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Selling your car for cash

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

  1. fuzzface
    Joined: Dec 7, 2006
    Posts: 1,296

    fuzzface
    Member

    I've got multiple safes but have 2 that are real easy to find. 1 in the bedroom closet that you see right away when you open it and 1 in my office next to my desk. Both are sentry safes that can be carried. but both are dummy safes that have nothing in except a note saying SORRY BUDDY! YOU STOLED THE WRONG SAFE! Hoped you smiled for the camera.

    I won't say where the real ones are but they are built in and don't even look like safes.
     
  2. Rusty O'Toole
    Joined: Sep 17, 2006
    Posts: 9,166

    Rusty O'Toole
    Member


    I don't know what the price is going to do but right now it is on the bargain counter. It can't hurt to have some of your savings in gold and silver.

    Gold and silver are the lowest they have been in 3 years. Gold $500 an ounce cheaper than it was in 2011. I have some in a safety deposit box, bought a bunch more week before last.
     
  3. Hot Rods Ta Hell
    Joined: Apr 20, 2008
    Posts: 4,061

    Hot Rods Ta Hell
    Member

    "Send PM please."

    Not cool. If you post a question to all on a message board, the answer isn't just for you.

    Go the safe deposit or safe route if you're going to be using the cash soon to buy another vehicle.

    As mentioned, FDIC doesn't cover items stolen or damaged in a safe deposit box (hurricane Katrina flooded a lot of bank vaults).

    You can get a rider on your home owner's insurance and some insurance company's give you a policy break if you have a safe deposit box, so this will offset some of the cost.
     
  4. There are a lot of good places for safes in the house. They gotta be bolted in and a PITA to remove. Good places are under bathroom sinks in the floor of the vanity cabinet or in the wall. Same goes for kitchens. Other good places are sinking them into concrete floors of a basement or garage. There are safes made just for in-floor concealment.

    Bob
     

  5. Eggsactly
     
  6. 49ratfink
    Joined: Feb 8, 2004
    Posts: 17,713

    49ratfink
    Member
    from California

    in some places the cops will stop you and steal your cash from you and not give it back. doesn't matter if they can prove anything or not. if you do not give permission to search your car they will get the drug sniffing dog out there and have the dog do a false alert on your car, then search it and take whatever they want. happens all the time.

    the end is near. hide your money and your guns.

    here is just one example: http://www.npr.org/templates/story/story.php?storyId=91555835
     
  7. I Drag
    Joined: Apr 11, 2007
    Posts: 884

    I Drag
    Member

    Put it in your freezer.
     
  8. F-ONE
    Joined: Mar 27, 2008
    Posts: 2,123

    F-ONE
    Member
    from Alabama

    I think a treasure chest and a pirate map would be cool. Make up some secret code. Tear the pap into pieces, use invisble ink, bury it under a X or a big W.
     
  9. Mike51Merc
    Joined: Dec 5, 2008
    Posts: 3,830

    Mike51Merc
    Member

    Yeah, like a group of palm trees that form a "W".
     
  10. No one will look here:eek:
    [​IMG]
     
  11. seb fontana
    Joined: Sep 1, 2005
    Posts: 6,476

    seb fontana
    Member
    from ct

    Damn..I thought it and poof ya posted it..LOL..
     
  12. Roger Walling
    Joined: Sep 26, 2010
    Posts: 1,144

    Roger Walling
    Member

    If I were selling my car, I would make the transaction in the bank and ask that they check it for conterfit before I signed over the title and then deposit the cash.

    If you have good relations with the bank, they will do it in a private room, and as another poster stated, they could notorize the bill of sale for the buyer.

    The buyer could also feel safe if he had transfered his money to the same bank.

    That way no one could break into my house just after the buyer left and demand the cash! Gee, I wonder how he knew I had juct taken in a lot of cash? It has happened before!
     
  13. Roger Walling
    Joined: Sep 26, 2010
    Posts: 1,144

    Roger Walling
    Member

    About depositing amounts of cash under $10,000 on a frequent basis.

    Structuring

    • Prior to 1986, bank customers could avoid triggering CTRs by simply breaking up a large deposit into several smaller transactions. Now 31 U.S.C. §5324 makes it illegal to manipulate a transaction in order to avoid federal reporting requirements. Bank personnel are trained to watch for multiple transactions that occur over short time periods. Any transaction that appears intended to violate the law must be reported, regardless of the amount.


    Read more: Rules About Large Cash Deposits | eHow http://www.ehow.com/list_6123439_rules-large-cash-deposits.html#ixzz2T1L34C84
     
  14. F-ONE
    Joined: Mar 27, 2008
    Posts: 2,123

    F-ONE
    Member
    from Alabama

    It's getting to where business might best be done in public places like parking lots resturaunts ect and the buyer never sets foot on your property.
    This is especially true, after a Florida couple was murdered due to a vintage truck add on Craigslist a few years ago.
     
