Proper Purchase Procedures...
Thread Starter
Racer
Joined: Sep 2015
Posts: 312
Likes: 16
From: Janesville Wisconsin
Proper Purchase Procedures...
So in this day in age with all of the fraud and nobody can trust anyone... what is the ideal way for a out of state transaction to transpire ?
I plan on going to my bank and getting/paying with a cashier check but the owner says he will mail me the title when the check clears.
Normal ? Better way ?
I plan on going to my bank and getting/paying with a cashier check but the owner says he will mail me the title when the check clears.
Normal ? Better way ?
Pro
Joined: Dec 2012
Posts: 525
Likes: 21
From: Houston Texas
I would find a local bank in the area and we both would go to the bank verify the CC and finalized the transaction and leave with my car and title. I'm sure if you purchase a CC from for instance Chase there is a chase in his area to. Just me
Race Director
Joined: Mar 2010
Posts: 16,897
Likes: 5,363
From: T-Town WA
2016 C6 of Year Finalist
So in this day in age with all of the fraud and nobody can trust anyone... what is the ideal way for a out of state transaction to transpire ?
I plan on going to my bank and getting/paying with a cashier check but the owner says he will mail me the title when the check clears.
Normal ? Better way ?
I plan on going to my bank and getting/paying with a cashier check but the owner says he will mail me the title when the check clears.
Normal ? Better way ?
I have met buyers at their bank/credit union, done the transfer, got the title and gone.
If you are not going it presents a different challenge. Talk to your banker...if there is a branch in the sellers area perhaps the transaction can be consummated at the branch with the seller turning over the title to your banker and them mailing it to you. I suspect, however, the seller has a lien so it will have to be done at his lender.
In any case, I would not be comfortable with a "title's in the mail" transaction.
I'm sure others will chime in...
This guy just bought one 900 miles away and having it shipped. Contact him:
Need more Grand Sport advice (Multi-page thread 1 2) beersngars
Last edited by ruxvette; Sep 22, 2015 at 02:23 PM.
Drifting
Joined: Oct 2009
Posts: 1,537
Likes: 165
From: Lombard, IL (Chicago suburbs)
can you wire him the money? Wire fraud is a federal offense and it is bank to bank so he would have to provide you his routing / account information. Also the money clears instantly.
have you seen the car in person? have him email you a copy of the title to verify the VIN, address, etc. is the same and that it is free and clear of liens. You could even go a step further and ask him to take a picture of the car with the title in the same photograph (this would show that he is in possession of both) If you have not met the person this is difficult, but still.
ebay has a buyer guarantee that protects buyers, perhaps you can process the transaction through ebay. They have a way you can do a private auction. It will cost you a few hundred bucks but the cost of security is never free.
Ebay escrow
http://pages.ebay.com/help/pay/escrow.html
Private
http://pages.ebay.com/help/sell/private.html
Additionally, consider an escrow service, several exist. They will hold your money and the title of the car and insure the transaction.
https://escrow.com/services/vehicle-escrow.aspx
lastly, fly out there, go to a branch of your bank that is in his city, conduct the transaction - you could have the bank hand him cash if you so choose and then take the title and arrange to drop the car off at your shipper / drive it home.
have you seen the car in person? have him email you a copy of the title to verify the VIN, address, etc. is the same and that it is free and clear of liens. You could even go a step further and ask him to take a picture of the car with the title in the same photograph (this would show that he is in possession of both) If you have not met the person this is difficult, but still.
ebay has a buyer guarantee that protects buyers, perhaps you can process the transaction through ebay. They have a way you can do a private auction. It will cost you a few hundred bucks but the cost of security is never free.
Ebay escrow
http://pages.ebay.com/help/pay/escrow.html
Private
http://pages.ebay.com/help/sell/private.html
Additionally, consider an escrow service, several exist. They will hold your money and the title of the car and insure the transaction.
https://escrow.com/services/vehicle-escrow.aspx
lastly, fly out there, go to a branch of your bank that is in his city, conduct the transaction - you could have the bank hand him cash if you so choose and then take the title and arrange to drop the car off at your shipper / drive it home.
