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Originally Posted by Maestro
Good to know you have a solution, however, for those who suggested going to his bank and just getting the cash, good idea, except when the amount is over $10K if you walk in to your bank and try and deposit $10K in cash it will send up flags. The bank will need to verify where those funds came from. They will need to know the money was not obtained illegally. Not sure how you prove one way or another but it can be a hassle these days.
Hell if you have the money in the car during a traffic stop and the police see it they can confiscate it and then you have to prove you are in legal possession of the money.
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As another poster said, bill of sale is enough, I think. If you have a good relationship with your bank you can walk in there, say I just sold my car, here's bill of sale plus your stub from the title which you will subsequently submit to DMV, and deposit said cash.
As for proving legal possession of the money? I can see if you get pulled over and the K-9 unit is sniffing at the hidden compartment in your steering column, having lots of cash on hand would be suspicious.
With a bill of sale, title stub, etc., it's pretty clear why you have the cash. I can't imagine they can just confiscate cash - since when is it illegal to have cash, even if it's $50k, around with you in your car? Maybe not smart (unless no other choice, such as just after a transaction) but definitely not illegal.
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Originally Posted by 6spdg37s
yes bad news all around in straight cash... especially with the profession I am in where they investigate me often...
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Cocaine trafficking???
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Originally Posted by GetSomeE92
All you would need is a bill of sale for the car and the source of the funds would be verified.
And the bolded part is BS. Where is their probable cause to search your car?
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This.
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Originally Posted by AW335TT
You can verify all you want he can just call the bank right after he hands it to you and put a stop payment on it, I'd go with a wire transfer if you are that worried.
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This x2.