Transfering funds on a vehical purchase.

[Greg L.]

What would be the prefered and safest way to transfer funds for a vehical purchase? Wire, certified cheque, bank draft, money order, etc??? I'm in Canada and the car is in the US.

Thanks

[R N.]

Re: Transfering funds on a vehical purchase.

Greg,

In the past I have just called my bank (TD Canada Trust) and asked them to do a wire transfer. Did this for two purchases and no problems. Transfers were sent to a business and not a private person in the USA.

[Roy B.]

Re: Transfering funds on a vehical purchase.

Transferring funds to some one or to you is the safe way to go ,but once done there is no way to to stop it. If your buying a Corvette tell the person your buying from you'll transfer 10% and when you get the Corvette owner (pink slip papers) (Ca.) you'll send the rest of the money.

[Brooks G.]

Re: Transfering funds on a vehical purchase.

Guys, in the past I have relied on cashiers' checks. They used to be just like cash. They are not any more. That was then--this is now. The last person I dealt with using a cashiers' check told me there was a 10 day hold on it. I guess the banks don't trust each other any more. Lately most private individual vendors I have either dealt or dickered with want cold cash or no deal. I feel really uncomfortable carrying a lot of money on my person going to a place where I have never been and dealing with people who I don't know. If possible I prefer to have someone with me. If that is not possible, I have had to resort to having my silent associates--Smith & Wesson, to accompany me. I can only imagine what it must be like trying close a deal on a collector or special interest vehicle. There ought to be a better way.

[Ray G.]

Re: Transfering funds on a vehical purchase.

Hello Greg;

Sold and purchase cars in the last year.

Funds transfers seem to work best for me.

Set it up ahead of time by getting both financial institutions wire transfer information and contact personal.

After arriving to look at the car all that was needed was a telephone call to my bank authorizing said transfer. Or in one case voiding said transfer (before sending).

Hope this helps. If you would like more detail, please email.
Thanks.
Ray

[Roy B.]

Re: Transfering funds on a vehical purchase.

Brooks ! That is why when buying a Car or large money item doing a bank transfer is the safest way to go from some one out of your state. Cashier checks could always be canceled by the buyer. I would never take a cashier check when selling a car unless I held the car till I knew the cashier check was cleared by my bank.
Going to a swap meet you have to carry money or just don't go, I never heard of some one being robed at a swap meet yet.

[Greg H.]

Re: Transfering funds on a vehical purchase.

I think the safest way is to use an escrow agent. They take a percentage or a fee, but depending on the value and level of reputation the seller has you have to be the judge of how valuable such a service would be. From a legitimate dealer you should be safe. From a short timer on ebay that has check marks for selling trinkets but now is selling a $50k car I'd be more careful.

[Dale S.]

Re: Transfering funds on a vehical purchase.

I have bought 3 cars on wire transfers. All three were bank to bank, funds released at my satisfaction. Two I went to see and drove them, the last one I had not seen, just transported. Be carefull. Dale

[Joel T.]

Re: Transfering funds on a vehical purchase.

What would be the prefered and safest way to transfer funds for a vehical purchase? Wire, certified cheque, bank draft, money order, etc??? I'm in Canada and the car is in the US.

Thanks

I would only do a wire transfer, and do not release the vehicle (assuming you are selling) until you get confirmation that the funds have hit your account. Your bank or broker can provide this confirmation over the phone.

If you are buying, arrange with your bank or broker before hand for the wire. Inspect the car and if you are satisfied, let them know to release the funds. The money actually moves fairly quickly. You will probably need to provide some sort of written authorization before you head out to see the vehicle.

Bank checks used to be secure as some folks have said.. problem is that with today's technology they are routinely counterfeited and can be unfortunately worthless!

Good luck,

Joel

[Dick W.]

Re: Transfering funds on a vehical purchase.

Have the arrangements made before you inspect the car, finish your inspection, have the money transferred, and leave with your car. This will ensure that all the parts you paid for are still with the car.

Wire transfers are the only way to go. I did a deal where I purchased a car and sold it, never having the car in my possession. The transfer to me was initiated at 12 noon PST. I had the money in my account at 4:15 EST. The seller had the money in his account at 5:30 EST. Seamless and no questions about the validity of the funds

[Kenneth H.]

Re: Transfering funds on a vehical purchase.

If you're doing a wire transfer, make sure that the guy you're buying it from is the owner of the car, and not an agent. My transfer went OK, but for a short time was very uncomfortable.

I looked at the 'vette, liked it, made a deal, and arranged a date and time to transfer the money and the car. Since my bank only does transfers at certain times of the day, I arranged to have the money transferred at noon, and made arrangements to meet the owner at 11:30 AM. When we arrived, the car was nowhere to be found, and the "owner" said that he was having it detailed and it would be there momentarily. He then suggested that he run out and get us some coffee. Well I got a knot in my stomach, and of course I wasn't going to let him out of my sight. An hour and a half later the real owner showed up with the detailed car, but wouldn't sign the papers until he received the proceeds from the sale. The "owner" (he was actually an agent) then had to make arrangements to wire transfer my money to the real owner, and three hours later I had my 'vette. As it turned out everything was on the up and up, but it got a little nerve wracking for a while.

If I had to do it again, I'd take Greg's recommendation and hire an escrow agent.

[Stewart A.]

Re: Transfering funds on a vehical purchase.

Yes I bought my lemon with a wire transfer. 10,000 miles away. I think if I was to do it again I would use a lawyer to be the mediator. He collects the keys and pink slip and the money is wired from your account to the layers account, when he is happy with the paperwork he can wire the money to the sellers account. I was sh......g my self when I did mine which was through a large company. There really should be a mediator used for piece of mind. Stewy