How to handle a long distance purchase
10-30-2017, 08:21 PM
#1
Intermediate
Thread Starter
How to handle a long distance purchase
I have reached an agreement to purchase another forum members vette. I am comfortable with the car and the seller and feel good about the purchase. I no concerns about the car or the seller.
I am 1450 miles from the seller. What I am looking for is some information on how best to handle the transaction so the seller is protected as well as the buyer. I've always shown up with a cashiers check or similar, paid the seller and left with the car and title. That can't happen in this case.
I want the seller and the buyer (me) both to be comfortable with the transaction and rather than rely on my own flawed logic, I thought I would seek some advice and information from some of you who have been there and done that.
Thanks
I am 1450 miles from the seller. What I am looking for is some information on how best to handle the transaction so the seller is protected as well as the buyer. I've always shown up with a cashiers check or similar, paid the seller and left with the car and title. That can't happen in this case.
I want the seller and the buyer (me) both to be comfortable with the transaction and rather than rely on my own flawed logic, I thought I would seek some advice and information from some of you who have been there and done that.
Thanks
10-30-2017, 08:31 PM
#2
Le Mans Master
talk to your bank about a transfer to his bank.how are you going to get the title .his bank can take the title and send it to you when the funds get to his bank.call them up and see if they will help
The following 2 users liked this post by terry82:
Borrowedtime (10-30-2017),
doorgunner (10-31-2017)
10-30-2017, 11:51 PM
#3
The ole cashiers check isn't what it used to be. Ive done this twice. Set up the transfer a few days in advance at your bank with instructions to hold until you call to execute. Upon arrival at the cars location, title available, car checks out, you are comfortable, call the bank tell them to send.
The seller can watch the money arrive in their account. Get title signed over load car or drive home.
Things you must plan for:
The transfer can take an hour or two.
The transaction has to be done during banking hours.
If the bank has the title they won't release it until the money arrives. Conduct business in the morning so you have ample time to get the title cleared of liens and signed before you leave.
They are real dollars, my preference is to leave with the title.
The seller can watch the money arrive in their account. Get title signed over load car or drive home.
Things you must plan for:
The transfer can take an hour or two.
The transaction has to be done during banking hours.
If the bank has the title they won't release it until the money arrives. Conduct business in the morning so you have ample time to get the title cleared of liens and signed before you leave.
They are real dollars, my preference is to leave with the title.
Last edited by C3w4sp; 10-30-2017 at 11:57 PM.
The following 2 users liked this post by C3w4sp:
Borrowedtime (10-31-2017),
doorgunner (10-31-2017)
10-31-2017, 02:43 AM
#4
Nam Labrat
Member Since: Sep 2013
Location: New Orleans Loo-z-anna
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I hope everything goes smoothly for the both of you. Keep us updated....start your own thread in this C3 Forum.
10-31-2017, 07:57 AM
#5
Team Owner
Member Since: Sep 2006
Location: Westminster Maryland
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Hi Bt,
In Maryland we have businesses called Title Services that handle car registrations and licensing.
Do you have those in Texas?
If so, could you hire them for a couple hours of their time to do the transaction on your behalf?
This would put someone with this kind of experience at the site of the transaction, working on your behalf, AND might make the seller more comfortable too.
?
Regards,
Alan
In Maryland we have businesses called Title Services that handle car registrations and licensing.
Do you have those in Texas?
If so, could you hire them for a couple hours of their time to do the transaction on your behalf?
This would put someone with this kind of experience at the site of the transaction, working on your behalf, AND might make the seller more comfortable too.
?
Regards,
Alan
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Borrowedtime (10-31-2017)
10-31-2017, 08:44 AM
#6
Your bank will have a transfer form to fill out. Get a copy of it, scan it, send it to the seller. Seller can have their bank fill in the account number, routing numbers, and phone numbers. Take it to your bank and set up the transfer. Have them verify bank location, phone etc. Make sure it's deadly accurate. Have a phone number and extension pre arranged at your bank so when you call, you get the person you need to, alls good, hit the go button.
10-31-2017, 10:02 AM
#7
Intermediate
Thread Starter
Great advice and suggestions. Thanks!!
Your bank will have a transfer form to fill out. Get a copy of it, scan it, send it to the seller. Seller can have their bank fill in the account number, routing numbers, and phone numbers. Take it to your bank and set up the transfer. Have them verify bank location, phone etc. Make sure it's deadly accurate. Have a phone number and extension pre arranged at your bank so when you call, you get the person you need to, alls good, hit the go button.
Alan - I'll look into a title service in Texas. First Google attempt did not yield much.
C3 - I think the seller already has a dedicated account set up for the transfer so it is looking like that will be the route taken barring any other better option.
Thanks again
10-31-2017, 10:30 AM
#8
What I've done in the past selling a car long distance is agree on some level of down payment. Refundable if the inspection doesn't go well.
Bank to wire transfer only. No checks of any kind.
If the seller and buyer's bank info is all set up the wire transfer doesn't take long. Keep in mind you can't wire transfer on the weekend or late Friday afternoon. My bank can't wire transfer after 4 PM CST on Fridays.
Nice thing about a wire transfer is that once the money is sent to the sellers account it can't be pulled back for any reason. Once the money arrives sign over the title and you are good to go.
Also consider insurance. Once the title is signed over the sellers car insurance is no longer in force. Unless the buyer shows up with a trailer the car may need to be stored until the car transport shows up. If something happens during that time the car needs to be covered.
Bank to wire transfer only. No checks of any kind.
If the seller and buyer's bank info is all set up the wire transfer doesn't take long. Keep in mind you can't wire transfer on the weekend or late Friday afternoon. My bank can't wire transfer after 4 PM CST on Fridays.
Nice thing about a wire transfer is that once the money is sent to the sellers account it can't be pulled back for any reason. Once the money arrives sign over the title and you are good to go.
Also consider insurance. Once the title is signed over the sellers car insurance is no longer in force. Unless the buyer shows up with a trailer the car may need to be stored until the car transport shows up. If something happens during that time the car needs to be covered.
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Borrowedtime (10-31-2017)
10-31-2017, 12:54 PM
#9
Drifting
What I've done a few times when selling/buying long-distance; have the bank ready to transfer the funds via wire. Have the trucker send a photo of the car when they arrive to pick it up. Initiate the wire transfer. By the time the car is loaded, the other party has the transfer in their account. It may take 30 minutes or so for the transfer to occur, but this works well.
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Borrowedtime (10-31-2017)
10-31-2017, 04:14 PM
#10
Intermediate
Thread Starter
What I've done a few times when selling/buying long-distance; have the bank ready to transfer the funds via wire. Have the trucker send a photo of the car when they arrive to pick it up. Initiate the wire transfer. By the time the car is loaded, the other party has the transfer in their account. It may take 30 minutes or so for the transfer to occur, but this works well.
Regards to all
Duke