Go Back   The Ford Barn > General Discussion > Early V8 (1932-53)

Sponsored Links (Register now to hide all advertisements)

Reply
 
Thread Tools Display Modes
Old 10-15-2021, 09:11 PM   #1
mrtexas
Senior Member
 
mrtexas's Avatar
 
Join Date: May 2010
Location: Sugar Land, TX
Posts: 4,309
Default Accepting cash for car sale

Had a very interesting experience tonight Friday night at 8pm trying selling an expensive car, not a Ford v8 BTW but still a collector's car. A guy drove 300 miles to my house and we agreed on a sales price of $87,500, about 20% more than I paid a year ago. He then wanted to hand me cash and take the title and the car right on the spot.

I told him I wasn't comfortable taking $87,500 cash (at night from someone I don't know). I said I'd gladly accept cash delivered to my credit union(counted and verified by them) during business hours.

I said I'd take a wire, or cash at the bank, or a certified check issued to me in person at his bank.

The guy brought an experienced mechanic with him and he inspected the car up on my lift and I learned a few things about the car I didn't know.

When I bought the car I wired 20% to the guy's bank account in Canada and 80% was transferred by escrow.com with each of us paying half the 1% fee. Fidelity was hesitant to wire 100% to a Canadian bank.

He called an hour later and said he'd try to organize a bank wire.

I like cash but how was I to verify the $87,500 cash was real on a Friday night at 8pm? I offered to drive the car the 300 miles and fly back.

I've never met someone who would carry that much cash about and banks report that large of a cash transaction to the IRS.

Didn't want to post somewhere the guy would see the discussion as the car is a 2002 Acura NSX. Got another guy looking tomorrow.

I don't know what to think about where all that cash came from.

What do you think?
__________________
41 woodie https://41fordwoodie.weebly.com/
mrtexas is offline   Reply With Quote
Old 10-15-2021, 09:20 PM   #2
mhsprecher
Senior Member
 
mhsprecher's Avatar
 
Join Date: Aug 2012
Location: Takoma Park, MD
Posts: 2,482
Default Re: Accepting cash for car sale

This is only part of your question but any bank transaction over $10,000 is reported to the IRS.

I think you were right to be nervous about taking $87,500 in cash from someone you don't know at night. I think a wire transfer is the way to go, but I am no expert in high dollar financial transactions of this type.
__________________
1924 Model T Coupe
1928 Model A Roadster
1930 Model A Town Sedan
1939 Deluxe Fordor
1945 pickup
1951 Custom convertible
mhsprecher is online now   Reply With Quote
Sponsored Links (Register now to hide all advertisements)
Old 10-15-2021, 09:23 PM   #3
cas3
Senior Member
 
Join Date: Jan 2011
Location: sw minnesota
Posts: 3,055
Default Re: Accepting cash for car sale

While I have never done a deal that big, I always use cash. I have some friends who are big dealers in antiques of many variety's, some times buy out whole collections, with cash. why do you think joe wants to see all bank transactions over 600 bucks?
cas3 is online now   Reply With Quote
Old 10-15-2021, 09:25 PM   #4
petehoovie
Senior Member
 
petehoovie's Avatar
 
Join Date: May 2015
Posts: 3,690
Default Re: Accepting cash for car sale

"the car is a 2002 Acura NSX"
__________________
The only thing nice about being imperfect is the joy it brings to others....

"Silver rings, your butt! Them's washers!"
"We shot our way out of that town for a dollar's worth of steel holes!" - from 'The Wild Bunch' - 1969

https://www.youtube.com/watch?v=7NReUd2_0u0
petehoovie is offline   Reply With Quote
Old 10-15-2021, 09:27 PM   #5
Tim Ayers
Senior Member
 
Join Date: May 2010
Location: NJ
Posts: 4,625
Default Re: Accepting cash for car sale

The IRS bank reporting thing isn't as big of a deal as would you think. Another thing to consider, wire bank to bank transfer is the only safe way to transfer large amounts of cash. Cashier's check is no where as safe or secure as people think they are.

That said, I've know people who have overnighted a shoebox of cash to a seller in order to secure a car.

I think your hesitation is reasonable and most banks are open on Saturday. Finding out if the cash is legit or not shouldn't be too hard to do tomorrow.

Drive to the seller's home with the car & title. Go to his bank and ask them to verify if the cash is legit or not.

You can be like The Wolf in the movie Reservoir Dogs and drive your NSX to his house in 1/2 the time it would normally take.

