[Shotimes] OT - Selling a car

[Ian Fisher]

Bank Secrecy Act (BSA) form has to be filled out for any cash
transaction for more than $10,000.00. It only takes a few minutes for
them to fill out with your assistance. (ID, address, name of conductor,
name of beneficiary, your profession, etc)
 If it's a legit car sale, then you should have nothing to worry about.
Keep in mind that it is reported to the IRS, so if you have to claim it
for the tax year, make sure you do so.

An Official check would be better, but since you aren't giving it any
time to clear, its an iffy situation. If the bank accepts the money and
then finds out that its counterfeit, it is most likely a loss on the
bank's part and not your own. Ask them to verify the authenticity of the
money during the transaction if that makes you feel better. I dunno.
Once I started working for a bank, I lost the concept of what a large
amount of money is since it is not uncommon for me to hold $200,000 in
cash in my hands. :)

Ian


-----Original Message-----
From: shotimes-admin@autox.team.net
[mailto:shotimes-admin@autox.team.net] On Behalf Of Paul L Fisher
Sent: Monday, April 14, 2003 11:02 AM
To: Ian Fisher; 'V8SHO'; shotimes@autox.team.net
Subject: Re: [Shotimes] OT - Selling a car


The only problem I have with cash is that amount. Aren't there some sort
of regulations the bank has to adhere to? For example, I thought I had
heard that any cash amount over $10,000 needs to have a form filled out
for the IRS. Also, I would be concerned with counterfeit currency.

Paul L Fisher
'93 Ford Taurus SHO Crimson Clearcoat ATX 171K Build date 11/18/1992
- K&N Panel filter, Tokico Struts, Eibach Springs, Dynomax cat-back,
Holley 190lph fuel pump, FPS rebuilt ATX, 26mm rear sway bar,
Performance-Plus Stainless Steel Y-pipe, '96 brake upgrade,
Proportioning valve plugs, Delrin sub-frame bushings, Amsoil Series 2000
0W-30 oil, Amsoil Synthetic ATF. '00 Ford Explorer XLT 5.0L V8 AWD
Oxford White Clearcoat 41K Build date 11/19/1999
- Amsoil Series 2000 0W-30 oil

SHO Club member http://www.shoclub.com/
Check out my web site http://www.paul-fisher.com/
Amsoil dealer http://www.paul-fisher.com/oil.htm

Get $5 free from Paypal! https://www.paypal.com/refer/pal=P3XEFFBFUFKN6

----- Original Message -----
From: "Ian Fisher" <ianf@eden.rutgers.edu>
To: "'Paul L Fisher'" <sho@paul-fisher.com>; "'V8SHO'"
<v8sho@v8sho.com>; <shotimes@autox.team.net>
Sent: Monday, April 14, 2003 8:37 AM
Subject: RE: [Shotimes] OT - Selling a car


>
> I would get cash. There are many a fake cashier's check out there and 
> since you wont have time to wait for it to clear, cash would be best 
> in this case. If you do get a check, make sure someone (or you) calls 
> the bank that it is drawn on or the issuing agent (most likely 
> Integrated Payment Systems) and make sure that it is a genuine article

> with no stop payments on it.
>
> I am not overly paranoid; I've just seen a lot of people screwed this 
> way..
>
> By the way, congrats on selling it so quickly..It took me half a year 
> to sell my atx SHO. It wasn't the greatest experience considering that

> I just saw the guy's g/f who told me that car was the worst thing that

> ever happened to him and he finally sold it. Yeah..ouch. :-/
>
> Ian
>
> -----Original Message-----
> From: shotimes-admin@autox.team.net 
> [mailto:shotimes-admin@autox.team.net] On Behalf Of Paul L Fisher
> Sent: Monday, April 14, 2003 9:21 AM
> To: V8SHO; shotimes@autox.team.net
> Subject: [Shotimes] OT - Selling a car
>
>
> OK. Talked to my CU. They have a 'shared' branch no too far from me. 
> They said that I can meet the guy there, he can give me cash or a 
> cashier's check and deposit in my savings, then call them and they 
> will pay off the loan and immediately fax the release.
>
> These shared branches are other CU's that will transact deposits and 
> withdrawals for them.
>
> Thanks everybody!
>
> Paul L Fisher
> '93 Ford Taurus SHO Crimson Clearcoat ATX 171K Build date 11/18/1992
> - K&N Panel filter, Tokico Struts, Eibach Springs, Dynomax cat-back, 
> Holley 190lph fuel pump, FPS rebuilt ATX, 26mm rear sway bar, 
> Performance-Plus Stainless Steel Y-pipe, '96 brake upgrade, 
> Proportioning valve plugs, Delrin sub-frame bushings, Amsoil Series 
> 2000 0W-30 oil, Amsoil Synthetic ATF. '00 Ford Explorer XLT 5.0L V8 
> AWD Oxford White Clearcoat 41K Build date 11/19/1999
> - Amsoil Series 2000 0W-30 oil
>
> SHO Club member http://www.shoclub.com/
> Check out my web site http://www.paul-fisher.com/
> Amsoil dealer http://www.paul-fisher.com/oil.htm
>
> Get $5 free from Paypal! 
> https://www.paypal.com/refer/pal=P3XEFFBFUFKN6
> _______________________________________________
> Shotimes mailing list
> Shotimes@autox.team.net http://www.team.net/mailman/listinfo/shotimes
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