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

[Factor X]

My story had a happy ending. I sent the bank check - he checked it out. Sent bill of sale. After the check cleared, the car was here 10 days later. Title arrived soon after.

In this case, it was talking to the seller - and reading his Prime history - that made me feel at ease. And, it worked out fine. I put a lot of stock into talking to him on the phone, and reading through four years of his Prime posts.

She's asleep in the garage tonight - free and clear.

FX

 

[Teej]

I love happy endings

 

[RedWings]

go with a wire transfer, it will clear immediately.

Agree that wire transfer is best and safest for in-person transactions unless you have a trusted relationship with seller established

...although OP is "financing about 90% of the asking price with Penfed"

so it sounds as if OP situation isn't a cash or wire transfer type of deal

+1 to happy endings

 

[jcabral]

My story had a happy ending. I sent the bank check - he checked it out. Sent bill of sale. After the check cleared, the car was here 10 days later. Title arrived soon after.

In this case, it was talking to the seller - and reading his Prime history - that made me feel at ease. And, it worked out fine. I put a lot of stock into talking to him on the phone, and reading through four years of his Prime posts.

She's asleep in the garage tonight - free and clear.

FX

Congratulations is in order! Enjoy your new ride.

JC

 

[docjohn]

Congratulations is in order! Enjoy your new ride.

JC

guys factor x is not the op...the op was most likely getting scammed.

 

[mcrider]

Enjoy the new toy and go ahead and get another loan to begin playing with it

 

[EuroBoutique]

I think the issue on the sellers end is...that with a cashier check..you can still stop payment.

EXACTLY! Few people are aware of this little known fact but I always demand the check clears or no car. It's something you have to live with for out of state purchase. Just put yourself in his shoes

here's what I would do:

a) Just bring him cash and go to the bank where he prefers and have it counted and verified on the spot.

b) Talk to him, maybe he is willing to let you drive the car home first and once the check clears, he can mail the title to you (requires some trust on both ends)

c) Don't buy the car


FYI, here's how the scam works in case you don't know. For a cashier's check to be 100% valid, it needs to clear the seller's bank. Once it's deposited, it cannot be cancelled so the only way for the seller to know for sure is to go with you to your bank, see you get the check and you guys go together to his bank. This way he knows u didn't call your bank to stop payment first.

If a buyer brings me a cashier's check from any bank (let's say Wells Fargo) from out of state, he could have already cancelled it when he handed it to me. If I had good relationship with my bank, they would make the funds available immediately. However after a few days when the check bounces, the bank will automatically remove the cash from my account and I'm screwed. (ask me how I know all this via PM if you want)

I have tons of experience in buying cars out of state and no matter what you do it requires some trust. In this case, bring cash or you have to work out some agreement.


gluck

 

[junior40er]

Because you're the first person ever to buy out of state???

http://www.nsxprime.com/forum/showthread.php?t=82656&highlight=state
http://www.nsxprime.com/forum/showthread.php?t=123846&highlight=state
http://www.nsxprime.com/forum/showthread.php?t=53840&highlight=state

Maybe you could of made a decision NOT to post.


OP, you either drive away with car, no paperwork or other way around but don't leave money and leave empty handed.

 

[WillErickson]

If you're going to take cash, don't drive through Tennessee: http://www.newschannel5.com/story/14849726/policing-for-profit-takes-cash-from-innocent-victims

 

[EuroBoutique]

If you're going to take cash, don't drive through Tennessee: http://www.newschannel5.com/story/14849726/policing-for-profit-takes-cash-from-innocent-victims

Wow those seizures are so illegal any lawyer would have a field day with them!

Irony is we did buy a car in TN on the way home to Chicago once!

 

[1-Old-Man]

I've bought a couple of cars on line, a couple of bikes too, and each time I contacted the seller beforehand and told them I intended to bring a cashier's check, a bank check, and made sure we both agreed on the exact amount, and then made arrangements to meet and exchange that check for the car and title. If he would like his bank to call my Credit Union to verify the check that's fine with me but the agreement we have always made before I left home was that the check was good as gold on my side of the deal and the title was in hand on his side. Particularly if I intend to fly in and drive home all of these arrangements have to be made beforehand. So if the guy wants a wire transfer that's fine, as is the bank check, hell I'll even write a personal check if he wants to take it, though he'd be a fool to do it. The one thing I won't take is cash and I've always made that pretty clear right from the start.

 

[EuroBoutique]

I've bought a couple of cars on line, a couple of bikes too, and each time I contacted the seller beforehand and told them I intended to bring a cashier's check, a bank check, and made sure we both agreed on the exact amount, and then made arrangements to meet and exchange that check for the car and title. If he would like his bank to call my Credit Union to verify the check that's fine with me but the agreement we have always made before I left home was that the check was good as gold on my side of the deal and the title was in hand on his side. Particularly if I intend to fly in and drive home all of these arrangements have to be made beforehand. So if the guy wants a wire transfer that's fine, as is the bank check, hell I'll even write a personal check if he wants to take it, though he'd be a fool to do it. The one thing I won't take is cash and I've always made that pretty clear right from the start.

Your stipulations are FINE and dandy but you seem to forget a sale only works if both party agrees and if the seller wants to be 100% sure, then this setup won't work.

I've sold a few cars over the years and almost all of them with either cash or a direct bank transfer. I only accepted a bank check ONCE because I knew the guy and his background.

For a total stranger, I would not accept any check in any shape or form UNLESS you go with my to your bank to get it and we go together to my bank to deposit it with verification. Reason is until a bank check is deposited, the person who got the check (buyer) can always cancel it. The seller won't know there's a problem until the bank automatically removes those funds when the check bounces.

Banks CANNOT verify a check is legit over the phone when it's over state lines unless it's the same branch from my understanding nor do they guarantee it.

As a result a prudent seller will make you wait for the funds to clear or you won't be buying the car.

 

[Du SportsCars]

Meet seller at your bank to wired funds. Seller hands over title and car once wire performed