Purchase Payment Advise Needed

[GrigioTR]

So here's the issue. I am looking at a car that is going to require me to fly to evaluate it. Should I want to buy it how would you advise me in giving the down payment and how much? I would then be following it up by sending the remainder by bank wire transfer or certified funds.
Once the full price has been sent how can I make sure I get the title? I would appreciate hearing from sellers and buyers alike. This will be a first for me.


Thanks

 

[mikec]

If you were buying a car from me I would accept a personal check for the down payment and a cashiers check when you pick up the car.

Most sellers should accept a bank cashier's check, but be sure you're satisfied before you hand it over.

 

[nsxtasy]

I agree with mikec regarding the payment question. However...

If I were buying a car long distance, I wouldn't fly somewhere just to evaluate it. Instead, I would first have someone local to the car evaluate it - either a pre-purchase inspection by a dealer/mechanic who does a lot of NSX service, or an inspection by a knowledgeable local NSX owner, and preferably both. (And you can get recommendations here on NSXprime of those in the area qualified to perform such inspections.) If I am satisfied with their evaluation of the car, I would agree to buy the car, contingent on its being in the same condition when I pick it up, and would send a deposit at that time. I would fly out only to actually complete the purchase, present a cashiers check for the balance due, pick up the title along with the car, and drive it home.

The reason I would do it this way is that I would avoid spending hundreds of dollars on travel expenses and lots of my own time to inspect a car that might or might not be as described. Furthermore, unless you already have a lot of experience evaluating NSXs for cosmetic appeal as well as technical soundness, the "experts" in the area who could do the inspection are probably much more qualified than you might be. In other words, I'd rather pay for a couple of hours of a mechanic's time, than to spend a lot more money than that on airfare and a lot more of my own time.

Just a suggestion to think about...

 

[GrigioTR]

Sound advise, thanks nsxtasty and mikec. I have had a detailed inspection and so far so good. But I want to drive it as well as see the fit and finish. Also a good excess to take a trip.

What % would you view as reasonable as a down payment?

Thanks

 

[mikec]

nsxtacy gives good advice. I myself wasted hundreds of dollars and two days of my life on a trip to hell when I went to Florida to pick up a red 01 that I bought over the phone. It was at a high-line car dealer and I flew there with cashier's check in hand. To make a long story short, they put me in touch with the car's 'origional' owner so that I could get back the origional wheels. At the airport in FL my cell phone rang and it was the owner who claimed to still be THE owner screaming for me not to buy the car because the bank was in search of it to reposess it because the dealer had not kept the payments up. I was as confused as you are reading this, but i went to see the car anyway. It was at a luxury car dealership with Ferrari's and Mercedes all around. I went for a test drive and the car was just about out of gas. The salesman asked if I had some cash to stop and put gas in it because she didn't have any money and was afraid it was going to run out. I turned it around and headed back.

To see how far this little farce would play out I spoke to the owner about the car. I had the money, he had the car, but couldn't produce the title. When I told him it is unlawful for a licensed car dealer in the state of FL to sell a car for which he does not hold the title he said "well technically". He wanted me to pay him and also pay him for Pennsylvania sales tax, but he had no forms, no title, and said he would fill out everything later and send them to me. I had to assume that if he would really do this that he would also forge my signature. I walked out, got a cab and spent a miserable night in a ratty hotel.

I didn't know it then, but not getting that car was a stroke of luck because when I got back I found a new yellow one at Rallye Acura in Long Island, and I really wanted yellow.

Hope you have good luck, do your homework, spend some phone time, and try to dot and cross your i's and t's to avoid what happned to me. Good Luck.

 

[robr]

what i did was almost what ken said. i found a car i liked, i had ken go check it out, and when he came back with a glowing review, i knew there was no need for me to drive it since he is more anal than i am .

in order for me to drive it back, it needed plates and insurance. in order to get those, i needed a title. so i sent the guy a $43k cashiers check, he sent me back the title with a bill of sale, i registered the car, insured it, flew out with the plates, took ken out to dinner, and drove it home.

 

[hlweyl]

I would like to politely disagree with some of the earlier comments. I also used to think that cashiers checks or bank checks are a good way to pay/accept payment until one of our fellow prime member was burned by one. http://www.nsxprime.com/forums/showthread.php?t=43219

I'm selling my own NSX right now and have been reading about all the fraud that goes on with these checks. They are easy to fake, the bank will readily accept them and even clear the money into your account in a couple of business days. In all actuality, the fake check will take weeks to bounce and when it does, the bank accepts no responsibility and the seller is screwed.

It seems cash or wire transfer is still the safest method.

Good luck

 

[nsxtasy]

It seems cash or wire transfer is still the safest method.

Cash entails a bunch of other, fairly obvious risks, and I wouldn't recommend it.

 

[Meeyatch1]

When I bought one of my cars down in Texas I just gave them a check and called it a day. Most places will be okay with that as long as they can verify funds.

 

[fkong777]

I guess I don't trust anyone if it is a big purchase.

I'd would have it inspected by a 3rd party. Then Paypal the guy for a deposit. Deposit should be a small amount maybe $500-700. I feel Deposit is just a token of me being serious about the car. Then Fly over there with a Cashier Check to close the Deal.

of course i you need a transporter. you should have it arrange ahead of time.

RE Insurance to drive it home.. if you have insurance with a bigger company they usually offer 30day coverage for purchasing an additional/replacement car.


RE: Cashier check.
Last time I accepted a bank check from a buyer. I called the bank to verify the check amount. Also looked up the bank on the internet to see if it is indeed a real bank.

If it is a bigger bank they should be able to verify the amount 24 hr a day.

 

[nsxtasy]

When I bought one of my cars down in Texas I just gave them a check and called it a day. Most places will be okay with that as long as they can verify funds.

If you're referring to a personal check, most dealers are okay with that, but private parties generally may not be.

 

[Meeyatch1]

If you're referring to a personal check, most dealers are okay with that, but private parties generally may not be.

Good point. Yes, I bought from a dealership, so that probably did help quite a bit. :smile:

 

[RP-Motorsports]

Cashiers checks in the past 3 yrs went from safe to extremely risky. Hell a money order is safer.

The ONLY way I would take payment these days is a wire transfer. It only costs $15 to do, regardless of amount. Safe as hell. I bought mine this way. I met the guy at his bank, got his #'s called my bank. We then walked across the street for a 15 min. lunch at Mickey D's and when we returned, the money was in his account. I took the extra set of keys, the title, and was out of there in less than 30 min.

 

[Tom239]

I once looked at an NSX for sale by a used car dealer (primarily he was
a wholesaler, but made an exception advertising the NSX to the public).
He told me I could just drive the car home, and mail him the title for my
trade-in and a check for the balance due.

 

[Meeyatch1]

I once looked at an NSX for sale by a used car dealer (primarily he was
a wholesaler, but made an exception advertising the NSX to the public).
He told me I could just drive the car home, and mail him the title for my
trade-in and a check for the balance due.

Something similar happened when I traded my M3 for my S2000. The Honda dealer had given me the wrong amount to make the check out for, so when I showed up with a cashiers check for $XX,XXX it was not correct. I offered to just write them a check for the difference from my personal checking account or credit card but they said, 'Do not worry about it. Just take the car home and send the money out when you get a chance,' and that was it. I bought the car near Chicago and lived in Indiana, plus it was a Friday night and the banks were closed, so I could not just get a new check that day. They gave me my original check back, and I went home with the Honda. I sent them a new check on Monday and everything was cool. Easy. :smile: