What should I be careful of if a prospective buyer wants to give me cash to avoid state taxes?
What should I be careful of if a prospective buyer wants to give me cash to
avoid state taxes?
The buyer will still pay state taxes when they register the vehicle and when you both transfer the title.
Be careful whenever you have a big wad of cash. If you are really selling a Bentley, that amount of cash could be a death sentence. You never know if they have a buddy who will rob you the minute they drive off. Do the transaction at a bank! This sounds like a drug dealer.
Yes the best option is a bank transaction and once they register the vehicle, they will have to pay taxes based on the cars value by the dmv system.
There is a lot of good counterfeit cash in circulation. I would go with the buyer to a bank and get a cashier's check.