Cash buying $15K RV from private seller?

[urbex]

45 years old, and I have never once spent more than about $3500 on something in one go for cash. Anything bigger ticket has always been financed through a dealer or the bank mortgages on a house, so this is something that I've never even thought about prior.

Now I'm looking at a camper from a private seller that comes with an asking price of $15K firm. Thankfully, this one is semi local, so it would be an easy trip to the bank to pull a wad of cash out, and then drop off with the seller.

But then I recall something about banks legally having to report large cash deposits/withdrawals, look it up, and yep - $10K is the trigger point. Then I start thinking about all those times you see videos online of people getting pulled over by the cops, they search the car, find a large amount of cash, and boom! Instant assumption of drug deals and cash is seized.

Knowing my luck, I'd get stopped on the way out of the parking lot..."Your vehicle matches the description..." Not to mention just flat not being comfortable walking around with that kind of cash anyways..

Then some stuff about banks often not even having that much cash on hand. I thought about things like Zelle, which I've never used anyways, but found often they have a limit of only $3K or so transaction limit. The local camper is owned by an older couple, guessing in their 70s, and likely even less inclined to use "techy" options like Zelle than I am.

Got me thinking..is there a "proper" way to do this? Especially so if I were to buy one of the few I was looking at out of state...or am I just grossly overthinking it all?

[wolfe10]

Go to your bank and talk with an officer about wire transferring the money.


Go with the seller to his bank to get wiring instructions for the seller's account and transfer/notarize the paperwork.


Initiate the wire transfer only after you are satisfied with the RV and have an agreed price.


Banks do this many times a day and generally take less than an hour.


The other option is for the seller to go to your bank and have your bank cut him a cashier's check. Cashier's checks are easy to forge, so as a seller, I would ONLY accept one issued to me by a bank while I am standing there.

[hohenwald48]

Cash is easy. Just let the bank know a day ahead so they can have the cash on hand. The 10K reporting is no big deal unless the 15K is some kind of ill gotten off books income. They'll file the proper paperwork and you'll never know it happened. Carry the paperwork from the bank so you can show the source if worried about getting stopped.

I've done much larger than 15K cash deals and it's never an issue. I don't like wire transfers because all it takes is one transposed number and the money goes somewhere other than the intended destination and there is no way to undo it.

The only thing to worry about with cash is getting ripped off enroute or at the final transfer point. You'll have to figure out how to minimize that risk but it has never been a concern for me.

I never accept a cashier's check unless I receive it directly from the bank's cashier in person.

Also be aware that all private deals are "as is" in most states. Unless the buyer gives you some kind of written warranty, what you buy is what you get, including all the problems that it come with. You have almost no recourse without a documented seller warranty.

[bentjm]

If you don't want to carry the cash, have the seller meet you at your bank to get the cash.

[TruckinRound]

If it’s a private party sale the safest way is to complete the transaction at a bank after you do your inspection. If your bank doesn’t have a branch near the seller ask if you can meet at their bank with a certified cashier’s check. Iv’e used this method as both a buyer and a seller.

[OldBaldFat]

I once sold a car - to State Farm - it was a total damage claim.

I made them have someone show up at their bank in North Dallas, and I had the title. The bank completed the paperwork and handed me a cashier's check in less than 20 minutes as I handed them the title which went to the insurance company representative.

I drove two blocks to my bank and deposited the check.

One reason I've always insisted upon having a bank with a physical presence. Recently sold a TT and needed to pay off Bank of Manitoba (the folks who bought Bank of the West). My Chase Bank branch handled everything easily and in a professional manner.

[Triangle Drifter]

A simple matter to go to your or his bank, sit down with a bank officer.

Bank opens an escrow account and holds the title. You pay into the escrow acct. You get the title. The seller gets the cash in whatever form they want. The escrow acct is closed. You both walk out safe and happy.

Bought a boat and a RV this way. Used the sellers bank each time. I had a cheque from my bank each time.

[UFO Pilot]

Originally Posted by bentjm

If you don't want to carry the cash, have the seller meet you at your bank to get the cash.

[oldenavy]

Sold our tractor last year for cash. The guy came with a ziplock bag full of $100’s. He said he did several withdrawals of less than $10k. I did the same thing putting it into our bank. Did two deposits of $9k each, no issues at all.

I normally would be worried about getting counterfeit bills, but the buyer was the same guy who bought our house, so we knew him to be legit.

Previous comments on wires and cashiers checks are spot on.

Have seen before that some when folks say “cash”, what they mean is that they won’t finance it for you. They don’t actually mean greenbacks. Might be worth clarifying that.

[UFO Pilot]

A friend just sold his MH for 25,000 cash. He met the man at his bank and they ran the money thru their bill counter. That verified that it was all there and it was all good. He handed the title over and deposited the money in his account.


I guess that will suffice for the question of where the money came from.

[Crasher]

It's not a big deal. You've already read several safe ways to do the deal, anyone of which is safe. I'ld be more concerned that the coach was what the seller said it was and what I wanted. the actual transaction would be the least of my concerns.

[Cajun 143]

I bought mine out of state..used cashiers check. Dealer called my banker to verify check, gave me title etc and I took it to DMV next day..easy peasy

[zrock2010]

Just get a bank draft.. Its basically a certified chq direct from the bank

[jacwjames]

I bought a Jeep 800 miles away and had to fly to get it. I was concerned about flying with that much cash so I had a cashiers check made out for an amount under $10K and had the remainder in cash. I confirmed with the seller that they would accept a cashiers check. I also confirmed with the bank that if the deal didn't go through I could return the cashiers check and get my money back.