroad forum in the Midwest > General 4x4 Stuff > The Pub
Thread Tools Search this Thread
Search this Thread:

Advanced Search

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump



All times are GMT -5. The time now is 02:48 AM.


Powered by: vBulletin, Copyright 2000 - 2012, Jelsoft Enterprises Ltd.
User Alert System provided by Advanced User Tagging (Lite) - vBulletin Mods & Addons Copyright © 2014 DragonByte Technologies Ltd. Runs best on HiVelocity Hosting.
vB Ad Management by =RedTyger=
Page generated in 0.23731 seconds with 79 queries