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Old 11-24-2013, 09:12 AM   #16
QSrider
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Quote:
Originally Posted by Cuchulainn View Post
I did a similar deal once with a buyer from Texas. His bank did not have a branch here, but we were able to arrange to have his bank transfer funds to mine. We met at my bank, with a bank representative, who verified the transfer of funds, then notarized the sales agreement and signing over of the title, etc. I think it was comfortable for both parties, as the bank sort of served as 3rd party oversight.
That's exactly what I did. When we agreed on the bike and price, we went to his bank. The bank employee dialed my bank on the phone. Told them I was there and wanted to make a transfer (I had warned my bank before I left that they could get a call). They passed me the phone, I answered a few security questions. They asked for the seller's bank code/number and the seller's account number. I was done in no time and safe. Everybody was happy with the transaction too.

Good luck with the buy.
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Old 11-24-2013, 09:15 AM   #17
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If traveling by air, I'm pretty sure there is a $10,000 limit on cash you can carry IF you are traveling to/from the US. Not sure if there are any specific regulations for travel within the states.

Having said that, I'd find a way to carry the funds without actually carrying it all in cash. Here is how I would do it.

Let's say the bike asking price is $10,000, but you're hoping to get it for $8500. I would take $8500 in a cashiers check, and then $1500 in cash.

Gives you the option of keeping most of your funds in a somewhat secure form, and still some cash for wheeling and dealing.

BTW, if you don't use the cashiers check, don't shred it!! You will need to return it to the bank so they can void the check, and they will return the funds to your account.
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Old 11-24-2013, 09:26 AM   #18
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great info here thanks!

Quote:
Originally Posted by leftfield6 View Post
If traveling by air, I'm pretty sure there is a $10,000 limit on cash you can carry IF you are traveling to/from the US. Not sure if there are any specific regulations for travel within the states.

Having said that, I'd find a way to carry the funds without actually carrying it all in cash. Here is how I would do it.

Let's say the bike asking price is $10,000, but you're hoping to get it for $8500. I would take $8500 in a cashiers check, and then $1500 in cash.

Gives you the option of keeping most of your funds in a somewhat secure form, and still some cash for wheeling and dealing.

BTW, if you don't use the cashiers check, don't shred it!! You will need to return it to the bank so they can void the check, and they will return the funds to your account.
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Old 11-24-2013, 09:31 AM   #19
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If it's at a dealer, I've always paid with a personal check.

In person and under $5k, i'll take cash.
Over 5k, we meet at the bank and do a transfer right there.
Took just a few minutes and I think both of us strangers felt better about not having a huge wad of cash on hand.
At least out here, a lot of people get robbed on CL, so I choose my neighborhoods and cash amounts carefully.
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Old 11-24-2013, 09:42 AM   #20
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If you take a bank check, don't tear it up if the deal falls through. That money comes out of your account as soon as the bank writes the check. You would need to take it back to them, to reverse the transaction.

What not get a bank check for say $8k and carry $2K in cash. That way if the bike is not as represented you can negotiate a lower price.
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Old 11-24-2013, 09:55 AM   #21
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Quote:
Originally Posted by leftfield6 View Post
If traveling by air, I'm pretty sure there is a $10,000 limit on cash you can carry IF you are traveling to/from the US. Not sure if there are any specific regulations for travel within the states.
Minor clarification: transportation of cash, etc. is legal in any amount.

If you're entering or leaving the United States, you're required to report any amount over US$10,000 to CBP. It's a one-page form that has your demographic info and the amount of cash split up into US, foreign, etc. It takes 5 minutes to fill out and CBP generally doesn't bother counting the cash. You have to file it no matter how you're travelling--if you're driving into Canada with the cash, you have to pull over at US Customs before leaving. People get caught all the time going into Mexico, and if you don't report it, the man can keep it. Most countries have these laws with similar limits; Canada requires reports of over C$10k, the EU requires reporting at 10k, etc etc.

As a private individual moving money within the United States, there is no reporting requirement. The seller's bank would report the $10k+ deposit (and yours the withdrawal) to Treasury but there's no action required on the part of either party to the sale.

