Selling a tractor; a funny question

   / Selling a tractor; a funny question #21  
valleydweller1 said:
It sounds like you're scared of a lot of things Mark. If you're stopped by the police, don't have the cash out in the open. If they ask to search your car, say no; that's your right. If they don't like that then they can make you wait until they get a warrant, but they'll have to have a reason before a judge will give them one.

I've been pulled over many many times in my life and haven't ever had an officer ask to search my vehicle.

So the consensus is cash or go directly to the bank then?

Greg

While I haven't been pulled over very many times I did have one trooper ask if I had any guns in my truck as I was going thru my wallet looking for my registration. I answered no and then asked him why he asked as I was pulled over for talking on the cell phone. Well, he told me he saw my pistol permit in my wallet as I was looking for the registration so he asked if I had any guns. Now that I think of it I still don't know why he cared as it is legal to carry a loaded pistol in a vehicle in NY if you have a valid pistol permit. And my hands were on the steering wheel in plain sight for him to see. But he was a nice guy anyway and let me go without a ticket as long as I promised to buy a hands free set for my phone (which I did as soon as I went by the Verizion dealer 20 miles down the road).

I am not worried about police stopping me or searching me as I do not do anything that would draw their attention. Generally I wave to them as I have a few friends in various sections of law enforcement. I respect what they do and treat them as friends regardless if I know them or not.
 
   / Selling a tractor; a funny question #22  
The reporting of cash transactions by a bank are required for them to account for large movements of cash. This in no way makes it illegal for a person to have that much cash on hand. I sold an item a few years ago that netted me about $20,000. The rest of the $51,000.00 sale was taken in cash from my credit union to a bank basically across the street to cover the $31,000 loan made to me on my signature. I did the cash transfers paperwork on both ends which really wasn't much problem. The reason for using cash instead of having a check made out was the possibility of one (or both) of the institutions activating the 60 day requirement for notifications of large transfers. I didn't want to deposit the money and find out that they wanted me to notify them of a transfer requirement. It seemed petty, but since I told the bank that I would make the payment on that day, the only way I could make sure of it, was to move the money in cash. Payment had to be dated on that exact day. The C.U cashing the check did their best to talk me out of walking out of there with that much cash in my pocket, but could offer no other suggestions that would fulfil my immediate needs. Sometimes you just got to do what you got to do.
My days in the U.S. Navy were spent in the disbusing office, which is the payroll department. We paid the crew of the aircraft carrier every 15 days in cash, which at the time was about 3/4 of a million. Three of us would strap on .45 pistols and make a run for the bank. Kind of interesting to see three armed guys walk into a bank with a suitcase type box, pick a new teller and get some strange, no make that very strange reactions when one of us presented a check for that much money. Even stranger was when the disbursing officer made a government check out to himself, signed by himself, and endorsed by himself, for that much money. We usually got escorted to a small room for the counting process.(3 people verified count) We would leave the bank in a POV and return to the ship. Even if they still paid in cash, I wonder how much of our procedures would still stand in todays times for transporting large amounts of cash.
David from jax
 
   / Selling a tractor; a funny question #23  
2 years ago when I bought my 03 Corvette from a guy I did not know and have never seen again and he lived 200 miles away I gave him a personal check for in excess of $30 K he never questioned it and I never thought about it. We struck up a very good relationship on this car deal and he never said anything, I did talk to him about a week later and he said his loan officer at the bank almost had a heart attack when he took a personal check for the car. He told her he had a honest feeling about me and my wife and he had never been wrong in his life yet. Well the check was good and he never did have to worry about it. Me on the other hand I would have wanted cash ! V
 
   / Selling a tractor; a funny question #24  
If you are worried about depositing 10k or more, then don't. It is alright to deposit less than 10k you know.:rolleyes: Deposit $9500 at a time. I don't think that there is a law saying that if you have X amount of dollars that you must deposit all of X at one time. It would be ok to spread it out if you are concerned about that type of thing.
 
