I have a purchaser for my Z06. He is going to pay cash money for the whole car.
Right now, I've asked him to meet me at a bank so that we can have the bank check the money. He's ok with that.
He won't do a cashiers check for various reasons.
Does anyone have experience with full cash transactions? What should I do to protect myself from counterfeit money? Do those pens really work? Does the bank provide me any protection?
Thanks all!
Kevin
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2004 Porsche GT3 Speed Yellow, Short Shift (FOR SALE)
2004 Toyota Sienna Metallic Red, Cloth seats, Automatic
2004 Corvette Z06 Milenium Yellow Stock (Sold 5/06)
1992 Torch Red C4 Coupe (Sold in 03)
Personally, I'd have him do a wire transaction directly to your bank while you both sit in front of the customer service rep. Then sign the title to him there.
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Come to the Z06 Fest!
Performin' Norman
If it's cash and the bank says the money is GOOD, then the money is GOOD. You can forge a cashier's check and the bank will immediately act like it's good then come back on you and say it's NOT. IF you weren't at the bank and accepted cash, then you'd have reason to be cautious.....
Kinda weird in my mind. But if he's ok with handing the cash over at the bank, and ok with them checking it - I can't think of a way I can get defrauded.
Anyone read this differently?
My guess is the guy does business in cash, and it's not tracked by the tax man. But I don't know.
I would be very careful. Meet him at your Bank, alert your Banker prior to coming so they are ready for you. Have them verify the funds are legit and deposit the money into your account. Make sure to let the bank know so they can verify the funds are legit. The Bank will have to do a CTR report on any cash transaction over $10,000.
Who's bank are you meeting at? I doubt a bank that you DON'T have an account with, will take the time to look at all the cash to verify it's authenticity. They won't just "do you a favor".
Also, you can bet your bottom dollar that the "tax man" will surely get involved when and if you attempt to deposit cash in excess of $10,000.
It seems a little strange that he won't do a cashier's check.
Norman has the correct solution. A wire transfer is definitely the way to go.
There are so many rich people in the US. Paying for cash less than 30 or 40k is to the rich no big deal. The guy i bought the car from is a millionaire. He paid cash for the car when he bought it then shipped it to daytona in his vacation home and only drove it while he was there...thus the low miles. If he's willing to do what you asked for, he is one of those rich guys that i am talking about. Hey ! I'll sell him mine. Good luck.
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01 Z06 TR, Getrag 3:73 gears, Long Tube full length headers ceramic coated, Corsa Exhaust & X-Pipe Crossover, Penske 7500 Indy style tuned suspension, lowered 1 in.,Koolmat plug wire covers, K&N cold air intake,Reprogrammed ECU, short throw shifter,MI pilot sports, optima red, piaa and euro lights, shorty ant.
Just have your bank check it and deposit it into your account while you are there. Then do the title paperwork right there and hand him the keys and a handshake.
I paid for mine with a cashier's check and some cash- We drove to a B ofA, and I got the check right in front of my seller, so he knew it was legit
Basically, They called at 4pm yesterday. We met, and they agreed on a price for the car, but it was after banking hours, and they wanted me to follow them to their house to get the cash. I told them I was not comfortable carrying that kind of money, so I'd like to do it at the bank. Let's meet in the AM today, and do the deal. They agreed.
Well - just called the buyer to finish up the deal and strangely enough they backed out. Surprise. NOT!
Ah well. Everything happens for the best. If they'd have wanted the car, they'd have made the purchase. And more likely, they were shady and trying to pull something over.
Location: Phoenix, Arizona Winterfest I and II Z06 Fest VII
Posts: 820
You did the right thing waiting until the bank opened!
Unfortunately you can't trust anyone. It's a sign of the times. I had my Z up for sale last year (and then I came to my senses!) and some jerk called and asked if I would let him drive the car to his mechanic -- 60 miles away. I said no. Come and look at the car and if you're interested I'll take you for a ride in it. If you have the check in hand, "I'll" drive it to your mechanic for inspection. He said I was being an a$$ and hung up.
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Steve
Black '04 Z06
Removed Clutch Pedal Return Spring = 444 rwhp
I find that in my business dealings, I never let another person rush me, or make me feel rushed.
I let them know up front how I want to do business, and if they get beligerent, or rude, I usually find that I don't want to do business with them!
In this case, they called out of the blue at 4pm. Wanted to meet, and wanted to do a cash deal all in the space of 2 hours. Seemed kinda rushed to me.
I was up front with them, told them I'd take the cash tomorrow in a bank, and they could have the car.
And then they backed out this morning.
When I called to setup the meeting, they told me that "Wow! It seemed like you did not want to sell - so we purchased a really great viper. copper color with that shifting paint."
Being the polite person I am, I just told them I was happy they found a car they liked, and said goodbye.
Like I said, everything happens for a reason, and I probably saved myself from getting scammed, shot, robbed, or at worst, selling the car for cash.
Personally, I'd have him do a wire transaction directly to your bank while you both sit in front of the customer service rep. Then sign the title to him there.
Your bank will be informed of the incoming wire. Norms right,
this is a safe way to go.
If you take cash you will have to fill out some forms to deposit it with your bank. Talk to someone at the bank and they will explain. It's something like a "cash transaction report", any cash deposit over 10k needs documentation.
Your bank will be informed of the incoming wire. Norms right,
this is a safe way to go.
If you take cash you will have to fill out some forms to deposit it with your bank. Talk to someone at the bank and they will explain. It's something like a "cash transaction report", any cash deposit over 10k needs documentation.
Umm...Scott!! You need to read the posts before you waste your time posting stuff that's moot.
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I said no. Come and look at the car and if you're interested I'll take you for a ride in it. If you have the check in hand, "I'll" drive it to your mechanic for inspection. He said I was being an a$$ and hung up. 
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