Last edited by Tim Ayers; 10-15-2021 at 09:33 PM.
Tim Ayers is offline   Reply With Quote
Old 10-15-2021, 09:28 PM   #6
Crankster
Senior Member
 
Crankster's Avatar
 
Join Date: Oct 2017
Posts: 462
Default Re: Accepting cash for car sale

Sponsored Links (Register now to hide all advertisements)
It's a lot of cabbage, but it really isn't that much money anymore. It's a car. A nice car, sure. Prices going up, up, up, starts to add up after a while.

I vaguely remember as a toddler my mom grocery shopping for the family and seems to me $20 would fill several grocery sacks. Today? A $100 bill gets nuked at the grocery store real quick. Every once in a while some tool on the TV will talk about banning "high denomination" notes. $100 is the highest denomination currently issued.
Crankster is offline   Reply With Quote
Old 10-15-2021, 09:42 PM   #7
tomcarman
Senior Member
 
tomcarman's Avatar
 
Join Date: Feb 2017
Location: Rochester Wa
Posts: 330
Default Re: Accepting cash for car sale

I believe you made the right decision. That amount of cash would raise my eyebrows under those circumstances. If the guy is legit he will arrange the transaction per your terms. After all, it's your property and you can sell it under your terms. I can imagine a scenario where the buyer hands you that much cash, you sign the title over and he disappears with both car and title only to have an "associate" pay you a visit in the middle of the night. Very concerning to me. Please report back on the outcome.
tomcarman is online now   Reply With Quote
Old 10-15-2021, 09:43 PM   #8
Crankster
Senior Member
 
Crankster's Avatar
 
Join Date: Oct 2017
Posts: 462
Default Re: Accepting cash for car sale

Quote:
Originally Posted by mhsprecher View Post
This is only part of your question but any bank transaction over $10,000 in cash is reported to the IRS.
It's actually a lot less than that and has been for some time. Even $2000 or $3000. When the law was passed, probably 1969, $10k was a lot of money. So it's actually gotten more intrusive.

They are looking for suspicious activity though, and are also required to file a "SAR" if they believe something is hinky. Buying or selling a car or a combine however, is not suspicious. Making large deposits out of the blue ... that's probably gonna get on somebody's radar. It's part of the "Know Your Customer" policy. Some people deal with lots of cash regularly.
Crankster is offline   Reply With Quote
Old 10-15-2021, 10:01 PM   #9
fordor41
Senior Member
 
fordor41's Avatar
 
Join Date: Oct 2011
Location: elmira,ny
Posts: 1,079
Default Re: Accepting cash for car sale

cash yes, any kind of check, hell no! In lieu of cash, my bank said bank to bank transfer is the safest
fordor41 is offline   Reply With Quote
Old 10-15-2021, 10:28 PM   #10
cas3
Senior Member
 
Join Date: Jan 2011
Location: sw minnesota
Posts: 3,055
Default Re: Accepting cash for car sale

Once when i sold a car to Europe the bank did not even want to do a wire transfer as they said if the bank on the other end thought any fraud was involved, they could take the money back for x amount of time...I forget. So, they had me open a new account, accept the money, then close the account, money is now mine
cas3 is online now   Reply With Quote
Old 10-15-2021, 10:49 PM   #11
mrtexas
Senior Member
 
mrtexas's Avatar
 
Join Date: May 2010
Location: Sugar Land, TX
Posts: 4,309
Default Re: Accepting cash for car sale

Quote:
Originally Posted by petehoovie View Post
"the car is a 2002 Acura NSX"
Buyer will hand over the cash to bank and mortgage on my house principal paid. Car will do 180+mph although I've only had mine up to 120mph in between traffic. Stomp on it at 100mph and it takes off!

" Cashier's check is no where as safe or secure as people think they are." But check will be handed to me by the bank itself, not the seller.
Attached Images
File Type: jpg 243021437_3196693083943115_3647667637226896197_n.jpg (52.4 KB, 971 views)
__________________
41 woodie https://41fordwoodie.weebly.com/

Last edited by mrtexas; 10-16-2021 at 01:57 PM.
mrtexas is offline   Reply With Quote
Old 10-15-2021, 11:01 PM   #12
cas3
Senior Member
 
Join Date: Jan 2011
Location: sw minnesota
Posts: 3,055
Default Re: Accepting cash for car sale

That is quite a car for sure, but worn out old fords suit my fancy just fine !
cas3 is online now   Reply With Quote
Old 10-15-2021, 11:21 PM   #13
tomcarman
Senior Member
 
tomcarman's Avatar
 
Join Date: Feb 2017
Location: Rochester Wa
Posts: 330
Default Re: Accepting cash for car sale

Quote:
Originally Posted by mrtexas View Post
Seller will hand over the cash to bank and get a cashier's check. Car will do 180+mph although I've only had mine up to 120mph in between traffic. Stomp on it at 100mph and it takes off!

