Car Swap
Thread Starter
Burning Brakes
Joined: Aug 2006
Posts: 1,147
Likes: 18
From: Thompsons Station Tennessee
Car Swap
I have my C6 posted For Sale and another post WTT. One interested party asked "How do you go about it?". I thought that it was a good question!
Let's say one car is in Pennsylvania and the other is in Georgia. Do we pick a halfway spot and trade? How do the finances go if there is not a straight up trade?
Cashiers checks are not worth the paper they are printed on so what is a good way to do this?
Let's say one car is in Pennsylvania and the other is in Georgia. Do we pick a halfway spot and trade? How do the finances go if there is not a straight up trade?
Cashiers checks are not worth the paper they are printed on so what is a good way to do this?
Le Mans Master
Joined: Jan 2001
Posts: 6,451
Likes: 371
From: Maryville TN
St. Jude Donor '06-13,'16-'17, '19
Thread Starter
Burning Brakes
Joined: Aug 2006
Posts: 1,147
Likes: 18
From: Thompsons Station Tennessee
not the issue!
What I asked about is the process!!!
Has anyone gone through this?
In my case, I have a car that is worth a hellava lot more than the trade. I will swap my car for the trade plus cash. In "which case", there will be no sales tax owed in my situation. the buyer will have the responsibility!
Thread Starter
Burning Brakes
Joined: Aug 2006
Posts: 1,147
Likes: 18
From: Thompsons Station Tennessee
In Addition
If that is the case, I have ample reason to say that! I have had experience in selling cars and if you have done so recently, depositing a Cashiers Check requires up to 14 days to process before the funds are available. My last transaction involved my Z06 and I was told that the check would take two weeks to process because there was so much fraud involved with Cashiers Checks!
LET THE BUYER BEWARE!!!
Burning Brakes
Joined: Nov 2009
Posts: 846
Likes: 3
From: Las Vegas NV
Best advice I can think of is to deal with your/his prospective banks for the transaction, even being out of state at least talk with them as they can guide on the process, I would want to make sure the title is clear no liens at such, would not pay cash.
Melting Slicks
Joined: Jun 2008
Posts: 2,168
Likes: 50
From: Somerville New Jersey
I will tell you why he said that, I was sold 2 different vehicles in the past and both times I was sent a Cashiers / Bank check, I called the bank from research on the internet, not from the phone number on the check and the bank told me it was a valid check and had the monies were in the account to cover the check, but I was still suspicious so I went to my bank and both times and the checks were fraud. Ever since then I deal with cash only or meet at the bank and get a check handed to me from the teller.
Thread Starter
Burning Brakes
Joined: Aug 2006
Posts: 1,147
Likes: 18
From: Thompsons Station Tennessee
The sales tax is a moot point! When you register the car,you will pay the sales tax on the difference. That being said, the guy receiving the cash does not have to pay sales tax but the guy getting the higher value car will pay the difference between His car and the more expensive one.
I am just looking at a hypothetical situation regarding a swap.
I would lean towards a interbank transfer of the difference to the guy with the higher valued car. The sale would take place at the bank or branch bank of the reciever of the funds. The titles could be signed swapped and both parties drive off in their new vehicles!
I had a similiar situation with my 02 Z06. The guy showed up at my bank with a cashiers check from a little out of town bank. I had the teller contact the bank and a bank officer confirmed that the check was good. This put the money into my account right then! The guy that bought the Z06 "11,500 miles on it" was on the Interstate the very next day and somehow busted a valve spring. I am glad that I had that check cleared when I did!!
I am just looking at a hypothetical situation regarding a swap.
I would lean towards a interbank transfer of the difference to the guy with the higher valued car. The sale would take place at the bank or branch bank of the reciever of the funds. The titles could be signed swapped and both parties drive off in their new vehicles!
I had a similiar situation with my 02 Z06. The guy showed up at my bank with a cashiers check from a little out of town bank. I had the teller contact the bank and a bank officer confirmed that the check was good. This put the money into my account right then! The guy that bought the Z06 "11,500 miles on it" was on the Interstate the very next day and somehow busted a valve spring. I am glad that I had that check cleared when I did!!
Last edited by lwise4; May 18, 2010 at 10:37 AM. Reason: spelling
Le Mans Master
Joined: Sep 2004
Posts: 5,116
Likes: 5
From: Livonia MI
Couple easy thing's you can do. Have him fax you the title and lien holder's pay off note. Get a hold of lien holder's bank to make sure everything's clear. Meet at the seller's bank, to make sure the check is good, or even do it in cash. Bank's usually have a notary on staff, that can verify the ducument transfer for a small fee.
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Thread Starter
Burning Brakes
Joined: Aug 2006
Posts: 1,147
Likes: 18
From: Thompsons Station Tennessee
Cash
Couple easy thing's you can do. Have him fax you the title and lien holder's pay off note. Get a hold of lien holder's bank to make sure everything's clear. Meet at the seller's bank, to make sure the check is good, or even do it in cash. Bank's usually have a notary on staff, that can verify the ducument transfer for a small fee.
The teller called the issuing bank and spoke with the guy that cut the check. PROBLEM SOLVED! The money was made available.
I think that a wire transfer is the way to go. It costs about $12.
Team Owner
Joined: Aug 2007
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From: I live my life by 2 rules. 1) Never share everything you know. 2)
St. Jude Donor '11-'12-'13, '16-'17-'18
Team Owner
Joined: Aug 2007
Posts: 136,140
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From: I live my life by 2 rules. 1) Never share everything you know. 2)
St. Jude Donor '11-'12-'13, '16-'17-'18
If doing this, I would STRONGLY recommend you open an account strictly to accept wire transfers. I do this and keep $25 in there just to keep the account alive. When a wire transfer happens, I transfer the overage to one of my working accounts and all is safe.
Giving the bank's Routing Number and your account number to a stranger is asking for trouble.
Giving the bank's Routing Number and your account number to a stranger is asking for trouble.
Thread Starter
Burning Brakes
Joined: Aug 2006
Posts: 1,147
Likes: 18
From: Thompsons Station Tennessee
Good point!
If doing this, I would STRONGLY recommend you open an account strictly to accept wire transfers. I do this and keep $25 in there just to keep the account alive. When a wire transfer happens, I transfer the overage to one of my working accounts and all is safe.
Giving the bank's Routing Number and your account number to a stranger is asking for trouble.
Giving the bank's Routing Number and your account number to a stranger is asking for trouble.
I got it covered, there is never much in my account!! My Wife makes sure of that!
