Paying for a car???

[Lynn H.]

Re: Paying for a car???

In my current and former businesses I handle quite a bit of cash at times. I did the required paperwork over twenty years ago and have never had any problems when dealing with over $10k at the bank. It is a myth that you can move $5k today and $5k tomorrow with out getting scrutiny. They have software that flags abnormal transactions and for most accounts doing that would be abnormal

Dick,
I understand what your saying, and do not mean to be disrespectful, but "myth"?? The fact of the matter is that by taking out $5K today, and $5K tomorrow, the bank is released from the obligation of telling the government about your banking transactions. As far as "scrutiny", I get that every day of my life from someone, and could care less. About two years ago I went to my back and took out $8500 cash. The teller actually asked me, "what do you need all this cash for"? Not wanting to put her in her place at first, I just told her that I was going to an auction and looking into purchasing a classic car (the truth). She then asked me" what auction, where is it at"? At which time I changed my mind about "putting her in her place", and looked into the camera (which we are all on just about everywhere we go these days), and proceeded to let her know it was none of her f****** business, and I could not believe she had the audacity to attempt to grill me about what I do with MY money, cash or otherwise. I had no doubt that she was trained and "told" to do this type of thing (my daughter works at a major bank). The reason they do this type of BS, is that too many individuals play into the game that they play, instead of sticking up for our individual rights. As long as YOU know you are not up to anything against the law f*** them. It's none of their business. I think I do need that blood pressure pill now!!
Lynn

[Dick W.]

Re: Paying for a car???

Quite a few local residents were required to testify, before a Federal Grand Jury, about cash transactions several years ago. Ever jeweler, car dealer, anyone that could/would normally see large cash purchases. A lot of scrutiny of the local banks and their depositors. Was very informative to the unwashed as to what our government knew. And since 9/11 it has gotten even tighter

[Pat M.]

Re: Paying for a car???

I agree Lynn. Similarly, it always irks me when news/police reports ominously note that a person had "a large amount of cash" on them, as if that, in and of itself, is a crime and/or always indicative of illegal activity.

[Lynn H.]

Re: Paying for a car???

Quite a few local residents were required to testify, before a Federal Grand Jury, about cash transactions several years ago. Ever jeweler, car dealer, anyone that could/would normally see large cash purchases. A lot of scrutiny of the local banks and their depositors. Was very informative to the unwashed as to what our government knew. And since 9/11 it has gotten even tighter

You are so right about that Dick. The SAD thing and the truth of the matter is, that we ARE NOT any safer because of it, we just have less rights now.
Lynn

[Lynn H.]

Re: Paying for a car???

I agree Lynn. Similarly, it always irks me when news/police reports ominously note that a person had "a large amount of cash" on them, as if that, in and of itself, is a crime and/or always indicative of illegal activity.

You could NOT be more correct. I am sure people can see this is a very touchy issue with me, I just wish that more of the people who call themselves AMERICANS felt the same way. I have a feeling this may be one of those threads that gets removed for being "off topic", and rightfully so. But, it seems that where ever we as a people start to get together and voice our opinions on issues like this, EVERY PLACE finds a way to "shut us up".
Lynn

[Tom S.]

Re: Paying for a car???

I have bought and sold several cars at the winter meet and have written and recieved checks written on money market accounts never a problem. Maybe i'm just lucky but writing a bad check for that amount of money for a car in Florida is grand theft auto. I don't know about other states but if someone were to do that in Florida they probably would wish they hadn't done it.Tom

[Joe D.]

Re: Paying for a car???

Thanks for all the advice. I am looking form a 64-67. My only concern is it has power steering. I am guessing 40,000 to 50,000? That's alot of cash to be carting around. I am going to the bank tonight. If I find a car on Friday I can have the money transfered. I hope I can find a NCRS member to look at a car for me. Thanks again, Joe

[Bob H.]

Re: Paying for a car???

Hi Joe:

If you go the cashier's check route, I usually get multiple checks for different amounts that total up to the max I'm going to spend. I have never had a problem using cashiers checks (that can be verified) and make up the difference with some cash

[Joe D.]

Re: Paying for a car???

Do they have to be made out to someone's name? My bank will not transfer money to another bank without me being there in person. Thanks, Joe

[Brooks G.]

Re: Paying for a car???

Guys, maybe it is the banks I have delt with recently but at least some of them want to put a 10 day hold on cashier's checks. Cashier's checks used to be a good way to go but I don't believe this is so today. Good luck! Brooks Glover (2141)

[Lynn H.]

Re: Paying for a car???

Do they have to be made out to someone's name? My bank will not transfer money to another bank without me being there in person. Thanks, Joe

Joe,
Usually they do require a name. I can't believe your bank will not do a wire transfer if you go there in person ahead of time and explain what it is your doing. I might be looking for another bank. And the thing about banks holding checks, I have run into some real issues with this in the past. Hard to verify on the spot. This is another reason why CASH speaks volumes. I do understand that some people are hesitant to carry that kind of money. Postal money orders are another very good alternative, but you can only get them for $1000 max, and they cost $1 each. Would cost $50 for $50K worth. They are a bearer type of check that can be kept blank. They can only be purchased with cash, and you can cash them at the post office if they have enough funds on hand. Kind of difficult with the amounts were talking here, but you could always bring the extras home and write them to yourself.

Good Luck,
Lynn

[Jim D.]

Re: Paying for a car???

Cashiers checks are no longer the best way to move funds. Forgery is common and most don't know this but, you can stop payment on them. Cash or a bank to bank wire is the only safe way now.

[Bob H.]

Re: Paying for a car???

It certainly helps to have a relationship with someone at the bank. I usually get with the manager and advise them in advance they may be receiving a call about the cashier's checks. I usually make them out to myself unless I know who I am buying from.

If I'm selling I'm looking for some good ID as well as cash, cashiers's checks from the purchaser. When someone is coming to look at a car I get some basic info from them and then verify it on the internet. I feel a lot better when it all the information falls into place.

I have learned a valuable lesson in this thread because I never thought about the angle of child support liens, etc.

[Gerry P.]

Re: Paying for a car???

Aside from the cash/check/wire transfer matter, when I purchased my car, I was concerned about getting proper title, license plates to drive it home (as I didn't have a trailer) and insurance coverage from the moment I turned over the funds. Luckily for me, the seller was only 75 miles away and offered to trailer the car to my house. Before unloading it, we went to the bank and had a cashier's check prepared. We then exchanged documents with him getting the check and me the title. Fortunately, I was able to have the insurance (agreed value) policy in effect before the transaction was consummated. Initially, I wasn't sure if I could insure a car for which I didn't own but it turns out that I could (Grundy), although it took 3 or 4 days as I remember to get it in place.

Getting back to the money issue, if I was doing it long distance, I think I would go the escrow route using a wire transfer. Again, getting a good title is as important as the cash transfer. This can be exacerbated by the sometimes slow process of getting the title paperwork processed.
Gerry

[Joe D.]

Re: Paying for a car???

I am going to check some other banks out on Saturday. Maybe I will find one that will wire the money. Worst case I can fly back down with a bank check. The flights are $79.00 one way. Thanks for your help.