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Selling your car for cash

Discussion in 'The Hokey Ass Message Board' started by Fiend42, May 11, 2013.

  1. Fiend42
    Joined: Mar 8, 2012
    Posts: 201

    Fiend42
    Member

    In the hope of getting some info and if I am not going against HAMB rules, in the event of selling your car. I know that everyone will say that cash is King, but nowadays taking cash to the bank to deposit it into your account is not King. The story about less than $10,000 is no longer true. So what to do? No, I don't want to bury it in my yard and yes I would like to keep it liquid for a future purpose, like another car. Being ready to deal right now, when buying a rod, is key and cash in pocket is a must. Trying to get cash in large amounts from your bank is bull. What is the legit answer if such exists? Anyone? Send PM please. Thanks
     
  2. bobwop
    Joined: Jan 13, 2008
    Posts: 6,101

    bobwop
    ALLIANCE MEMBER

    it isn't all that big of a deal to bank with large amounts of cash. Just a form to fill out. You can either deposit or withdraw. Just give your bank some advance notice if you wish to withdraw. No drama involved.

    but if you want to stay beneath the radar, then buy a small safe and keep it at home.
     
  3. roundvalley
    Joined: Apr 10, 2005
    Posts: 1,774

    roundvalley
    Member

    Put it in a safety deposit box.
     
  4. So ....

    What exactly is your question ?

    Are you selling your car and wondering what to do about
    the cash you receive for it .... :confused:

    Folks have dealt with that question since the beginning
    of selling and buying ....



    Jim
     

  5. Weasel
    Joined: Dec 30, 2007
    Posts: 6,693

    Weasel
    Member

    It's called a mattress - has worked for generations....;)
     
  6. Don's Hot Rods
    Joined: Oct 7, 2005
    Posts: 8,319

    Don's Hot Rods
    Member
    from florida

    A while back I put $13,000.00 into my checking account with no problems and no questions. Are you talking about that deal where anything over $10K is supposed to raise flags about illegal activities ?

    If you are concerned about it, do what the other guys suggested, get a safety deposit box. No one but you knows what is in there and they walk away and give you privacy while you are getting things out of it and putting things into it.

    Don
     
  7. bobwop
    Joined: Jan 13, 2008
    Posts: 6,101

    bobwop
    ALLIANCE MEMBER

    actually, most safety deposit areas are monitored by cameras.
     
  8. Rickybop
    Joined: May 23, 2008
    Posts: 7,428

    Rickybop
    Member
    from Michigan

    Not to the point that they can see what you're putting in or taking out if you don't want them to. Just who gained access to which box.
     
  9. 325w
    Joined: Feb 18, 2008
    Posts: 5,678

    325w
    ALLIANCE MEMBER

    If you deposit in your account over 10k the bank does paper work for the IRS. Cashing a very large cashiers check used to not raise any flags. Go to your favorite teller and ask her this question. Mine told me checks to just come by and let them know and they will have the extra funds there. Safe works great!
     
  10. ironandsteele
    Joined: Apr 25, 2006
    Posts: 5,377

    ironandsteele
    Member

    A cleverly hidden and well secured safe is where it's at.
     
  11. If you were putting large amounts in the bank on a regular basis, like twice a week or so, yes a red flag would pop up. In our business we will move a lot of money and every once in awhile the banks will kind of check on us just to make sure no one has a gun to our back. If you have a good relationship with your bank, shouldn't be a problem.
     
  12. olcurmdgeon
    Joined: Dec 15, 2007
    Posts: 2,299

    olcurmdgeon
    Member

    I sold an OT pickup to a young fellow. He paid me in cash. Since I had a loan on the truck, I needed to pay it off. The local branch of a mega-bank doesn't hold the title, they told me 2-3 weeks to get it. Well couldn't ask the kid, who paid for truck to wait that long to license it in his name. So I call home office, they say send a check to them from local branch, and they'll ship the title in 2 working days to buyer. Then the fun started. I walk up to the teller with $6500 in 10s and 20s, the kid had saved for quite a while. The look I got was priceless. Teller immediately put me "on hold" and called for the manager. I tried to explain I was only trying to get a check to send to THEM to pay of the truck. Later, my daughter who is HR for big corporation, said "Pop, you tripped all the alarm bells, your old, big wad of small bills". Guess I was a suspected drug trafficer. Took 2 hours, the bank manager, forms, etc, just to get a check written to the bank. What a brave new world!!
     
  13. Offset
    Joined: Nov 9, 2010
    Posts: 1,706

    Offset
    Member
    from Canada

    Multiple deposits? Don't take it all in at once, would that not cure the problem?

    What exactly is cash anyhow? Seems to me I heard that term many years ago but have not seen any in along time!
     
  14. chaddilac
    Joined: Mar 21, 2006
    Posts: 13,912

    chaddilac
    Member

    Wrap it with a rubber band and keep it in your pocket like Richard Rawlings!! :D
     
  15. BLZEEBUB
    Joined: Feb 18, 2010
    Posts: 26

    BLZEEBUB
    Member
    from Ireland

    Not sure how things work in US, but sureley you could deposit it in a personal savings account?? if ou've sold your car have a reciept/transfer of title as proof, its all 'legit' as to where the money came from.

    As mentioned above, it could be put into a safety depost box, or install a safe or strongbox in your home; well hidden.

    The biggest concern, IMO, in exchanging a car for a large sum of cash, is making sure all of the cash is actually real - a lot of counterfeiters will try to 'wash in' their bogey notes through the cash economy, and they can offload a lot of their fake cash in one car buying transaction...
    ...when selling a car ive previously asked the local shop before to scan some of the notes, if its a large amount and the buyer has been happy to have this done....
     
