Paying for a car???

[Gary C.]

Re: Paying for a car???

Lynn, you could always do cashiers checks payable to you and find a Kissimmee bank ahead of time that would cash them with the seller present rather than carrying cash. American Traveler's checks also work. JMTC, Gary....

[Bob H.]

Re: Paying for a car???

Joe

Just thought about the only reason I can think of to deal with a national bank is you could go to a local branch with the seller and have the cashier's check made out to them on the spot.

If you deal with one, check and see if they have a presence here in Central Florida.

[Joe D.]

Re: Paying for a car???

Has anyone used PayPal? I am not sure of their account limit. Thanks Joe

[Richard T.]

Re: Paying for a car???

Hi Joe: I may as well get into this subject. Cash is good, but 40 to 50 K is a lot of cash to carry around; not that I have not seen this before. 5K maybe as a down payment to hold the car would be O.K. Talk with your bank manager before you go to the swap meet or show and get a bank letter confirming you have the funds to buy the car; the big auction houses require this bank letter as proof of funds available for live bidding. This letter would be your proof of funds to the seller. A wire transfer can than be used to complete the purchase. Do not expect a seller to sign title until all funds are confirmed; that goes for cashier checks, money market checks and even $100 bills that should be looked at one at a time. Any seller who says otherwise has been lucky so far. Ya there are bad bills out there to. Leans on old car titles in some states is a new one I did not know about; maybe the BJ auction in AZ brought attention to the values. This would be difficult for you to find out about at a swap meet or show. You would not discover this bad news until you tried to register the car at your local DMV but there is also the stolen car bad news. My advise is get to know the seller, not every one is out there buying 60's Corvettes in this economy; do not be afraid to ask for ID, NCRS membership or other club cards showing he or she is a active member. If you are buying from a dealer ask to see there dealer license and ask for references; a good dealer always has letters to show you from previous happy customers. Bring a cell phone that works at what ever meet location you plan to attend; if the cell phone has no camera bring a camera. A good small mag flashlight, a quick vin check guide for the Corvette models you are looking for is a must have. Buying a classic car is not for the uniformed buyer you have to know what you are buying. Some buyers hire a professional to help them make the right choice. Buying a car at one of the big auctions who will check title's ahead of time is also some thing to consider for all buyers. The meet chair person may also be able to help you, because most all of the sellers register ahead of time and certain information is required to sell at swap meets. Anyway Best of luck finding the Corvette of your dreams. Happy hunting Rich Taylor.

[Michael L.]

Re: Paying for a car???

Hi All
First thing comes to mind is what Bank to you deal with ??? Do they have Offices in Florida and in the Orlando area??If So No big deal it is a LOCAL
Check. But Call To verify with there policies
Second if not get several Casheries checks made payable to yourself
Then all you have do is endorse them over. Get them is several different amounts so you can deal. Also bring some cash. Put all in the hotel safe deposit . We have done this without of town shows with no problems.
On another occasion we bought a car paid by check took the car with a bill of sale when the funds cleared they overnighted the title No Problem
One last thought do any of your local New York Chapter Members have
a Residence and bank in Florida they might be able to help
Good Luck

[Joe D.]

Re: Paying for a car???

Mike, How did you get your car home? Did you have plates and drive it? I am going to check with some larger banks here, if they do not have branches in FL I am going to get the cashiers checks. Are there any car carriers present at any shows? Thanks, Joe

[Richard M.]

Re: Paying for a car???

Has anyone used PayPal? I am not sure of their account limit. Thanks Joe

Joe, There would be a fee for using Paypal and imagine would be quite high. Also, since you cannot "call" Paypal to verify funds one would need computer access to log in to for verification of the transfer.

So here's a scenario. If I brought a car for sale to the car coral area, as a seller I would want a "on the spot" transaction to go one of 2 ways.......Wire Transfer or Cash......Wire preferred. I would not accept a Cashiers Check.

Wire Transfer - I would provide the buyer with my bank routing/account info so the funds could be transferred electronically. After the buyer wires the funds I would make a phone call to my bank to verify that the funds were transferred and accepted into my account. Then I would sign over the title and the keys to the car.

Cash Transaction - Buyer and I would go to a branch of my bank, which I have already investigated one near the meet. The cash would be verified as being legal tender and would be deposited into my account. I would then be comfortable with the payment and sign over the title and the keys to the car.

If the transaction were to be delayed, i.e. deposit at the meet then payment later, I would provide a copy of the unsigned title and bill of sale. When final payment is made and verified, either Cashiers Check or Wire, I would send the title to the buyer via some form of overnight delivery and then coordinate the transport at some later date. If Cashiers Check, expect 5-10 days delay to verify funds. Wire transfer would be instant.

Rich

[Chuck G.]

Re: Paying for a car???

