Out of town purchase, seller wants to wait till check clears.

Ramirez428

Ramirez428

Registered Member
Joined
9 January 2012
Messages
78
Location
Bay Area, CA
I am looking to finally become a owner of a nsx, but this out of town purchase is killing me.

First and foremost I am financing about 90% of the asking price with Penfed. The check is a certified check? not a draft so it has my name and sellers along with the Vin# & the exact amount. I made it clear i am more than happy to go with him to his local bank to deposit the check, I even have a pre approval letter from penfed they normally send to dealers.

The dilemma is the seller is located about 4hrs away. He wants me to deposit the check and wait till it clears before i get the car. I fully understand that he is trying to protect him self from a scam, but i am also trying to protect my self. I don't feel comfortable giving him such a big payment and driving home empty handed & wait to hopefully get a call that it cleared and i can pick up the car.

I am thinking maybe take the car with me and have him mail the tittle when it clears? or take the tittle with me and drive back to pick up the car?

If it wasn't for all these damn scams going around maybe all of us could have more faith in one another.

I am curious to know if any other nsx member's ran into this situation before and what you recommend?

Thanks in advance.
 
I live in Omaha, NE and purchased mine from Reno, NV.

I gave him the certified check for the car & he mailed me the title a few days later after the check cleared. I had the car and a bill of sale, he had the check. As well as a copy of my drivers license, etc.

Like you say all these scammers make it tough. They can make what appears to be legitimate certified checks, fool banks, until they go to clear and there is no $$$$$.

The Best way would be to use the same bank... like Bank of America.

Since you are financing through Pen Fed... would he be willing to open an account with them? Heck, you could even offer to pay his $15 or $20 one time donation to one of their approved charities to become eligible to become a member.

Then you could just transfer the funds from your account to his.

I had the cash.... the previous owner said he would take cash, but I wasn't about to get on a plane with that much cash and trust that I wouldn't get robbed. Possibly by them as a setup.

I ran into so many scammers in my hunt for an NSX... I was amazed. I did become pretty good at recognizing. It made me a little more cautious.

Good Luck on git'n r dun.
 
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If I was the seller, I would do the same thing. You never want to release the title until the check CLEARS the bank to confirm its not fraudulent.

A couple things to consider.

1. You could wire the money directly to him from your bank to his, while AT the bank, to finalize the transaction.

2. You could take cash with you (inform the seller you will be completing the transaction with him at the bank so he's prepared to sign over the title and hand you the keys) and when you arrive at the bank, hand him cash to deposit. I wouldn't tell him you're taking that much cash, just leave this vague since "completing the transaction" could mean virtually anything and its safer for you.

3. The bank CAN call the financial institution that issued the cashier's check to verify its authenticity in order to have it clear immediately. They don't advertise this service, you need to tell them to do so otherwise they place a hold on it. If you take a cashier's check, you should be able to ask for this to be done. If you want to be sure that's true, call whomever he banks with.

4. Is there a PenFed close to him? Why can't you just complete the transaction with the same banking institution you bank with by his house?
 
Give him the check, take the car, when the check clears tell him to send you the title :smile:.

Make sure you have the bill of sale sign, copy of driver license, and copy of check just in case :wink:

You never know with all the scamming these days. Better safe than sorry :smile:
 
If you're buying something expensive, go out of your way to avoid as many legal hassles as possible. Go meet the guy in person and do all the paperwork then and there. A couple of hours won't kill you or the buyer.
 
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I'm in TX and bought from a Primer in Seattle. I took the title, copy of the Bill of Sale, all paperwork,left him one key and the car. Allowed the check to clear and then scheduled for the shipper to pick it up from him. If you are doing this by check, he is smart to hold some security; either the car or title. Otherwise do cash.
 
I purchased my NSX in FL and I live in MA. I showed up with a Bank Check and the sellers bank was going to put hold on the check for 3 business days. Oh by the way Bank's Dont Put Holds on other Banks Checks (Drawn on Federal Reserve account) come to find out this managers was an Idiot.

