Wire transfer questions

[briank]

Selling a vehicle and got a call from someone out of state who is willing to wire transfer money to my account. Is there anything to be concerned about on my end? Can someone try to recoup the money once they have the vehicle? Does the government get involved when a larger deposit is wired like that or how does that work. I always prefer cash in person but if this works....I dont really want the govt nosing aroumd either though.

[leddzepp]

I wouldn’t give anybody my account number.

[mongocanfly]

i wouldn't....cash only ...if they want they'll come get it

[Red71gmc]

Supposedly deposits over 10k get attention. I don't know if this only counts in an audit as I find it hard to believe the govt. keeps track otherwise.
The wire scams I know about revolve around banks wiring money to closing companies but I don't know about individuals receiving one. Scammers find out about a real estate closing and call the lending bank with fraudulent account numbers for transfer. It's actually a thing now. So much so they are returning to cashiers checks that used to be a scam problem.
I would call your bank and ask about the dangers of giving your account number. It's on all your checks anyway but who knows anymore.

[4x4k30]

Originally Posted by briank

Selling a vehicle and got a call from someone out of state who is willing to wire transfer money to my account. Is there anything to be concerned about on my end? Can someone try to recoup the money once they have the vehicle? Does the government get involved when a larger deposit is wired like that or how does that work. I always prefer cash in person but if this works....I dont really want the govt nosing aroumd either though.

I have done several wire transfers with no problems . but never let a title go before the deal is done. and remember if it sounds to good of a deal to be true it probaly is .and as far the government goes they only have to be notified if you deposit is more than 10k in cash at one time.

[davischevy]

Wire transfer is my preferred method of payment. I give my banker the info and let them handle the transaction with the buyers bank.

Never let a title or the vehicle out of your hands until the money is in your bank account.

I always make sure the seller is satisfied the money is in his account before I ask to remove the property.

If a buyer pressures you, you can bet it's a scam.

[davischevy]

Any transaction over $10,000 gets reported to the Feds.

[truckster]

Originally Posted by davischevy

Any transaction over $10,000 gets reported to the Feds.

It's a requirement- the banks have to report it. And don't try to split it up into multiple payments. That's a federal crime.

[davischevy]

Originally Posted by truckster

It's a requirement- the banks have to report it. And don't try to split it up into multiple payments. That's a federal crime.

It might be faster to explain what is NOT a federal crime anymore.

[briank]

Thanks for all the information..it will be over 10k so I dont want the govt to know. We'll see how it goes, there are others interested in the vehicle as well.

[Red71gmc]

Originally Posted by davischevy

It might be faster to explain what is NOT a federal crime anymore.

This is so true.

[Grumpy old man]

Carrying large sums of cash can be a problem ,I've seen on the cop shows how people have had that large sum confiscated during a traffic stop on suspicion , Give him the name address and phone number of your bank and let him set up his own account at your bank , Then your bank can process the transaction without giving out any of your info . You'll still have a record on your account of a large deposit but at least you've protected your private information , This is an open forum with thousands of members most Anonymous . so posting about " it will be over 10k so I dont want the govt to know " is probably a bad idea .

It's just easier to pay what's due .

[72c20customcamper]

cash deposits get reported the threshold is 10k but multiple cash deposits that meet or exceed 10k get reported also . If there is a paper trail there is no reason to report it. I wouldn't do a wire tranfer from anyone I dont know. When I sold my insurance agency the bank that held the business loan wired me a very large amount . Problem is a large amount will only clear in segments. So it took almost 10 business days to get it fully cleared.

[briank]

I guess another question is reporting it one thing but do they dont claim it to be income do they? Yes...its more than I paid initially but Ive also done work , added money out of pocket etc as well as already paid tax on the money I earned to buy the darn thing.

[LockDoc]

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If you meet anyone to exchange money/vehicles make sure it is a public place with a good number of people or have a friend go with you. Oh, and make sure none of the bills have "For Motion Picture Use Only" printed on them.....

LockDoc

[72c20customcamper]

Originally Posted by briank

Thanks for all the information..it will be over 10k so I dont want the govt to know. We'll see how it goes, there are others interested in the vehicle as well.

Well then cash only and hide it in your mattress.

Not like you have to pay tax on it. If your in he car business then profit has to be reported but a private sale the government really doesn't care.

My uncle had a 1929 Packard a beautiful car when he sold it and we're talking well over 100k . There was no tax involved it was a private sale. Only person that pays sales tax is the puchaser

[briank]

Since you brought up the "for motion picture use only" money, another thing is dont accept cash with asian stamp on it, that is bank teller practice money from asian countries....ie fake.

[Coley]

If its over $10K...which is a large sum, you are probably better off to book a cheap return flight and simply go up and collect it in cash.
That will end your concerns about your banking information and the government angle....and you get a day out doing some fun travelling, lol.

Coley

[70STOVEBOLT]

Just make sure if you do the wire transfer that it is not an ACH teansfer. Once the wire is ent, the stndef cannot reverse the transaction bit with an ACH they can reverse it.

[4u2nv]

E-Transfer is the way to go
NOBODY CAN GET RIPPED OFF.
Done it many times for purchasing and selling transactions.
Any bank that you deal with has this option

[Coley]

Originally Posted by 4u2nv

E-Transfer is the way to go
NOBODY CAN GET RIPPED OFF.
Done it many times for purchasing and selling transactions.
Any bank that you deal with has this option

I agree....but I think he is trying to 'keep it off the book's, ie: the government books.
If it more than $10k...and it appears to be, then they have access to be in the loop...whatever that might entail.

...seriously tho', just how much tax is associated with you selling your vehicle that would prompt the need for a cash deal?

C.

[Red71gmc]

I once had a guy tell me that when he files his tax return he considers that his first offer. I like that.

[72c20customcamper]

There is no income tax on a private car sale... it's not taxable income. I sold an Avanti a few years ago for 20 k went with the buyer to her bank she got the check at the counter made out to me and I gave her the papers for the car.

Government knows nothing of it . Guys your being paranoid about this. I have bought and sold cars since I was 15 . Never reported any of the sales.

Only time deposits are reported is if you make large cash deposits. And if they ask about it you can prove you sold a car . Which isn't hard to do since the tittle went from your name to someone else.

I had to study banking laws as I had to have a securities license to sell annuities and market based life insurance policies and to do 401k rollovers. I still have it .

[briank]

All good info to know. That wire deal fell through and another guy bought it. He paid a down payment on paypal and the rest will be done in person upon pickup.