I'm selling my truck today

[kd2777]

Well I think I am going with the cashiers check. My bank and a couple others said to use it. I still like the for sureness off the cash, but I don't want to pack that much or the hassle of the IRS paper work when I go to deposit tomorrow.

Thanks

kd

 

[Hummin]

Well, cash is king, but a certified check is another option.

Why not just schedule a meet time that's conducive to both of you at his bank?

 

[eminemrh25]

Use Western Union and ship it off to africa!

Is he traveling to where you are to pick up the truck or is he having it delivered to him?

If you are meeting him locally, I suggest you buy a pistol (no joke either) and meet him in person and get cash for it.

I don't see what IRS stuff you would have to go through.. My friend just sold his 1995 BMW M3 for $13500 and he has had no IRS stuff..

 

[Kelemvor]

I'd also recommend doing it at his bank when they are open. That way he can go up to the counter, get the cashiers check or cash, and give itto you and you are guaranteed that it's not a fake or anything.

But if doing it after hours, I'd require cash. Or you keep the title, give him the trcuk. Then once you cash the check and are sure it's all OK, then you can mail him the title. If he's asking you to trust his check is good, he can trus tyou to send him the title. Just write out a receipt that says you will do that and have both of you sign it.

 

[AdamSnow]

That's a lot of cash to have on you... I wouldn't do that...

Get a certified check and you will be good to go...

 

[K1052]

I'd accept a cashier's check from a major bank though I would much rather do it during banking hours to make sure everything goes ok.

I don't like the idea of getting nearly $20K in cash at night from a guy I don't know.

 

[bmacd]

depends on who's selling it to you. I took a large check from a personal friend when I sold my Jaguar.

-=bmacd=-

 

[skyking]

Cash is fine, so long as you can vouch that it all came from a bank, no counterfeits.
Get all his info off his drivers license. You'll need that for the seller's report anyway.
IF it really bugs you, have a friend there.

 

[kd2777]

Originally posted by: skyking
Cash is fine, so long as you can vouch that it all came from a bank, no counterfeits.
Get all his info off his drivers license. You'll need that for the seller's report anyway.
IF it really bugs you, have a friend there.

I have to take someone with me, how else would I get home ....

 

[NutBucket]

How much cash are we talking here? I asked for about 4k in cash when I sold my car.

EDIT: IRS paperwork?

 

[mugs]

Originally posted by: NutBucket
EDIT: IRS paperwork?

Cash transactions > $10,000 require it

 

[NutBucket]

Well, OP still hasn't said how much money this transaction involves.

 

[mugs]

Originally posted by: NutBucket
Well, OP still hasn't said how much money this transaction involves.

If he's worried about IRS paperwork for a cash transaction, then apparantly it's > $10k.

 

[NutBucket]

doh! That's monday morning for ya I've only been at work an hour

 

[skyking]

the IRS paperwork is no problem. Nobody said you had to deposit it all at once, or even in the same bank account

 

[mugs]

Originally posted by: skyking
the IRS paperwork is no problem. Nobody said you had to deposit it all at once, or even in the same bank account

Even so, I would never accept $10k+ cash from someone unless I was standing in the bank I was going to deposit it in. I don't feel like digging up the thread on the girl who had $4k cash stolen from her on the street.

 

[SuperSix]

There's a TON of fake cashier's checks out there - make sure to call the issuing institution to check it's authenticity, using a phone number YOU obtain (yellow pages, 411, etc), not one the seller gives you.

I would only take cash, and if you're worried about the IRS 10k deposit limit - make 1, 2, or 3 deposits over a short time period.

 

[George P Burdell]

USPS money order??

/runs and hides

 

[RossMAN]

Originally posted by: SuperSix
There's a TON of fake cashier's checks out there - make sure to call the issuing institution to check it's authenticity, using a phone number YOU obtain (yellow pages, 411, etc), not one the seller gives you.

I would only take cash, and if you're worried about the IRS 10k deposit limit - make 1, 2, or 3 deposits over a short time period.

1) Agreed there are a lot of counterfit cashiers checks in circulation. So even if it's a cashiers check which is considered "guaranteed funds" just make sure to verify the funds are legit. How? Visit a local branch or call them on the phone. I've issued and cashed dozens of cashiers checks over the years and never had a problem. Then again I work for financial investigations and am a paranoid son of a bitch.

2) Actually that's "structuring" which is illegal and in violation of the BSA (Bank Secrecy Act). Google bank secrecry act structuring to learn mroe.

Personally I would go with a wire transfer. If your bank knows what they are doing, they cannot withdraw funds unless:

1) You authorize the withdrawal of funds.

2) The sending bank indemnifies your bank that if you take any legal action against them, they will pay all legal costs associated with your suit. Most banks will not indemnify unless it's a BANK ERROR and they need to "make the customer whole".