How to close a long distance purchase
09-18-2018, 10:33 AM
#16
Nordschleife Master
The 'funny' part about sellers refusing to accept bank checks is that the frauds are usually checks drawn on banks from other countries.
If the sale happens during business hours, and there's a branch of that bank local to the sale, then the check can be verified with a quick visit. The funds won't be 'in his account', but the validity of the check will be confirmed.
My last purchase was local. When we got down to discussing money, the seller said he preferred cash. I said that was doable, but the bank would need a day or two to get that much available ($16k) and both he and I would likely get reported to some government agency or another due to it being over $10k. He was not aware of that law about large amounts of cash.
As it turned out, further discussion revealed we both used the same bank. So we went to the bank, talked to a teller/supervisor who, as it turned out, knew us both, and she explained that we could simply transfer the funds direct from me to him. I filled out a withdrawl slip, he filled out a deposit slip, she punched a few buttons and handed us both receipts. We then used a conference room to do all the title/bill of sale paperwork.
If the sale happens during business hours, and there's a branch of that bank local to the sale, then the check can be verified with a quick visit. The funds won't be 'in his account', but the validity of the check will be confirmed.
My last purchase was local. When we got down to discussing money, the seller said he preferred cash. I said that was doable, but the bank would need a day or two to get that much available ($16k) and both he and I would likely get reported to some government agency or another due to it being over $10k. He was not aware of that law about large amounts of cash.
As it turned out, further discussion revealed we both used the same bank. So we went to the bank, talked to a teller/supervisor who, as it turned out, knew us both, and she explained that we could simply transfer the funds direct from me to him. I filled out a withdrawl slip, he filled out a deposit slip, she punched a few buttons and handed us both receipts. We then used a conference room to do all the title/bill of sale paperwork.
09-18-2018, 12:23 PM
#17
Burning Brakes
The 'funny' part about sellers refusing to accept bank checks is that the frauds are usually checks drawn on banks from other countries.
If the sale happens during business hours, and there's a branch of that bank local to the sale, then the check can be verified with a quick visit. The funds won't be 'in his account', but the validity of the check will be confirmed.
My last purchase was local. When we got down to discussing money, the seller said he preferred cash. I said that was doable, but the bank would need a day or two to get that much available ($16k) and both he and I would likely get reported to some government agency or another due to it being over $10k. He was not aware of that law about large amounts of cash.
As it turned out, further discussion revealed we both used the same bank. So we went to the bank, talked to a teller/supervisor who, as it turned out, knew us both, and she explained that we could simply transfer the funds direct from me to him. I filled out a withdrawl slip, he filled out a deposit slip, she punched a few buttons and handed us both receipts. We then used a conference room to do all the title/bill of sale paperwork.
If the sale happens during business hours, and there's a branch of that bank local to the sale, then the check can be verified with a quick visit. The funds won't be 'in his account', but the validity of the check will be confirmed.
My last purchase was local. When we got down to discussing money, the seller said he preferred cash. I said that was doable, but the bank would need a day or two to get that much available ($16k) and both he and I would likely get reported to some government agency or another due to it being over $10k. He was not aware of that law about large amounts of cash.
As it turned out, further discussion revealed we both used the same bank. So we went to the bank, talked to a teller/supervisor who, as it turned out, knew us both, and she explained that we could simply transfer the funds direct from me to him. I filled out a withdrawl slip, he filled out a deposit slip, she punched a few buttons and handed us both receipts. We then used a conference room to do all the title/bill of sale paperwork.
I bought a car a decade and a half ago and the buyer would only take cash. Having only $4k in my pocket, since I was really only after the parts the guy was selling, I had to go to the bank.
Driving to the city, I went to the bank and tried to withdraw another $16k. No dice. They would only give me $10k in a day. Since my mother was with me, and also used the same bank, she agreed to "loan" me the remaining $6k. The teller looked at us like, whatever, and I agreed. How silly, we both nodded. But that's banking rules.
09-18-2018, 02:49 PM
#18
Nordschleife Master
I honestly don't know exactly how it works.
I asked the bank (the branch I regularly go to) if it would be possible to get $16k in cash. They said "yes, but we need at least a day's notice, and we have to notify the IRS."
I asked the bank (the branch I regularly go to) if it would be possible to get $16k in cash. They said "yes, but we need at least a day's notice, and we have to notify the IRS."