Pro
Joined: Jun 2013
Posts: 615
Likes: 20
From: San Francisco CA
I have bought three cars from out of state, and transferred the money through my bank each time. As stated above, this creates a strong paper trail that law enforcement can follow if the seller doesn't follow through. You can also use an escrow company, but there is significant cost to that. I try to get a feel for the honesty of the seller. I wouldn't buy a car from someone I couldn't trust anyway, so if I'm willing to buy the car without seeing it in person, I'm willing to make a bank transfer.
Pro
Joined: Aug 2013
Posts: 615
Likes: 50
From: Mattawan MI
So in this day in age with all of the fraud and nobody can trust anyone... what is the ideal way for a out of state transaction to transpire ?
I plan on going to my bank and getting/paying with a cashier check but the owner says he will mail me the title when the check clears.
Normal ? Better way ?
I plan on going to my bank and getting/paying with a cashier check but the owner says he will mail me the title when the check clears.
Normal ? Better way ?
Gee, how very nice of him to send you the title after the (Cashiers) check clears - baloney !!
Dealing with an out-of-state dealer is very simple..........I've done it three times in the last decade, COD - and each time, they either trailered or drove the car to me, whereupon, I inspected it carefully, drove it, and only then..........signed the usual paperwork prior to handing them a check.
If I were dealing, like yourself, with an out-of-state individual seller, I wouldn't consider issuing a check prior to an "on-site" inspection, test drive, and the immediate surrender of a "clear" (no lien) title, signed off by the seller. Then, and only then would I produce the payment !!
In short, plan on making a trip to the owner's home or business to pick up the car, or negotiate a mid-point where both of you can meet to wrap up the transaction !!
It's a dman shame things have to be like this, but although there's a 99% chance your seller's word is good - but it's simply not good business to risk that 1% chance he/she might either be a hustler, or possibly misrepresenting the product !!
'Ya just can't be too careful, my friend !!
Gary
Pro
Joined: Jun 2013
Posts: 615
Likes: 20
From: San Francisco CA
Gee, how very nice of him to send you the title after the (Cashiers) check clears - baloney !!
Dealing with an out-of-state dealer is very simple..........I've done it three times in the last decade, COD - and each time, they either trailered or drove the car to me, whereupon, I inspected it carefully, drove it, and only then..........signed the usual paperwork prior to handing them a check.
Dealing with an out-of-state dealer is very simple..........I've done it three times in the last decade, COD - and each time, they either trailered or drove the car to me, whereupon, I inspected it carefully, drove it, and only then..........signed the usual paperwork prior to handing them a check.
And many buyers don't want to go to the car, because the cost in lost work time, airline ticket, hotel, etc., can't be justified.
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Race Director
Joined: Sep 2009
Posts: 11,351
Likes: 2,445
From: Eastern
For a private sale. the best and safest way is to meet at his/her bank to transfer the money. If he has a loan on it, then the bank will take that money owed to them before signing over the title.
Make sure that there is no lien on the car if you pay cash for it without going through their bank.
I've bought cars from a dealer over the internet and bank transferred the money to their account. Once they received the money, they titled it in my name, got the temporary plates, sent the paperwork required to be signed through e-mails, and I flew in and drove it home.It's pretty foolproof when done at a GM dealer, 99.9999% of the time.
Good luck
Make sure that there is no lien on the car if you pay cash for it without going through their bank.
I've bought cars from a dealer over the internet and bank transferred the money to their account. Once they received the money, they titled it in my name, got the temporary plates, sent the paperwork required to be signed through e-mails, and I flew in and drove it home.It's pretty foolproof when done at a GM dealer, 99.9999% of the time.
Good luck
Last edited by 4SUMERZ; Sep 22, 2015 at 09:07 PM.