Selling an RV/payment

[mountaintravele]

I will be selling my RV a few months later and need to understand how I can safely receive a payment. I want to sell to a private party.
It's going to be selling for 40-45K.
Receiving bank wire won't work for me.
I will ask buyer to give me cashier's check of a bank that has local, branch, I think. I want to be able to go to the branch in person and cash the check and also first verify that the check is good, before I sign the title over.
Had anyone done a sale like this? What are the steps with cashier's check handling to make sure one won't get defrauded?

[Grit_dog]

^Cmon PA12, no room for common sense or intelligence here when talking about the OPs “dilemma”. That would just be too easy to do what you said, for a very nominal fee, or free, and eliminate any risk, real or perceived.

[PA12DRVR]

Interesting thread.

If the OP is by chance still observing, one way to avoid 99.99% of the hassle / risk of banks / cashier's checks / cash reporting would be to have a title company (or the escrow department of banks that still offer the service) simply undertake an escrow service: will add a few days to the transaction time, but eliminates risk and (IMNSHO) lots of hassle.

[Grit_dog]

^So do ya write it for less, or are you “that guy”? I won’t assume but well, yeah….
I wonder what % of people are silly enough or afraid enough to follow it? Having sold probably a couple dozen vehicles and toys in the last dozen years here, fortunately it seems the vast majority of buyers are smart enough to not pay the full sucker tax.

[JRscooby]

cummins2014 wrote:

Yup ,many times have had a person ask me to write the bill of sale for way less than paid to beat some of the taxes on a vehicle . Of course anything else other than a registered vehicle , boat etc . should also have the sales tax paid ,but I know of no one that does that on a private party transaction .

Yes, tax fraud is just as acceptable as witching about bad roads, bad schools, bad health care, and all the other thing less rich counties somehow figure out.

[cummins2014]

Grit dog wrote:

way2roll wrote:

ferndaleflyer wrote:
As stated above, whole bunch of "experts" commenting on something they know nothing about. Cash is king and have you not heard of the under ground economy the government is trying to do away with that robs them of taxes and fees. You can use most of the methods mentioned above but cash is good everywhere and when its Sunday, the banks are closed, and a buyer is standing there with cash. I'll take the cash. Someone above said the title had to be notorized, maybe in NC but most states have done away with that nonsense. Don't make it complicated!

Been working in the banking industry for over 30 years, most of which spent in anti money laundering, sanctions and data governance and oversight. But yeah, I guess you're the expert.

With your esteemed, and I’m sure exciting, career in banking, can you be more specific as to what ferndale said that is incorrect?
All bs aside, it sounds like you’re countering his assertion that cash is good and able to be spent and/or exchanged for goods and services.
Or was it the underground economy thing? Not familiar with that term but it’s hard to doubt that the tax collectors and their agencies are in favor of un-taxed cash transactions.
Heck, in WA, by law, individuals are to report virtually any purchase of anything but consumables and pay a use tax…literally a used couch off of Craigslist is required to be reported with the purchase price and applicable use tax paid to the State.
They are able to somewhat control this with items that require state title or registration. Personal vehicles owned for a period before moving to the state are exempted, but everything else, unless you cheat the system gets taxed up to the full amount minus proof of tax paid elsewhere. IE one legally purchases a used (boat rv etc) prior to moving to WA (any time no staturte of limitations) in their home state that may not tax used and or private party purchases. Then move to WA and the state taxes you 9-10% based on FMV just for the privilege of using it in WA. Of course they and other agencies are doing what they can to curtail in-traceable transactions.
Just like the state collecting double, triple, etc tax on used vehicles. If it changes hands privately it’s taxable even when sales or use tax was paid in full already when it was new?
Thank god there are enough people here who understand the rip-off and are willing to be your “family member” when selling you something, for tax purposes. (The loophole until big brother changes it…)

Yup cash is king, convince me otherwise.

Yup ,many times have had a person ask me to write the bill of sale for way less than paid to beat some of the taxes on a vehicle . Of course anything else other than a registered vehicle , boat etc . should also have the sales tax paid ,but I know of no one that does that on a private party transaction .

[ferndaleflyer]

Sorry but I was taught by the other system, the banking system is a joke. Got people at the local level with holes in their shoes working with millions of$$$ And cash almost always works in my world. I did say "almost".

[JRscooby]

valhalla360 wrote:

It's not a question of "trust". Banks operate under rules that they can't violate...and no, if you deposit a bad check and the rules allow, they aren't going to eat the loss.

Well maybe the "rules" allow the banker to tell their customers "Yes, this is good as cash" before we accepted the checks, then week later, "No, sorry, the check is no good"
Over years that bank made money from us. Would not of trusted anybody there to run a 13 speed up threw the gears while keeping truck 'tween the ditches, but expected them to be experts at keeping my money safe.

The only reason I brought this up was to hint to OP that wire transfer is safest way to make deal.

[Grit_dog]

Note, all this discussion is totally different than the weirdness the OP posted. And I suspect there won’t be any more input from him….

