Car corrals

[flatiron44]

How do funds change hands at most car corrals.
Example: I take my 69 Roadrunner to Carlisle some Guy from Eastjesus Iowa wants to buy it. How do I make sure I get my money ?

 

[Richard Cranium]

How do funds change hands at most car corrals.
Example: I take my 69 Roadrunner to Carlisle some Guy from Eastjesus Iowa wants to buy it. How do I make sure I get my money ?

Simple: accept cash.

 

[moparedtn]

Simple: accept cash.

Quick question in relation to this:
Are wihdrawals of more than $10k required to be reported to the tax feds like deposits are?

 

[Outlawd]

Are wihdrawals of more than $10k required to be reported to the tax feds like deposits are?

The line is 10000.01 on withdrawals.

 

[Richard Cranium]

Quick question in relation to this:
Are wihdrawals of more than $10k required to be reported to the tax feds like deposits are?

Of course, if the cash was never in a bank to begin with, this is not an issue. There's plenty of people that do substantial cash reserves on hand as play money and that doesn't mean that there's anything nefarious about having a stash. I know people who are scared of carrying around a couple hundred bucks, but in our hobby, cash always talks.

 

[gtx6970]

Quick question in relation to this:
Are wihdrawals of more than $10k required to be reported to the tax feds like deposits are?

You dont have to report it.
But the bank will , sometimes they tell you do, others do not

 

[Jesse6869]

I was recently at Home Depot wanting to buy lumber paying cash 12k. Then they wanted me to fill out a tax form so i cancelled. they said it changed recently 9k limit so cancelled transaction And paid half rest on card.BS they want to keep track everywhere you go.

 

[Big Bad Dad]

Its disturbing that we have to worry about how to buy, sell, and spend our own money while worrying about what the government might decide to do about it. Audit? Raid by DEA or FBI? Tax us on selling an old item we have had for years that is not part of a for profit business transaction?

example: If I have a new car that I bought for $25K, and sold it after it gets old and depreciates for $1K, do I get to take it off my taxes? NO
But if I have an old car that I bought for $1K, and in 30 years it appreciates to being worth $25K, do I have to pay taxes on the increase in value?
(And I am not a dealer or in business, I just happen to have an old car that I owned a long time.)

So, if I do not declare it to IRS, am I guilty of a crime?
Or if I am carrying $25K to either go buy a car, or coming home after selling a car, can the cops seize my money for carrying a large amount of cash?

Anyway, I find it sad and disturbing to have to even think about it.

 

[VANDAN]

Thus the C(entral) B(ank) D(igital) C(urrency). As for OP, bring Cash, enough to cover your most expensive targets, and some extra for those items you never expect to find...
Always good to have an extra $100K in your pocket, in case RC needs to sell a Hemi car !!!

 

[Hey-O]

Quick question in relation to this:
Are wihdrawals of more than $10k required to be reported to the tax feds like deposits are?

I have walked in my bank and walk out with 30 thousand dollars, in cash, in brand new twenties still wrapped, in a paper bag. All they have ever asked me for is advanced notice to make sure they have the available funds. I have no idea who I should report to about taking out my money, out of my account. What and who the bank reports to about my transactions has NEVER been brought up to me. My credit union knows how I roll and apparently it's not a problem for them. If there was going to be a red flag, it should be with how much I keep in cash at the bank, again, no ones business. Cash and a credit card make my world go around and have for 50 years, including today. They have the power and the ability to see where every dime I have came from and can now see that I took it out. **** them.

 

[flatiron44]

I think we have kind of gotten off topic

 

[toolmanmike]

I think we have kind of gotten off topic

I have often wondered how that works. Cash would be best. If you hold the title until the check clears but they have the car I can see where that could go all wrong.

 

[Richard Cranium]

Thus the C(entral) B(ank) D(igital) C(urrency). As for OP, bring Cash, enough to cover your most expensive targets, and some extra for those items you never expect to find...
Always good to have an extra $100K in your pocket, in case RC needs to sell a Hemi car !!!

If you got a spare hundred large, have I got a Hemi car for you!

 

[cosgig]

If it’s a high dollar car, there will be a more entailed process than the $20k and under crowd. But guys with high dollar cars already have that system in place. I would have no problem taking $20 large to a corral to buy a car if I was in a buying mood. In all my years of selling, I’ve never seen a check woo someones price like a handful of cash does.

 

[68BabyBlue]

I have often wondered how that works. Cash would be best. If you hold the title until the check clears but they have the car I can see where that could go all wrong.

The context of the car corral sets unique parameters. As a seller, you know nothing about the buyer. The buyer knows nothing about the seller. This would make a great law school exam question. Waiting for the personal check to clear works if the buyer knows the location of the car, and can seek replevin (legalese for get possession) if non delivery occurs after the check clears, but who wants to go through that. I've done the personal check as both buyer and seller, but was able to vet the other party in each case (as they did me as well.) Did this with two members here, and I think it speaks well that both transactions closed smoothly.

In the car corral setting, a personal check from a buyer would work for the seller, as long as he or she maintains possession. But, I doubt many potential buyers would want to take the risk of non delivery.

 

[Jesse6869]

Well when I bought my charger I ask cash ok he said yes I showed up with cash he was surprised I guess. Then he said how am I going to count that or trust issues (counterfeit) had me go to bank then get cashiers check. All was pain in the A.

 

[Triplegreen500]

Dollar bills, or if you and the buyer both have bank access you can do a direct wire transfer and as soon as the funds show up...here y'go.

Another option is check. Write up a quick bill of sale (buyer/seller/VIN/price) stating the buyer takes the vehicle, seller holds the title until the check clears then mails it certified (with receipt) to the following address. If the chekc doesn't clear, you have the document to back you up. Buyer and seller both sign and date. Take a photo with your phone if someone wants "copies".

 

[Dave6T4]

Not everybody carries $30-40,000 in cash around with them. Take a cash or personal check deposit on the car until potential buyer comes up with remainder in cash or certified cheque. Give a receipt for the deposit, with a note that seller retains possession and ownership until fully paid. I live in Ontario and took a car to sell at Carlisle. Because of import/export rules, the sale of the car had to be completed in Ontario. I explained this to an interested potential buyer, and he said he was OK with it. I took his personal cheque as a deposit, and agreed to meet him at the border (I live 2 hours away.) when he came to Ontario to complete the purchase. In the meantime, the purchaser had to acquire a North American passport to get into and out of Canada. The purchaser brought a certified cheque, and he received a notarized bill of sale, the signed-over car ownership, a couple of completed and signed import papers and his car. He had to fill out additional import papers at the border crossing, and he was on his way. I realize this procedure would not work for everyone, but it worked for us.

 

[gkent]

Do "certified cheques" not exist in the greatest country in the world ?!?!

 

[Dave6T4]

Yes, we do have them in Canada. LOL