What's wrong with people?
06-28-2017, 11:22 AM
#17
Burning Brakes
Have you met the person and seen the car? I always do the whole transaction at a Bank with a notary. For instance if I'm selling a car I go to my bank that has a notary and meet the person. They give me the check and we sign the title over. I will say it still makes me a little nervous because in theory the funds may no longer be available for the cashiers check and since it takes a few days to clear my car will be long gone with the title.
Be cautious is all I can say.
Be cautious is all I can say.
06-28-2017, 11:44 AM
#19
Rennlist Member
Ill make the drop for you.
06-28-2017, 12:41 PM
#20
RL Community Team
Rennlist Member
Rennlist Member
Cash transactions of a certain value also get reported by the financial institution to the IRS - that value used to be $10,000 or greater - not sure if it's still the number or if it has gone up over the years, and I'm a law-abiding citizen (well, except for speeding laws) that pays his taxes, but still don't need to purposely put myself on the government radar for a car purchase.
If he has work done at his local Porsche dealer, they may also be willing to act as the intermediary in the transaction, which may also be an option.
If he has work done at his local Porsche dealer, they may also be willing to act as the intermediary in the transaction, which may also be an option.
06-28-2017, 01:35 PM
#21
Burning Brakes
Thread Starter
The only way to complete this transaction is through cash. He wants it infront of teller so risk of carrying 40k in cash is not there so I am protected I guess but still I have never seen someone that bad in my life. I bought many cars and sold many and the only method I would take is cashiers check. I don't trust cash myself!
06-28-2017, 01:51 PM
#22
Rennlist Member
Consider that maybe he's been ripped off in the past and now he's being cautious.
He doesnt know if you're a swindler from Jack.
Im probably alot more trusting than I should be because I assume people would act and behave the same was as I do...... WRONG
Theres some good advice here. ... and be cautious yourself
Good Luck
He doesnt know if you're a swindler from Jack.
Im probably alot more trusting than I should be because I assume people would act and behave the same was as I do...... WRONG
Theres some good advice here. ... and be cautious yourself
Good Luck
06-28-2017, 02:02 PM
#23
Burning Brakes
two words
escrow account cost about 100.00 easy peasy did it for my airplane sale for only 20,000 dollar amount. I take company checks for twice that much every month.
escrow account cost about 100.00 easy peasy did it for my airplane sale for only 20,000 dollar amount. I take company checks for twice that much every month.
06-28-2017, 03:21 PM
#24
Drifting
Cashier's check is essentially irreversible. There are limited options if the check is stolen or never cashed, but aside from those, once you give the check away, you're committed. It's not like a standard check where the person can write a bad one or clear out his account after the check is written. When you get one, the funds are debited from your account and placed in an account that is tied to the check.
Waiting for a check to clear is not a good option, by the way. Banks will often credit your account for a cashier's check and run it, but it could be several days before a fraudulent cashier's check is discovered and by that time, you are out your merchandise and on the hook for the money if you have withdrawn it or spent it. In addition, if you receive a check that was written off of a legitimate account but the check is fraudulent (stolen check, for instance) you could be liable for the funds much later, when the fraud is discovered.
But, receiving a cashier's check from the purchaser that is generated at the teller line at that person's bank is almost foolproof. Take that cashier's check to your bank and cash it or deposit it and you're clear.
BTW, deposits of $10k or more are still reported to the Fed. Less, in some circumstances. Multiple deposits of smaller amounts where the total is over $10k that are obviously structured to avoid reporting are also noted by the bank and usually reported.
Waiting for a check to clear is not a good option, by the way. Banks will often credit your account for a cashier's check and run it, but it could be several days before a fraudulent cashier's check is discovered and by that time, you are out your merchandise and on the hook for the money if you have withdrawn it or spent it. In addition, if you receive a check that was written off of a legitimate account but the check is fraudulent (stolen check, for instance) you could be liable for the funds much later, when the fraud is discovered.
But, receiving a cashier's check from the purchaser that is generated at the teller line at that person's bank is almost foolproof. Take that cashier's check to your bank and cash it or deposit it and you're clear.
BTW, deposits of $10k or more are still reported to the Fed. Less, in some circumstances. Multiple deposits of smaller amounts where the total is over $10k that are obviously structured to avoid reporting are also noted by the bank and usually reported.
06-28-2017, 04:57 PM
#27
Rennlist Member
as others have suggested escrowe.com
they are registered with government etc..
otherwise move on as there are lots of 997s for sale. avoid getting robbed.
my rule is to never ignore any red lights during a transaction, every time in the past that I have ignored one it has come back to bite.
they are registered with government etc..
otherwise move on as there are lots of 997s for sale. avoid getting robbed.
my rule is to never ignore any red lights during a transaction, every time in the past that I have ignored one it has come back to bite.
06-28-2017, 05:25 PM
#28
Nordschleife Master
can you not just give him your forum handle and he can go through your post history to make a judgment call on what kind of person you are? it's not rocket science to assess someones character thanks to years for forum(s) history and contribution.
06-28-2017, 05:37 PM
#29
Originally Posted by Iceter
Cashier's check is essentially irreversible. There are limited options if the check is stolen or never cashed, but aside from those, once you give the check away, you're committed. It's not like a standard check where the person can write a bad one or clear out his account after the check is written. When you get one, the funds are debited from your account and placed in an account that is tied to the check.
Waiting for a check to clear is not a good option, by the way. Banks will often credit your account for a cashier's check and run it, but it could be several days before a fraudulent cashier's check is discovered and by that time, you are out your merchandise and on the hook for the money if you have withdrawn it or spent it. In addition, if you receive a check that was written off of a legitimate account but the check is fraudulent (stolen check, for instance) you could be liable for the funds much later, when the fraud is discovered.
But, receiving a cashier's check from the purchaser that is generated at the teller line at that person's bank is almost foolproof. Take that cashier's check to your bank and cash it or deposit it and you're clear.
BTW, deposits of $10k or more are still reported to the Fed. Less, in some circumstances. Multiple deposits of smaller amounts where the total is over $10k that are obviously structured to avoid reporting are also noted by the bank and usually reported.
Waiting for a check to clear is not a good option, by the way. Banks will often credit your account for a cashier's check and run it, but it could be several days before a fraudulent cashier's check is discovered and by that time, you are out your merchandise and on the hook for the money if you have withdrawn it or spent it. In addition, if you receive a check that was written off of a legitimate account but the check is fraudulent (stolen check, for instance) you could be liable for the funds much later, when the fraud is discovered.
But, receiving a cashier's check from the purchaser that is generated at the teller line at that person's bank is almost foolproof. Take that cashier's check to your bank and cash it or deposit it and you're clear.
BTW, deposits of $10k or more are still reported to the Fed. Less, in some circumstances. Multiple deposits of smaller amounts where the total is over $10k that are obviously structured to avoid reporting are also noted by the bank and usually reported.
06-28-2017, 05:39 PM
#30
Rennlist Member
I think the deal at the bank is the best option or you can pay a car dealership to do the transaction for you.
