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Old 11-15-2012, 09:22 AM   #15
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Meet at your bank to do the deal....at the very least; however, nothing like green cash! Good luck.
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Old 11-15-2012, 09:43 AM   #16
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Everybody knows better than the cash seller . . . until they get flipped.

It amuses me to see people doing fund transfer gymnastics, with risk attached, all in order to avoid having to handle "cash". It's like there's a "cash-phobia". Ya get sick if ya touch it. :-)

I'm amused more at the banker warning against a wire transfer because the sender has access to all the bank account numbers. That's funny! Every check I write has all my bank account numbers printed right on it. What am I missing here?

In my experience, bankers are one step below a used car salesman. I once had a vice president at a national bank tell me he didn't have to accept a check drawn on his bank for payment. I asked him if he'd like me to call the OCC and verify that. He paid on the check.

I've had banks remove wire transfer funds from my account after the funds were sent, posted, and showed up on my account balance. Several times. I had a cashier's check issued on the closing of one of my houses issued by a title insurance company bounce. Local bank, local title insurance company . . . bad cashier's check. All legal too! No fraud charges, nobody did a day in jail for that. These guys are all sitting at the Mayor's breakfast and officers in the Chamber of Commerce . . . but they're crooks.

I've never had a banker walk up to me and take cash out of my hand. I have had them bounce checks, pull funds, and lie to my face.

I never heard a seller say: "Dang! I wish I hadn't sold that for cash!".

`
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Old 11-15-2012, 09:16 PM   #17
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Originally Posted by Splitrock View Post
Everybody knows better than the cash seller . . . until they get flipped.

It amuses me to see people doing fund transfer gymnastics, with risk attached, all in order to avoid having to handle "cash". It's like there's a "cash-phobia". Ya get sick if ya touch it. :-)

I'm amused more at the banker warning against a wire transfer because the sender has access to all the bank account numbers. That's funny! Every check I write has all my bank account numbers printed right on it. What am I missing here?

In my experience, bankers are one step below a used car salesman. I once had a vice president at a national bank tell me he didn't have to accept a check drawn on his bank for payment. I asked him if he'd like me to call the OCC and verify that. He paid on the check.

I've had banks remove wire transfer funds from my account after the funds were sent, posted, and showed up on my account balance. Several times. I had a cashier's check issued on the closing of one of my houses issued by a title insurance company bounce. Local bank, local title insurance company . . . bad cashier's check. All legal too! No fraud charges, nobody did a day in jail for that. These guys are all sitting at the Mayor's breakfast and officers in the Chamber of Commerce . . . but they're crooks.

I've never had a banker walk up to me and take cash out of my hand. I have had them bounce checks, pull funds, and lie to my face.

I never heard a seller say: "Dang! I wish I hadn't sold that for cash!".

`
I agree that cash is "King". That said, I would be VERY uncomfortable if I were purchasing a $20,000 trailer (or even more) and had to travel across the country with that kind of cash in my pocket or hidden in my vehicle. Just sayin'
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Old 11-15-2012, 10:14 PM   #18
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Secure funds is not a buyer risk, it's a seller risk. Buyers have other risks.

How many buyers check the VIN on the title to see if it matches the VIN on the vehicle? I bet not many . . . but that's smart buying 101. When I buy, it's with cash, in exchange for vehicle with clean title. When I sell, it's for cash in exchange for vehicle with clean title.

I'm not afraid to carry cash. I've bought and sold equipment for years and it's always been with cash. Try to get a stranger to sell a piece of equipment in Chicago on a Sunday night for a check. It'll never happen.

I've known people so afraid of cash that they won't even carry $50. They do everything with credit card or check. When I was 21 years old I figured out that if I carried cash, I didn't have to balance a check book:-)
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Old 11-15-2012, 10:30 PM   #19
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Secure funds is not a buyer risk, it's a seller risk. Buyers have other risks.

How many buyers check the VIN on the title to see if it matches the VIN on the vehicle? I bet not many . . . but that's smart buying 101. When I buy, it's with cash, in exchange for vehicle with clean title. When I sell, it's for cash in exchange for vehicle with clean title.

I'm not afraid to carry cash. I've bought and sold equipment for years and it's always been with cash. Try to get a stranger to sell a piece of equipment in Chicago on a Sunday night for a check. It'll never happen.

I've known people so afraid of cash that they won't even carry $50. They do everything with credit card or check. When I was 21 years old I figured out that if I carried cash, I didn't have to balance a check book:-)
You must be tuffer than me....
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Old 11-15-2012, 11:52 PM   #20
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We used a wire transfer on the advise of our bank. Both parties set up a new accounts at their banks. We transferred the money from our new account to theirs. Then closed the account. They did the same. If you do it at thier bank who has a notary they can verify the money is there, move it to their original account and notarize the bill of sale. Than we went to the DMV with them and had everything done to register it, change the title over.

They will understand the precautions when you explain the reasons. If they don't they are either up to something or so lax in their personal security that you dont want to deal with them.

We still communicate with the previous owners of ours.
Of all of the posts here, this is the only one that got it right. This is generally the way high dollar car transactions are handled.
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Old 11-16-2012, 06:26 AM   #21
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It would depend on the size of the transaction. 10,000 or less - cash. More than about that - not cash. When we bought our AS we had an account at one of the large banks in the midwest. We met there and I wrote a personal check to the bank for them to write a bank check to the seller. They verified the funds in my account and notarized the title transfer, all to both parties satisfaction. I called the bank prior to going to be sure there would be no issue. Not everyone has accounts at large regional banks, but it is the reason I still have an account at Bank of America. They are everywhere.
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Old 11-16-2012, 08:49 AM   #22
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We recently sold a car to a fellow who wanted to pay with a cashier's check. We accompanied him to a branch of his bank that is near our house and watched as the bank issued the cashier's check. That's about the only way to be sure a cashier's check is genuine these days.
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Old 11-16-2012, 09:29 AM   #23
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I deal in exotic cars priced from $100k-$1.6m and have for over 20 years.90% of the cars I sell go to customers I never meet.I only accept wire transfers.Have the buyer set everything up with his bank before he comes to inspect the Airstream.On approval of condition he can call and have his bank wire the money into your account.With my bank the money is transferred instantly but some banks take 4-5 hours.Call your bank to verify money is in your account then release the trailer and title to buyer.No checks unless you are with the seller when cashiers is issued.Cashiers checks take 3-5 business days to clear.
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