Paying cash for a Ferrari long distance

I have a better idea. Why lug around 200 coins when you can just get one coin worth 400k. Problem solved.

 

I have to laugh about this one. You think they are going to give you 200k in cash. I recently went to chase with a cashiers check for 3000.00. They practically had to call everyone but the president to cash a 3000.00 cashiers check. It took an hour to get my money. I can't even imagine handing them a cashiers check for 200k and expecting cash.

 

My boat transaction was over 40,000 in cash - no problem. Just completed this transaction last week. Sold my BMW same way for over $58,000 last year.

Maybe where you live they are not used to large cash transactions.

 

If you sell a car for 50k cash and you deposit it at your bank they will fill out form 8500 which is a cash reporting of any transaction over 10k. They forward this to the U.S treasury. I'm sure if you do this once every 3 years they probably won't pay much attention to it. If you do it a couple times a year I would say it might raise a red flag. Even if you made the money legally you have to prove your innocence. To me it is not worth the attention you might draw.

 

Last time I got a Chase cashiers check from a client, I think it was $2,500, I had to go to two branches and have a teller friend call the manager to get them to cash it. THEIR OWN ISSUED CASHIER'S CHECK. They recited some policy over $500 if I didn't have a Chase account too. I was dumbfounded cross examining the teller chick. So this is from your customer? And drawn on this bank? And it's legal tender? To be exchanged for cash? And you are refusing?

 

That's what I'm talking about. Can you imagine walking Into a chase branch with a cashiers check drawn on their bank for 200k and expect them to do cash it. No way, no how.

 

I'm afraid I don't want anything badly enough to travel with a large amount of cash. A certified bank check is as good as cash. Either that or deal is off.

 

The OP is Wil De Groot, this could be a half a Mill $US Ferrari.
While your scenario is completely valid on your scale, this could potentially be far beyond the banks cash on hand.

Personally, If I was the seller, I would wonder about after the transaction - walking out of a bank with $500k cash presents some serious risk!


Wire Transfers are truly the best, they are not reversible and occur same day.
Fly in, see the car in the morning, wire funds, take ownership that afternoon

 

Lots of very good advice here, thank you everyone! Here's what we did. The seller wants a cash transaction. So yesterday I found a branch that can have the funds in cash by Monday AM. Smaller branches require a week's notice, so I found a large branch. Opened an account with the same bank yesterday in NJ. Deposited the funds in NJ and had the branch manager OK the funds for release in CA on Monday. The money is good for withdrawal on Monday and do the title transfer at the bank. The rest of the deal, the PPI, etc? that is our risk! The sellers 'request' for cash? His risk and none of our business. Thank you all for the insights. Saved me a big headache! If all goes well, watch this space for pics.

 

Did you ever say the approximate amount of the transaction or what model of car?

 

No we didn't and we'd rather keep quiet about it until the transaction is completed and we're back home. If we buy the car we would like to drive it back to the other coast and if we do that it will take a few days but we will post about it.

Thank you all for the very useful advise.

Wil

 

I can respect that, surely letting us know the era is reasonable:
1. Enzo (1947-73)
2. Fiat (1973-91),
3. Montezemolo (1991- )

 

See, this is no transaction that mere mortals would expect - this is something special!

$40k ... I'll bet it is multiples of that !@

 

I divide that differently. I often tell people that if it was made after 1988, it's just an expensive Fiat. This car is one of those expensive Fiats but it's my favorite expensive Fiat and it's from the time Montezemolo was in charge of the factory (not just running the F1 racing team).

 

Well good luck, and let us know one way or another how things work out.

 

if it has to be in CASH...why not charter a private jet? especially if very considerable amount of cash. no TSA people with sticky fingers, no security lines, no dogs, no scanner at a private terminal.

 

Figuring NJ to CA, that's about $16K each way. This is a 1988 car or later, and someone who is asking advice about payment, so no disrespect to the potential buyer here, but I'm assuming they are not jet-setters as these folks live differently and aren't on F-chat seeking advise in regards to financial transactions, etc. They have representatives and "their people" doing the leg-work. Correct me if I'm wrong here Wil

 

I did this when selling (at the buyers request.) We met at his bank, and they had cash available.

 

16k if you're wiling to deal with a fuel stop in Kansas. nonstop you're pushing closer to 25k each way.

I've known plenty of jet setters that do their own leg work and are always out for the best deal, even if its to just $500. just prefer to fly private in certain situations where security and time is of the essence.

Even if a 1988+ car, could be could be an F40 or F50!

 

No PPI and you are planning to drive it some 3000 miles back home? You have better faith than most people. Good luck!

 

Ahem, we'll be doing the PPI. The risk...if the car is no good? we have a nice weekend in SF and fly home instead of driving. It's our 20 year anniversary year. 20 years ago I met a Ferrari crazed guy and decided to spend my life with him. Can't think of a cooler way to celebrate...keep your fingers crossed please!

 

I hate to to ruin the fantasy but I'm a guy running a shop fixing these cars for 35 years. I assure you, fixing exotics is not a Get-Rich-Quick-Scheme (but I'm not complaining, it's a big adventure). No jets and F40s (which I love) are only to work on. What might be chump-change for a "Jet Setter" is a big deal for me so trying to get a big wad (for me) of cash safely to the west coast was a little daunting until I got some very good advise right here on F-chat. Thank you for that.

Wil

 

The seller requested cash most likely to avoid tax. Buyer wanted to pay by check. Why would the buyer drop $30k to $50k on a private jet to accommodate the seller's shady request, not to mention putting himself at risk carrying a huge sum of money?

 

Spoken like a true "car guy" who is fortunate to have a "true car gal." (hence forth, "car guy" non-gender specific ). Half the fun is in the hunt, which is why I quit fooling myself sometime back knowing as soon as the deal is done, my search begins for the next one. Enjoy the ride...

“ Life moves pretty fast. If you don't stop and look around once in a while, you could miss it.” …Ferris Bueller

 

And there is something else you missed. How about if the guy receiving the cash is a criminal and they decide to prosecute the guy for money laundering. By you giving the guy cash they could go see you as a co-conspirator. I know it sounds far fetched but it happens all the time.