Guy coming to look at a vehicle for sale..

22Rimfire

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Have a guy coming to look at the 4runner I have listed tonight. Said he's bringing $25k in cash. Seems kinda fishy. If he ends up bringing a cashiers check how can I know if it's legit with my bank being closed?

Would you recommend meeting at the police station to do the deal? We have a local notery we use that will be available nearby. All the banks are closed at this time. Should I wait till Monday to meet this guy?

Not worried about my safety but more so someone bringing me counterfeit $100 bills and getting fleeced in the process.

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Ask him who he banks with. If he likes the vehicle, meet at his bank, have them draft the check in front of you and they’ll probably have a notary to notarize the title.
 
When I sold a boat, the guy buying it said that he had a Wells Fargo account that he was writing a check. I told him that we can meet at one of the WF branches where I could get a money order right then.
 
I try my best to pay cash for everything, including vehicles and other large purchases. I've never had a problem. But, if I did, I would understand because of the way things are now. The Gubmint has got most folks right where they want them.
 
Thanks guys. Guy was coming from SC but I told him he would need to wait until Monday and we could meet at my bank to confirm everything is legit. Thanks for the quick replies and advice as always

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I bought a Foxbody Mustang a few years ago across the state line in SC and had 75 Benjamins to do it. The old seller hadn’t seen the most recent $100 bills and it sort of spooked him. Counting 250 of them would be a pain, and I think once it’s over 10 grand the regulators take notice.
 
Sold a vehicle several years ago in my driveway at 11:30pm on a Friday night. Guy paid $12,000 in 5's 10's and 20's with only $500 in 100's. He was supposed to show up at 7:30pm and kept texting his ride was late. Finally, around 10pm I texted saying we will have to do this tomorrow. Took the dogs out a little after 11pm and they went nuts as someone pulled in our drive. Was the dude wanting to look at the vehicle. I walked out front and told him to come back tomorrow. He was begging to look at the vehicle as he said he had been looking for the exact one in that color combo for awhile. I told him he could have it tonight for asking price with no test drive, otherwise come back tomorrow if he wanted to thoroughly check it out. He agreed to price and I went in to get the title. Ended up trying to stiff me around $1,000 when I counted the cash. That's a pretty big pile of cash in those denominations and took forever to count, especially counting it multiple times to make sure. He came up with the additional cash and drove away with the vehicle.

At 7pm I'd have taken a $10,000 offer, not so at 11pm. Ended up being one of the easiest vehicle sales ever.
 
Cash is king. Period. You can be scammed with certified/cashiers checks. You go to your bank and cash or deposit it. All looks good. Then, in 2 weeks or so your bank gets notified it is counterfeit and the money is taken out of your account. And, you have no recourse. You are just out of luck. I know a guy this actually happened to. Sold a watch, got a cashiers check, his bank said it was valid and he sent the watch. Over 2 weeks went by before it was found to be a forgery. Guy was out over $6000. Complained to his bank saying they told him it was good. Their response was that at the time there was no indication it was not good, but that is no guarantee.
 
Thanks guys. Guy was coming from SC but I told him he would need to wait until Monday and we could meet at my bank to confirm everything is legit. Thanks for the quick replies and advice as always

Your bank will NOT be able to confirm that everything is legit, there is no central database of valid vs forged cashiers checks. You need to meet at a branch of his bank.

Also keep in mind deposting large amounts of cash over 10k can throw up red flags and have its on set of issues to deal with.

No red flags really, but there is a form that a bank or store is supposed to file if they have a transaction over $10k in cash. I forget the form number. It does probably put you on a list, but if you aren’t already on a couple lists you ain’t livin.
 
Thanks guys. Guy was coming from SC but I told him he would need to wait until Monday and we could meet at my bank to confirm everything is legit. Thanks for the quick replies and advice as always

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How did he respond to your statement? Still planning on doing the deal? His reply would tell me a lot of what I'd need to know about the situation.
If he balked then I'd think scam, if he was cool with it - probably pretty legit
 
Also keep in mind deposting large amounts of cash over 10k can throw up red flags and have its on set of issues to deal with.
IRS Form 4789, filled them out all the time at my bank job, $10K + cash, we had lot of car dealers and jewelry accounts.
 