09-18-2018, 05:06 PM
#19
Burning Brakes
The bank "ordering enough cash" is one issue, the other is the IRS requirement. https://www.irs.gov/businesses/small...-of-over-10000
I once sold a car and since I knew the guy well, took his personal check. The following day (a Friday), went to their bank (BOA) and cashed it. They wanted to print a cashiers check, which I declined. They claimed they did not have enough cash on-hand, which I suggested they go to another bank or ATM, if short. Not my problem. They gave me the money, which was $9,999. I then took the cash to my bank next door and deposited. Done.
09-18-2018, 05:53 PM
#20
Banks usually make excuses on why the cannot give you large amounts of cash. I was buying a car a few years ago, They say it is for safety or tax reasons. I told them I was buying a car and the seller would only accept cash. The told me that anything over 10K would require them to report it to the IRS and they made it sound like a deterrent. I told the teller fine, give me the limit, and close my accounts and provide me a cashiers check for the balance. She actually tried to argue with me. So I asked for the branch manager. Had a discussion with him as well. Finally told him that it was my money and if they didn't let me have the funds to buy a car, I was going withdraw every penny and take my business elsewhere. I also mentioned that I would post online that Bank of America won't let you have your money so you should go close your account and be sure to ask for cash. I got my cash, but I also ended up closing my accounts with BOA. I opened a free account with Chase who support Veterans, and every time I go into the branch I'm greeted by name and they are always very helpful.
09-18-2018, 05:55 PM
#21
Racer
Thread Starter
There are a lot of good answers here, and some funny stories as well. I think I won't try to finesse it, just fly in, inspect the car and hand over the dough. I will just have to sweat out the transport back to home base. Insured, of course (thanks for the reminder Mrspencer)
09-18-2018, 11:12 PM
#23
Racer
Thread Starter
LOL. No, I don't think it is a great deal but I have been looking a long time locally and haven't found my unicorn. This comes as close as I have gotten:
https://www.ebay.com/itm/1989-Porsch...BbbJgJ&vxp=mtr
https://www.ebay.com/itm/1989-Porsch...BbbJgJ&vxp=mtr
09-19-2018, 12:59 AM
#24
Rennlist Member
The 'funny' part about sellers refusing to accept bank checks is that the frauds are usually checks drawn on banks from other countries.
If the sale happens during business hours, and there's a branch of that bank local to the sale, then the check can be verified with a quick visit. The funds won't be 'in his account', but the validity of the check will be confirmed.
My last purchase was local. When we got down to discussing money, the seller said he preferred cash. I said that was doable, but the bank would need a day or two to get that much available ($16k) and both he and I would likely get reported to some government agency or another due to it being over $10k. He was not aware of that law about large amounts of cash.
As it turned out, further discussion revealed we both used the same bank. So we went to the bank, talked to a teller/supervisor who, as it turned out, knew us both, and she explained that we could simply transfer the funds direct from me to him. I filled out a withdrawl slip, he filled out a deposit slip, she punched a few buttons and handed us both receipts. We then used a conference room to do all the title/bill of sale paperwork.
If the sale happens during business hours, and there's a branch of that bank local to the sale, then the check can be verified with a quick visit. The funds won't be 'in his account', but the validity of the check will be confirmed.
My last purchase was local. When we got down to discussing money, the seller said he preferred cash. I said that was doable, but the bank would need a day or two to get that much available ($16k) and both he and I would likely get reported to some government agency or another due to it being over $10k. He was not aware of that law about large amounts of cash.
As it turned out, further discussion revealed we both used the same bank. So we went to the bank, talked to a teller/supervisor who, as it turned out, knew us both, and she explained that we could simply transfer the funds direct from me to him. I filled out a withdrawl slip, he filled out a deposit slip, she punched a few buttons and handed us both receipts. We then used a conference room to do all the title/bill of sale paperwork.
Interesting comments: Banks have required that you pre-order large amounts of cash before withdrawing it for quite a few years. I have no idea why anyone would be worried about the $10,000 cash transaction limit when purchasing a car. So what if the IRS knows as long as you keep accurate records and report your transactions accurately.
I kind of chuckle at my collapsed deal... The seller ended up losing a high dollar sale... Because he would not trust the authenticity of a Certified Check with my bank's Vice President ready to verify the funds on deposit via phone to his banks representative. Go Figure!
Last edited by 928 GT R; 09-19-2018 at 01:41 PM.
09-19-2018, 03:09 AM
#25
There are a lot of good answers here, and some funny stories as well. I think I won't try to finesse it, just fly in, inspect the car and hand over the dough. I will just have to sweat out the transport back to home base. Insured, of course (thanks for the reminder Mrspencer)
saved me I sent the pics to the insurance and the car repainted, also don't use RITEWAY WHEELS they suck they put 28 miles on my car, kept telling me how fast the car was and to be careful. Goodluck.
