Logistics of Payment

[dwhilsdorf]

We're in the early planning stages......

For used, high value, Airstreams, what are the logistics / most common payment methods for "cash" sales?

Once we're ready to travel to look at good prospects, I'd like to be prepared to act quickly (and safely) to bring it home.

[mojo]

Bank to bank transfers are most secure. More reliable than cashiers checks and safer than carrying around wads of cash.

[alligatorob]

Mojo is right about the safety thing.

That said for things that are not tax deductible for me I often go the wads of cash route. I have found sellers like it better and are often willing to give a discount or other consideration for cash. I have never had a problem, but maybe I have been lucky...

Keep in mind that if you are trying to avoid taxes cash transactions of $10k or more are reported by your bank. Several $9,900 withdrawals or deposits can solve that problem.

[Rich W]

I agree with Mojo, wire transfers. When we bought ours I gave the guy (who turned out to be a classmate from high school) a substantial deposit by personal check. I asked if he would take a cashier's check when I returned. He said he would, so there was a trust factor. But I didn't take the AS on the first visit. I came back a few weeks later with the cashier's check, we closed the deal and we took the AS back home.

If I were to sell my AS today I'd want cash or a wire transfer. Like Mojo said, it's just safer. Check with your bank on details and you can probably get it done and take your AS home with you the same day.

[IdahoTrvlr]

Originally Posted by alligatorob

Mojo is right about the safety thing.

That said for things that are not tax deductible for me I often go the wads of cash route. I have found sellers like it better and are often willing to give a discount or other consideration for cash. I have never had a problem, but maybe I have been lucky...

Keep in mind that if you are trying to avoid taxes cash transactions of $10k or more are reported by your bank. Several $9,900 withdrawals or deposits can solve that problem.

Yeah, multiple $9900 withdrawals is also known as “structuring” or “smurfing”. That will insure that a CTR (Currency Transaction Report) is filed by your bank with possibly the SAR (Suspicious Activity Report) box checked. Next people you will be talking to are the IRS or FBI depending on how many times you did such a foolish thing. Read the case of Dennis Hastert to how unamused the FBI and IRS is when someone does this. Don’t do it.

Hastert was indicted for two alleged felonies: 1) withdrawing cash from his bank accounts in amounts and patterns designed to hide the payments; and 2) lying to the FBI about the purpose of those withdrawals once they detected them and then inquired with him.

https://www.theatlantic.com/politics...-crime/394640/

[alligatorob]

Thanks, I did not know that, something else to worry about I guess...

Probably depends on how many withdrawals over what kind of timeframe...

I don't do this to avoid taxes myself, but I suspect some of the people I pay do. I don't ask...

[Hittenstiehl]

We've bought several vintages with the following methods. None of these transactions were exceedingly high with regard to caring about bags of cash :-)

One was a cash transaction after seeing it locally. It had a salvaged title that was signed over on scene. We sold to a local person and went to their bank together received a cashier's check in person and bank noterized the title.

One was out of state and we moved quickly so no down payment. We took a cashier's check for the bulk amount of the price and cash for the rest of the negotiation as we had not reached a final price. We had printed out a trp plate for the trip home.

One we provided a small PayPal deposit to ensure it was held while we traveled. We had it inspected by a local Airstreamer then took a cashier's check for our negotiated price. We drove home on their old license plate.

One we drove to see it without deposit and they held it based on our word while we traveled out of state. (They also banked in another state from where they lived) We negotiated on scene and did a bank wire transfer on our laptop with a phone hotspot. We photographed their filled out form and attached it as a file. We had both spoken to our banks extensively about the procedure of wire transfer. In advance we had provided them a blank form from our bank so they could get the very specific info from their bank for the routing. Our bank had deadlines about what time it had to be into them to ensure it transferred that same day. We were on the phone for an hour while the bank confirmed all the information was exact and security confirmation. Once our bank confirmed the wire was successful on our end they got on the phone with their bank. We waited a few more hours. As we were reaching time deadlines they got back on the phone with their bank and confirmed a wire transfer was in the que waiting. Finally the transfer dropped into their account and could be seen. We got the trailer and signed title. We drove home on their still valid plate which we returned in the mail to them. We negotiated this transaction on a Friday after which the following Monday was a bank holiday. In the future I would do it midweek in case we had to do an overnight and wait for the transfer in the morning.

[dwhilsdorf]

I'm aware of "wire transfers", and transferring money to external accounts from my bank account which involves trial deposits, etc.

I'm assuming that "wire transfer" is the safest way. My credit union charges $20 outgoing and $12 incoming at this time. I'll file that recommendation away.

I believe they will also authenticate with a live telephone call before they will allow the money to leave their "possession".

Although I use Venmo, PopMoney and other services, I don't think they are as secure or even intended for big ticket purchases.

Thank you all for the input.

[JunkYard]

Originally Posted by alligatorob

Mojo is right about the safety thing.

That said for things that are not tax deductible for me I often go the wads of cash route. I have found sellers like it better and are often willing to give a discount or other consideration for cash. I have never had a problem, but maybe I have been lucky...

Keep in mind that if you are trying to avoid taxes cash transactions of $10k or more are reported by your bank. Several $9,900 withdrawals or deposits can solve that problem.

I know someone else already said this was wrong. I have talked to my bank about it as I get lots of cash rent payments. It’s 10k a year total, and I’m to have them fill out a form. Same at the bank unless it’s normal for you. I’ve heard that 9900 thing for years and you can be dam sure the irs closed that loop hole.