Selling 2012 International signature 27fb

[Sal44]

Looking for some advise and things to look out for when selling a $60k trailer. Does anyone have experience with best way (safest) to exchange money? Thanks

[damonbeals]

One option that we used, was using a local used car/trailer place. They where able to handle the paperwork for a out of state sale and did all money exchanges. We paid them $500 for their services, money well spent. And the buyer was happy to know he was dealing with a 'real' business, and won't have paper work issues.

Damon
#4827

[Sal44]

Wouldn't have thought of that. Thanks

[HeavyAssault]

It's only as safe as you want it to be. It's not an easy task dealing with straight cash. I'd only do that at a bank. Any other payment form say check, promisary note, etc etc needs to clear before I release the title. Research what is required by your state for forms and documentation. Consignment is an option.

[Denis4x4]

There has always been a rule that anything in excess of $10,000 in cash transactions at the bank had to be reported to the IRS. Recently, I had an $8,000 cash transaction trigger IRS paperwork. All of my cash transactions for selling and buying now go through a wire transfer to or from my bank or brokerage house. Everyone is protected and the pesky IRS paperwork is avoided.

[Antique Pedaler]

Electronic bank transfer.

[moosetags]

Be very careful when dealing with large amounts of currency. Structuring currency transactions to avoid the Federal Currency Transaction Reporting requirements is a federal felony. It is a common tactic used by criminal ventures to launder their profits.

Financial institutions are required to report these transactions to the Treasury Department. For the purposes of these laws, certain businesses, such as car dealers and real estate brokers, are defined as secondary financial institutions.

Brian

[Sal44]

All great advise. Thanks everyone