  15. snopeks garage
    Joined: May 25, 2011
    Posts: 555

    snopeks garage
    Member
    from macomb MI

    if you deal with cash a lot always ask for the same person. make a relationship with them at the bank. be friendly and you would be surprised how easy rules are bent ;)
     
  16. purpledodge
    Joined: Jan 21, 2012
    Posts: 29

    purpledodge
    Member
    from Tucson

    I use one of these to hold on to my cash.[​IMG]
     
    Last edited: May 11, 2013
  17. indyjps
    Joined: Feb 21, 2007
    Posts: 3,834

    indyjps
    Member

    Had a guy buy a car from me, misguided youth who looked like his ambition was to be a rapper. $6K in 20's is what he showed up with. WTF. I had the title in my pocket but changed my story that I need to go to the bank to get the tilte. Bank counted the $, verified that it was real, even notarized the hand written bill of sale.
    Came in handy when he called back 5 days later and said his girlfriend was pregnant and he needed his $ back. again, WTF.
    Bill of sale with VIN, conditions, car as is, amount of sale, date, both signatures goes a long way. you can show it to the bank if they have any questions about the deposit.
     
  18. 62RagtopNova
    Joined: Feb 5, 2012
    Posts: 117

    62RagtopNova
    Member

    I sold my 40 to a guy in town who brought me $27K in mixed bills in a brown grocery bag. He was a straight up guy who owned a garage and he did a lot of cash business. He just had his cash mixed that way. We spent over an hour counting it.

    The downside was I kept it in my safe and dipped into it too many times leaving me about $5K short on my next car.
     
  19. Big_John
    Joined: Mar 28, 2006
    Posts: 327

    Big_John
    Member
    from Upstate NY

    I sold an OT car a few weeks ago to a good friend. Cash right from his bank, still in the wrappers.

    My wife went to deposit the money and one of the $100 bills was counterfeit.

    We got it straightened out, but the bottom line was the bank screwed up and didn't want to take responsibility. We use the same bank and I think it was the treat of losing two good customers that finally got them to do the right thing.

    Bottom line is you can't even trust cash.
     
  20. 29sportcoupe
    Joined: Jan 14, 2008
    Posts: 350

    29sportcoupe
    Member
    from arizona

    I also got a fake $100 from a bank years ago. I am traveling SE Asia in a couple of weeks and bought a belt with a zipper on the inside to hide some cash and a skinny fanny pack to carry passport and more cash under my clothes. I keep large cash in my safety deposit box. A secret bug out room is a good idea these days. But really just deposit less than 10k at a time and have bill of sale just in case. Pretty sure money from a car sale is not income here in Az. but we do not pay tax on used cars here.
     
  21. bobkatrods
    Joined: Sep 22, 2008
    Posts: 647

    bobkatrods
    Member
    from aledo tx

    No big deal put it in the bank if you want, it will trigger a form to I R S, since you don't do this monthly there is nothing to be concerned about,,,If for some reason you were to get audited that year, I am sure you can show that it was actually a LOSS counting parts and labor.And remind them you did not file it as a loss because it is your Hobby.
     
  22. mustang6147
    Joined: Feb 26, 2010
    Posts: 1,847

    mustang6147
    Member
    from Kent, Ohio

  23. kscarguy
    Joined: Aug 22, 2007
    Posts: 1,571

    kscarguy
    Member

    you should just give the money to me...end of problem.
     
  24. NAT WILLIAMS
    Joined: Nov 7, 2008
    Posts: 83

    NAT WILLIAMS
    Member

    A load of bad advise here. I sold my 32 a couple of months ago and deposited the cash. My CPA said it would not be a problem. A banker friend told me that multiple small deposits would raise a larger red flag that one large deposit. I have the old registration and pictures.
     
  25. Just buy another car,moneys gone,no problemo!
     
  26. Dude, I love that movie.
     
  27. jcapps
    Joined: Dec 30, 2008
    Posts: 473

    jcapps
    Member
    from SoCal

    got the same advice here
     
  28. Hnstray
    Joined: Aug 23, 2009
    Posts: 11,472

    Hnstray
    ALLIANCE MEMBER
    from Quincy, IL


    No, it isn't necessarily "Income"..........depends on if some portion of it is profit..........that portion is income..

    but if you do like I do......buy high, sell low.......it's not income....it's just
    converting the item back into (less) cash with no gain.......therefore not income and not taxable. So long as you keep adequate records to support the facts.

    Ray
     
  29. jesse1980
    Joined: Aug 25, 2010
    Posts: 1,355

    jesse1980
    Member

    A safe at the house.
     
  30. Ever see the uncut director's version?
     

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