Payment at Hershey

[lhend50]

I went to Hershey for many yrs and stopped about 10 yrs ago. Family issues prevented me from going. I plan to go this year and I will be looking for a 1935-1937 Ford Coupe, possibly a convertible coupe, maybe even a phaeton. My question regards money. In the old days I just took thousands in cash, don't want to do that any longer. My bank is Wells Fargo, are there places where you can go with a potential buyer and transfer funds or validate funds. Times have changed. 

Lou

[MochetVelo]

There was a discussion about this a while back, as I recall. I don't think any car seller expects a suitcase of cash. There is Wells Fargo branch in Hershey. Arrange with your branch in advance for a possible transfer. You could take the seller to the bank with you for a cashier's check, cash or wire transfer to his account after you give him/her a cash deposit. They could also phone the bank branch to confirm your check is good.

 

 

 

 

 

[Restorer32]

Maybe they do not expect a brief case full of cash but you can usually negotiate a much better price if you have cash.

[Matt Harwood]

We sold this car last year sitting in the car corral. Buyer gave us a reasonable deposit, then went to his bank and arranged a $250,000 wire transfer. Saturday afternoon, I delivered the car to the Hershey Hotel for Reliable transport at the RM auction to take it home for him. It can be done pretty easily.

 

 

You could go to your bank and arrange for a wire ahead of time and see if they will set it up so you can do it electronically or with a phone call. Most of the time they need you in person to do it, but if you set it up ahead of time it can be facilitated.

 

It's also reasonable to take the seller to your bank, get a cashier's check at the counter, and have them hand it directly to him--that way he knows it's 100% good immediately. 

 

I'm sure there are lots of guys walking around with money belts and thousands of dollars in cash. That seems risky as hell to me. 

 

 

[auburnseeker]

I wonder how many vendors have 5,000 to 10,000 cash on them?   I've seen some pretty sizable rolls and they weren't ones.  10G in cash actually doesn't look like much when it's in 100's. 

[1937hd45]

2 hours ago, auburnseeker said:

I wonder how many vendors have 5,000 to 10,000 cash on them?   I've seen some pretty sizable rolls and they weren't ones.  10G in cash actually doesn't look like much when it's in 100's. 

Flip side of that is arriving with just about nothing and leaving Saturday with a roll, been there done that, arriving with funds is better. Bob 

[lhend50]

Thanks all, I been there will 20 thousand in cash, like the wire  or cashier check  better. 

[Restorer32]

Many years ago in the old Blue Field we sold some parts to a fellow who had his "minion" helping him find cars to buy at Hershey.  Guy comes to pick up his parts,  his minion sits down beside me,  opens the brief case he was carrying and just like in the movies the briefcase was full of money with all $100s showing.  Did I mention the fellow was a member of the Mellon (banking) family?

[jerry k]

My bank will arrange a wire transfer ahead of time.  They issue me a password, I call bank give routing info and password and the transfer is made. 

 

[trimacar]

Wire transfer is the easiest, just has to be during normal banking hours.

 

One year I was determined to find and buy a car at Hershey.  I took 20K in cash, it's interesting how little space that takes.

 

It was probably the only year I went that I found nothing which moved me, so came home with it.

 

I watched a guy buy a car there once, and the fellow with him had a briefcase full of hundreds, sounds like what R32 was describing!

 

I agree that the only way to accept a cashiers check is to be at the bank when it's issued....

[John_S_in_Penna]

3 hours ago, trimacar said:

...  I took 20K in cash, it's interesting how little space that takes.

 

For those who carry cash, it's too bad that the U. S.

doesn't have the high-denomination bills any more.

Bills of $500, $1000, $5000, and $10,000 used to be available--

back when their purchasing power was far more than today's.

They were withdrawn starting in the 1960's, and 

today they are collectors' items, often worth much

more than face value.  Canada, I understand, kept their

$1000 bill much longer, but I believe no longer makes it.

 

 

[JACK M]

I do recall those higher denomination bills in my lifetime, But was never in a position to own any of them.

These days the government wants to know what we are buying.

Big brother is always poking his nose where it don't belong.

[901 Packard]

Many years ago at Hershey I saw Bill Harrah buy a car. His muscle guy had a trucker wallet with what looked like a log chain attached to it. He peeled out $ 50,000 while a bunch of us oogled at his girlfriend ( much better looking than the car he was buying ). Never forget that sight. Cash talks.  

[46 woodie]

 John in Pa, I hope that the bill you picture belongs to you, because at Unc-65 that baby is worth about 90 grand.

[Robert G. Smits]

Years ago I sold a 29 Cadillac 341 B Phaeton at the Leake sale for 100K .  The buyer walked into the office with a Cereal box and paid with $100 bills.  I had to fill out forms and provide a copy of the bill of sale before the bank would take the deposit.  This is the same car I purchased several years earlier from Ron Van Geldren when it was 80% restored and he demanded cash.  I will never forget how nervous I was going through security at the airport with a briefcase full of cash.  Don't think you could do that today.

[John_S_in_Penna]

8 hours ago, 46 woodie said:

 John in Pa, I hope that the bill you picture belongs to you, because at Unc-65 that baby is worth about 90 grand.

 

You're right about the pricing, but it's just a

picture from the internet (Sigh).  Not mine!

 

Actually, U. S. $500 and $1000 bills are pretty common

in collector circles, though they can be worth double

their face value if in decent condition.  (You already

knew that, I'm sure.)  The $5000 and $10,000 bills are

very rare.

