Large purchases

#1
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VFFL@THE BEACH

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#1
Just curious, those of you that make large purchases over $20k in private deals. i.e. the unsocial media apps. Probably buying things like cars and boats.

How do you exchange money? Cash? cashiers check? personal check?

Do or should most sellers trust cashiers checks?

If you wire money, do you both go to the bank? Or exchange information?

I see lots of ads saying cash only. Not sure if those are just scams or people really exchange $50k in cash.
 
#2
#2
VFFL@THE BEACH said:
Just curious, those of you that make large purchases over $20k in private deals. i.e. the unsocial media apps. Probably buying things like cars and boats.

How do you exchange money? Cash? cashiers check? personal check?

Do or should most sellers trust cashiers checks?

If you wire money, do you both go to the bank? Or exchange information?

I see lots of ads saying cash only. Not sure if those are just scams or people really exchange $50k in cash.
Click to expand...
Last major purchase with a private seller (car), we met at my bank. They provided a semi-private area where we could exchange cash (his stipulation) for title. We both felt secure and he had plenty of time to count the bills till he was satisfied the amount was correct. Teller even ran it through the machine for him.
Highly recommend.
 
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#6
#6
McDad said:
Last major purchase with a private seller (car), we met at my bank. They provided a semi-private area where we could exchange cash (his stipulation) for title. We both felt secure and he had plenty of time to count the bills till he was satisfied the amount was correct. Teller even ran it through the machine for him.
Highly recommend.
Click to expand...

Thanks for sharing.

How much of a hassle or process was it to withdraw the cash from the bank?
 
#7
#7
Go aeiou said:
EFT or what you did.
I Try not to deal with people who accept only cash if the amount is large.
Click to expand...

How does the EFT work with say a title? The seller gets proof of transfer and then signs the title. Does the buyer get the title until the seller agrees the funds have been transferred?

A deposit held by the seller, the buyer gets a title until both parties are satisfied?
 
#8
#8
etf is for long distance. Wire transfer is better, but cast a little $25-$50.
Again, I won't deal in large amounts of cash. Write a check.
What are you buying?
 
#9
#9
VFFL@THE BEACH said:
Thanks for sharing.

How much of a hassle or process was it to withdraw the cash from the bank?
Click to expand...
T'weren't no hassle at all. The person assisting us knew what we were there to do. They Knew both theh amount to withdraw and from which account. The had the money to us in the room in less than 5 minutes. Now that you're asking, I think if I were doing a large cash purchase, I might give the bank/branch a couple of days notice.
 
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#11
#11
McDad said:
T'weren't no hassle at all. The person assisting us knew what we were there to do. They Knew both theh amount to withdraw and from which account. The had the money to us in the room in less than 5 minutes. Now that you're asking, I think if I were doing a large cash purchase, I might give the bank/branch a couple of days notice.
Click to expand...

Yeah I have talked to the bank and they need lots of time, I think it was like 3 days to a week just to get the cash.

Which I understand to a certain point but anything more than a couple of days makes me worry about my bank.
 
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#12
#12
VFFL@THE BEACH said:
Yeah I have talked to the bank and they need lots of time, I think it was like 3 days to a week just to get the cash.

Which I understand to a certain point but anything more than a couple of days makes me worry about my bank.
Click to expand...
LOL.

I immediately thought the same. Maybe they don't have access to 250k in cash without any notice, but you wouldn't think 20 or 30 thousand would be a problem.
 
#14
#14
McDad said:
Why don't you just find a dock on some body of water. Walk to the end of it and start throwing cash into the water? That's boat ownership.
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I haven't seen fish attack money, so I would rather burn it in my fire pit, at least it would provide heat and light on its way out.

I agree with you for most people a boat is a bad idea. For me, its less of a bad idea.
 
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#15
#15
VFFL@THE BEACH said:
I haven't seen fish attack money, so I would rather burn it in my fire pit, at least it would provide heat and light on its way out.

I agree with you for most people a boat is a bad idea. For me, its less of a bad idea.
Click to expand...
Im just rattlin' your rudder. Hope your boat is all you want it to be.
 
#17
#17
McDad said:
Why don't you just find a dock on some body of water. Walk to the end of it and start throwing cash into the water? That's boat ownership.
Click to expand...

No it's not. You have to cuss, have copious amounts of alcohol and nearly get a divorce (or two) while throwing the money.


I kid, I love my boat.
 
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#19
#19
when I've been on the sell side met the buyer at my bank or his/hers and done wire transfer (unless we share the same bank). have taken cashiers check after calling the issuing bank ahead of time to make sure it's legit.

if the buyer needs a loan I've taken title and bill of sale to his/her bank so they can validate the collateral for the loan.

when I've been the buyer same type think with wire transfer or cashiers check. kinda depends on the seller - I bought 16K car from a small independent dealer with a personal check. I'm okay with paying cash up to a couple grand or so but still want a public spot (bank) to observe the transaction
 
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#20
#20
Meet at the buyer's bank and then the buyer can cash a check for the amount and you can get the cash.
 
#23
#23
VFFL@THE BEACH said:
Just curious, those of you that make large purchases over $20k in private deals. i.e. the unsocial media apps. Probably buying things like cars and boats.

How do you exchange money? Cash? cashiers check? personal check?

Do or should most sellers trust cashiers checks?

If you wire money, do you both go to the bank? Or exchange information?

I see lots of ads saying cash only. Not sure if those are just scams or people really exchange $50k in cash.
Click to expand...
My last large exchange, was 19k in cash for a vehicle. I like cash to negotiate with. It is odd to have cash with you in extremely large amounts but I am comfortable in most settings with it
 
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#24
#24
volinbham said:
when I've been on the sell side met the buyer at my bank or his/hers and done wire transfer (unless we share the same bank). have taken cashiers check after calling the issuing bank ahead of time to make sure it's legit.

if the buyer needs a loan I've taken title and bill of sale to his/her bank so they can validate the collateral for the loan.

when I've been the buyer same type think with wire transfer or cashiers check. kinda depends on the seller - I bought 16K car from a small independent dealer with a personal check. I'm okay with paying cash up to a couple grand or so but still want a public spot (bank) to observe the transaction
Click to expand...

I agree the cashier's check, bank, and electronic transfer is the way to go. However, my bank changed hands and is not open on the weekend. Makes it tough if you can't get away from work during banking hours. The other issue with a cashier's check is if you need to negotiate the price, very difficult with an already agreed price on the check.

Just lots of factors complicating the issue, day/time, distance, and stupid banking hours.
 
#25
#25
Go aeiou said:
B O A T: Bring Out Another Thousand.
Click to expand...
Some years ago I was taking a taxi to a meeting in Rhode Island, the driver said it was the happiest day of his life. I asked why and he flipped the visor down and on the back was a pic of a boat, probably about a 40 footer, and he said, I just sold it today!!

As they say the two happiest days in a boat owners life are the day they buy the boat and the day they sell the boat.
 
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