Hi Joe:

If you go the cashier's check route, I usually get multiple checks for different amounts that total up to the max I'm going to spend. I have never had a problem using cashiers checks (that can be verified) and make up the difference with some cash

That is what I have done in the past....multiple checks, and they were made out to ME. I have to honestly say that when I was looking for a particular car, and going to auctions, I used these checks as "proof" of my ability to pay. However, I never ended up buying a car at auction.

When I didn't use them, I simply re-deposited them in my account. My bank did not charge me any fees for cashiers checks.

The last "collector car" I bought was my 56 Chevy hot rod. Bought it from a friend of nearly 30 years. Just wrote him a personal check.

He knew where I lived.

Chuck

[Joel T.]

Re: Paying for a car???

Now we are getting somewhat off topic here, but this is an issue that is near and dear to my heart. The "feds", are all up in our life way more than they need to be. So instead of taking $10K out of the bank, take $5K today and $5K tomorrow. From the buyers standpoint their is absolutely NOTHING illegal or wrong with this. CASH IS KING. As long as you do not attempt to defraud your state out of their just due when you pay your state taxes on the purchase price of the car this is totally on the up and up. How the seller claims his income is none of your business, and if you try to make it so, some will just have nothing to do with you. And, by the way the wire transfer is NOT a cash transaction and does NOT get reported to the feds regardless of the amount. I am certain all you government workers and law enforcement types that tend to disagree with my perspective, may have a different outlook, but that is why it is at this time still a FREE country. Getting to be less and less so everyday. Heres one most folks do not know about how great our government is and how they do everything to "look out" for us. In regard to the Christmas plane debacle (my wife works for one of the major airlines), did you know that the monitoring of the "no fly" list was taken away from the airlines about two weeks before this incident, and taken over by the TSA. Awful funny to me that it did not take long for the terrorists to figure out who was "watching" with the new rules and all of a sudden the "feds" let this guy get by them. Buying a car has nothing to do with terrorism and anyone who thinks that, has to claim some responsibility for the sorry state of the society we live in.

And as far as what you call getting caught. Getting caught doing what, taking your money out of your bank account. Anyone who thinks this should be against the law, has a very clouded vision.

Lynn,

I'm reading your notes on this topic and my posting in particular and I think I have had enough. I'm probably more conservative than most folks on this board or outside. I am stating fact here, do with it as you will or not... candidly its none of my business.

I'm the meantime, I think I have better things to do with my time than post here and get criticized.

Good luck to the rest of you.. I'm outta here.

[Tom R.]

Re: Paying for a car???

Cash is King!

When Selling car's I have a easy payment plan.....100% down.

[Bill M.]

Re: Paying for a car???

joe

Wow you asked a question and now you are upset with the answers? Pay Cash!!!!!!!!!!!!!!!!!!!

Bill

[Patrick T.]

Re: Paying for a car???

Joe;

I would do a wire transfer... Have the funds sitting in your bank before you go to look at the car and make the purchase.. Once you are satisfied with it you get the seller's bank account information and then call your bank to have them transfer the funds from you account to the seller's account.. The process is fairly quick..maybe an hour. The seller will then call his bank to confirm receipt of the wired funds and then release the car to you.. and you would be on your way.

The only word of caution is that I would visit your bank before you leave and let them know what you are looking to do. They may look for some sort of written authorization up front and may elect to provide you with some sort of identify verification process so that when you do call to transfer the funds, they know it is you on the line. Also, there is typically a charge for this service.. something like $25.

Bank checks (including certified checks) are good too but bank checks can and do get forged or altered...Wire transfers are the most secure and the actual transfer of funds is readily verifiable.

Have fun and good luck!

Joel
(ex-banker!)

I agree and I'm not a banker. What I did once when selling a car was go to my bank and talked to the bank manager and opened up a new account with $50 in it and got a new account # and his business card. When I sold the car at Carlisle, I used that new bank account for the buyer to wire transfer the funds into. That way, if some type of scam is involved, the most I stood to lose was $50. I will never give out my main bank account # to a stranger. Just my two cents. PT

[Paul J.]

Re: Paying for a car???

Lynn, you could always do cashiers checks payable to you and find a Kissimmee bank ahead of time that would cash them with the seller present rather than carrying cash. American Traveler's checks also work. JMTC, Gary....

Lynn, I've often thought about Gary's suggestion. I haven't tried it, but why not get a cashier's check for an amount in excess of what you want to spend. Negotiate the deal and then go with the seller to his bank. Cash the check and transfer the appropriate funds to the seller's account and have the bank issue another cashier's check to you for the excess.

The seller's bank should be able confirm with your bank that your check is good, as cashier's checks are issued by the bank, out of thier funds. I don't see why there would be a 10 day hold on these funds, as there is for personal checks in excess of $10k.

Like I said, I haven't tried this and I might be missing something, but the logic works and you don't have to carry large amounts of cash.

Paul

[Joe D.]

Re: Paying for a car???

My bank will not do a transferr unless I am there.

[Joe D.]

Re: Paying for a car???

Why do you think I am upset? Wow?