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  #21  
Old 12-04-2013, 10:06 AM
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I think the underlying point is, if they have the money to write you a check, cashier's check, certified check, or money order, then they should have the money to bring cash.

Another option is to work with a dealer- doesn't JKimmel sell cars? Thinking out loud here, but if you were down with a dealer maybe you could work a deal where you meet at his lot, then give the dealer a small fee to manage the transaction for you. For that matter the buyer could get financing and an extended warranty. This would be like doing a FSBO on your house, then hiring a real estate lawyer to help handle the title work, etc. Our club actually has a great resource for this..

I know a guy in Littleton who would probably do this for you, let me know if you want his number.
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  #22  
Old 12-04-2013, 10:37 AM
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There are couple of things to mention expanding Nakman's comments.

First anytime there is a cash transaction over $10,000 the IRS and FBI can get involved. There are laws with respect to money laundering, drug war fighting and PATRIOT Act that kick in. So if you withdraw or deposit above $10K your transaction is supposed to be reported. I am not laundering money, selling or buying drugs or involved with t3rr0rists so if gov't agents want to stop surfing p0rn at work and waste time looking into me buying a truck, more power to 'em.

Second, I don't know that a dealer would be able to facilitate anything unless they are actually taking possession of the car. IOW, wouldn't they have to actually buy the car, sign the title and then sell it to you? There are provisions on the title for this I think, specifically so a dealer does not have to actually have to have a new title issued for what amounts to temporary ownership. In any case, I sort of doubt they would do this for cheap. If there a loan and the amount was large, it might be worth it. For $5K, cash, cash, cash!
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  #23  
Old 12-04-2013, 11:29 AM
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Yeah Dave I'm just brainstorming on the dealer thing, really up to them obviously. But you'd think for an hour's time they'd be willing to earn a couple hundred bucks though, and heck if they could also sell a warranty and financing then even better for them. If they had to actually buy the truck then immediately resell it, so what- they're a car dealer that's what they do, it's not like they're really at risk. All seems pretty legit to me
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  #24  
Old 12-04-2013, 11:50 AM
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I've always done a bank check for $10k or more. If you are really worried about a shady buyer you can meet/drive to the bank and cash it as was previously mentioned. No way I'd take a personal check.
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Old 12-04-2013, 11:53 AM
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Just a couple points to add about the cashier's check vs certified check vs personal check vs cash thing. All of the above except cash can be cancelled/voided or have a stop-pay placed on them. Even if the certified funds are valid at the time you receive the check, until the check clears through the Fed system it can be declined for stop payment. They are marginally better than personal checks, but they are absolutely not perfect and still leave a lot of room for trouble.

The only methods I would ever suggest for payment of goods from peer to peer for large value transactions (over $1k or so) would be cash or wire transfer. Normally a wire transfer costs both the sender and receiver anywhere from $5 to $30, but it is the only instant, guaranteed transfer of funds method available. Cash is always best, but if someone refuses to get cash then I'd suggest wire. I work in treasury and can talk all day about payment methods, but those are truly the best ways to cover yourself. If they complain about the wire fee, I'd just offer to pay it for them to avoid a deal falling through.
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Old 12-04-2013, 12:10 PM
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interesting. I've always assumed a certified bank check came from verified funds and thus was as good as cash.
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Old 12-04-2013, 12:16 PM
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Once the bank takes the cash or you transfer funds to them to cover it, they write the check and it becomes a liability of the bank, not you.

I had a check issued when I bought a radio through QRZ.com a couple of years ago. It went missing within the USPS. FirstBank requires you to sign an affidavit and imposes a waiting period before they will issue a new check, so I assumed it would equally difficult to outright stop payment and get a refund. Not impossible, but not as easy as just stopping payment on a personal check.

Wire transfers still have an indeterminate period unless it's within the same bank in the same state. They might happen within a few minutes or it's been my experience at least overnight. It seems banks like to play the carry-trade game by holding funds overnight at the FED. Maybe now-a-days it's less likely with zero funds rates. It's safer than any personal check because the initiating bank would place a hold on funds so the account can't be closed or emptied before the transfer is complete.

It seems less safe than a cashier's check because the bank itself isn't directly liable for the money but I don't know anything about the process inside like MTSN.
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  #28  
Old 12-04-2013, 01:22 PM
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Quote:
Originally Posted by Jacket View Post
I've always done a bank check for $10k or more. If you are really worried about a shady buyer you can meet/drive to the bank and cash it as was previously mentioned. No way I'd take a personal check.
Meet at my bank or the buyer's bank? If at my bank, make the buyer wait until I deposit the check?

If I go wire transfer, just go down to the Western Union and take care of it there? Never done one of those before...

Thanks for all the help and guidance here guys, it sounds like several of us are learning new things and not just me!
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  #29  
Old 12-04-2013, 01:28 PM
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Quote:
Originally Posted by DaveInDenver View Post
Once the bank takes the cash or you transfer funds to them to cover it, they write the check and it becomes a liability of the bank, not you.

I had a check issued when I bought a radio through QRZ.com a couple of years ago. It went missing within the USPS. FirstBank requires you to sign an affidavit and imposes a waiting period before they will issue a new check, so I assumed it would equally difficult to outright stop payment and get a refund. Not impossible, but not as easy as just stopping payment on a personal check.

Wire transfers still have an indeterminate period unless it's within the same bank in the same state. They might happen within a few minutes or it's been my experience at least overnight. It seems banks like to play the carry-trade game by holding funds overnight at the FED. Maybe now-a-days it's less likely with zero funds rates. It's safer than any personal check because the initiating bank would place a hold on funds so the account can't be closed or emptied before the transfer is complete.

It seems less safe than a cashier's check because the bank itself isn't directly liable for the money but I don't know anything about the process inside like MTSN.
Wires can be relatively complex to discuss, and the funds availability and processing varies by banking institution. I approve and receive about 70 wires per day in my position at work (lots of financial contracts settling daily), and generally speaking from the point of releasing a wire to the time the recipient receives it is less than 5 minutes and it's a final settlment. Yes, they can theoretically recall the wire but it's very cumbersome, takes many days, costs a decent bit of money, and most importantly requires the authorization of the recipient. Granted, I deal with business to business corporate accounts, but if the sending bank and the receiving bank of individuals accounts' are at large institutions like Wells Fargo, BofA, Chase, Citi, etc. (and there's no issue with security stuff like OFAC) then it should post within the same kind of timeframe - definitely hours not days. I would say that in terms of safety, you'd be best with cash > wire transfer > cashier's check > certified check > money order > personal check > IOU
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  #30  
Old 12-04-2013, 01:38 PM
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Quote:
Originally Posted by subzali View Post
Meet at my bank or the buyer's bank? If at my bank, make the buyer wait until I deposit the check?

If I go wire transfer, just go down to the Western Union and take care of it there? Never done one of those before...

Thanks for all the help and guidance here guys, it sounds like several of us are learning new things and not just me!
Their bank. When you make a check deposit at your bank the balance is only potential funds. That's why when you make deposit they often tell you some or all of the funds are not available for immediate withdrawal. It's not really yours until the check clears through the system, so a week or whatever down the road you might find your account balance goes down because the check was no good. You want to cash the check then and there from their bank, then it's between the buyer and their bank if the check bounces and any reputable bank will verify funds and you want the other person still there if that happens to come back insufficient.
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