 

To our Canadian members:  Since the Canadian $1000

bill was made until recent times, did it ever get used?

If you were buying a car, could you walk into a large bank

and get 10 or 20 or more of them?

 

Edited September 21, 2019 by John_S_in_Penna (see edit history)

[Jim Bollman]

Fellow I use to share a spot with found a car he wanted (this was about 20 years ago) for $26K. He had brought $10k with him and was talking to the guys next to us in the Chocolate field, we have been neighbors since the field opened. In less than a  minute he had multiple offers to take his personal check for $16k in cash. He ended up giving the guy a downpayment and let him take it home and came out with a trailer a week later and picked it up and gave him the rest of the cash.

 

Lots of cash floating around Hershey.

[Trulyvintage]

There is no requirement ( I believe ) to declare cash being carried on domestic airline flights - but amounts over 10K have to be declared on international flights.

 

Cash has always been King.

 

Some folks still prefer it over anything else.

 

Bank wire transfer is the most secure and inexpensive way to transfer money,

 

Jim

[JACK M]

12 hours ago, Trulyvintage said:

Some folks still prefer it over anything else.

 

That's me.

[Joe in Canada]

A friend sold parts to a fellow that payee in $100.s He went to deposit it in the bank and the bank would not take it and called police. It was all counterfeit.

Edited September 21, 2019 by Joe in Canada (see edit history)

[Tim Wolfe]

I bought a car in Center County PA about 15 years ago on the way to Hershey. I forgot my checkbook, man said no problem car was mine! Said he didn't care if it took me 6 days, 6 weeks or 6 months to pick it up--he would hold it for me. And he was in politics.. 

[mercer09]

Bank wire transfer is the most secure and inexpensive way to transfer money,

 

 

and traceable.

[1912Staver]

$100.00 bills have become common in Canada { bank machines even give them out }, but anything larger is quite rare. I always pay cash but all my cars have been in the $10,000.00 or lower category { and will be indefinitely }. 

 

Greg in Canada

[chistech]

On 9/19/2019 at 7:53 PM, Restorer32 said:

Maybe they do not expect a brief case full of cash but you can usually negotiate a much better price if you have cash.

Many years ago when I was a kid, one day I was with my dad and he stopped to look at a boat in a guys yard. I was standing there while they were haggling and my dad made an offer and he said “right here now, cash”. The owner said OK, and my dad took out a roll and gave him $6000 cash. This was back in the late 70’s. When we got in the truck, my dad said to me, “you see, when you want something, make sure you have the cash on you for the maximum amount you want to spend. You’ll usually get it!” Then he proceeded to tell me my grandfather always kept at least $5000 in his pocket and often $10,000 all the time. My grandfather bought and owned many things during the depression, buying most for pennies on the dollar, because he had wads of cash in his pocket. He bought a 5 carat diamond ring that way (which got handed down to my brother) and there are pictures of him with Auburn’s, cords, Caddy’s, pierce arrows, and other high dollar cars, all bought when the owners needed to deal. As the saying goes, “cash is king”!

[auburnseeker]

My Grandfather was the same way.  Even the day he died in his own house after slowly going down hill,  i think he had 5G on him in cash in his shirt pocket.  Not sure why,  must have been habit as he hadn't even really been out of the house for a few days as his health deteriorated at 85. 

[1937hd45]

Really makes you admire guys that had things covered and "Walking around money" to cover what ever came up during the week. Bob 

[Restorer32]

Be careful. A now passed fellow whose name many of you would recognize years ago was supposed to make an offer on a car on a Monday. For that purpose he had $40,000 of a customer's cash. Afraid to leave the cash in the house while he and his wife attended church on Sunday he carried the money in the pockets of his suit jacket.  Was a warm day so he removed his jacket and of course left it in the pew when he left church. The Pastor found the jacket and the cash, realized which of his flock would likely be carrying that much cash and returned it to him.

[vermontboy]

I think the biggest fear in carrying large amounts of cash is the risk of civil forfeiture. No criminal charges need be brought and although you can get your money back (usually by hiring a lawyer) it can put someone in quite a bind for awhile. There are some parts of the country where it is more prevalent than others.

 

Just my two cents, and yes - the odds are against it but it does happen.

[Paul Dobbin]

While at the Turkey Rod Run @ Thanksgiving a few years ago, A friend had a car in the Car Corral and the buyer who came not expecting to buy a car,

got financing from a Vendor Bank at the Show.  Paid $250 application fee, the bank (Or Finance Company) inspected the car and paid the seller.  The buyer

said he would pay it off when he got home, but $250 was worth not having to carry cash.  I thought it was a good idea that I had not seen before.

[Paul Dobbin]

On 9/20/2019 at 2:44 PM, 901 Packard said:

Many years ago at Hershey I saw Bill Harrah buy a car. His muscle guy had a trucker wallet with what looked like a log chain attached to it. He peeled out $ 50,000 while a bunch of us oogled at his girlfriend ( much better looking than the car he was buying ). Never forget that sight. Cash talks.  

  She was that gorgeous huh?

[Paul Dobbin]

On 9/20/2019 at 2:44 PM, 901 Packard said:

Many years ago at Hershey I saw Bill Harrah buy a car. His muscle guy had a trucker wallet with what looked like a log chain attached to it. He peeled out $ 50,000 while a bunch of us oogled at his girlfriend ( much better looking than the car he was buying ). Never forget that sight. Cash talks.  

  She was that gorgeous huh?

[mercer09]

is there an echo in the room?