Paying cash for a Ferrari long distance

Wil, I don't think you're allowed to fly with more than $10K in cash anymore. I did it once, but it was broken up into different sections of my bags - and I was still nervous. If you must, carry large bills and break it up in different bags - preferably carry-on bags, so you're not checking several grand into the hands of underpaid and unappreciated airport workers.

 

I would do it through a bank or other financial institution. Especially with the recent epidemic of civil forfeiture cases: cops take money with no actual crime being committed or evidence of a crime sighting things like "no one except a drug dealer would have this kind of cash on them".

If the seller needs cash they can probably wait the couple hours it takes to move it to their account.

 

Hey, Dave! How's it going? I hope all is well.

If the seller wants cash, it's likely he doesn't want it in his account at all.

 

Okay, yeah, this is a bad idea. Do you have a really good friend who lives near the seller, to whom you can FedEx the cash?

 

No, you don't tell the shipper - but you send it next-day air with a book and you pay for insurance. When they ask why you want so much insurance, you explain there's a rare text in the package - which is technically not a lie. Also, it wouldn't hurt to air-seal the cash in thick plastic and fill the box with coffee; but I also watch a lot of Vice on YouTube and NetFlix.

 

the seller is a crook. if you must take a cashiers check made to you. if the deal is good load the car on transport and have the owner sigh the papers and hand them to you at the bank. that is the way I dealt with the mafia in Chicago over $9,000 35 years ago. they went with it. crooks are crooks. there will be no nice things

 

Use a bank with branches at both your location and the car you are looking to purchase. Put the money in the account at your end and if all works out complete the transaction at the bank branch nearest to the car and handover the cash.

 

+1

 

Not sure that will work. I went to withdraw 50k out of my Bank of America account a few weeks ago and they just looked at me and said 'I'm sorry sir, we don't have that much cash on hand.'

 

If he won't take a wire transfer I'd look for another car - there are lots of cars out there.

 

This may be an urban legend, but in addition to the airlines limiting you to or making you declare anything over $10K in cash is that that amount in bills will set off the metal detectors. They would also see it in the xray...not sure how you could possibly personally transport a large lump of actual cash.

I'd be leary even just personal safety wise showing up with a large sum of cash for a car deal. I can understand the seller desire to deal in cash only, but he will have to be willing to accept some of your terms for the deal as well. I would think the bank branch-branch approach would work but you may have to give the branch on the other end a heads up so that they would have that amount on hand

 

I believe the $10,000 limit is money coming in and out of the U.S. There are no domestic limits.

I think it would be insane to Fedex the money, I certainly wouldn't be able to sleep.

If you give a bank a few days notice that you will need to withdrawal a large amount of cash they will make it available.

Not that I would ever do this myself but paying cash does create the opportunity to record a lower sales price thus reducing the sales tax.

Unless you know the seller or they are reputable I would be careful showing up with cash you never know.....

 

You can fly with cash you can't bring more than 10,000 over the boarder or you must declare it.

 

Agree--no domestic limits. The $10,000 limit is coming into or out of the country.

 

Arrange the funds in advance with a local bank branch as was described before, and get the seller to meet you outside the bank for the inspection. Make damn sure it's legit and carry no money at all until you are happy, and then draw the funds if you really have too. I would hope you are having it mechanically checked as well, as cash means it didn't happen for the purposes of warranties

 

This is correct. There is no limit of how much you can carry anywhere. It is not anyone's business how much cash you have on you while traveling domestic. There is also no limit on how much cash you can carry while leaving or entering the U.S. However you are required to declare anything over $10,000.00. If you don't your money can be seized. You can get it back (as long as you can prove you are not involved in illegal activities and if you are you have bigger problems than your cash now!) but you will have to get an attorney involved. Also, breaking it up in different bags does not change anything. It is the "total" amount you have on you. That includes anything in your bags and what you have in your wallet. If it all adds up to more than 10K you have to declare it. With all that said I would not do an all cash transaction. There is no reason for the seller to ask for an all cash transaction unless he is doing something questionable. But that's his business. If you still want to proceed, assuming you bank at an institution with locations at your city and the seller's city, you can still withdraw the cash from your account and pay him. Of course your bank, or any bank for that matter, will have you fill out the proper forms for IRS if you are depositing or withdrawing anything over, you guessed it, $10,000.00. If it's a large sum you can arrange with your branch to give them a heads up for your large withdrawal. It is not abnormal for a bank not to have enough cash on hand. I have had that happen to me before.

 

By any chance would this be for a deal that is to good to miss. or the price of the car is way below what the guy should be asking. To good to be true.

Only saying that if you have any doubts forget the whole deal.

 

should a check happen you will find yourself with a big delay and possible money confiscated. I know of one person that had $54,000 in cash. took weeks to get the funds released

 

Sounds shady. Sure I'd like to play Walter White, but lets get real here. My concern for safety would be paramount.

 

+1 years ago I used tu carry large sum of cash up to $100,000 for purchase of airplanes. Of course provenance of it was legit, this was a leverage tool to conclude a better deal because it was MY deal=I was in control.
In this case it is a requirement from the other party so it becomes HIS deal=he is in control.
My advise to you is do'nt, you should ask ahead to a local branch of your bank (or one that could deal with yours) to have the funds available at the finalisation of the transaction.
Even then I would be really cautious of the other party-is the car fully ligit and good mechanical shape? You could end up in a nasty legal procedure for ex: the seller is at terms with the IRS or in the mist of a divorce procedure so he would go for a fast undisclosed ( or at least declare for a lesser amount) sale.
I have seen that happened before to friends of mine so beware.

 

+1