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selling a car

S

steve from staten island

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Lets assume the vehicle sells for over 30 grand and its a private sale. Do you insist on cash?
Thats a lot of money to be carrying around, plus counterfeit is a issue. What is a guaranteed method of accepting payment? Do you hold on to vehicle? Meet at your bank.
Exactly what is the safest way of having a no issue experience and knowing funds are secure when your car leaves your possession.
 
Bank check works the best.Have you bank contact his bank and have them check for funds, and have a wire transfer to your account. Unless you don't want any records for tax reasons or whatever.
 
I recently sold a Corvette privately for $35K. The buyer and I went together to his bank and he got a cashiers check from the teller and handed it to me. The only other way I would have done it was cash. You're right though...that is a lot of cheese to be walking around with!
 
Darter6 said:
Bank check works the best.Have you bank contact his bank and have them check for funds, and have a wire transfer to your account. Unless you don't want any records for tax reasons or whatever.
Click to expand...
Have the funds deposited in an account that has very little money in it. Then immediately transfer to another account. Wire transfers can be reversed in the 1st 24 hours.
 
If it’s a large amount I go to their bank with them, they do the transaction as you stand there, and the teller hands me the bank draft directly. If it’s a bank draft the bank is the one guaranteeing the funds. They debit the customers account and re-issue the same amount on a guaranteed draft from the bank. It’s safe, it’s in your name etc....

Cash is fun too, in Canada we have plastic money now and it looks like you couldn’t counterfeit it all so I’m not too worried about that. Then you can hoard it for as long as you’re comfortable or if you get scared like I do drive straight the bank and deposit it. Lol
 
Cashiers checks are a big scam these days unless you are with buyer, as previously stated, when he gets it from his bank. I don’t know how your bank could cash a cashiers check and then call you 3 days later stating it isn’t good, but that is a scam that has bitten people in the Butt.
 
Transactions over 10k can get IRS asking questions. They will want capital gains tax paid, what's it 20 or 22%, thank you very much. I have a box of receipts for hobby parts back to 1971. I like the smell of cash.
 
cash, grass, or ***... oh wait sorry... wrong thought pattern. Certified Bank Check for absolute clarity and assurance... however, as stated above, comes with tax responsibility. Cash if you want to keep everything under the table.
 
I myself would be going to the bank with the buyer a getting cash and a note from the bank stating where and the funds are going too. I have a real hard time putting trust in people these days with everything thats going on . Or have the bank do the transfer.
 
Cash is king!

Unless you want to declare it at tax time and pay 20% long term capital gains tax
 
If it's a resto that you did it's unlikely you would pay capital gains tax as the MOUNTAIN of receipts that you have on the build would more than offset what you got out of it.
 
Cash is where its ar for me.
 
jamie said:
If it's a resto that you did it's unlikely you would pay capital gains tax as the MOUNTAIN of receipts that you have on the build would more than offset what you got out of it.
Click to expand...
Not for me.:D The tax hit.:eek::praying:
 
Unfortunately, sweat equity does not count.
For those of us who do our own work and hunt for parts at swaps and online, it’s a losing battle.
 
I don't care how much or where you live or deal with ****

unless it's a reputable business or someone I really know well
CASH or a Bank draft
(or a wire transfer by a reputable neutral party, bank/lawyer etc. not the buyer)
only in rare occasions

too many other forms of payment can be forged &/or go bad
 
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