The man has all these reports in a database which he uses to try to catch drug runners, tax cheats, and money launderers.

As to OP's question, I just bring cash if it's an ADV sale, but for CL I always meet the seller to look at the bike without bringing any money. If I want to buy it, I tell the seller that I'll take it if he'll hold it for the 20 mins it takes to go to the bank.
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Old 11-24-2013, 10:19 AM   #22
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Quote:
Originally Posted by disconnected View Post
Hey gang, I traveled to the nearby BMW shop last weekend to look at a used 1150. I brought some cash with me and I felt terribly uncomfortable.


So, If I where to settle on a bike for around 10k, what would you guys think would be the best method of payment. I really wouldnt feel comfortable traveling with 10k in cash for example.

But, If I get a cashiers check from the bank and the bike is a heap, could I just shred the check and the money remain in the bank.

etc,

Thanks in Advance,

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Old 11-24-2013, 11:06 AM   #23
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Quote:
Originally Posted by TheDrifter View Post
Do you have a link?

I *heard* (but haven't tracked down any verifiable source) that somewhere there was a 10k limit for *interstate* transfer of cash funds as well.

Only solid info I can track down is on international requirements.
http://www.airsafe.com/issues/baggage/cash.htm

http://blog.tsa.gov/2009/04/travelin...s-of-cash.html

http://answers.yahoo.com/question/in...4131530AAAEp1i

No laws against it.

Getting some dick head TSA agent that want's to bust your balls about it...well that's another issue.
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Old 11-24-2013, 11:23 AM   #24
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Credit Union. If you have an account at a Credit Union that participates in Shared Branching, you can make deposits or withdrawals from any other Credit Union that also participates in Shared Branching.

I know the deposit side worked great for me -- I was able to make deposits in Ohio to my Credit Union that has 2 offices in Maine. I don't have actual experience with withdrawals.

That said, I'd be OK carrying cash I think.
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Old 11-24-2013, 11:28 AM   #25
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Originally Posted by disconnected View Post
So would it be normal to carry 10k in cash on a fly and ride? Would customs think I was a drug dealer? What if the potential seller beats me over the head with a baseball bat?

Thanks,


Greg
If you are in Philadelphia and the seller is in another state, why would you be going through customs ?
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Old 11-24-2013, 11:32 AM   #26
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My credit union suggested having the cashiers check written to both the sellers name OR my name. That way if the deal fell thru, I could just counter sign the check and put it back in my account.
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Old 11-24-2013, 11:34 AM   #27
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Stack

I bought my GS for $10,500 from a local guy. I planned to pay cash, but my bank (TCF) is only one notch above a piggy bank in sophistication. The first branch didn't have enough cash on hand. The next could only give me $20s. I had to stop on the way at a "big boy" bank and swap out this pile for someting more easily carried.

Next time, I'll do the 80% cashiers check/20% cash bit - that is good advice.
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Old 11-24-2013, 01:06 PM   #28
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I agree with the bank transfer or cashier cheques, along with some cash, say 1-2k for some bargaining power.

Good luck, is the fly and ride happening now or next spring?
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Old 11-24-2013, 07:00 PM   #29
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Might want to lookup "asset forfeiture."

There are stories of people carrying cash in the US being stopped by police for any reason at all and the cash confiscated and the person sent on their way. No charges filed, the person is free to go.
The cash is deemed guilty and held pending the owner proving the cash wasn't involved in the drug trade. (good luck with that)

It makes no logical sense but it's one way some police departments fund themselves. And it's the law for now.

I bought a used car in another state. Went to a branch of my bank locally and got a cashiers or teller's check from them. Worked just fine.

If your bank doesn't have branches where you are going you might consider switching banks.
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Old 11-24-2013, 07:13 PM   #30
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Meet seller AT the bank. Right outside the door. If you withdrawal the money at the bank and he robs you, its a bank robbery!

In all reality, at a bank during business hours I feel is the best bet for large cash transactions. Especially if you both bank with the same place, he can deposit on the spot.

EDIT: You can always tried paying in trident layers.
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