Better payment method than actual cash

[Shanester]

Bought my next tractor with all cash. That's what the seller wanted so I guess I started this thread for nothing.

 

[jyoutz]

I'm about ready to put up for sale a JD 1025R and then go buy a much larger Kubota. In looking at both the seller's and a buyer's side (assuming I don't buy from a dealer) is there a safer method of paying cash than actual cash. I am okay with a buyer bringing me cash so this is more about being a buyer. Some of these tractors are several or more hours drive from me and I don't want to bring $30K in cash to a strange place and person. If I like the tractor then I want to pay for it right then and take it home. There is a 90% chance it would be on a weekend so I can't do a wire transfer. Maybe bring a certified check for a lower amount and then some cash? I have thought about Paypal but wondered if there was another that the seller did not need any sort of account.

Cashiers check from your bank. The bank can cancel it if you decide not to buy.

 

[nbryan]

For future ref, if it hasn't been mentioned yet, I found I could simply call my bank and ask for a temporary increase to my daily $3000 Interac e-Transfer limit, to $10,000 per day, for a 48 hour period. So I could send up to $30,000 - one xfer right away, then one the next morning, then one early the next.
It turns out the xfers weren't needed, but it's nice to know the option is there!

 

[Henro]

Bought my next tractor with all cash. That's what the seller wanted so I guess I started this thread for nothing.

Glad it worked out for you.

BUT everyone should keep in mind that if you would get stopped by the police for even a minor infraction, and they find a large amount of cash in your possession, they can confiscate it, on suspicion of drug dealing, or something similar, and it can be a nightmare getting the money back.

No personal knowledge of this, but I have read horror stories claiming this over the years...worried me enough, that I paid a chunk of cash for a used mini ex last year, but put the cash in the buyer's hand at my place, when he delivered it.

 

[fried1765]

Glad it worked out for you.

BUT everyone should keep in mind that if you would get stopped by the police for even a minor infraction, and they find a large amount of cash in your possession, they can confiscate it, on suspicion of drug dealing, or something similar, and it can be a nightmare getting the money back.

No personal knowledge of this, but I have read horror stories claiming this over the years...worried me enough, that I paid a chunk of cash for a used mini ex last year, but put the cash in the buyer's hand at my place, when he delivered it.

That is great,....... but many private sellers will not deliver!

 

[ACDII]

Can also consider an Escrow transaction. It costs a little bit but all monies are handled by the Escrow. This is really good if the seller has a LIEN on the equipment.

Last year I sold my RV but had a lien on it, the buyer brought cash. I actually turned down the cash for a few reasons. First, it was over the 10K limit and last time I deposited over 10K the bank held it 15 business days. Can't pay off the lien until it was available. Second was I wanted a bill of sale that was stamped by a Notary so the buyer can get the plates and everything from the SOS.

It was protection for both of us. They put the money back in their credit union and wired it the next day to Escrow who then sent me a release. I then delivered the trailer to their house and got the Notary done at their CU. I then let the Escrow handle the rest of the transaction with the bank. Good thing I delivered it, turns out their truck didn't have the proper connections or brake controller for the trailer. I gave them the information to take to the dealer and have it all installed.

If its for a titled vehicle, this is the best and safest method to protect both parties. You will also want a signed BOS when taking it home, especially if putting it on a trailer and towing it behind a 1 ton as you "might" be considered hauling for profit and get pulled over. After that big crash near Lake Tahoe last week or so that killed a couple people, SP are cracking down on hotshots. A signed BOS showing you bought and own it will be needed.

The other method is to agree on a set price, get it in writing as sold, then do a wire transfer on the next business day, and pick it up the following weekend. Take a grand in cash as a down payment.

 

[TheOldHokie]

I do several personal +10K cash transactions per month and have done so for 25 plus years. Not once have I heard from any agency. I'm also a business owner and do zero cash transactions.

 

[shiraz627]

When I sold an excavator for 33K the buyer did a wire transfer.