Best way to get paid for selling RV?

dryfly wrote:
Unfortunately, you don't want to raise a red flag by large CASH deposits.

The Bank Secrecy Act is officially called the Currency and Foreign Transactions Reporting Act, started in 1970.

It states that banks must report any cash deposits (and withdrawals, for that matter) that they receive over $10,000 to the Internal Revenue Service. For this, they’ll fill out IRS Form 8300. This begins the process of Currency Transaction Reporting (CTR).

Splitting deposits into smaller amounts over a reasonably short period of time also sends a signal to the bank. Can you say.........money laundering?

So if I sell my RV for $25 K cash I need to deposit $9999.00 now, another $9999.00 6 months from now, and in a year deposit the remaining $5002.00. Sure would not want to get in pickle and accused of money laundering. Might get toted off to the state or fed pen? Someone might think I'm pushing crack or Oxycontin? I wonder if the dealers (RV) have that problem when making deposits on cash deals?

Some of the things people worry about on RV boards never ceases to amaze. Better off to stuff it in the mattress or bury it in mason jars out back LOL.

Unfortunately, you don't want to raise a red flag by large CASH deposits.

The Bank Secrecy Act is officially called the Currency and Foreign Transactions Reporting Act, started in 1970.

It states that banks must report any cash deposits (and withdrawals, for that matter) that they receive over $10,000 to the Internal Revenue Service. For this, they’ll fill out IRS Form 8300. This begins the process of Currency Transaction Reporting (CTR).

Splitting deposits into smaller amounts over a reasonably short period of time also sends a signal to the bank. Can you say.........money laundering?

I agree that wire transfers are the safest but be aware not all financial institutions will do them. When I sold my RV the buyer's Credit Union would not do a wire transfer for the $40,000.

sch911 wrote:
Cashiers check, or Certified check. You both go to the bank that holds you lien (if you have one), or your bank and make the transaction. The bank will know if the check is good or not.

This^^. I will not carry cash to a transaction if purchasing a RV from a individual.

I accepted a large bank check after verifying it with the issuing bank.
Also verified that the buyer had 11 years on the job and owned his own home.
Some of the scammers tip their hand early on.

Cash is fine up to maybe $10k. Above that a wire transfer is probably best.

When I bought a truck a bit ago, the seller wanted cash, Ok, we went to my bank, they didn't have $40K cash on hand (said I had to "order" it ahead of time) so he accepted a wire transfer.

I bought a used montana and the title holder was a credit union. I went to my bank got a cashiers check, met the owners at his credit union they verified the check and handed me the keys and title, went to the guys house and hooked up. it all went smooth as glass

I was lucky and banked with the same bank as the sellers. They wanted some cash and rest in their account. We met at their bank, got cash from my account, and transferred rest to theirs with a bank employee. They notarized a bill of sale for us. We followed them back to RV and drove off.

sayoung wrote:

joebedford wrote:
Maybe $50,000

I will only take CASH

I think 50k cash is a bit over the top.