  16. buy a fireproof safe , and hide it well
     
  17. olcurmdgeon
    Joined: Dec 15, 2007
    Posts: 2,299

    olcurmdgeon
    Member

    Oh and by the way, if you aren't current on bank rules, in 2008 Congress in its wisdom, supposedly to give banks a break during recession, no longer requires the bank to have any cash on hand. Of course they do, but should you find a great deal on a garage find '32 Ford 3W and you need several thousand cash right now, there is no requirement anymore for the banks to present you with the cash right now, but rather can tell you when they might have the money for you. So 325W is correct, you want large amount, you have to pre-arrange it. No more walk in, walk out. So I agree, the posters are right on the money when they say "mattress" or "mason jars in the garden".
     
  18. PeteFromTexas
    Joined: Apr 4, 2007
    Posts: 3,837

    PeteFromTexas
    Member

    I put 50k in cash in my bank account after my dad died. It was my inheritance to put down on my first house. They didn't say a word. just filled out my regular deposit slip in the drive through and it was available the same day for use. Withdraw was a different story but that just required a couple days notice.
     
  19. 19Fordy
    Joined: May 17, 2003
    Posts: 7,364

    19Fordy
    Member

    You could open an account at 3 separate banks.
     
  20. Bart78
    Joined: May 11, 2011
    Posts: 717

    Bart78
    Member

    Invest in gold or silver. Next year they both are going to skyrocket. A friend who works for a big investment place in dallas was telling me this the other day. They think the current situation in Europe will make it here. I will stay out of the politics of it. That is what I would do with it.
     
  21. mustang6147
    Joined: Feb 26, 2010
    Posts: 1,847

    mustang6147
    Member
    from Kent, Ohio

    I think personal finance is well..... personal.

    I have deposited large funds amounts Up to $30,000 and small amounts.

    If a red flag is raised, then there is something else at play here.....

    Cash is king ! Scam artists everyday copy bank checks, and hack accounts and for that matter print bills. But at least you can see safety strips in bills or have a little black marker that turns brown when checking.
     
  22. upspirate
    Joined: Apr 15, 2012
    Posts: 2,282

    upspirate
    Member

    I had no problem withdrawing $12K from BOA last year for a purchase.

    I told them I needed it on a Fri (wife didn't feel comfortable with it around house even then) and they had it ready for me on call at the teller window,no questions asked,no explanation.

    They even provided one of those vinyl zipper bags for free.
     
  23. Jokester
    Joined: Jan 29, 2005
    Posts: 547

    Jokester
    Member

    If you put a large sum in a safety deposit box, be sure to put a note with it indicating that it was received for sale of a vehicle. If you die (and we all will) large sums of cash found in the safety deposit box are "assumed" by the IRS to be unreported income.

    Hearsay, but plausible.

    My 2¢

    .bjb
     
  24. chaddilac
    Joined: Mar 21, 2006
    Posts: 13,912

    chaddilac
    Member

    That would still be considered income!
     
  25. eh, if you deposit it a little at a time over a few weeks it's no big deal, if you're that worried. Just hide it well if you leave it around the house.
     
  26. Zookeeper
    Joined: Aug 30, 2006
    Posts: 1,042

    Zookeeper
    Member

    I live in the heart of dope-growing country and although I don't have anything to do with the stuff, I recently sold our gawd-forsaken Suburban to a white supremacist on parole (seriously) and of course, he paid in cash. $20 bills bundled by rubber bands in $1000 bundles. Nothing fishy there. But money is money so I counted it out, we parted ways and then I had to take it to the bank. To avoid packing a wad of cash into the bank, I put it in a paper bag, like that's any better. The teller tried not to look sideways at me, but as she was counting, I realized I had my 11 year old son with me and he said, "she sure counts it faster than you did, Dad". At that point, she couldn't help but look up and I fully realized how that must've looked. Me in a worn sweatshirt and jeans, my son tagging along and here we are depositing my ill-gotten gains from my latest shady dealings. Oh well....
     
  27. Dirk35
    Joined: Mar 8, 2001
    Posts: 2,048

    Dirk35
    Member

    What about taxes? Does depositing it all at once trigger the bank to issue a 1099?
     
  28. Rocket man 88
    Joined: Sep 23, 2007
    Posts: 121

    Rocket man 88
    Member

    no...just trigger the IRS at the end of the year to make sure all taxes have been paid on monies earned.,.aka audit.,.yup that means the car you sold is an income if it sold for more than a poor man makes ;)
     
  29. The $10,000 thing applies to cash only. Checks have a paper trail behind them and bag guys (unless they're big corporations..) deal mainly in cash.

    I'd probably go along with a safety deposit box myself. I keep all sorts of things in mine and if you place an item in the box, as long as it's wrapped up, nobody can see it. Are SD boxes fail-safe? No, banks have been broken into and the SD boxes can get pillaged. Rare to happen, but if it does, you are out whatever is in it.

    I had my house broken into in 2002, lost a bunch of things but my small safe went undetected. Everyone should have a fire-proof safe in their house. So my cash was not touched. Otherwise, I don't recommend having large amounts of $$ in the house.

    Bob
     
  30. Mr48chev
    Joined: Dec 28, 2007
    Posts: 30,185

    Mr48chev
    Member

    Years ago the IRS allegedly made the family of one of my former girlfriends open her grandfather's safety deposit box because there was a rumor going around for years that he had a million dollars in cash in the deposit box. No large sum of cash was in the box though.

    Hell if you are paranoid about taking the cash to the bank have the buyer go to the bank with you and have a bank officer witness the final transaction including signing of the title and make the deposit then. That solves two issues, the worry about being asked where the cash came from and the worry about being knocked in the head for the cash. Then the bank people can notarize the title if need be. All of these bullshit answers that are thrown out are just bullshit answers.
     

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