How did he respond to your statement? Still planning on doing the deal? His reply would tell me a lot of what I'd need to know about the situation.
If he balked then I'd think scam, if he was cool with it - probably pretty legit
He wasn't happy as he had made plans with a friend to come today. I guess he would drive up with him and then drive our vehicle home. Originally they were planning on coming this morning when the banks were still open. He got tied up and wanted to push it out to tonight.

As of now he is planning on coming Monday AM and meet at his bank. We will see.

Went ahead and picked up one of the counterfeit currency detection pens just to have. $3 at Walmart.

Thanks for all the responses!! Can always count on you all to send info way

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If he's legit bringing cash, run out before hand and pick up one of the counterfeit detection pens from an office supply store.

They bleach bills and reprint them now. Counterfeit pen won’t catch that but a good long look usually will.

Trust your judgement on this one.
 
Just deposit less than $10K a couple of different times.
Structuring is bad medicine...

from IRS.gov

4.26.13.1 (01-07-2016)
Overview
  1. Structuring is the practice of conducting financial transactions in a specific pattern calculated to avoid the creation of certain records and reports required by the Bank Secrecy Act (BSA) and/or 26 USC 6050I (Form 8300).
 
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He wasn't happy as he had made plans with a friend to come today. ....He got tied up and wanted to push it out to tonight.

Anytime someone does that, remember this...

il_fullxfull.528950490_3mbr.jpg
 
Update- Ended up meeting thr buyer at my bank today. He brought cash [emoji50]. Had the teller confirm all bills were legit and deposit it into my account. Guy was on time and easy to deal with. Had the title noterized while we were there. Talk about a stack of bills. Must have been 4 inches thick. Hope he enjoys the 4runner!

Thanks again for all your help guys



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Glad that it worked out for you dude
 
Your bank will NOT be able to confirm that everything is legit, there is no central database of valid vs forged cashiers checks. You need to meet at a branch of his bank.



No red flags really, but there is a form that a bank or store is supposed to file if they have a transaction over $10k in cash. I forget the form number. It does probably put you on a list, but if you aren’t already on a couple lists you ain’t livin.
IRS Form 4789, filled them out all the time at my bank job, $10K + cash, we had lot of car dealers and jewelry accounts.

Both of you guys specified cash transactions, but I had to fill out the form when I deposited a check that was over $10k.

Are they really the same or did the teller have me fill out the form, not knowing any difference?
 
Both of you guys specified cash transactions, but I had to fill out the form when I deposited a check that was over $10k.

Are they really the same or did the teller have me fill out the form, not knowing any difference?
It’s only for currency, not checks or cashier checks or savings bonds or anything else, just currency.
 
It’s only for currency, not checks or cashier checks or savings bonds or anything else, just currency.

Then it would seem I filled out the form for no good reason.
 
@B00ger is still in banking, maybe he’ll confirm form 4789 is only for currency transactions.
 
@B00ger is still in banking, maybe he’ll confirm form 4789 is only for currency transactions.

I really cant, my banking experience is in bankruptcy, quality control, and process improvement. Ive never had any real contact with the specie side of the business.
 
Structuring is bad medicine...

from IRS.gov

4.26.13.1 (01-07-2016)
Overview
  1. Structuring is the practice of conducting financial transactions in a specific pattern calculated to avoid the creation of certain records and reports required by the Bank Secrecy Act (BSA) and/or 26 USC 6050I (Form 8300).

I >can< confirm that this is hammered into every associates mind during our mandatory fraud training classes. Does it happen? Of course. But we are all, even those of us who have zero to do with customers, trained to be on the look out for structuring.
 
This was put in place to help the "War on Drugs". Helped for all of a couple weeks.

No...not entirely. It is used to detect fraud of many different types. Mainly money laundering. And it helps to this day.
 
Both of you guys specified cash transactions, but I had to fill out the form when I deposited a check that was over $10k.

Are they really the same or did the teller have me fill out the form, not knowing any difference?
It’s only for currency, not checks or cashier checks or savings bonds or anything else, just currency.
Confirmed. When I was still in business, our payments from clients and subsequent check deposits were nearly always low five figures and we were never once asked to fill out that form.
 
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