Need some advice; Collecting large amount of money safely?

[Gaston]

So this weekend some dude is going to stop by my house to buy my second motorcycle that I'm selling cause I hardly ever ride it. We agreed upon €9.5k but I am wondering what the best way of closing the transaction is.

I mean - he obviously doesn't want to transfer the full amount before he has seen the bike which I understand and I don't want him to leave before I see the actual amount on my bank account.

I thought 50% cash, 50% by bank transfer when he is here so that I can verify the transfer has gone through (which takes a day to transfer).

100% cash is something I' m weary of - might get ripped of with fake bills or something.

Using a third party service such as ppal always costs you x percentage of the amount transferred unless you use friends & family, yet you aren't insured when something goes awry.

What would your preferred method be? Any clever ways to minimize risks on both ends?

 

[GohanX]

I don't know if this is a possibility in your hood, but in the states the best way to do this would be to have him come check out the bike, and if he agrees to buy it you both go to his bank. The bank can could cut you a cashier's check directly from his account, and you'll know it's legit since you're at the bank with him.

 

[jro]

Where's EG when you need him?

 

[roker]

I don't know if this is a possibility in your hood, but in the states the best way to do this would be to have him come check out the bike, and if he agrees to buy it you both go to his bank. The bank can could cut you a cashier's check directly from his account, and you'll know it's legit since you're at the bank with him.

yep, this. I've done this a few times selling laptops and shit. Meeting at a bank is a good spot, most of the time shady guys won't try to pull shit there.

 

[Lastblade]

Bank check would be the best, and you go to the bank with him so you can witness the bank issuing it.

 

[Gaston]

Great advice guys, thanks!

 

[Xian Xi]

Also sign any paper work in the bank.

 

[BIG BEAR]

PERFECT. I've done that on several occassions in the past. OR you could got to a casino and have him withdraw it from an ATM. Do casino's still have no limit ATM's??? HA!
BB

 

[joe8]

IMO, Europe should have large denomination bills, like 1000 or 10000 Euros, the same as America used to have.

 

[LoneSage]

IMO, Europe should have large denomination bills, like 1000 or 10000 Euros, the same as America used to have.

Europe does have large denomination bills, dingus.

 

[Tech&Music]

Europe does have large denomination bills, dingus.

The largest denomination bill is 500 euros, and they stopped issuing those in 2013, leaving 200 euros as the largest bill. So, by joe8's definition, we don't, unless you're talking non-Euro countries too.

 

[LoneSage]

aw FUCK didn't know they canceled the 500 notes.

 

[MySoberCompanion]

The largest denomination bill is 500 euros, and they stopped issuing those in 2013, leaving 200 euros as the largest bill. So, by joe8's definition, we don't, unless you're talking non-Euro countries too.

They are still around here, but only in chinese wallets...

 

[fake]

Make sure 8-Man verifies the cash.

 

[SouthtownKid]

aw FUCK didn't know they canceled the 500 notes.

Better redact that previous post. You don't want being made a fool of by Joe8 something that sticks in people's memories. Something like that could brand a fellow. Let me know when you've done it, and I'll delete this post just to be safe.

 

[Jon]

I would be worried about having a large amount of cash going to some random guy's house. In the US, we have civil forfeiture laws in a few states. What that basically means is, if you get caught speeding or, whatever, a cop can search you and take your cash. A few video game vendors I know go to ATM's right after a show has concluded to do bank deposits to avoid this. Very scary situation.

Gohan's and others advice sounds pretty good.

Jon

 

[LoneSage]

I bought a Suzuki Volusia 2003 motorcycle for $4,500 years ago, cash in hand. I felt pretty baller at the time. I sure do miss that bike.

Gaston why don't you ride anymore? Too many speed camers ruin the mood or what my man

 

[wyo]

I would be worried about having a large amount of cash going to some random guy's house. In the US, we have civil forfeiture laws in a few states. What that basically means is, if you get caught speeding or, whatever, a cop can search you and take your cash. A few video game vendors I know go to ATM's right after a show has concluded to do bank deposits to avoid this. Very scary situation.

Gohan's and others advice sounds pretty good.

Jon

Civil forfeiture is legalized theft and a total disgrace.

Yeah, go to his bank and they should be able to handle the title transfer as well, notary, etc.

 

[LoneSage]

[REDACTED]

 

[Tech&Music]

I would be worried about having a large amount of cash going to some random guy's house. In the US, we have civil forfeiture laws in a few states. What that basically means is, if you get caught speeding or, whatever, a cop can search you and take your cash. A few video game vendors I know go to ATM's right after a show has concluded to do bank deposits to avoid this. Very scary situation.

Gohan's and others advice sounds pretty good.

Jon

Dutch police can take the cash if they suspect it being used for, or having been gained by criminal activity. But then a car search due to small stuff like speeding is highly, highly unlikely to happen. In any case, walking around with that much cash is never a good idea regardless.

 

[Rot]

Give it to your kid...

xROTx