   / Selling a tractor; a funny question #25  
jinman said:
Bird, being a former police officer, what would you do if you stopped someone and they had a big envelope of cash on them? Don't banks also have to report deposits of greater than $10,000 cash to the IRS? Cash transactions of that size make me nervous. I like to do it at the bank and have a bank draft or check when I leave. That's just part of the service I expect from a bank.

However, if it is a sale less than $2000 or sometimes more. I'll take a local check with two additional picture IDs.

Yep, Jim, if we found someone with a large sum of cash, we'd "suspect" some illegal activity; drug transaction, pigeon drop, etc. But it takes a lot more than suspicion to do anything about it, and I think anyone with a reasonable explanation should have no problem, unless you just accidentally run into a really crooked officer. And as has been stated already by others, if it isn't out in plain sight, the officer would first have to have some reason to stop you, and then he would need some probable cause to search. So for most of us, there really isn't much risk.

Now personally, my only concern with carrying that much cash is if I were involved in a serious auto accident. Again. relatively slim chance, but it could happen.

And yes, there's a form that has to be filled out at the bank for any cash transaction of $10k or more. A bit silly perhaps since most criminals know that and just do multiple transactions of $9,500; sometimes even $9,900. In my case, the teller knew me and reminded me of that law in case I wanted to deposit less than $10k.:D I knew about the law and told her there was no problem. The paperwork was just a single page of paper to fill out, which she did for me, and it does ask where the money came from. "Sale of Tractor" went in that blank, and of course, I never heard anymore about it. Naturally, I didn't care if the government checked to verify it.
 
   / Selling a tractor; a funny question #26  
If you're worried about 10k at a time do Klintons did it back in Arkansas. Also, I lost an atv when a couple guy came by wanting to "buy" it. A week later it was stolen. Later, ihookem.
 
   / Selling a tractor; a funny question #27  
Dang... selling a tractor? Need a new shed to buy more!

mark
 
   / Selling a tractor; a funny question #28  
Really... We have a problem with drugs running I-81 and I-66... Cops are always pulling folks over. When we go to the Plilippines we always have $5,500 in cash or more but also have tickets leaving Dullas airport... Just seems that some local police departments would rather take the cash and car and make you prove that you are not guilty... mean while, you are stuck with high lawyer bills and impound fees... Current events is the local elected city treasures was making "payday loans" to herself to the sum of $92,000 plus... repaying with "bounced checks" Still earing her $84,000 job pay check on a 8 year term and legal as a elected offical. Local county court clerk just elected earns $120,000 a year and just oppointed a newly appointed assistent... I bet the assistent will do all the work and the newly elected clerk will play golf? Newly elected clerk worked for our congessmen before being elected... politices for life and feeding off the public!

mark
 
   / Selling a tractor; a funny question #29  
Yes, Mark, you'll find some crooks in every profession or occupation. We do have, in my opinion, a bad law that was passed with good intentions, and it's been abused by quite a number of law enforcement agencies. In many cases, you're about right. They can confiscate vehicles, cash, and sometimes other assets that are believed to have been profits from and illegal drug trade, and it's up to the person they were confiscated from to prove they were not illegally obtained.

In Texas right now, we have a district attorney who is currently being tried in criminal court for what sounds like a situation similar to your city treasurer.

Are there no crooks in your chosen field of endeavor?;)
 
   / Selling a tractor; a funny question #30  
Bird said:
Are there no crooks in your chosen field of endeavor?;)

I work with pilots. I only take cash from them if they have two recent picture IDs.:D

There are lots of reasons that large sums of cash get me nervous besides worrying about people being crooked. As you mentioned, an accident with a large sum of cash in the car could happen. It's just that cash by its very nature is very liquid and untraceable in most instances. If you lose it, it's gone. I recently took a $5000 down payment on a house on Saturday afternoon. The guy showed up with cash. Luckily we were at my lawyers office and he let me leave it in his safe. I did not want to have to drive 100 miles with that cash in hand and then turn around and drive to my bank with it. I felt much better with a check in my wallet.:)
 

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