To avoid this mess I called my bank and they wired the funds to the sellers account after we signed the title and paperwork (which the seller kept until the wire came in an hour later).

We got lunch for an hour and the wire was complete and I picked up the car and the title.

I dont think flying to florida with 60k in cash was an option nor do I recommend.

Wire transfer protects everyone including the seller and is the fastest way.

My 2 cents.:smile:
 
jcabral said:
I purchased my NSX in FL and I live in MA. I showed up with a Bank Check and the sellers bank was going to put hold on the check for 3 business days. Oh by the way Bank's Dont Put Holds on other Banks Checks (Drawn on Federal Reserve account) come to find out this managers was an Idiot.

To avoid this mess I called my bank and they wired the funds to the sellers account after we signed the title and paperwork (which the seller kept until the wire came in an hour later).

We got lunch for an hour and the wire was complete and I picked up the car and the title.

I dont think flying to florida with 60k in cash was an option nor do I recommend.

Wire transfer protects everyone including the seller and is the fastest way.

My 2 cents.:smile:
Click to expand...
wire transfers before hand don't protect squat. they can easily call and verify the funds like i stated about 4 posts ago. IF its an occial bank check its not hard to find out
 
Appreciate the reply guys,

I figured they wouldn't place a hold on it if the bank called and verified with Penfed but he doesn't see it that way. If i had to wait all day for them to verify funds I don't mind, I told him I was more than willing to go to his bank with him. It seems he just wants me to deposit the money and drive away with nothing.

The more i look at it It starts to seem like a scam, no reply's to messages/hard to get a hold of.

He hasn't responded to my messages for about a week so i'm just going to call PenFed and cancel the check and have them put my loan on hold.

Thanks again guys
 
sazukas2k said:
wire transfers before hand don't protect squat. they can easily call and verify the funds like i stated about 4 posts ago. IF its an occial bank check its not hard to find out
Click to expand...
I have been in business for 15 years and have done hundreds of wire transfers. Its the only way to move large amounts of money which protects both Parties. Any Banker will tell you the same.

That's a fact not an opinion. How you choose to pay for a car that is an opinion.

JC
 
Just an FYI

PenFed funds the loan and cuts a check that BOTH parties must sign as you have stated "both names are on the check". PenFed only puts the legal name that is on the title of the vehicle and yours (buyer) on that check. PenFed requires a copy of the front and back of the title and usually an intent to sell statement (PenFed provides one) signed by the legal seller before they will fund the loan.

As Teej stated, his bank manager can call PenFed and verify the check.

You do this size of check-based transaction in person, together, at the seller's bank to satisfy the interests of the seller and buyer.
You aren't buying a toaster, its a car.

Examine title and be sure its clear and legit for that state [VIN matches and it states the title's condition(clear/salvaged/rebuilt/etc], you both sign the PenFed check in the presence of the bank Notary, his bank mgr calls PenFed to verify funds and validity of the check, seller signs the title and bill of sale, the bank Notary then notarizes the title (required in most states for legal transfer of title), seller hands you the keys... enjoy the drive home

ALL of this happens only after you have a completed PPI... Right?!
 
danny49 said:
I always pay with cash, Makes it much easier,You hand him the cash he gives you the title, Its that easy.
Click to expand...

Exactly. People make this much more difficult than it should be.

Step 1: Put $ in your bank account.
Step 2: Drive/fly to wherever the car/motorcycle is.
Step 3: Go with the current owner to your local branch.
Step 4: Get a cashier's check cut right then and there. If it's a smaller amount, say <$10k, simply withdraw the cash right there and give it to him. This also allows the whole transaction to occur in a safe location and is great for the buyer because you never have to carry around a bunch of $ in public.

There is zip, zero, nada, cero, ling - no way the seller can be scammed if you go this method. In addition, money can be counterfeited. It cannot, however, be counterfeit if you see the guy receive the money right from the bank teller!
 
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