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Originally Posted by fatmike
tboyer -- OK, thanks. You are confirming what I suspected. Cash is king!
Follow up question:
"As soon as the cash crosses the counter at the bank, immediately deposit the CASH in your bank account."
What method should I suggest to the buyer to get that much cash to my bank? I am putting a burdon on him. Is there a safe method for him to move funds to my bank?
I bank with a local branch of one of the largest US Banks if that matters any.
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Let him worry about that, there comes a point where you want to be as accommodating as possible, however, losing the car and the 40K would be a disaster! This deal is worth it to a scammer (I’m not saying your buyer is) to be as legit as possible, the more he makes you feel comfortable, they more trusting you become. The more trusting you become, the easier it is for him to take you for the car, ship it internationally where you’ll never see it again, not to mention the 40K will be gone too! Plus, if the check is fraudulent, guess who will be at your door, Secret Service and the FBI. This is a VERY common scam, fencers just sit around waiting for the perfect opportunity to take advantage.
Here’s how I would setup the deal:
Setup an appointment at your bank in one week to meet your buyer
Explain that you will sign the title and bill of sale once he hands over the 40K in CASH, and I mean physically hands it over to you (in 1’s if he has to)
Let him deal with getting the cash himself, this is not your issue
Have your bank notarize all of the sale documents
In a totally separate transaction, deposit the 40K in your account, DO NOT allow bank checks or wire transfers, fill out the deposit slip with 40K in the amount, slide the 40K under the window to the teller
This should keep you safe and put enough safeguards in the deal to weed out the con-artists.