Hot Rods Payment for an expensive car

We sold a truck to a guy in Florida we both had bank of America so he was able to go to the bank and teller actually was able to call my bank in Massachusetts and they did the deposit live on the phone I had faxed him copy of title then overnighted the original that day
Wish I had kept it.

 

I've done it both ways, wire transfer and cash. I've sold several 6 figure cars over seas (Japan) and the buyer wired $10K and the balance was delivered to my shop by an armed courier. That was in the late 90's to early 2000's. I doubt if that would happen these days as money movement laws have changed. Doesn't make any difference I can't get any interest in what I'm selling anyway. It's always gonna be a problem as most of us hate to give any more money go to the government than necessary.

 

Sold a car to a guy that lives in Sidney, Australia . Did the wire transfer in amounts of $9000.00. Once the bank verified the funds I released the title. Also, Australia required a certified bill of sale. Make sure deposits are 10k or less. Banks are required to report wire transfers over 10k to Homeland Security. Not sure you’d get a visit from the men in black.

 

I sold a custom motorcycle to a guy in Florida. He made the wire transfer and sent a truck to my house. Truck driver sat in my garage for 3 hrs. I would not let him touch it until the funds showed in my account. Purchaser was furious! Sent me a picture of his receipt. I said, I don’t care, it’s not moving until I get the money!

 

Good plan, not your problem

 

I just sold my 36 3w to guy in California... I gave him my bank routing information. .. they did a wire transfer to pay for the car.. once the funds had cleared and secured .. I next day air'd him the title and bill of sale... he set up all the car transport ( which was the only thing that sucked, they didn't show till almost 10:00pm) branch to branch no issue

 

I never get instant service with EFT. Sometimes next day, sometimes several days. It depends on how many banks it goes through and whether they are direct or use a transfer bank to handle the transaction.

 

"Did the wire transfer in amounts of $9000.00. ... Make sure deposits are 10k or less. Banks are required to report wire transfers over 10k to Homeland Security. Not sure you’d get a visit from the men in black."

Best be careful w/this one. I do believe this is called "stacking", & gets unwanted attention from feds. Last I heard(might have been told, & read, incorrectly) the threshold is now ~$5000USD. Not a guarantee that you'll get reported, but usually. Stacking also falls into a fairly long time-window. Also, if you make large deposits just under the threshold, that'll trigger a filing, too. Nothing like Total Surveillance & Lack of Privacy...
Marcus...

 

As VINWIKI says, car, title money, nobody gets all 3.
Each person will have a different comfort level in doing this when large amounts of money and valuable property are involved. Talk to the people who are third parties to this (banker, lawyer) and confirm to your satisfaction that you are aware of what should happen and what the worst case is.
Cash is good until you find out about civil forfeiture. Lehto's Law covers this.
Pushy could be a pompous a hole or it could be a scammer. Until your friend is comfortable with how he's going to get paid, that 'buyer' can be part of the solution or eff right off.