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Message
Selling a car using Power of Attorney. Buyer wants to pay in cash, all 100s. Any problem?
Posted on 5/8/22 at 6:25 am
Posted on 5/8/22 at 6:25 am
Quick backstory.
I’m selling my dad’s car for him using a Power of Attorney. The car is in another state, but the buyer is someone I know that lives near me. I think I understand the paperwork process.
Buyer is going to pay me $45K in cash. This brought up questions in my head.
I originally wanted a cashiers check in my dad’s name, that I would mail to him.
Are there any issues with doing it this way?
I’m selling my dad’s car for him using a Power of Attorney. The car is in another state, but the buyer is someone I know that lives near me. I think I understand the paperwork process.
Buyer is going to pay me $45K in cash. This brought up questions in my head.
I originally wanted a cashiers check in my dad’s name, that I would mail to him.
Are there any issues with doing it this way?
32
Posted on 5/8/22 at 6:28 am to Grinder
Yes, many. Get a cashier’s check.
Posted on 5/8/22 at 6:28 am to Grinder
quote:
Buyer is going to pay me $45K in cash.
Drug dealer?
Posted on 5/8/22 at 6:29 am to Grinder
Take the money. Tell dad car was stolen.
Posted on 5/8/22 at 6:29 am to Grinder
I don’t think I would put a cashiers check in the mail since they are the same as cash and USPs are thieves. Wire it to him.
Posted on 5/8/22 at 6:31 am to cable
quote:
Drug dealer?
Buyer is not a drug dealer.
He’s a business owner. My wife and I have been customers of his for many years.
Posted on 5/8/22 at 6:33 am to Grinder
Pics of wife for free legal advice?
Posted on 5/8/22 at 6:35 am to OldHickory
Good way to loose the car and $45K in cash.... if this doesn't smell like money laundering then you need a new nose.
You stand a good chance of learning about asset forfeiture.
Even a cashiers check now after publically skeptical of the deal, makes you an accessory.
Tell the fed or drug dealer to get bent.
You stand a good chance of learning about asset forfeiture.
Even a cashiers check now after publically skeptical of the deal, makes you an accessory.
Tell the fed or drug dealer to get bent.
Posted on 5/8/22 at 6:43 am to Grinder
If you put it in your checking account it'll get reported to the IRS. Not sure what the consequences are there. Also if you want to make a large loan any time soon the bank may want to know where that money came from.(this happened to me)
Obligatory hookers and blow.
Obligatory hookers and blow.
Posted on 5/8/22 at 6:45 am to dakarx
quote:
Good way to loose
Good grief, it's LOSE!!!!
Posted on 5/8/22 at 6:48 am to Grinder
Don't accept that much cash. It's possible that it's counterfeit. There is a group going around bleaching $5's and turning them into $100's. It feels like money and it passes the marker test.
Posted on 5/8/22 at 7:06 am to btr08ex
If you know the person and feel good that the cash is legit, you still shouldn’t take it. It will only make things more difficult on your end.
Posted on 5/8/22 at 7:08 am to Grinder
Have him deposit it and either wire it to your dad or give you a bank check that you verify for validity.
You don't want that cash going into your account then right back out.
You don't want that cash going into your account then right back out.
Posted on 5/8/22 at 7:12 am to Grinder
quote:
My wife and I
Nice try grinder.
Posted on 5/8/22 at 7:15 am to Grinder
Why bring the unwanted attention with a large sum of cash? Tell him to write a check like a normal person.
Posted on 5/8/22 at 7:16 am to Grinder
(no message)
This post was edited on 10/26/22 at 11:32 am
Posted on 5/8/22 at 7:18 am to footballdude
quote:
Do you want to be driving around with $45k in cash?
This is a good point - I never have more cash on me than I'm willing to lose. A couple hundred bucks - maybe up to a $1k is the most I'll walk around with.
This post was edited on 5/8/22 at 7:20 am
Posted on 5/8/22 at 7:19 am to Grinder
just arrange to have the money wired direct to your dads account.
there are lots of red tape and tax laws when that much cash is involved not to mention getting visited by the FBI money laundering investigators
there are lots of red tape and tax laws when that much cash is involved not to mention getting visited by the FBI money laundering investigators
Posted on 5/8/22 at 7:21 am to Grinder
quote:
I originally wanted a cashiers check in my dad’s name, that I would mail to him.
2 ways to handle this
insist on cashiers check
or meet at your dads bank and your dad is present to take cash deposit directly into his account. (banker counts and handles the transaction for you, everyone is on camera)
if you take the cash, deposit it, then turn into a cashiers check for your dad, then it will record as income...
Posted on 5/8/22 at 7:22 am to keakar
If you walk into a bank with 450 $100 bills there's a good likelihood that some red flags are going up. I know OP says his buddy isn't a drug dealer, but it sure sounds like he's a drug dealer.
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