Buying off CL and the buyer wants cash

[ruffdog]

Lots of fake money here within a few days.

More than $25, in counterfeit bills discovered in Cross Plains - WISC

Janesville police arrest three after counterfeit bills passed at restaurant, continue investigation - WISC

 

[dfkrug]

There's no difference with using Zelle to send money to a stranger, or giving them cash directly.

True enough, and I am not against Zelle. (...though I am against the Big 4 Banks, but that is another story...)

I have done many thousands of cash transactions with individuals, and have never seen a counterfeit bill. I am also a numismatist and would love to see one.

There IS a fear of cash out there, and it is not justified. I have never known anyone personally who has been held up at gunpoint, tho I have never lived in NYC. I do have 3 siblings who have been robbed as retail clerks. The former is very rare, much much rarer than check fraud.

It is true that if you go to your bank and get a cashiers check, you can get the teller to admit (grudgingly) that payment can be stopped. Cash is still king.

As for escrow services as a buyer/seller, users of Alibaba have it; it is called Trade Assurance, and is free to the buyer. Does not help with CL or tractors.

 

[gojira]

True enough, and I am not against Zelle. (...though I am against the Big 4 Banks, but that is another story...)

I have done many thousands of cash transactions with individuals, and have never seen a counterfeit bill. I am also a numismatist and would love to see one.

There IS a fear of cash out there, and it is not justified. I have never known anyone personally who has been held up at gunpoint, tho I have never lived in NYC. I do have 3 siblings who have been robbed as retail clerks. The former is very rare, much much rarer than check fraud.

It is true that if you go to your bank and get a cashiers check, you can get the teller to admit (grudgingly) that payment can be stopped. Cash is still king.

As for escrow services as a buyer/seller, users of Alibaba have it; it is called Trade Assurance, and is free to the buyer. Does not help with CL or tractors.

I've always asked for cash and pay with cash for CL transactions. I've haven't seen counterfeit bills since I was a kid in my dad's store in the late 60s. One of his regulars, a painter, paid for some paint and the bill didn't look right; he got it from another store and never even realized it. I forget what happened after that.

As for NYC, I grew up outside of the City but spent a lot of time in there in the early-mid 70s. Crime was a lot worse back then than now, and common sense generally prevents muggings. NYC is not anywhere near the top of violent crime stats anymore.

 

[caver]

Search youtube for "don't drive while in possession of cash" from Steve Lehto. I alluded to this in my first post and didn't want the thread to evolve into stuff that breaks the rules. Several months ago those wacky computers at YT thought I might like this guys video I just mentioned. It was interesting to say the least and was a partial inspiration for this thread. My 82 year old mother had another twist on it. Of course it involved me getting in a wreck or something and the money disappearing. She had a point.

On edit: My cash story today was an ATM that gave me $200 in ALL $5 dollar bills. It probably said "out of money" to the folks behind me in line.

 

[aczlan]

How do you know if they're even being honest about having a loan on it and just not telling you? They could just say they own it and yes, if you bring it in for service or if the serial number is ever checked then it can absolutely be repo'd and you would be the one to lose. This is the biggest problem with tractors not having titles like automobiles. It worried me enough that it was a big factor in my decision to buy new from a dealer.

Even if you buy from a dealer, you can still run into the same problem if they didn't pay the manufacturer/floor plan company...

I see alot of people trusting cashier checks, but as noted, many pitfalls. All those pitfalls are cleared via Escrow. It seems everyone believes that Escrow is only for real estate, but that is simply not true. Any transaction can be cleared via Escrow. Escrow company gets money from buyer, verifys and 'clears it', seller is given goods. Checks that good meet preset conditions. Clears goods. Escrow releases cash to seller. Protects both parties. Cost very little (I always split the escrow cost).

The problem is convincing a random stranger that the escrow service is legitimate...

Aaron Z

 

[Oaktree]

My cash story today was an ATM that gave me $200 in ALL $5 dollar bills. It probably said "out of money" to the folks behind me in line.

I've never seen an ATM that dispensed anything but $20s.

 

[Shaneard]

I've never seen an ATM that dispensed anything but $20s.

The ones at our bank you can cash a check in and they spit out anything from hundred dollar bills to pennies.

 

[Garandman]

When I sold my BX, it was US paper money... green cash only. No green, no sell. That is typical of how I do it when selling online. If that offends a person, I don't care at all. They are free to buy something else from someone else.

Have you been selling things for over $10,000?

A cash withdrawal of over $10,000 in one day requires the bank to report it to the IRS. A lot of people do not like that idea, aside the security aspect.

We bought and sold equipment in the $15,000 to $30,000 range and it is a bit nerve wracking to be driving around with that much cash. I usually suggested meeting at their bank, and let their bank count it. If they deposited it I asked for the receipt.

 

[dfkrug]

As for NYC, I grew up outside of the City but spent a lot of time in there in the early-mid 70s. Crime was a lot worse back then than now, and common sense generally prevents muggings. NYC is not anywhere near the top of violent crime stats anymore.

Yeah, in the US, ALL violent crime is way down since the 70s. Those of us who grew up in the 60s and 70s may remember. Now, we have 24-hr news "cycle", not more crime. I recently did the tourist thing in Boston and NYC, staying in town and taking the subway, etc. Very pleasant experiences, felt safe, and looked/smelled way way cleaner than our own nearby thoroughly disgusting destination city, San Francisco.

If someone wants to buy from or sell to me off a CL ad, and insists on some sort of escrow or going to a bank, police station, etc, I am not interested. I am sure I share that opinion with most buyers and sellers. If you can afford to be that restrictive, eliminating perhaps 90-99% of customers, then you will have a tough time completing deals.

Anyone here on TBN actually see firsthand a counterfeit Franklin or Jackson in the past 20y?

 

[Shaneard]

Yeah, in the US, ALL violent crime is way down since the 70s. Those of us who grew up in the 60s and 70s may remember. Now, we have 24-hr news "cycle", not more crime. I recently did the tourist thing in Boston and NYC, staying in town and taking the subway, etc. Very pleasant experiences, felt safe, and looked/smelled way way cleaner than our own nearby thoroughly disgusting destination city, San Francisco.

If someone wants to buy from or sell to me off a CL ad, and insists on some sort of escrow or going to a bank, police station, etc, I am not interested. I am sure I share that opinion with most buyers and sellers. If you can afford to be that restrictive, eliminating perhaps 90-99% of customers, then you will have a tough time completing deals.

Anyone here on TBN actually see firsthand a counterfeit Franklin or Jackson in the past 20y?

An employee took a fake Jackson last year at our store. I went to make the deposit at the bank and they actually found it when counting the deposit by feel. They also kept it and we were out $20.