" Cashier's check is no where as safe or secure as people think they are." But check will be handed to me by the bank itself, not the seller.
Maybe I don't get it but shouldn't that read "buyer", in lieu of "seller'?
tomcarman is online now   Reply With Quote
Old 10-16-2021, 12:19 AM   #14
russcc
Senior Member
 
Join Date: May 2010
Posts: 2,789
Default Re: Accepting cash for car sale

A friend who has been in the vintage car & parts business for since 1970 told me about a guy knew who sold a vintage Ford for cash. Took the money to the bank to deposit it, it was bogus. He was out the car and something like $50,000. So that was wise move not accepting the cash in that case.
russcc is offline   Reply With Quote
Old 10-16-2021, 12:25 AM   #15
petehoovie
Senior Member
 
petehoovie's Avatar
 
Join Date: May 2015
Posts: 3,690
Default Re: Accepting cash for car sale

Quote:
Originally Posted by mrtexas View Post
Car will do 180+mph although I've only had mine up to 120mph in between traffic. Stomp on it at 100mph and it takes off!
__________________
The only thing nice about being imperfect is the joy it brings to others....

"Silver rings, your butt! Them's washers!"
"We shot our way out of that town for a dollar's worth of steel holes!" - from 'The Wild Bunch' - 1969

https://www.youtube.com/watch?v=7NReUd2_0u0
petehoovie is offline   Reply With Quote
Old 10-16-2021, 05:15 AM   #16
Frank Miller
Senior Member
 
Frank Miller's Avatar
 
Join Date: May 2010
Location: Auburn, MA
Posts: 2,012
Default Re: Accepting cash for car sale

My finance guy says cash is still king. i know someone who sold a motor home and the guy paid him 65,000 cash. People keep it in their safe because they do not completely trust the banks and there is always a certain amount of unreported earnings.
5 years ago I knew someone buying a house and cash would not be accepted unless they knew where it came from. I had to write a letter saying it was a gift with proof of a bank transaction.
I do not blame you for not accepting that much cash on a Friday night. Both buyer and sellers have been robbed with these transactions.
__________________
“The technique of infamy is to start two lies at once and get people arguing heatedly over which is true.” ~ Ezra Pound
Frank Miller is offline   Reply With Quote
Old 10-16-2021, 01:59 PM   #17
mrtexas
Senior Member
 
mrtexas's Avatar
 
Join Date: May 2010
Location: Sugar Land, TX
Posts: 4,309
Default Re: Accepting cash for car sale

deal done
Attached Images
File Type: jpg 245681289_3199224440356646_8960621030042822789_n.jpg (51.3 KB, 944 views)
__________________
41 woodie https://41fordwoodie.weebly.com/
mrtexas is offline   Reply With Quote
Old 10-16-2021, 02:14 PM   #18
Tim Ayers
Senior Member
 
Join Date: May 2010
Location: NJ
Posts: 4,625
Default Re: Accepting cash for car sale

Nice. Cash is king
Tim Ayers is offline   Reply With Quote
Old 10-16-2021, 02:20 PM   #19
petehoovie
Senior Member
 
petehoovie's Avatar
 
Join Date: May 2015
Posts: 3,690
Default Re: Accepting cash for car sale

Quote:
Originally Posted by mrtexas View Post
deal done
__________________
The only thing nice about being imperfect is the joy it brings to others....

"Silver rings, your butt! Them's washers!"
"We shot our way out of that town for a dollar's worth of steel holes!" - from 'The Wild Bunch' - 1969

https://www.youtube.com/watch?v=7NReUd2_0u0
petehoovie is offline   Reply With Quote
Old 10-16-2021, 04:28 PM   #20
19Fordy
Senior Member
 
19Fordy's Avatar
 
Join Date: May 2010
Location: Coral Springs FL
Posts: 9,212
Default Re: Accepting cash for car sale

Excellent. Don't deposit it in your bank account.
19Fordy is offline   Reply With Quote
Reply

Thread Tools
Display Modes

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

Sponsored Links (Register now to hide all advertisements)


All times are GMT -5. The time now is 05:15 PM.