Although I do applaud him if his inquiry was simply a round about way of trying to get around excessive taxation.

[Grit_dog]

way2roll wrote:

ferndaleflyer wrote:
As stated above, whole bunch of "experts" commenting on something they know nothing about. Cash is king and have you not heard of the under ground economy the government is trying to do away with that robs them of taxes and fees. You can use most of the methods mentioned above but cash is good everywhere and when its Sunday, the banks are closed, and a buyer is standing there with cash. I'll take the cash. Someone above said the title had to be notorized, maybe in NC but most states have done away with that nonsense. Don't make it complicated!

Been working in the banking industry for over 30 years, most of which spent in anti money laundering, sanctions and data governance and oversight. But yeah, I guess you're the expert.

With your esteemed, and I’m sure exciting, career in banking, can you be more specific as to what ferndale said that is incorrect?
All bs aside, it sounds like you’re countering his assertion that cash is good and able to be spent and/or exchanged for goods and services.
Or was it the underground economy thing? Not familiar with that term but it’s hard to doubt that the tax collectors and their agencies are in favor of un-taxed cash transactions.
Heck, in WA, by law, individuals are to report virtually any purchase of anything but consumables and pay a use tax…literally a used couch off of Craigslist is required to be reported with the purchase price and applicable use tax paid to the State.
They are able to somewhat control this with items that require state title or registration. Personal vehicles owned for a period before moving to the state are exempted, but everything else, unless you cheat the system gets taxed up to the full amount minus proof of tax paid elsewhere. IE one legally purchases a used (boat rv etc) prior to moving to WA (any time no staturte of limitations) in their home state that may not tax used and or private party purchases. Then move to WA and the state taxes you 9-10% based on FMV just for the privilege of using it in WA. Of course they and other agencies are doing what they can to curtail in-traceable transactions.
Just like the state collecting double, triple, etc tax on used vehicles. If it changes hands privately it’s taxable even when sales or use tax was paid in full already when it was new?
Thank god there are enough people here who understand the rip-off and are willing to be your “family member” when selling you something, for tax purposes. (The loophole until big brother changes it…)

Yup cash is king, convince me otherwise.

[way2roll]

ferndaleflyer wrote:
As stated above, whole bunch of "experts" commenting on something they know nothing about. Cash is king and have you not heard of the under ground economy the government is trying to do away with that robs them of taxes and fees. You can use most of the methods mentioned above but cash is good everywhere and when its Sunday, the banks are closed, and a buyer is standing there with cash. I'll take the cash. Someone above said the title had to be notorized, maybe in NC but most states have done away with that nonsense. Don't make it complicated!

Been working in the banking industry for over 30 years, most of which spent in anti money laundering, sanctions and data governance and oversight. But yeah, I guess you're the expert.

[ktmrfs]

LouLawrence wrote:
Bought a used Prevost a few years back. Transferred over $100,000 from my brokerage to checking. A week or so later went to the bank and got a cashiers check made out to the seller(dealer). If someone wanted to rob me they would have gotten a worthless check since it was made out to the seller already. None of these transactions created any kind of IRS/Government related intervention. It's just business as usual for the bank, the consumer and the dealer.
Those that choose to deal in cash only for very large transactions are going to find it difficult trying to make it a smooth and easy transaction.

Did similar on the last new car we bought. I wrote out a personal check to the dealer post dated by 5 days and agreed on the date they would deposit the check. Drove the new car home, did an ACH transfer from my brokerage account to checking, 2 days for money to move to checking.

easy peasy,

[ferndaleflyer]

As stated above, whole bunch of "experts" commenting on something they know nothing about. Cash is king and have you not heard of the under ground economy the government is trying to do away with that robs them of taxes and fees. You can use most of the methods mentioned above but cash is good everywhere and when its Sunday, the banks are closed, and a buyer is standing there with cash. I'll take the cash. Someone above said the title had to be notorized, maybe in NC but most states have done away with that nonsense. Don't make it complicated!

[ro_sie]

I think you will have to deal with a bank. Not too many buyers are going to show up at your

I agree with you 100%. He needs to talk to his banker about what is going on, ask seller to make a wire transfer and with his banker on alert, have it put right into his account. That much money, I wouldnt do it any other was. I recently did this but it was for quite a bit more money.

[StonedPanther]

shelbyfv wrote:
Fun to speculate as to why OP is trying to avoid banks. IRS? Ex? Debt collectors?

Perhaps saving a nickel by spending a dollar?
Throwing dimes like they're manhole covers?

Who knows LOL.

[shelbyfv]

I've found the thread interesting and timely as I'm thinking of selling my travel trailer and I'm no financial wizard. I was pretty sure I didn't want to deal with $20K in cash but wasn't up to date on the alternatives. I've done some Googling as well. I need to check the specifics with my bank but it seems as if meeting with the buyer at my bank and doing an electronic transfer would be best. Fun to speculate as to why OP is trying to avoid banks. IRS? Ex? Debt collectors?